Emirates Group Announces results

Transcription

1 Emirates Group Announces results Group records 29 th consecutive year of profit of AED 2.5 billion (US$ 670 million) Steady business growth in line with capacity increases, results show business resilience in a competitive climate and turbulent year Significant investment in the business at AED 13.7 billion (US$ 3.7 billion) Emirates reports a profit of AED 1.3 billion (US$ 340 million) Airline capacity crosses 60 billion ATKM. 35 new aircraft delivered, and 27 older aircraft retired during the year Stable revenue at AED 85.1 billion (US$ 23.2 billion), after a AED 2.1 billion (US$ 572 million) hit due to unfavourable currency exchange dnata makes highest profit ever, at AED 1.2 billion (US$ 330 million) Record revenue of AED 12.2 billion (US$ 3.3 billion) reflects further business expansion, with international business now accounting for 66% of revenue Expands global footprint with ground handling acquisitions in the Americas, adds new facilities and service capabilities across its airport, cargo, catering, and travel services divisions DUBAI, UAE, 11 May The Emirates Group today announced its 29 th consecutive year of profit and steady business expansion, despite a turbulent year for aviation and travel. Released today in its Annual Report, the Emirates Group posted an AED 2.5 billion (US$ 670 million) profit for the financial year ending 31 March 2017, down 70% from last year s record profit. The Group s revenue reached AED 94.7 billion (US$ 25.8 billion), an increase of 2% over last year s results, and the Group s cash balance decreased by 19% to AED 19.1 billion (US$ 5.2 billion) mainly due to the repayment of two bonds on maturity and ongoing high investments into its fleet and aircraft related assets. In line with the current business climate and to support the future investment plans of the Group, no dividend payment will be made to the Investment Corporation of Dubai (ICD) for His Highness (H.H.) Sheikh Ahmed bin Saeed Al Maktoum, Chairman and Chief Executive, Emirates Airline and Group, said: Emirates and dnata have continued to deliver profits and grow the business, despite having been one of our most challenging years to date. Over the years, we have invested to build our business capabilities and brand reputation. We now reap the benefits as these strong foundations have helped us to weather the destabilising events which have impacted travel demand during the year - from the Brexit vote to Europe s immigration challenges and terror attacks, from the new policies impacting air travel into the US, to currency devaluation and funds repatriation issues in parts of Africa, 1

2 and the continued knock-on effect of a sluggish oil and gas industry on business confidence and travel demand. In , the Group collectively invested AED 13.7 billion (US$ 3.7 billion) in new aircraft and equipment, the acquisition of companies, modern facilities, the latest technologies, and staff initiatives. Sheikh Ahmed said: These investments will further strengthen our resilience, even as we extend our competitive edge, and adapt our businesses to the volatile business climate and fast changing consumer expectations. We remain optimistic for the future of our industry, although we expect the year ahead to remain challenging with hyper competition squeezing airline yields, and volatility in many markets impacting travel flows and demand. Emirates and dnata will stay attuned to the events and trends that impact our business, so that we can respond quickly to opportunities and challenges. We will also progress on our digital transformation journey. We are redesigning every aspect of how we do business, powered by an entirely new suite of technologies. Our aim is to deliver more personalised customer experiences, and seamless customer journeys, and make our operations and back-office functions even more efficient. Across its more than 80 subsidiaries and companies, the Group increased its total workforce by 11% to over 105,000-strong, representing over 160 different nationalities. Emirates performance Emirates total passenger and cargo capacity crossed the 60 billion mark, to 60.5 billion ATKMs at the end of , cementing its position as the world s largest international carrier. The airline increased capacity during the year by 4.1 billion Available Tonne Kilometres (ATKMs), or 7% over Emirates received 35 new aircraft, its highest number during a financial year, comprising of 19 A380s and 16 Boeing ERs. At the same time 27 older aircraft were phased out, bringing its total fleet count to 259 at the end of March. This fleet roll-over involving 62 aircraft was the largest programme it has ever managed in a year, and it brought Emirates average fleet age down significantly to 63 months, compared with 74 months last year, and the industry average of 140 months. It underscores Emirates strategy to operate a young and modern fleet which is better for the environment, better for operations, and better for customers. The airline remains the world s largest operator of the Boeing 777 and A380 both aircraft being amongst the most modern and efficient wide-bodied jets in the sky today. 2

3 During the year, Emirates launched six new passenger destinations: Fort Lauderdale, Hanoi, Newark, Yangon, Yinchuan and Zhengzhou; and one new additional freighter destination: Phnom Penh. It also added services and capacity to nine cities on its existing route network across Africa, Asia, Europe, the Middle East, and North America, offering customers even greater choice and connectivity. Against significant currency devaluations against the US dollar and fare adjustments due to a highly competitive business environment, Emirates managed to keep its revenue stable at AED 85.1 billion (US$ 23.2 billion). The relentless rise of the US dollar against currencies in most of Emirates key markets had an AED 2.1 billion (US$ 572 million) impact on airline revenue, and to the airline s bottom line. It was the 2 nd largest measured in a financial year after last year. Total operating costs increased by 8% over the financial year. The average price of jet fuel fell slightly during the financial year. But due to an 8% higher uplift in line with capacity increase, the airline s fuel bill increased by 6% over last year to AED 21.0 billion (US$ 5.7 billion). Fuel is now 25% of operating costs, compared to 26% in , but it remained the biggest cost component for the airline. The airline successfully managed increased competitive pressure across all markets to remain profitable with AED 1.3 billion (US$ 340 million), a decrease of 82% over last year s record results, and a profit margin of 1.5%. Overall passenger traffic growth continues to demonstrate the consumer desire to fly on Emirates state-of-the-art aircraft, and via efficient routings through its Dubai hub. Emirates carried a record 56.1 million passengers (up 8%), and achieved a Passenger Seat Factor of 75.1%. The decline in passenger seat factor compared to last year s 76.5%, is relative to the strong 10% increase in seat capacity by Available Seat Kilometres (ASKMs), and also in part due to lingering economic uncertainty and strong competition in many markets. Under pressure from the weakening of all major currencies against the USD, passenger yield dropped to 24.7 fils (6.7 US cents) per Revenue Passenger Kilometre (RPKM). To fund its fleet growth in a year of record aircraft deliveries, Emirates raised AED 29.1 billion (US$ 7.9 billion), using a variety of financing structures. Emirates continued to tap the Japanese market for the Japanese Operating Lease (JOL) structure and Japanese Operating Lease with a Call Option (JOLCO) on both A and Boeing ER aircraft, while further accessing a diverse institutional investor and bank market base including Korea, the United Kingdom, Germany and Spain. Further and owing to the suspended Export Credit Agency (ECA) support, Emirates successfully structured an 3

4 innovative AED 4.4 billion (US$ 1.2 billion) commercial bridge facility with US and Chinese institutions. These deals align with Emirates strategy to seek diverse financing sources, and underscore its sound financials and the strong investor confidence in the airline s business model. Emirates closed the financial year with a healthy AED 15.7 billion (US$ 4.3 billion) of cash assets. Revenue generated from across Emirates six regions continues to be well balanced, with no region contributing more than 30% of overall revenues. Europe was the highest revenue contributing region with AED 23.9 billion (US$ 6.5 billion), unchanged from East Asia and Australasia follows closely with AED 22.6 billion (US$ 6.2 billion), up 1%. The Americas region recorded revenue growth at AED 12.4 billion (US$ 3.4 billion), up 3%. Gulf and Middle East revenue increased by 4% to AED 8.7 billion (US$ 2.4 billion) whereas revenue for Africa declined by 4% to AED 8.7 billion (US$ 2.4 billion). West Asia and Indian Ocean revenue decreased by 3% to AED 7.4 billion (US$ 2.0 billion). Emirates continued to invest in refreshing its product and services in line with changing customer needs. The airline revealed its enhanced A380 Onboard Lounge which will enter service in July 2017, and announced a significant, multi-million dollar deal with Thales to equip its future Boeing 777X fleet with Thales AVANT inflight entertainment system. Other key initiatives in include: a US$11 million makeover of its Business Class Lounge at Concourse B in Dubai International Airport; the opening of a new Emirates Lounge in Cape Town, and the introduction of new onboard amenities for passengers in all classes, including sustainable blankets in Economy Class made from 100% recycled plastic bottles and using ecothread patented technology. For , Emirates has announced new routes to Phnom Penh in Cambodia and Zagreb in Croatia, aside from capacity upgrades to existing destinations. Emirates SkyCargo continues to play an integral role in the company s expanding operations, contributing 13% of the airline s total transport revenue. In an airfreight market that remained challenging with fast-changing demand patterns, Emirates cargo division reported a revenue of AED 10.6 billion (US$ 2.9 billion), a decline of 5% over last year, while tonnage carried slightly increased by 3% to reach 2.6 million tonnes. This year, freight yield per Freight Tonne Kilometre (FTKM) decreased by 8%, reflecting the strong downward trend across the industry, and the weakening of major currencies against the US dollar. 4

5 Emirates SkyCargo s total freighter fleet remained unchanged, with 15 aircraft: 13 Boeing 777Fs, and two Boeing Fs. In addition to belly-hold capacity to Emirates new passenger destinations, Emirates SkyCargo launched new freighter services to Phnom Penh (Cambodia), as well as new links between Dubai-Oslo and Delhi-Hong Kong. During , Emirates SkyCargo inaugurated Emirates SkyPharma, a 4,000 square metre, purpose-built facility dedicated to the timely and secure transport of temperature sensitive pharmaceutical shipments at Dubai International Airport; and launched White Cover Advanced, a protection solution designed for temperature-sensitive cargo. Emirates hotels recorded revenue of AED 738 million (US$ 201 million), an increase of 5% over last year in a highly competitive market mainly in the UAE. dnata performance In its 58 years of operation, has been dnata s most profitable yet, crossing AED 1.2 billion (US$ 330 million) profit for the first time. Building on its strong results in the previous year, dnata's revenue grew to AED 12.2 billion (US$ 3.3 billion), up 15%. dnata s international business now accounts for 66% of its revenue. This substantial revenue increase was achieved through organic growth, and bolstered by its new acquisitions of dnata Aviation Services in the US in April 2016 and Air Dispatch in the Czech Republic in July 2016, in addition to an increase in its shareholding of Oman United Agencies Travel in Oman, and the full year impact of dnata Brazil acquired during the previous year. Building on last year s record levels of investment, dnata continued to lay the foundations for future growth by investing more than AED 1 billion (US$ 272 million) into developing its people, facilities, technology and new acquisitions. In , dnata s operating costs increased accordingly by 15% to AED 11.0 billion (US$ 3.0 billion), reflecting the impact of integrating the newly acquired companies mainly across its international airport operations. dnata s cash balance remains very solid at AED 3.4 billion (US$ 926 million) and close to last year s record high. The business delivered an AED 1.3 billion (US$ 350 million) cash flow from operating activities in , which is similar to last year s company record. dnata s employee strength increased to over 40,000, a 20% substantial growth which includes employees from its newly acquired companies. With the business growing international footprint, dnata s staff ratio based outside the UAE has further increased to 56%. 5

6 Revenue from dnata s UAE Airport Operations, including aircraft and cargo handling increased by 6% to reach AED 3.0 billion (US$ 823 million). In line with revenue growth, the number of aircraft handled by dnata in the UAE increased 2% to 216,000, and Cargo handling by 4% to 714,000 tonnes showing a first turnaround sign of the cargo industry s ongoing malaise. During the year, dnata also inaugurated its new AED 25 million export customer service centre and cargo integrated control centre in the Dubai Airport Free Zone, enhancing its overall product offering for airlines, freight forwarders and shippers. dnata s International Airport Operations division grew revenue substantially by 59% to AED 3.3 billion (US$ 906 million), on account of increasing business volumes and newly acquired businesses in the US, as well as the full year impact of dnata Brazil and dnata BV (Netherlands). International airport operations now represent the largest business segment in dnata by revenue contribution. The number of aircraft handled by the division more than doubled within a year by 129% to 408,000, and Cargo noted a substantial growth of 56% to 2.1 million tonnes of handled goods, mainly driven by the full year consideration of dnata BV which was acquired in the last financial year. Revenue from dnata s Travel Services division has seen a slight decline of 5% to AED 3.1 billion (US$ 854 million). The underlying total transaction value (TTV) of travel services sold decreased by 9% to AED 10.7 billion (US$ 2.9 billion). These trends are the reflection of lower travel demand mainly from Corporates and Government entities in the Gulf region as well as the decline in value of the British pound against the US dollar after the Brexit decision. dnata s Catering business accounted for AED 2.0 billion (US$ 547 million) of its total revenue, up 7%. The inflight catering business uplifted more than 60 million meals during the year, an increase of 7% on account of higher volumes in a number of markets and in line with revenue growth. During the year, it opened a new purpose-built facility in Cairns, extending dnata s network of kitchens in Australia to 11, and completed the build of a new Melbourne facility which will commence operations in mid The full Annual Report of the Emirates Group comprising Emirates, dnata and their subsidiaries is available at: -ENDS- US$ figures are converted at 1US$ = 3.67AED and are based on the full AED figures before rounding. 6

7 Photo Captions: 1. His Highness Sheikh Ahmed bin Saeed Al Maktoum, Chairman and Chief Executive, Emirates Airline and Group 2. The Emirates Group, comprising Emirates and dnata, today announced its financial results and the Group s 29 th consecutive year of profit. Media Contact: Valerie Tan, Emirates Group Public Relations Tel: (+9714) Mob: (+97156) valerie.tan@emirates.com; Visit: 7

8 Consolidated Income Statement for the year ended 31 March 2017 FOR THE YEAR ENDED 31 MARCH 2017 Note AED m AED m Revenue 5 83,739 83,500 Other operating income 6 1,322 1,544 Operating costs 7 (82,626) (76,714) Operating profit 2,435 8,330 Finance income Finance costs 8 (1,383) (1,329) Share of results of investments accounted for using the equity method Profit before income tax 1,490 7,363 Income tax expense 9 (40) (45) Profit for the year 1,450 7,318 Profit attributable to non-controlling interests Profit attributable to Emirates' Owner 1,250 7,125 Consolidated Statement of Comprehensive Income for the year ended 31 March 2017 Profit for the year 1,450 7,318 Items that will not be reclassified to the consolidated income statement Remeasurement of retirement benefit obligations Items that are or may be reclassified subsequently to the consolidated income statement ` Currency translation differences 19-1 Cash flow hedges 19 1,038 (1,010) Share of other comprehensive income of investments accounted for using the equity method 19 - (2) Other comprehensive income for the year 1,349 (1,002) Total comprehensive income for the year 2,799 6,316 Total comprehensive income attributable to non-controlling interests Total comprehensive income attributable to Emirates' Owner 2,599 6,123 The accompanying notes are an integral part of these consolidated financial statements. 1

9 Consolidated Statement of Financial Position as at 31 March 2017 Note AED m AED m ASSETS Non-current assets Property, plant and equipment 11 86,898 82,836 Intangible assets 12 1,441 1,317 Investments accounted for using the equity method Advance lease rentals 14 4,421 2,580 Loans and other receivables Derivative financial instruments Deferred income tax asset ,722 87,752 Current assets Inventories 16 2,238 2,106 Trade and other receivables 17 9,922 9,321 Derivative financial instruments Short term bank deposits 33 6,706 7,823 Cash and cash equivalents 33 8,962 12,165 27,836 31,427 Total assets 121, ,179 Note AED m AED m EQUITY AND LIABILITIES Capital and reserves Capital Other reserves 19 (141) (1,179) Retained earnings 33,848 32,287 Attributable to Emirates' Owner 34,508 31,909 Non-controlling interests Total equity 35,094 32,405 Non-current liabilities Trade and other payables Borrowings and lease liabilities 20 40,171 40,845 Deferred revenue ,596 Deferred credits 28 2,227 1,090 Derivative financial instruments Provisions 24 3,825 3,762 Deferred income tax liability ,082 48,250 Current liabilities Trade and other payables 30 25,193 26,532 Income tax liabilities Borrowings and lease liabilities 20 10,831 9,260 Deferred revenue 27 1,486 1,316 Deferred credits Derivative financial instruments Provisions ,382 38,524 Total liabilities 86,464 86,774 Total equity and liabilities 121, ,179 The consolidated financial statements were approved on 4 May 2017 and signed by: Sheikh Ahmed bin Saeed Al-Maktoum Chairman and Chief Executive Timothy Clark President The accompanying notes are an integral part of these consolidated financial statements. 2

10 Consolidated Statement of Changes in Equity for the year ended 31 March 2017 FOR THE YEAR ENDED 31 MARCH 2017 Attributable to Emirates' Owner Capital Other reserves Retained earnings Total Noncontrolling interests Total equity AED m AED m AED m AED m AED m AED m 1 April (168) 27,253 27, ,286 Profit for the year - - 7,125 7, ,318 Other comprehensive income - (1,011) 9 (1,002) - (1,002) Total comprehensive income - (1,011) 7,134 6, ,316 Non-controlling interest on acquisition of a subsidiary Dividends - - (2,100) (2,100) (118) (2,218) Transactions with Owners - - (2,100) (2,100) (97) (2,197) 31 March (1,179) 32,287 31, ,405 Profit for the year - - 1,250 1, ,450 Other comprehensive income - 1, ,349-1,349 Total comprehensive income - 1,038 1,561 2, ,799 Dividends (110) (110) Transactions with Owners (110) (110) 31 March (141) 33,848 34, ,094 The accompanying notes are an integral part of these consolidated financial statements. 3

11 Consolidated Statement of Cash Flows for the year ended 31 March 2017 FOR THE YEAR ENDED 31 MARCH 2017 Note AED m AED m Operating activities Profit before income tax 1,490 7,363 Adjustments for: Depreciation and amortisation 7 8,304 8,000 Finance costs - net 1,102 1,109 Net gain on sale of property, plant and equipment & intangible assets (23) (367) Share of results of investments accounted for using the equity method 13 (157) (142) Net provision for impairment of trade and other receivables (1) 21 Provision for post-employment benefits Net movement on derivative financial instruments 22 (5) Gain on sale of investments accounted for using the equity method - (12) Employee benefit payments (597) (585) Income tax paid (70) (62) Change in inventories (132) (168) Change in receivables and advance lease rentals (2,122) (2,234) Change in provisions, payables, deferred credits and deferred revenue 1, Net cash generated from operating activities 10,425 14,105 Note AED m AED m Investing activities Additions to property, plant and equipment 34 (4,382) (9,504) Additions to intangible assets 12 (269) (374) Proceeds from sale of property, plant and equipment 117 6,535 Investments in associates and joint ventures 13 (137) (19) Acquisition of a subsidiary, net of cash acquired - (23) Movement in short term bank deposits 1, Finance income Dividends from investments accounted for using the equity method Net cash used in investing activities (3,129) (2,361) Financing activities Proceeds from loans 22 3,010 1,213 Repayment of bonds and loans (5,626) (1,703) Aircraft finance lease costs (995) (918) Other finance costs (257) (294) Repayment of lease liabilities (4,424) (4,055) Dividend paid to Emirates' Owner (2,100) (2,100) Dividend paid to non-controlling interests (110) (118) Net cash used in financing activities (10,502) (7,975) Net change in cash and cash equivalents (3,206) 3,769 Cash and cash equivalents at beginning of year 12,165 8,393 Effects of exchange rate changes (1) 3 Cash and cash equivalents at end of year 33 8,958 12,165 The accompanying notes are an integral part of these consolidated financial statements. 4

12 Consolidated income statement Revenue and other operating income AED m 85,061 85,044 88,819 82,636 73,113 62,287 54,231 43,455 43,266 38,810 Operating costs AED m 82,626 76,714 82,926 78,376 70,274 60,474 48,788 39,890 40,988 34,359 - of which jet fuel AED m 20,968 19,731 28,690 30,685 27,855 24,292 16,820 11,908 14,443 11,005 - of which employee costs AED m 12,864 12,452 11,851 10,230 9,029 7,936 7,615 6,345 5,861 5,475 Operating profit AED m 2,435 8,330 5,893 4,260 2,839 1,813 5,443 3,565 2,278 4,451 Profit attributable to the Owner AED m 1,250 7,125 4,555 3,254 2,283 1,502 5,375 3, ,020 Consolidated statement of financial position Non-current assets AED m 93,722 87,752 83,627 74,250 59,856 51,896 43,223 36,870 31,919 27,722 Current assets AED m 27,836 31,427 27,735 27,354 34,947 25,190 21,867 18,677 15,530 18,790 - of which cash assets AED m 15,668 19,988 16,885 16,561 24,572 15,587 13,973 10,511 7,168 10,360 Total assets AED m 121, , , ,604 94,803 77,086 65,090 55,547 47,449 46,512 Total equity AED m 35,094 32,405 28,286 25,471 23,032 21,466 20,813 17,475 15,571 16,843 - of which equity attributable to the Owner AED m 34,508 31,909 27,886 25,176 22,762 21,224 20,606 17,274 15,412 16,687 Non-current liabilities AED m 48,082 48,250 48,595 43,705 40,452 30,574 22,987 19,552 17,753 14,206 Current liabilities AED m 38,382 38,524 34,481 32,428 31,319 25,046 21,290 18,520 14,125 15,463 Consolidated statement of cash flows Cash flow from operating activities AED m 10,425 14,105 13,265 12,649 12,814 8,107 11,004 8,328 5,016 7,335 Cash flow from investing activities AED m (3,129) (2,361) (6,411) (4,257) (15,061) (10,566) (5,092) (577) 1,896 (8,869) Cash flow from financing activities AED m (10,502) (7,975) (6,264) (7,107) 1,240 (201) (5,046) (2,982) (5,085) (3,820) Net change in cash and cash equivalents AED m (3,206) 3, ,285 (1,007) (2,660) 866 4,769 1,827 (5,354) Other financial data Net change in cash assets AED m (4,320) 3, (8,011) 8,985 1,614 3,462 3,343 (3,192) 1,237 EBITDAR AED m 21,248 24,415 20,259 17,229 13,891 10,735 13,437 10,638 8,286 9,730 Borrowings and lease liabilities AED m 51,002 50,105 47,808 42,431 40,525 30,880 23,230 19,605 16,512 13,717 Less: Cash assets AED m 15,668 19,988 16,885 16,561 24,572 15,587 13,973 10,511 7,368 12,715 Net debt AED m 35,334 30,117 30,923 25,870 15,953 15,293 9,257 9,094 9,144 1,002 Capital expenditure AED m 12,632 16,723 19,873 21,142 13,378 13,644 12,238 8,053 10,178 9,058 Notes : 1.The ten-year overview has been extracted from the audited financial statements which have been drawn up in compliance with IFRS. New Standards and amendments to existing IFRS have been adopted on the effective dates applicable to Emirates. 2.Comparative figures are restated, where applicable, according to IFRS rules i.e. only the immediately preceding year's figures are restated and figures beyond that year have not been amended.

13 Key ratios Operating margin % Profit margin % Return on shareholder's funds % EBITDAR margin % Cash assets to revenue and other operating income % Net debt to equity ratio % Net debt (incl. aircraft operating leases) to equity ratio % Net debt (incl. aircraft operating leases) to EBITDAR % Effective interest rate on borrowings and lease liabilities % Fixed to floating debt mix 75:25 92:8 85:15 94:6 90:10 89:11 89:11 83:17 61:39 68:32 Airline Operating Statistics Performance Indicators Yield Fils per RTKM Unit cost Fils per ATKM Unit cost excluding jet fuel Fils per ATKM Breakeven load factor % Fleet Aircraft number Average fleet age months Production Destination cities number Overall capacity ATKM million 60,461 56,383 50,844 46,820 40,934 35,467 32,057 28,526 24,397 22,078 Available seat kilometres ASKM million 368, , , , , , , , , ,290 Aircraft departures number 204, , , , , , , , , ,709 Traffic Passengers carried number '000 56,076 51,853 48,139 44,537 39,391 33,981 31,422 27,454 22,731 21,229 Passenger seat kilometres RPKM million 276, , , , , , , , ,762 94,346 Passenger seat factor % Cargo carried tonnes '000 2,577 2,509 2,377 2,250 2,086 1,796 1,767 1,580 1,408 1,282 Overall load carried RTKM million 39,296 36,931 34,207 31,137 27,621 23,672 22,078 19,063 15,879 14,739 Overall load factor % Employee Average employee strength-ek number 64,768 61,205 56,725 52,516 47,678 42,422 38,797 36,652 35,812 30,177 Average employee strength-airline number 51,628 48,023 44,571 41,471 38,067 33,634 30,258 28,686 28,037 23,650 Revenue per airline employee AED '000 1,580 1,717 1,939 1,938 1,868 1,796 1,738 1,459 1,492 1,625 Notes : 1.The ten-year overview has been extracted from the audited financial statements which have been drawn up in compliance with IFRS. New Standards and amendments to existing IFRS have been adopted on the effective dates applicable to Emirates. 2.Comparative figures are restated, where applicable, according to IFRS rules i.e. only the immediately preceding year's figures are restated and figures beyond that year have not been amended.