Editing Phoenix Group Holdings plc (section)

== Financials ==
{| class="wikitable"
|+
!Year
!1
!2
!3
!4
!5
!6
!7
!8
!9
!10
!11
!12
!13
!14
|-
!Year end date
!31/12/2009
!31/12/2010
!31/12/2011
!31/12/2012
!31/12/2013
!31/12/2014
!31/12/2015
!31/12/2016
!31/12/2017
!31/12/2018
!31/12/2019
!31/12/2021
!31/12/2022
!31/12/2023
|-
!
!Historic
!Historic
!Historic
!Historic
!Historic
!Historic
!Historic
!Historic
!Historic
!Historic
!Historic
!Historic
!Historic
!Historic
|-
!
!
!
!
!
!
!
!
!
!
!
!
!
!Restated
!
|-
! colspan="15" |Income statement
|-
|Insurance revenue
|
|
|
|
|
|
|
|
|
|
|
|
|5,142
|4,861
|-
|Insurance service expenses
|
|
|
|
|
|
|
|
|
|
|
|
|(5,248)
|(4,354)
|-
|Insurance service result before reinsurance  contracts
|
|
|
|
|
|
|
|
|
|
|
|7,455
|(106)
|507
|-
|Net expenses from reinsurance contracts
|
|
|
|
|
|
|
|
|
|
|
|(2,079)
|(162)
|(180)
|-
|Insurance service result
|
|
|
|
|
|
|
|
|
|
|
|5,376
|(268)
|327
|-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|-
|Fees and commissions
|
|
|
|
|
|
|
|
|
|
|
|1,001
|858
|967
|-
|Net investment income/(expense)
|
|
|
|
|
|
|
|
|
|
|
|18,001
|(38,012)
|20,840
|-
|Other operating income
|
|
|
|
|
|
|
|
|
|
|
|76
| 102
|86
|-
|Gain on acquisition
|
|
|
|
|
|
|
|
|
|
|
|110
|–
|66
|-
|Loss on disposal of Ark Life
|
|
|
|
|
|
|
|
|
|
|
|(23)
|
|
|-
|Total income/(expense)
|
|
|
|
|
|
|
|
|
|
|
|24,541
|(37,320)
|22,286
|-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|-
|Net finance (expense)/income from insurance  contracts
|
|
|
|
|
|
|
|
|
|
|
|
|22,879
|(6,982)
|-
|Net finance income/(expense) from reinsurance contracts
|
|
|
|
|
|
|
|
|
|
|
|
|(1,053)
|179
|-
|Net insurance finance (expense)/income
|
|
|
|
|
|
|
|
|
|
|
|
|21,826
|(6,803)
|-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|-
|Change in investment contract liabilities
|
|
|
|
|
|
|
|
|
|
|
|(16,812)
|14,487
|(13,894)
|-
|Change in reinsurers’ share of investment  contract liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|(1,448)
|873
|-
|Amortisation and impairment of acquired  in-force business
|
|
|
|
|
|
|
|
|
|
|
|(577)
|(349)
|(318)
|-
|Amortisation of other intangibles
|
|
|
|
|
|
|
|
|
|
|
|(20)
|(6)
|(6)
|-
|Impairment of goodwill
|
|
|
|
|
|
|
|
|
|
|
|(47)
|0
|0
|-
|Administrative expenses
|
|
|
|
|
|
|
|
|
|
|
|(2,056)
|(1,421)
|(1,674)
|-
|Net income under arrangements with reinsurers
|
|
|
|
|
|
|
|
|
|
|
|22
|0
|0
|-
|Net (expense)/income attributable to  unitholders
|
|
|
|
|
|
|
|
|
|
|
|(185)
|372
|(186)
|-
|Profit/(loss) before finance costs and tax
|
|
|
|
|
|
|
|
|
|
|
|(188)
|(3,859)
|278
|-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|-
|Finance costs
|
|
|
|
|
|
|
|
|
|
|
|(242)
|(230)
|(258)
|-
|Profit/(loss) for the year before tax
|
|
|
|
|
|
|
|
|
|
|
|(430)
|(4,089)
|20
|-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|-
|Tax (charge)/credit attributable to policyholders’ returns
|
|
|
|
|
|
|
|
|
|
|
|(258)
|577
|(184)
|-
|Loss before the tax attributable to owners
|
|
|
|
|
|
|
|
|
|
|
|(688)
|(3,512)
|(164)
|-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|-
|Tax (charge)/credit
|
|
|
|
|
|
|
|
|
|
|
|(279)
|1,432
|(108)
|-
|Add: tax attributable to policyholders’  returns
|
|
|
|
|
|
|
|
|
|
|
|258
|(577)
|184
|-
|Tax credit attributable to owners
|
|
|
|
|
|
|
|
|
|
|
|(21)
|855
|76
|-
|Loss for the year attributable to owners
|
|
|
|
|
|
|
|
|
|
|
|(709)
|(2,657)
|(88)
|-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|-
|Attributable to:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|-
|Owners of the parent
|
|
|
|
|
|
|
|
|
|
|
|(837)
|(2,724)
|(116)
|-
|Non-controlling interests
|
|
|
|
|
|
|
|
|
|
|
|128
|67
|28
|-
|
|
|
|
|
|
|
|
|
|
|
|
|(709)
|(2,657)
|(88)
|-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|-
|Earnings per ordinary share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|-
|Basic (pence per share)
|
|
|
|
|
|
|
|
|
|
|
|(86.4)p
|(274.9)p
|(13.8)p
|-
|Diluted (pence per share)
|
|
|
|
|
|
|
|
|
|
|
|(86.4)p
|(274.9)p
|(13.8)p
|-
! colspan="15" |Balance sheet
|-
|Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|-
|Pension scheme asset
|
|
|
|
|
|
|
|
|
|
|
|36
|14
|26
|-
|Reimbursement  Rights
|
|
|
|
|
|
|
|
|
|
|
|212
|205
|204
|-
|Intangible assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|-
|Goodwill
|
|
|
|
|
|
|
|
|
|
|
|10
|10
|10
|-
|Acquired  in-force business
|
|
|
|
|
|
|
|
|
|
|
|4,323
|2,177
|1,912
|-
|Other  intangibles
|
|
|
|
|
|
|
|
|
|
|
|232
|112
|106
|-
|
|
|
|
|
|
|
|
|
|
|
|
|4,565
|2,299
|2,028
|-
|Property, plant and equipment
|
|
|
|
|
|
|
|
|
|
|
|130
|125
|106
|-
|Investment property
|
|
|
|
|
|
|
|
|
|
|
|5,283
|3,727
|3,698
|-
|Financial assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|-
|Loans and  deposits
|
|
|
|
|
|
|
|
|
|
|
|475
|268
|248
|-
|Derivatives
|
|
|
|
|
|
|
|
|
|
|
|4,567
|4,068
|2,766
|-
|Equities
|
|
|
|
|
|
|
|
|
|
|
|86,981
|76,737
|87,628
|-
|Investment in  associate
|
|
|
|
|
|
|
|
|
|
|
|431
|329
|349
|-
|Debt  securities
|
|
|
|
|
|
|
|
|
|
|
|104,761
|83,116
|93,374
|-
|Collective  investment schemes
|
|
|
|
|
|
|
|
|
|
|
|85,995
|75,389
|78,909
|-
|Reinsurers'  share of investment contract liabilities
|
|
|
|
|
|
|
|
|
|
|
|9,982
|9,065
|9,672
|-
|
|
|
|
|
|
|
|
|
|
|
|
|293,192
|248,972
|272,946
|-
|Insurance assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|-
|Insurance contract assets
|
|
|
|
|
|
|
|
|
|
|
|
|48
| -
|-
|Reinsurance  contract assets
|
|
|
|
|
|
|
|
|
|
|
|
|4,071
|4,876
|-
|
|
|
|
|
|
|
|
|
|
|
|
|8,726
|4,119
|4,876
|-
|Deferred tax assets
|
|
|
|
|
|
|
|
|
|
|
|–
|158
|143
|-
|Current tax receivable
|
|
|
|
|
|
|
|
|
|
|
|419
|519
|502
|-
|Prepayments  and accrued income
|
|
|
|
|
|
|
|
|
|
|
|373
|403
|439
|-
|Other  receivables
|
|
|
|
|
|
|
|
|
|
|
|1,805
|4,455
|2,578
|-
|Cash and cash  equivalents
|
|
|
|
|
|
|
|
|
|
|
|9,112
|8,839
|7,168
|-
|Assets  classified as held for sale
|
|
|
|
|
|
|
|
|
|
|
|9,946
|7,205
|4,594
|-
|Total assets
|
|
|
|
|
|
|
|
|
|
|
|333,799
|281,040
|299,308
|-
|Equity and liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|-
| colspan="14" |Equity  attributable to owners of the parent
|
|-
|Share capital
|
|
|
|
|
|
|
|
|
|
|
|100
|100
|100
|-
|Share premium
|
|
|
|
|
|
|
|
|
|
|
|6
|10
|16
|-
|Shares held by  employee benefit trust
|
|
|
|
|
|
|
|
|
|
|
|(12)
|(13)
|(15)
|-
|Foreign  currency translation reserve
|
|
|
|
|
|
|
|
|
|
|
|71
|87
|91
|-
|Merger relief  reserve
|
|
|
|
|
|
|
|
|
|
|
|1,819
|1,819
|1,819
|-
|Other reserves
|
|
|
|
|
|
|
|
|
|
|
|56
|46
|16
|-
|Retained  earnings
|
|
|
|
|
|
|
|
|
|
|
|3,775
|1,162
|469
|-
|Total equity  attributable to owners of the parent
|
|
|
|
|
|
|
|
|
|
|
|5,815
|3,211
|2,496
|-
|Tier 1 Notes
|
|
|
|
|
|
|
|
|
|
|
|494
|494
|494
|-
|Non-controlling  interests
|
|
|
|
|
|
|
|
|
|
|
|460
|532
|549
|-
|Total equity
|
|
|
|
|
|
|
|
|
|
|
|6,769
|4,237
|3,539
|-
|Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|-
|Pension scheme  liability
|
|
|
|
|
|
|
|
|
|
|
|3,103
|2,520
|2,557
|-
|Insurance liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|-
|Insurance  contract liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|107,608
|115,741
|-
|Reinsurance  contract liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|7
|147
|-
|Financial liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|-
|Investment  contracts
|
|
|
|
|
|
|
|
|
|
|
|160,417
|141,169
|158,004
|-
|Borrowings
|
|
|
|
|
|
|
|
|
|
|
|4,225
|3,980
|3,892
|-
|Deposits received from reinsurers
|
|
|
|
|
|
|
|
|
|
|
|3,569
|
|
|-
|Derivatives
|
|
|
|
|
|
|
|
|
|
|
|1,248
|5,875
|3,342
|-
|Net asset  value attributable to unit holders
|
|
|
|
|
|
|
|
|
|
|
|3,568
|3,042
|2,921
|-
|Obligations  for repayment of collateral received
|
|
|
|
|
|
|
|
|
|
|
|3,442
|1,706
|1,005
|-
|
|
|
|
|
|
|
|
|
|
|
|
|176,469
|155,772
|169,164
|-
|Provisions
|
|
|
|
|
|
|
|
|
|
|
|235
|184
|155
|-
|Deferred tax  liabilities
|
|
|
|
|
|
|
|
|
|
|
|1,399
|309
|257
|-
|Reinsurance payables
|
|
|
|
|
|
|
|
|
|
|
|143
|
|
|-
|Payables related to direct insurance  contracts
|
|
|
|
|
|
|
|
|
|
|
|1,864
|
|
|-
|Current tax  payable
|
|
|
|
|
|
|
|
|
|
|
|19
|34
|41
|-
|Lease  liabilities
|
|
|
|
|
|
|
|
|
|
|
|99
|92
|74
|-
|Accruals and  deferred income
|
|
|
|
|
|
|
|
|
|
|
|567
|544
|579
|-
|Other payables
|
|
|
|
|
|
|
|
|
|
|
|721
|1,373
|2,272
|-
|Liabilities  classified as held for sale
|
|
|
|
|
|
|
|
|
|
|
|11,746
|8,360
|4,782
|-
|Total liabilities
|
|
|
|
|
|
|
|
|
|
|
|327,030
|276,803
|295,769
|-
|Total equity and liabilities
|
|
|
|
|
|
|
|
|
|
|
|333,799
|281,040
|299,308
|-
! colspan="15" |Cash flow statement
|-
|Cash flows from operating activities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|-
|Cash (utilised)/generated by operations
|
|
|
|
|
|
|
|
|
|
|
|(871)
|1,019
|(770)
|-
|Taxation paid
|
|
|
|
|
|
|
|
|
|
|
|(149)
|(153)
|(93)
|-
|Net cash flows from operating activities
|
|
|
|
|
|
|
|
|
|
|
|(1,020)
|866
|(863)
|-
|Cash flows from investing activities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|-
|Acquisition of SLF of Canada UK Limited, net  of cash acquired
|
|
|
|
|
|
|
|
|
|
|
|–
|–
|(20)
|-
|Proceeds from completion of abrdn plc transaction
|
|
|
|
|
|
|
|
|
|
|
|115
|–
|
|-
|Disposal of Ark Life, net of cash disposed
|
|
|
|
|
|
|
|
|
|
|
|189
|–
|
|-
|Net cash flows from investing activities
|
|
|
|
|
|
|
|
|
|
|
|304
|–
|(20)
|-
|Cash flows from financing activities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|-
|Proceeds from issuing ordinary shares, net  of associated commission and expenses
|
|
|
|
|
|
|
|
|
|
|
|2
|4
|6
|-
|Ordinary share dividends paid
|
|
|
|
|
|
|
|
|
|
|
|(482)
|(496)
|(520)
|-
|Dividends paid to non-controlling interests
|
|
|
|
|
|
|
|
|
|
|
|(9)
|(10)
|(11)
|-
|Repayment of policyholder borrowings
|
|
|
|
|
|
|
|
|
|
|
|(18)
|(32)
|(58)
|-
|Repayment of shareholder borrowings
|
|
|
|
|
|
|
|
|
|
|
|(322)
|(450)
|(350)
|-
|Repayment of lease liabilities
|
|
|
|
|
|
|
|
|
|
|
|(16)
|(14)
|(14)
|-
|Proceeds from new shareholder borrowings,  net of associated expenses
|
|
|
|
|
|
|
|
|
|
|
|17
|–
|346
|-
|Proceeds from new policyholder borrowings,  net of associated expenses
|
|
|
|
|
|
|
|
|
|
|
|
|61
|64
|-
|Coupon paid on Tier 1 Notes
|
|
|
|
|
|
|
|
|
|
|
|(29)
|(29)
|(29)
|-
|Interest paid on policyholder borrowings
|
|
|
|
|
|
|
|
|
|
|
|–
|(1)
|(3)
|-
|Interest paid on shareholder borrowings
|
|
|
|
|
|
|
|
|
|
|
|(237)
|(215)
|(200)
|-
|Net cash flows from financing activities
|
|
|
|
|
|
|
|
|
|
|
|(1,094)
|(1,182)
|(769)
|-
|Net decrease in cash and cash equivalents
|
|
|
|
|
|
|
|
|
|
|
|(1,810)
|(316)
|(1,652)
|-
|Cash and cash equivalents at the beginning  of the year (before reclassification of cash and cash  equivalents to held for sale)
|
|
|
|
|
|
|
|
|
|
|
|10,998
|9,188
|8,872
|-
|Less: cash and cash equivalents of  operations classified as held for sale
|
|
|
|
|
|
|
|
|
|
|
|(76)
|(33)
|(52)
|-
|Cash and cash equivalents at the end of the  year
|
|
|
|
|
|
|
|
|
|
|
|9,112
|8,839
|7,168
|}

==== What are the assumptions used to estimate the financial forecasts?====

{| class="wikitable"
|+Key inputs
!Description
!Value
!Commentary
|-
| colspan="3" | <div style="text-align: center;">'''Revenue'''</div>
|-
|What's the estimated current size of the total addressable market?
|$1,300,000,000
|Here, the total addressable market (TAM) is defined as the global life insurance, pensions, retirement solutions market, and based on a number of assumptions<ref group="Note" name="Note01" />, it is estimated that the size of the market as of today (6th May 2023), in terms of revenue, is $1.3 trillion.
|-
|What is the estimated company lifespan?
|50 years
|Currently, Phoenix employs around 201, making the company a small organisation (less than 10,000 employees). That said, given the company's mission, we expect the company to grow to a large organisation, and research shows that the average lifespan of a large corporation is around 50 years.<ref>Stadler, Enduring Success, 3–5.</ref>
|-
|What's the estimated annual growth rate of the total addressable market over the lifecycle of the company?
|3%
|Research shows that the growth rate of the global life insurance, pensions, retirement solutions market (i.e. the total addressable market) is similar to the growth rate of global gross domestic product, which has averaged (medium) around 3% per year in the last 20 years (2001 to 2022)<ref>https://www.macrotrends.net/countries/WLD/world/gdp-growth-rate</ref>.
|-
|What's the estimated company peak market share?
|1%
|The Stockhub crowd estimates that especially given the leadership of the company, the peak market share of Phoenix is around 1%, and, therefore, suggests using the share amount here. As of 30th September 2021, Phoenix's current share of the market is estimated at around 0.0010%.
|-
|Which distribution function do you want to use to estimate company revenue?
|Gaussian 
|Research suggests that the revenue pattern of companies is similar to the pattern produced by the Gaussian distribution function  (i.e. the revenue distribution is bell shaped)<ref>http://escml.umd.edu/Papers/ObsCPMT.pdf</ref>, so the Stockhub crowd suggests using that function here.
|-
|What's the estimated standard deviation of company revenue?
| 5 years
|Another way of asking this question is this way: within how many years either side of the mean does 68% of revenue occur? Based on Phoenix's current revenue amount (i.e. £12.68 million) and Phoenix's estimated lifespan (i.e. 50 years) and Phoenix's estimated current stage of its lifecycle (i.e. introduction stage), the Stockhub crowd suggests using five years (i.e. 68% of all sales happen within five years either side of the mean year), so that's what's used here.
|-
| colspan="3" |'''<div style="text-align: center;">Growth stages</div>'''
|-
|How many main stages of growth is the company expected to go through?
| 4 stages
|Research suggests that a company typically goes through four distinct stages of cash flow growth.<ref>Levie J, Lichtenstein BB (2010) A terminal assessment of stages theory: Introducing a dynamic approach to entrepreneurship. Entrepreneurship: Theory & Practice 34(2): 317–350. <nowiki>https://doi.org/10.1111/j.1540-6520.2010.00377.x</nowiki></ref> Research also shows that incorporating those stages into the discounted cash flow model improves the quality of the model and, ultimately, the quality of the value estimation.<ref>Stef Hinfelaar et al.:, 2019.</ref>

In addition, research shows that a key way to determine the stage which a company is in is by examining the cash flow patterns of the company.<ref>Dickinson, 2010.</ref> A summary of the economic links to cash flow patterns can be found in the appendix of this report. The Stockhub crowd estimates that with Phoenix's operating cash flows negative (-), investing cash flows positive (+) and its financing cash flows negative (+
-), the company is in the fourth stage of growth (i.e. the 'decline' stage), and, therefore, it has a total of one main stages of growth. Note, to account for one-off events, the three-year average (median) amount was used to calculate the cash flows.
|-
|What proportion of the company lifecycle is represented by growth stage 1?
|30% 
|Research suggests 30%.<ref name=":6">http://escml.umd.edu/Papers/ObsCPMT.pdf</ref>
|-
|What proportion of the company lifecycle is represented by growth stage 2?
|10% 
|Research suggests 10%.<ref name=":6" />
|-
| What proportion of the company lifecycle is represented by growth stage 3?
|20% 
| Research suggests 20%.<ref name=":6" />
|-
|What proportion of the company lifecycle is represented by growth stage 4?
|40%
|Research suggests 40%.<ref name=":6" />
|-
| colspan="3" |'''<div style="text-align: center;">Growth stage 1</div>'''
|-
|Cost of goods sold as a proportion of revenue (%)
|12.92%
|Research suggests that it's best to use a similar amount as the one used by peers that are in the same growth stage (i.e. growth stage 1)<ref name=":7">http://people.stern.nyu.edu/adamodar/pdfiles/papers/younggrowth.pdf</ref>. Information on the peers and the calculation of the figure used here can be found in the appendix of this report.
|-
|Operating expenses as a proportion of revenue (%)
|159.10%
|Research suggests that it's best to use a similar amount as the one used by peers that are in the same growth stage (i.e. growth stage 1)<ref name=":7" />. Information on the peers and the calculation of the figure used here can be found in the appendix of this report.
|-
|Tax rate (%)
|(3.07)%
|Research suggests that it's best to use a similar amount as the one used by peers that are in the same growth stage (i.e. growth stage 1)<ref name=":7" />. Information on the peers and the calculation of the figure used here can be found in the appendix of this report.
|-
|Depreciation and amortisation rate (%)
|56.26%
|Research suggests that it's best to use a similar amount as the one used by peers that are in the same growth stage (i.e. growth stage 1)<ref name=":7" />. Information on the peers and the calculation of the figure used here can be found in the appendix of this report.
|-
|Fixed Capital Investment (FCInv) as a proportion of revenue (%)
|8.59%
|Research suggests that it's best to use a similar amount as the one used by peers that are in the same growth stage (i.e. growth stage 1)<ref name=":7" />. Information on the peers and the calculation of the figure used here can be found in the appendix of this report.
|-
|Working Capital Investment (WCInv) as a proportion of revenue (%)
|50.93%
|Research suggests that it's best to use a similar amount as the one used by peers that are in the same growth stage (i.e. growth stage 1)<ref name=":7" />. Information on the peers and the calculation of the figure used here can be found in the appendix of this report.
|-
|Net borrowing as a proportion of revenue (%)
|21.75%
|Research suggests that it's best to use a similar amount as the one used by peers that are in the same growth stage (i.e. growth stage 1)<ref name=":7" />. Information on the peers and the calculation of the figure used here can be found in the appendix of this report.
|-
|Interest expense as a proportion of revenue (%)
|0.06%
|Research suggests that it's best to use a similar amount as the one used by peers that are in the same growth stage (i.e. growth stage 1)<ref name=":7" />. Information on the peers and the calculation of the figure used here can be found in the appendix of this report.
|-
| colspan="3" |'''<div style="text-align: center;">Growth stage 2</div>'''
|-
|Cost of goods sold as a proportion of revenue (%) 
|0.00%
|Research suggests that it's best to use a similar amount as the one used by peers that are in the same growth stage (i.e. growth stage 2)<ref name=":7" />. Information on the peers and the calculation of the figure used here can be found in the appendix of this report. 
|-
|Operating expenses as a proportion of revenue (%)
|41.11%
|Research suggests that it's best to use a similar amount as the one used by peers that are in the same growth stage (i.e. growth stage 2)<ref name=":7" />. Information on the peers and the calculation of the figure used here can be found in the appendix of this report.
|-
|Tax rate (%) 
|15.23%
|Research suggests that it's best to use a similar amount as the one used by peers that are in the same growth stage (i.e. growth stage 2)<ref name=":7" />. Information on the peers and the calculation of the figure used here can be found in the appendix of this report.
|-
|Depreciation and amortisation rate (%) 
|79.52%
|Research suggests that it's best to use a similar amount as the one used by peers that are in the same growth stage (i.e. growth stage 2)<ref name=":7" />. Information on the peers and the calculation of the figure used here can be found in the appendix of this report.
|-
|Fixed Capital Investment (FCInv) as a proportion of revenue (%) 
|1.13%
|Research suggests that it's best to use a similar amount as the one used by peers that are in the same growth stage (i.e. growth stage 2)<ref name=":7" />. Information on the peers and the calculation of the figure used here can be found in the appendix of this report.
|-
|Working Capital Investment (WCInv) as a proportion of revenue (%)
|52.01% 
|Research suggests that it's best to use a similar amount as the one used by peers that are in the same growth stage (i.e. growth stage 2)<ref name=":7" />. Information on the peers and the calculation of the figure used here can be found in the appendix of this report.
|-
|Net borrowing as a proportion of revenue (%)
|0.27%
|Research suggests that it's best to use a similar amount as the one used by peers that are in the same growth stage (i.e. growth stage 2)<ref name=":7" />. Information on the peers and the calculation of the figure used here can be found in the appendix of this report.
|-
|Interest expense as a proportion of revenue (%)
|0.41%
|Research suggests that it's best to use a similar amount as the one used by peers that are in the same growth stage (i.e. growth stage 2)<ref name=":7" />. Information on the peers and the calculation of the figure used here can be found in the appendix of this report.
|-
| colspan="3" |'''<div style="text-align: center;">Growth stage 3</div>'''
|-
|Cost of goods sold as a proportion of revenue (%) 
|0.00%
|Research suggests that it's best to use a similar amount as the one used by peers that are in the same growth stage (i.e. growth stage 3)<ref name=":7" />. Information on the peers and the calculation of the figure used here can be found in the appendix of this report. 
|-
|Operating expenses as a proportion of revenue (%)
|55.16%
|Research suggests that it's best to use a similar amount as the one used by peers that are in the same growth stage (i.e. growth stage 3)<ref name=":7" />. Information on the peers and the calculation of the figure used here can be found in the appendix of this report.
|-
|Tax rate (%) 
|19.91%
|Research suggests that it's best to use a similar amount as the one used by peers that are in the same growth stage (i.e. growth stage 3)<ref name=":7" />. Information on the peers and the calculation of the figure used here can be found in the appendix of this report.
|-
|Depreciation and amortisation rate (%) 
|18.93%
|Research suggests that it's best to use a similar amount as the one used by peers that are in the same growth stage (i.e. growth stage 3)<ref name=":7" />. Information on the peers and the calculation of the figure used here can be found in the appendix of this report.
|-
|Fixed Capital Investment (FCInv) as a proportion of revenue (%) 
|2.21%
|Research suggests that it's best to use a similar amount as the one used by peers that are in the same growth stage (i.e. growth stage 3)<ref name=":7" />. Information on the peers and the calculation of the figure used here can be found in the appendix of this report.
|-
|Working Capital Investment (WCInv) as a proportion of revenue (%)
|(1.46)% 
|Research suggests that it's best to use a similar amount as the one used by peers that are in the same growth stage (i.e. growth stage 3)<ref name=":7" />. Information on the peers and the calculation of the figure used here can be found in the appendix of this report.
|-
|Net borrowing as a proportion of revenue (%)
|(1.10)%
|Research suggests that it's best to use a similar amount as the one used by peers that are in the same growth stage (i.e. growth stage 3)<ref name=":7" />. Information on the peers and the calculation of the figure used here can be found in the appendix of this report.
|-
|Interest expense as a proportion of revenue (%)
|0.31%
|Research suggests that it's best to use a similar amount as the one used by peers that are in the same growth stage (i.e. growth stage 3)<ref name=":7" />. Information on the peers and the calculation of the figure used here can be found in the appendix of this report.
|-
| colspan="3" |'''<div style="text-align: center;">Growth stage 4</div>'''
|-
|Cost of goods sold as a proportion of revenue (%) 
|36.13%
|Research suggests that it's best to use a similar margin rate as the one used by peers that are in the same growth stage (i.e. growth stage 4)<ref name=":7" />. Information on the peers and the calculation of the figure used here can be found in the appendix of this report. 
|-
|Operating expenses as a proportion of revenue (%)
|174.39%
|Research suggests that it's best to use a similar margin rate as the one used by peers that are in the same growth stage (i.e. growth stage 4)<ref name=":7" />. Information on the peers and the calculation of the figure used here can be found in the appendix of this report.
|-
|Tax rate (%) 
|(1.94)%
|Research suggests that it's best to use a similar rate as the one used by peers that are in the same growth stage (i.e. growth stage 4)<ref name=":7" />. Information on the peers and the calculation of the figure used here can be found in the appendix of this report.
|-
|Depreciation and amortisation rate (%) 
|47.29%
|Research suggests that it's best to use a similar amount as the one used by peers that are in the same growth stage (i.e. growth stage 4)<ref name=":7" />. Information on the peers and the calculation of the figure used here can be found in the appendix of this report.
|-
|Fixed Capital Investment (FCInv) as a proportion of revenue (%)
| 6.25%
|Research suggests that it's best to use a similar amount as the one used by peers that are in the same growth stage (i.e. growth stage 4)<ref name=":7" />. Information on the peers and the calculation of the figure used here can be found in the appendix of this report.
|-
|Working Capital Investment (WCInv) as a proportion of revenue (%)
| 2.13% 
|Research suggests that it's best to use a similar amount as the one used by peers that are in the same growth stage (i.e. growth stage 4)<ref name=":7" />. Information on the peers and the calculation of the figure used here can be found in the appendix of this report.
|-
|Net borrowing as a proportion of revenue (%)
|0%
|Research suggests that it's best to use a similar amount as the one used by peers that are in the same growth stage (i.e. growth stage 4)<ref name=":7" />. Information on the peers and the calculation of the figure used here can be found in the appendix of this report.
|-
|Interest expense as a proportion of revenue (%)
|0%
|Research suggests that it's best to use a similar amount as the one used by peers that are in the same growth stage (i.e. growth stage 4)<ref name=":7" />. Information on the peers and the calculation of the figure used here can be found in the appendix of this report.
|}