This is our fifth integrated report and is designed to provide a concise overview of how we generate value for all stakeholders. By following an integrated reporting model, we aim to show how our competitive advantage is sustainable in the short, medium, and long term. While this report focuses on value generation for our shareholders, it also demonstrates how we interact with all of our stakeholders.

Our Approach

In producing this report we have built upon the key changes introduced previously and then developed it further in line with the evolving practices in integrated reporting. Our future reports will seek to keep up with these new developments and achieve our aim of continually improving our stakeholder communications.

The steps we have taken in this report:

• our business model continues to evolve to provide greater clarity on how we create value in the short, medium and long term. We have provided more detail on the outputs of our business model;
• we have increased the signposting and consistency between sections to show how they connect and interact;
• we have ensured that we discussed material matters both positive and negative in a fair, balanced and understandable way.

A little direction for your journey through our report

This icon signposts the reader to other sections in this report

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This icon is used to indicate content on the outputs of the business model.