Royal Mail Group
Group Finance Director's Report
Period 9 (December 2007)
Contents
Group Key Performance Measures.
Executive Overview
Group Results
Segmentals Results
Group Profit/(Loss) Statement
Revenue & Volume
Revenue & Volume - Wholesale
Operations
Operations Programmes
Cashflow
Balance Sheet
Mails Licence & Non Licence Standards (Q of S)
Health & Safety
People
Corporate risks and potential business exposures
Appendices - Business Unit profit and loss statements
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AIGLS
General Lagisies Systems
CONFIDENTIAL
Commercially sensitive and not for onward circulation
This document is solely for the use of the recipient and under no circumstances
should any part of this document be disclosed to third parties.
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Royal Mail Group - Key Performance Measures - December 2007
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Transformation
Total VR and Agents Compensation ~ Cash Impact
Not reduction in headcount (UK & wholly owned subsicaries)
POL - Crown Office Conversion
~ Network Restructuring
~ Broadband % implementation
Letters - transformational spend
~ Walksorted Letters
~ Walk Revisions
Property - Disposal proceeds rs
Share Value
Share Value per employee
(At launch = value of intial 8x stake, 2011/12 = estimated value of 20% stake.)
Funding Headroom RMG ex POL
ROTA (rolling 22 months basis)
Productivity
Letters -Total letters Cost (excl transformational spend and
Exceptionals) por Item (excl Door to Door)
= Items per gross hr
= Revenue per iter
POL - Crown ~ staff costs to income ratio
~ Agents - pay to income ratio
Parcetforce -Depot unit cost (per Dolivered Parcel)
Unit
&m
No. office
No. office
46 of plan
&m
No.
£ employee
plitem
items/hour
plitem
£Jparcel
yo TD FY
‘Actual Planned Planned
EY 50
0 700
io00% I 100%
2a 310
rex I 75%
533 614
7
At launch 2023/12
yr TD FY
‘Actual Planned Planned
2,200 [ 9000
7a 06
% 924
328 I 327
133% [11%
asx I 82%
People
Reported accidents per 1,000 emplayees
Attendance (based on 100 - unplanned absence)
FTEs (UK 6 wholly owned subsitiaries)
Engagement index
People Costs/Income
Customer Focus Index
Reputation Index (employer brand perception - HYS element only)
Total Avoidable cost
Customer
Reputation Index (External)
Quarterly result based on following question asked of POL &
Letters small and large customers and consumers of all 3 brands:
How do you rate Royal Mails reputation? (Measured from Nov 2006)
Letters - Quality of Service
~ Ast Class Retail
~ 2nd Class Bulk
~ 3rd Class Bulk
~ Business Customer Satisfaction
Businoss Customer Satisfact
actual remains as per period 6.
POL - Quality of Service
Parcelforce - PF24 Quality of Service
n currently being remodelled,
Unit
No/',000
No.
&m
out of 20
yo yTo FY
Actual Planned Planned
701
205,240 I 186.525,
ee]
paul YY
a2 a2 Outturn
73
93.0%
975% I 975%
975% I 975%
760% I 760%
Royal Mail - Strictly Confidential
Paget
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Royal Mail Group Overview ~ December 2007
MONTH
IThe Group's period 9 operating profit pre exceptionals of £891 was fim (1%) beter tan the bigeted prof of £88m mainly riven by higher come of £30m lower depreciaton and amortisation coss of £m oft by hidher people costs of £8m and higher non people costs of £2m.
IThe favourable budget variance of £m was mainly cntibted toby POL £2m {443}, Central Functions €2m (23%) and Parcelore £m (20%) ofst by Letters £3m (48) and GLS £m (98)
[operating margin inthe month before exceptional items vs 9.75 - In ne wih budget
External income £923 - (up £10m (1%) apainstbuiget of £9131, princialyout-performance in Letters £5 (18), Parceforce 5m (14%) and GLS £m (53) (eachange ate driver, oet by POL £m (6 and Central Functions £m (163)
Jasainst budge, Letters income was above budget (5m, +072), and above prior yer by (+£30.6m +453),
Prods that performed beter than budget include Meters (+£2:5m, +3.13), PPI (£655m, 15.48, Maisort 1 (4£1.2m, +1489), Malo 3 & Mailmea (+£13.4m, +63.) Presstveam (+£2.4m +16.88L Wholesale (+£6:5m, +16.02), Door to Door (+£3.0m, 161.73), Phiatlc(+60.5m,+15.82) Products that performed below budge include Stamps (-
£20:5m, -48).Clearmal(-£1.6m, 10.5%) Malsort 2 (-£2.2m, -9-12). rcilary (-£2:9m, 34.5%, Specal Delivery (-£2.0m, -5.48), Parl (-£2.4m, -24 3) ternational (-£6.9m ~652), Supply Chan (-£0.8m, 44.78), Data, Meda & Print (-£0.7m,-45.6.
POL incame inte montnfnclasing £.1m Social Network Payers) was £4m (64) worse than budget mainly due to unde-performarce in Tlephony- Homepone,
People costs of £556m are above budget this math with an adverse variance of £8m (1.58) and £17 (3) adverse to prior year. This month's adverse variance ls princpaly within Letters and Parceorce,
Non-people costs nladng exchange rate movements) are £262m in the month and adverse to budget by £2m (C12). Costs are adverse to lst year wth variance of £25m (10%)
[The budget variance prncipaly comprises:
+ Letters favourable to budget by £3m (32) mainly due to lower expedite on carweyance, colectin & delivery casts of £10m (24%) compensation costs £m (258) and computers and telephones £m (78X) offset by higher staff & agent related costs and consumables of €3m (458, finance costs of £2 (602),
corsltany, marketing and legal costs of €2m (24%) and ater operating costs of £1 (24).
+ POL favourable to budget by £5m (13). Savings have been made in other boughtin services 3m (26H), ther operating costs £3m (66%) and computers and telephones £2m (172) These have been offset by higher expenditure an Fhance £2m (4002 and eansuitancy, marketing and legal fees £tm (41%,
+ Parcefrce- coats are adverse to budget this month by £3m (368) many et higher conveyance collection and celery charges £2m(228). Ther sa 1m budgeted savings chalenge but ro savings have been made this month
+ GLS - adverse to aiget by £5m (72) mainly asa result of adverse exchange rate ferences £5m 100%
lOther costs (depreciation, amortisation and other income) are favourable to budget by rm (8H) and adverse to last yearby £2m (152),
Non-operating exceptional items are favourable by £1m (100%) as a result of a higher than expected profits on disposal of Land ar Buns. This mort’ profit many relates tothe sale of Cirencester row oe
JOperating exceptional items o£ 25m in te month were adverse to buxiget by €16m (100%) and adverse to PY by £15m (1003). The adverse variance arses in POL where exceptional redundancy cst of £18m have been recorded in par to rect CWU Buy downs including Saturday premiums.
Inerest in the month was favourable to budget by £3 (348) but adverse to PY by E4m (244
Profit before tax
Prot before tax ane Colleague Share cost forthe month was £78 ~ adverse by €1%m (13%) agaist a budgeted prof of £0. Ths was mainly as a result f adverse net exceptional costs of £5m offset in pat by favourable business unk operating performance of Em (explained above) an favourable interes of £3,
[The result £8m (7) adverse apart the PY prof of 86m. The prior year variance is due to 57m higher came being mare than offset by £65m higher net experdture, Net Expenditure i higher maby due to:
+ 517m higher people costs
+ £25m higher non people costs:
+ Ek lower net interest receivabie
+ £17 higher net excetonal costs:
+ 2m higher deprecation ard amortisation cass
loperating Cashftow in the month wis an ouow of £187m a whch £225m outflow relates to POL Net Cent Balances,
YEAR TO ATE
Year to date Operating profit pre exceptionalsc £255m was £177m favourable tothe budgeted proft of £78m erven by lower than expected ron people costs of £128, ler than expected! people costs of £159my, lower than expected! deprecation amartiston of 4m, ad better than expected sare of profs in N's an Asscates of €3m
ots by lower than expected came of £127m.
IThe Operating exceptional items charge of £44m is £2m adverse to budget of £412m principally in POL-£3m adverse to buiget of €321m due to higher expenditure on redundancies and ater operating exceptional of £18 ose in part by lower fied asset expenditure crivng lower impairments of 15m
IvTO operating cashfow i an info of £140, favourable to budget by £335m. Operating casviow includes upfort cash of £150m forthe Social Network forthe year. The £313m of Transfermatoral urding was receive from the Government on 31 July 2007
Estimat
son Deficit has increase! by £0.2bn since last morthto£3.7on de toa 0.1% reduction in the real elscount rate party oft by asl improvement in asst vals.
Note:The Half ear postion on Colleague Share costs remains unchanged at period 9 Le. costs haw rot been Booked and results in a YTD favourable variance of 86m.
Note: Prior year hasbeen restated forthe impact of Royal Mal Estates Limited (MESL). This change aligns the pror yar tothe treatment for 07/08 actuals and budeet.
lOperations Analysis - Francia performance continues to underspend due tothe setlement ofthe pay deal below the budgeted level. This wil entire troughout the year. There have been high variable cots ove the Christmas period and thi expected to contre as service restoration continues flowing the industrial acon.
Licence Quality of Service products - previous industrial action has ed to 20 aut ofthe 12 Licence measures fling te ful year standard at period 9, t wl be important to demonstrate to Postcomm in quarter & thatthe performance has returned to pre-industrial actin target levels The two USO measures were not mathematically achievable after
pera 4, Non Licence Qualty of Service reported 4 out of of the targets being met during the yea.
Headcount has increased by 614 in the month bringing the period total o 181,248 and the YTO movement to a decrease of 3520.FTES of 209,535 is averse to budget by 4295,
People - the engagement index i 54% in the month which the same as ast moneh. This Brings the YTD index to 54 which is 6 below target
+ Letes includes Wholesale
yal al Sty Content aged
Royal Mail Group - YTD Profit Results - December 2007
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‘Summary Group profit and loss account
9 Months to December
9 Months to December
2008 Budget Budget Variance 2007 PY Variance
£m £m £m % £m £m %
External Income 7,005 7,132 (427) (2%) 6,916 88 a3
Expenditure (6.787) (7,088) 302 4a (6817) 30 0%
Profit on JVs and Associates 36 33 3 % 27 9 35%
Operating Profit Before Exceptionals 255 7 177 >100% 126 128 >100%
Exceptional Items (400) (402) 3 EG (99) (304) (6100%)
Profit before interest and taxation and ColleagueShare costs (145) (325) 180 55% 27 (172) (100%)
Net interest receivable/(payable) 18 4 15 >100% (a) 19 >100%
Notional Pensions Interest 96 92 4 5% 149 (53) (35%)
Profit before taxation and ColleagueShare costs (31) (229) 199 87% 175 (206) (100%)
ColleagueShare costs 0 (86) 86 >100% (0) 0 >100%
Profit before taxation (31) (315) 285 90% 175 (206) (100%)
_ External Income - by period £m ( Operating Profit Before Exceptionals - YTD £m
950 260 7 “om
baad 210 “Guim
850 Budget YTD
0 77m
& 750
700
650
600
550
500
Apr May Oct Nov Dec Jan Feb Mar
Royal Mail Strictly Confidential
Pages
Royal Mail Segmentals - Profit Results - December 2007
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Operating Profit/(Loss) Before Exceptionals
Month
2008 Budget Budget Var. 2007 PY Var. Budget to Actual Profit bridge by Business Unit - YTD £m
£m £m £m tb £m £m tb 153 4 45 7 255
250 —=—
Royal Mail * 72 75 (3) (4%) 62 9 15% 200 Oe
GLS 6 6 (4) (9%) 5 0 1% g 150
100) 77
Parcelforce 5 4 ef 20% 5 al 17% 50
Post Office Limited (2) (4) 2 44% (5) 3 53%
Group Royal Mail: Gis PFW POL Other Group
Other 9 7 2 23% 9 0 5% Budget Actual
Group 89 88 1 1% 76 a3) 17% )
YTD
2008 Budget Budget Var. 2007 PY Var. I Prior Year to Actual Profit bridge by Business Unit - YTD £m
£m £m £m % £m £m 2 8 255
Royal Mail * 119 = (34) «153. 100% 122 (3) (2%) #50 —
Gls 7-79 (2) (2H) 8H (7) (8%) aes I
£ 150- 4
Parcelforce 10 5 4 74% 6 4 72h bid —_—-——_— -—
200 (3) ”
Post Office Limited (21) (35) 415 42% (146) 126 86% 50
Other 70 63 il 11% 61 8 14%
2007 Actual Royal Mail GLS PFW POL Other 2008 Actual
Group 255 77 177——->100% 126 128 ~—>100%
* Royal Mail includes Wholesale * Improvement includes £110m SNP in 2007-08. SNP received of £75m for second
half of 2006/07 was all booked in period 12.
Royal Mail - Strictly Confidential
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Royal Mail Group - Profit/(Loss) Statement - December 2007
Period 9 £m Year to Date £m Full Year £m
‘Actual Budget Var. Prior Yr Actual Budget Var. Prior Yr Forecast. Budget Var. -—~Prior Yr
External Income 918 13 5 867 6,996 7132 (136) 6916 9.366 9537 (170) 9.479
Exchange Rate Difference an Income 5 0 5 eC 9 0 9 i, 3 0 3 0)
Total External Income a m3 20 866 7,005 732 (ea) 6,916 9.370 9537 (467) ~——~«9.79).
Wages and Salaries (312) (317) 5 (306) (2882) (3,063) 181 (2946) (3.969) (4140) 171——(3.909)
Overtime (61) (53) (8) (59) (353) (313) (49) (342) (454) (410) (43) (438)
Productivity / Bonus (25) (24) (a) (23) (207) (105) 2) (109) (134) (137) 3 (a4)
Employers NI & Social Security (30) (28) 2) (28) (235) (247) 12 (242) (314) (333) 19 (320)
Pension (ChargeV/Receipt (56) (58) 2 (57) (512) (558) 46 (530) (698) (754) 56 (722)
Temporary Resource (22) (19) (3) (20) (79) (i) (32) (58) (99) (58) (sa) (76)
Total Staff Costs (506) (699) @ (492) .167)__(6,333) 165 (6.228) 5.668) ——*(5.832)~=—«164—«(5,620)
Agents Costs (50) (50) (0) (47) (407) (401) a (407) (544) (534) ” (534)
Total People Costs (556) (548) (8) (539) (6,574) (6,734) 159 (6,635) (6,209) (6,366) 157 (6,144)
Conveyance, D&C Charges (93) (100) 8 (95) (789) (616) 27 (723) (4.079) (10923 (975)
Compensation (5) 3) 1 ®) 9) (42) 3 (49) (55) (aca) 87 (50)
Property Facilities (28) a1) 3 (26) (243) (256) 13 (236) (323) (340) 17 (319)
Property Maintenance (4) (5) 2 ) (54) (61) 7 (57) (65) a) 12 (63)
Vehicles (26) (26) 0 (26) (189) (201) 12 (200) (256) (273) 7 (265)
Computers & Telephones (23) (24) 1 (24) (214) (227) 16 (201) (287) (300) 23 (255)
Consultancy, Marketing & Legal Fees (aa) (a7) (4) (26) (a58) (158) 0 (453) (216) (205) (aa) (187)
Staff & Agents Related Costs & Consumables (a7) (a4) @) (23) (97) (a9) 13 (121) (135) (153) 18 (145)
Finance (6) (5) (a) (9) (44) (49) 5 (69) (78) (66) (2) (61)
Other Bought in Services (a2) (14) 2 (a2) (203) (aa) 1 (130) (a4) (158) 10 (183)
Other Operating Costs (22) (16) (6) (9) (215) (es) 33 (106) (194) (292) (2) (138)
Exchange Rate Difference an Expenditure (5) 1 5) 1 (8) 2 (20) (a) Q) (6) 3 id
Total Non-People Costs (262) (259) (2) (237) (2,050) (2,178) 128 (2,036) (2,838) (3,002) 164 (2,644)
External Expenditure (ei8) (08) (FO) (776) (6624) (6.932) 288 (67) oa7)(9,369)_—«32d——«8. 788)
Depreciation (16) a7) 1 (a5) (145) (155) 10 (138) (196) (206) FEN (186)
Amortisation (2) 2) ) (a) (a7) (2a) 3 (8) (22) (28) 6 (11)
Total Depreciation & Amortisation (18) (20) a (16) (162) (176) Eva (146) (217) (235) 17 (197)
(o) 36 33 27 45 42 38
Operating Exceptionals (25) (9) (16) (20) (444) (612) 2) (133) (220) (506) 286 (243)
Profit/(Loss) on Disposal of Fixed Assets 2 1 1 4 16 10 4 36 59 32 26 118
Profit Before Interest & Tax (PBIT) 66 80 (a4) 70 (405) (325) 180 27 (a) (7) 486 108
Net External Interest 2 o) 3 1 18 4 15 (a) 19 2 a7 6
Pensions notional interest 10 9 0 15 96 92 4 149 129 125 4 199
Total Net Interest 2 9 3 16 215 %6 29 148 148 127 24 205
Profit Before Tax (PBT) and ColleagueShare costs 78 90 aay 86 (31) (229) 199 275 237 (370) 507 323
ColleagueShare costs 0) 0 (0) o 0 (86) 86 0) (255) (272) (83) )
Profit Before Tax (PBT) 78 90 (a) 6 G1) (315) 285 275 (238) (542) 426 313
‘Margin from Operations 10% 10% oh o oh Th 3h 2h 2 oF 2% EG
RM Group incl. POL
PBITOA Before Exceptionals 08 108 ) R a7 254 Tas 22 367 210 157 430
PBITOA Before Exceptionals and JVs/Assoc (per cashflow) 105 106 (o) 90 381 220 160 245 323 168 155 392
RM Group excl. POL
PSITDA Before Exceptionals Tio 77 a 7 a7 288 a9 48 396 24 Tae B57
PBITDA Before Exceptionals and JVs/Assoc (per cashflow) 109 11 @) 96 428 261 148 410 386, 266 4141 526
Royal Mail Strictly Confidential Pages
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Royal Mail Group - External Revenue and Volumes - December 2007
YTD Business Unit Revenue Analysis by Product >)
Year to Date P ,
External Revenue ‘Actual Prior Yr var ‘Actual’ Budget Var. Prior Yr Var GLS External Revenue vs, Budget (Em) - up £8m
£m £m % £m £m £m £m x
Royal Mail ine. Wholesale) I Tit 0 z 5128 535 TEI 520 22 Pare apts - Dome
cus 96 85 133 291 884 8 787 133 cep
Parcelforce Worldwide 43 39 99 285 267 18 256 112 ersten “impor,
PoL* 79 59 185 67% 682 ®) 605 113 cet gre
other 4 3 14 27 “4 (10) 27 (21)
Total RMG 33 366 66 7005 _‘7as2__—(aa7)——C« 23 cutous Ounce
POL revenae neds SNP of Ed he marian
Year to Date Losaie 68)
Operational Volumes I — Actual Prior VF —Var Actual Budget —-Var.—=~PriorWr_—~—~CVar
(m) (m) % (m) (m) (m) (m) % Lael
Rayal Mail inc, Wholesale) I 2.196 246d 507 Te202 Te 72k (esa) 18787 aa - as «© © @
Gis 25 25 a8) 242 244 1 229 57 L Lic cd . $ I
Parcelforce Worldwide 6 6 25 42 40 2 37 128 / 5
Total RMG 2227 255 72 2a72 497 18525 _49,00h (479) _—«a9¢,053_——2. 9) }PRW Extaraal Ravenin vs. Gugot (Em) ~/ap lain
* Rol Ml based on unerving Revene Deed Volumes eevingore
YTD Royal Mail Letters (inc. Wholesale) Revenue Analysis by Product net Export ~ Retail
( . inet eat Comat
External Revenue vs. Budget - down £132m External Revenue vs. Prior Year - down £113m
stamped Mait 3 & 20159.) Stamped Mail 3¢ 6 2¢ nmi rae
Meter Mat 59 eter Mal I wa
Standard Tariff Letter 7 standard Tariff Later 603) a nee
; esiance manly due © _ ;
Cleanmait I (ices mee Cleanmait Ie eo a
Maison (426) svitching to more cost Moke) a MS4 decine has ‘ <
Pode effective product, Packetpost (39 slowed from 88 to O% )
sponse Services aponee Services 20 and MS2 rom 26% to
Response Ser Gupanee Sere ! 2h
Presstream Presstream feta and toy
Special Delivery Special Detvery
elebry Sere.
Door-to-Door Door-to-Door = _
Election Mait Election Mail everaent ers
Ancitary Ancitary sean sree
Pitatetic Pritateic
International International att Seve,
Downstream Access Downstream Access = 2 oo
other ea ouner «al _ .
: —_ . — ; — wo aaa ww wo
(0) 60) (G) 0) 70 (240) (270) (230) (90) (50) (40) 30 70 440 350 390
Royal Mail Strictly Confidential Pages
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Royal Mail Group - Royal Mail Wholesale - December 2007
RM Wholesale Commentary:
+ The number of contract holders remains at 25.
‘Actual Forecast_ I Vs Forecast I Budget I Vs Budyet I %Vs Budget I Actual Forecast I VsForecast I Budget One new custorner, Document Dutsourcing Lid
[Revenue (E 0Ous) GTS 47.260 26 5000 Gea 160% W372 I 605 638 26 03,000 signed a Zonal Operator contract and the Hayes
IVotume (000's) 335,696 I 340,000 (4306) I 296,029 39,667 Fev 2.902426 I 2.906730 (4300) I 2.909.747 DX account was closed. No existing customers
laverage Unit Revenue (£) owe 0139 0,003 0139 0.003 23% 0139 0239 0.000. 0239 signed contract variations. There are 12
Operators and 24 COAs, 9 Zonal contracts are in
{eetiy revenue of £12.9m in december was £1.3m lower than November, Year to date revenue was some £7.3m below budget.) use.
‘+ Volumes averaged 84m per week in the
‘month, which was 9m items below the weekly
average in November. Volumes In the month
7 Ave sata Avs Budget were 39.7m items (13.4%) above budget and
[Revenue (E 0005) 150276 I 150.563 (aaa) 152,000 22) TosH) 554,000 I 554,000 0 00% isan (ae i eniiee poe Thareenten
IVotume (000s) 1097574 I 1.093.270 4306 I 1,090,253 7322 ors 4.000000 I 4.000.000 0 00%, slightly short of forecast (4.3m items) due to
laverage Unit Revenue (£) 0337 0336 (1004) 0139 (o.002) aan 0339 0139 0.000 0.0%, ‘uieter than expected week immediately
before Christmas. The YTO shortfall of 7.3m
‘tems to budget should be closed over the
5 I rest ofthe ye
Downstream Access Income (£k) + Agency” volumes have continued to grow,
£ 00's Month Yo 70,000 July saw the first Agency customer posting
Ty land to date approximately 26.3m items have
Overator Ae 227 zAri8 ‘been posted via this route. In the period
lagency Access 1335 3.627 60,000 - {8m items were posted, these accounted for
customer Direct Access nen a7s377 © 3% of overall volumes. December saw the
oat im ate first postings by Norwich Union, these have
é 50,000 I been small to date, but are expected to grow
— from January onwards. Goldfish have also
Toms 000° Month yo signalled their intention to migrate postings
Operator from their CDA account to Agency access.
erator Access Ie 40,000 ‘There are four Agents active currently, UK
Iauonty, Accaes onB, 26mg Mail (5 customers), CitiPost (3 customers),
customer Direct Access 132634 _I_1.293,196 Pd Secured Mail (2 customers) & TNT (2
lFotat 335,696 I 2,902,426 customers).
NS. Figures provid io Posicorm dont spt Aaoney for Operate woumes, = The peteitswhetoge oi reverie wasishove
20,000 I ‘expectations largely due to TNT's (own
traffic) 420 parcel volumes, increasing by 34%
in December. Revenue per item also
Month Yr 10,000 I increased slightly on these items. The
Retail Revenue Equivalent 60,756 525,281 changes could reflect Amazon packet volumes
laccoss Revenues, aes Pay in the run up to Christmas and a push by TNT
fen sarap nevenae action a sS ° to increase i's consolidated traffic volumes.
Per Unit (9) 39 ue Avec MOF May dan Jul hug Sep ot Nov Dec Jan Feb Mar
few 8560 9590 9.208 949% = 9599 10,726 x26 13, 11.886
IRM Group Contribution ditution I 20,568 97.267 BREE
Per Unit (5) a En — —
The contribution impacts derive by:
Calculation of Retail Revenue Equivalent uses an average of prices based on assumption of where trafic has downtrade from within retail
= RM Group Contribution Dilution assumes that during the year some cost saviras willbe achieved
* Agency contracts enable Operators to act as an Agent on
bbohalf of the customer. This means the Agency Customer
does not pay VAT on the postage element. 4
Roya Na - Strict Corina
Paye7
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Key bata
Month cum FYF PY Status “Key Cperaon Teta Coan (BAL) son
Total Operations Cost % var 0.1% 47% 2.8% 0.5% v3 ee
Gross Hours % var “71% 0.0% 04% «4.7% v3) I ae
Sick Hours % Gross Hrs 3.3% 3.9% 3.9% 3.8% yo4 sy, oe
‘Agency & Casuals Hrs % var “642% 126.5% 101.0% ~—-36.1% ~~ ear
Overtime Hrs % var “234% 28.9% 32.1% 144% WS 0 ia
People Ops - Full Time 111,013 108,000 116.288 aA paid
Part Time 34,729 35,000 92917 OY 2 I am a0
Joiners 4,736 10,172 6,959 nail
Leavers 1,250 13,800 15,069, a 288
0 eg SE oe
vr- xpenditure 20 669 1536 «830 pi p2 ps pa ps pe py pe Po Pm eH Pe ne” py
VR Numbers - Absolute i 1,908 4,266 2,377 _u 7 —
Vehicle - Red Vans 31,010 29,209 20.850 A 2 ‘Gross Hours (RM Territories) fecentane variance
Cost Per Mile 56.2 5 55.2 v3 meres
‘Number of miles travelled (k) 42,075 402,173 550,419 110
Weighted items - Outward 1.436 1.0% _-1.6% a3
(Territories) Inward “1.0% 7.9% 3.4% v3
i Delivered 5.8% 67% —-4.3% v3
IPGH- Processing 5 EY 56 0 vt
Delivery 124 108 108 108 at
Overall 95 89 89 a9 at
fea too es ae aa aa 4 oro7 ” wapsr un-o7 to? ~ = oe oe?" Dees?” nob Famosos
[Key 1=Cum actual vExitRate_2=PYvFYF 3=MonthtrendtoPlan __4=CumtoPY ]
Area Unit Co
‘Comment: 35.00 -
The cumulative performance in financial terms continues to underspend due to the settlement 14.00
of the paydeal below the budgeted level; this will continue throughout the year. The gross hour
‘overspend this month is primarily due to improved processes for the payment of overtime and aa
scheduled attendance payments earned over the Christmas period; this has accelerated
payments, and caused a misalignment with the budget. There have been high variable costs ta00
over the Christmas period, and this is expected to continue in the coming months as service
restoration continues following the industrial action. ‘noo
Permanent staffing is now beginning to increase, this should start to reduce the reliance on
casuals and overtime to address the difficulties above. aed
There are disappointing weighted traffic results this month which has resulted in high area unit ‘ape-O7 May-07 Jun-07 Jul? Aug-O7 Sep-07 Oct-07 Nov-O7 Dec-07 Jan-08 Feb-08 Mar-08.
costs. ma 2007/08 2006/7 = Plan
Month yro
Actual Budget Var_——Var ‘Actual Budget Var Var
[Total depot unit cost £ excl Branch Direct & si a ii cH a °F) Pry pr a
[Transitional Staff)
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KEY PROGRAMME INDICATORS. INVESTMENT LEVELS AND MILESTONES BENEFITS
Stage 0 Pre authority scoping vt vie cum
Automation YTD BudgetI YTD Actual IYE cum feastIFuture state I I Stage 1 Business case approved Net Benet Budget IyTD Actuailroast (Ic Fistate
Machines Ordered 143I 82I 382] 934] I Stage 2 Order placed ‘Total £m 50.2 703 139 290
Machines Deployed a a 7] 934) I Stage 3 Trial completed / or property build completed
% Walksorted 72% Exit 75% 85% aa : ee Cases authorised in 07/08)
peceqienoed, i ue 7S%I I Stage 6 Deployment completed / or property operational Pay back in year 5
% Fats Automated 30% 30% 80%) I Stage 7 an > 60% IRR} 70
31-60% IRRI 11
Best Practice / Other Milestones <30% IRR} 2
Delivery Revisions —_—_ 614) 4003] {Next stage to be case Latest No paybackI 8
MC Production Control 33] 0 0] 65I Icompleted IStage__IDate _Idate
[Semi Auto Packets PS 7 (Commentary notes:
[Commentary on deployment oa mek 7
- Automation Utilisation: Walksorted % has dipped significantly at DBP Destiop Revaions Ie b preaarettsceeraeeemapretetcrren irs
[Christmas (but still better year on year). Flats automated % has similarly DBP Pegasus Revisions 6 lachievernent of benefits in the plan. The benefits exclude
been affected. Prod Control systems 8 pay deal and strike positive effects and are based on P8
- LSM Replacement: The order for iLSMs has been placed. Digital Tachos: 6 Ee cen
I- Walk Sequencing: Contract negotiations for the CSS machines are \Paddington 5 Phase 2
planned for campltionin Jan 2008 ston has detayed the I (ME RatIiCanet 7 ecmes 92 ull year forecast underspends in transformational. cash
eciserca Since the agreement, Areas are fata) plans e Thames Valey 4 enesaecaben) rinses ale evar cs cr
: Flats Sorting 3 ~ East London VOC (€36.5m)
implement their outstanding revisions to realise benefits in line with the Past London ; eta ra vase IS TSR Toon
business case. The forecast is for 614 outdoor delivery revisions by the end I few ; Ehereenes (Snes
of the financial year. [Semi Auto Pits Pa 1 Property maintenance (£19.0m)
- Delivery Methods: Outputs from equipment trials have resulted in a Wak Sequence mos 1 : I project Light (icon)
review of the project with greater use of trolleys and vehicles. User testing I [TRMS 4 I Jan-o8 Detered 12.0809 II" very Methods un)
is expected to resume in March/April 2008. Following this a decision will be I [Northampton 4
made for the business case. [eFo Renlacemert $ Seerete 3. One-off cash is for the operations strategic plan
- Paddington: Phase 2 deployment - all remaining outward work into lexchiding Conmmerdall rekiding RiTracked)
Mount Pleasant by 28 Jan 2008. 4, All numbers are for 07/08 to 10/11 and do not include
~ Thames Valley: building work continues. Formal consuttation continues I {Transformation cash Total to [Total iw aaa
fina cataract y ‘spend pedget_ Pcl Vie Feaetcomp._ 108 5. Project numbers are at 07/08 prices for all years.
~ Production Control: roll-out continues with the Excel solution due to the I [Total opx-cpx zai] 104 164] 1.951] 1.172 E GraaPleni n= pmotesence: Oana
delays with Daily Workload Scheduler, which will now start user testing in
Jan 2008.
- East London: The site is no longer viable.
- CFC: replacement concept has been delayed to accommodate the outputs
lof the collection trials in Q4.
Royal Mail - Strictly Confidential
Replacement, 23 other category.
Page 9
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Royal Mail Group - Period Cash Flow Statement - December 2007
arid Year te Date Funding Anais
‘yal Wail Group EX Tete anon
Pot Pot Royal Mail Group EX POL Pot Royal Mail Group = «2000
Actual Actual Actual Budget ‘cwat Budget Actual Budget Var MG exPOL POL Tota
fm Es Em £m £m fm im £m Em [pent _~_ os fm fm fn
Operating Profit/Loss) Before Allocations 89 1 259 wo 2 (2) 25 n a7 [fetal borrowing facts 000 4.180 360
Won ash ems 17 153, 168 2 (5) 126 13 an lbeduc usted committed faces 500470 a0]
[EBITOA Before Allocations 106 @ “06 27 20) on 3a 220 10 loeduct used uncommitted facies oo o
(rnereaseVDeerese in Stocks 1 o 6 O w @ ao) a CS) Headroor 5500 za0 98)
(rereaveVDecrese in Debtors oy) EU on) wn a @ (8) ca) (a ee
Inereasefeease in Creditors @ ey “7 «) 388 48 435 5 429 ee
Working Capital 2) C) 0) (5) 387 38 327 6) 384 Investments
Net Client Batances : es) - ic 88) (270) 38) cy aan, Financ Asset Imestments Queso 12169]
lividends fram JVs & Assoc - 8 4 2 2 32 3 © {cas Equvotent investments sat 3405 7986)
Aadtions of Tangle & tant Fie sets ** 60) 0 a7 (200 co) a) ao (054) 136 [eta westrets 1578 3405 19153
{ess Postap investments ine Gt rat
Disposal Proceeds from Tangible & tangle Fed Assets 2 . 2» 2 4 2 2 En lvoe to Treasury) aro a]
{ess Pension Escrow inestrents (ot
Transfer to POL of Tangle Fite Assets ° © 4 10 CS) (ao : - - lvalable te Treasun) 10464 0 10464
Net Capital Expenditure C7) o (50) am «a w as) eu) ar [avaiable for use 5067 3405 BATZ
istions - @ : @
IRedutancy. Provisions & Excepionts w o 9 (aaa “ om wan (23) %
Pensions (ex Renda) cts © 2 119 6 8 98 read (2) Forinfrmation.~ at perio end Til money stood at: 1059,
her Cash Moverents 8 o 2 4 ° 313 2 317 200)
erating Cashflow Before Allocations o C7) 28 33) a) (@) 0 495) 335 Pensions Cash Sweep Analysis
locations 3 o 2 2 i) @) : : rw hd
Operating Cashflow e (30) EDy (10) rrr) (e8) 10 (195) 35 [ree Cash Before interest & Tax 140 7a
Icistments en (s14)
[Adjusted Free Cashitow (ay (2)
(cotespveShare Costs ° - © 9 o o ao 1 fetta et tn sr er compton can oe)
Free Cashflow Before Interest & Tax e (0) 2st ox) aan) 8) 0 96) 36 Amount into Escrow. nil nil
nds 6m of arc aed aes
Key highlights:
Me lta
po.
(Covenants ~ £900m Senior Credit Fact
Mar-07
Fined Charge cover (The rai of Cash EBITDA to Fed Charges)
[awstop Ratio 1156 1156
[Defauk Ratio 105« 105«
JAcuals fr Mar 07 and Sep 07, IC for Mar 08
Leverage Mule Ratio {Lease adjusted Net Indebtedness cde by Cash ESITOAR)
Drawston Ratio 50x 50
[betaur Ratio 55x 55x
Actuals fr Mar 07 and Sep 07, F/C for Mar 08,
Loan to value Ratio (The rato of Net detecness feuding Subordinated
[Debt - bt ofeting eash and investments) tothe Vale of Tol Pronerty Ase)
Draesop Ratio 75 75%
[betaut Ratio 8st 8st
Actuals fr Mar 07 and Sep 07, F/C for Mar 08,
(Covenants ~ £500 GLS Loan Facty
“otal indebtedness £m £m
Lint (RMG only and exuding subordinated debt 3620 1620
cts for Wa 07 and Sep 07, FF fr Mar OB ——
\Consclidted Operating Casviw / Net Interest Costs
Lime
Actuals for Mar 07 and Sep 07, /C for Mar 08
Note: March 2007 the relevant interest figure was past,
therefore there was no cst to cover
1154
105«
50
55x
1%
ast
fm
1020
+ Operating cashow in the month was an oulow of £187! of whch £225 ouow relates to POL Ne Cent Balances
+ YTO operating castvow sam infow of £140m, favourable to budget by £335m:
+ Operating casiow incudes upton cash of £150m fo he Socal Netwerk forthe yea,
+The £313 of Transformational Funding (as outined inthe POL Funding Agreement was received from Government on Sty 2007,
The key year to date budget variances ar a allows: ~
+ Working Capital ~ £384m favourable principally explained as allows
Debtors (£43 adverse variance, Mainy in Letters as a result of higher than budgeted Revenue and Wholesale debtors, vehicle lease debtors and prepayments, offset by lower than
budgeted ince accruals POL invoiced debtors were lower than budgeted,
Creditors (£429m favourable varance). Included inthis variance is £31.3m relating to the receipt of ‘Transformational Funding (se above). The actual rece included in Creditors,
whereas the budget forthe receipt included in Other Cash Moverents (see below), The remaining variance & mainly driven by higher acruals for Pay and Bonus and customer
stamp / meter credit holdings, and higher tax and Ni creditors as a result of pay award payments in Letters, together wth higher than budgeted accruals in POL connected with
Homephone and broadband marketing promotions.
+ Net Client Balances ~ £117m adverse Variance mainly due to higher than budgeted cash holdings asa result ofthe advanced funding of Christmas double enefit payments which
was not taken advantage of by all laimants,
+ Net capital expenditure ~ £147m favourable:-
The capex favourable variance sin the main due to tiring d#ferences and is analysed as follows; favourable varlances of £72m Letters, £63m Property Holdings, 10m POL, £6
GS, £6m PSOD and £7 Comms and Secretariat partially offset by an adverse variance of £19m Group Functions.
+ Other Cash Movements - £306m adverse variance mainly as a result of the actual receipt for Transformational Funding boing included in Creditors (see Credors above),
7 Teter nds Wheesole
Royal Mail Group - Balance Sheet - December 2007
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Opening Period Movement Year to Date Position [UK Trade Debt Analysis Trade Bad Debts Net Profile of Trade debt
‘Actual ‘Actual Budget Var. ‘Actual Budget. Var. Debt Provided ~—=«Debt_«—=—Dec-07Nov-07—Mar-07,
Em £m fm £m Em m Em m £m £m % x x
Tangible Fixed Assets 626 25 ‘a 16234728 ~—~—«(306) [Current debt 435 a 436 3 a7 87
Intangibles & Fixed Assets Investments 32a 0) a) 353 330 Ee lover by: 128 a 1 ee Fry 7 ii
Stock 26 @ o 6 34 3 (oays) 29-59 7 1 6 1 2 2
Debtors 973 5 (2) 1071 1028 43 over 602 R 9 4 4 4
Creditors ine SIS & Tax) (2.668) 29 9 (10) (4776)_31)
IWorking Capitat 1668) 36 a (000) (745) (285) [Totat UK Trade Debt 326 is 31 700 100 100
Pension Creditor 385) cy ws 555) (5 020) 2,365 Tithe month bad debt provision of E55TR witha futher E27BK expected in period TO have been raised
Deferred Tax 400 0 @ 4 393 390 3 against MOBBIVIL Lic. This is a new customer who made major postings over a 3 day period. The debt has been
Pension Redundancy Creditor (44) 4 6 @ @) (12) 8 referred to RM legal services for advice.
Provisions (aan) ao 43 (2) (360) (239), (122)
Client Debtors a my 3 (49) 18 152 G4) [6LS = Trade Debt Anabsis Trade Bad Debis Profile of Net Debt
Cent Creitors (303) ie) o @ (263) (205) 68) Debt Provided Dec-07 Nov-07Mar-07,
Client Cash 768 285 50135 1.059 850 209 £m £m + + i
Net Client Batance 525 25 as __-82 913 796 147 [Caren debt Tez a 77 7 Ea
Financal Asset & Cash Ezuivalent Investments Ti8h Be tit Wz 951305 %20
Cash at Bank 62 (12) an @ 36 Ed loverdue by 1-20 6 ° Ed 16 Fy 10
Loans & Finance Leases (04) (669) tas7)_ (502) (a9 69300) (oays) 31-60 4 0 4 3 3 1
Not Trading Funds/(Debt) 643 Gey (74) a8) 782 5 337 cover 60 7 5 2 4 4 4
[Total UK Trade Debt cc 3 ist 700 Tor 00
Net Assets (2.266) 86 7G) 4s (2.2958) 2.340
[Year to Date Debtors a
[analysis of Tangible Fixed Assets Ein Net UK trade debt (see ageing analysis) 5a
lAssets in use : 1496 “Trade” Debtor & Creditor Terminal dues (see ageing analysis) 185
lassets notin use Assets Held for Sale 0 Days Analysis GLS trace debtors (see ageing anayis) 151
Other Property 6 Year to Date Property rentalsheice leases and other prepayments Fest
lassots not yet in use ~ Fats Phase 2 Ey) Debtor I Creditor Accrued incon 23
IMP Refurb wv Days I Days Exhange dferences (Difference - budget to actual) 8
- HWOC 4 Other debtors :
= RM Other 2 factual 390 153 RMPTL Debtors 31
LsM 5 POL Client suny and CLASS balances B
CBRN 2 Debtor days remain high due Spring Jont Venture Deblors nu
= DMS Phase 2 3 to the increase in debt in Royal Mai Retal ROMECINDC External Drs 10
thes 6 for Christmas stamps. Trade creditors isin Learing fr Al and other employee debtors 5
line with season trends Interest and Capital Debtors 2
- Property e
Vehicles 0
[Pensions Deficit - December 2007 [Total Debtors 2.074
[Total Tangible Fixed Assets FETE) Mar-07 Nov-07 _Dec-07
IFTSE alt share index 32973198, 3270] [Terminal Dues Debtor/Creditor Analysis Debtor Creditor Net indebtedness
[YTD Movement in Tangible Fined Assets Em laa bond rate 53k (5.9% 5.9 Em £m £m
[2007-2008 opening actuat 1626 inftation 31% 33k 3.4 Viged Debt by calendar year
{770 additions 156 [AS49 deficit (Ebn) 5.0 35 37 2001 @ @
ITO depreciation (145) ‘The actuarial gains atthe haf year have been posted to the 202 i) a
{770 recassfication 0 accounts, Subsequent changes are approximate ar have not been 2003 0 1
ITD cisposais (20) poste. 2006 0
1770 impairment ay) l2005/2006/2007 (168) 4
ITD exchange rate differences 9 [Total international Debtors & Creditors (270) 5
HTD acquisition ofa business o
[2007-2008 Closing Actuat ERS)
Royal Mat -Siely Content Poets
Royal Mail Letters - Year to Date Licence and Non-Licence Q of S Standards - December 2007
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}+ Period 2-9 forall measures except International was 29/03 - 02/2 (37 weets).
+ Period 1-8 for international was 01/04 - 30/34.
I* cumulatively 2/32 measures (European Intemational Delivery and kems Delivered Correct)
‘are abowe the Leence Standard, Each ofthe remaining measures lexcepk Parcels) has a
‘est of year requirement to meet the full-year standard which is mathematically unachievable.
I* Pestcomms attitude tothe submission for dispensation for the impact ofthe industrial
action will undoubtedly be influenced stronaly by the level of performance in Quarter 4, and
it wl be important to demonstrate that, post-industrial action the performance has returned
to pre-industrial action / at or above target levels
‘ARALSIS COMPLETED BY, ONE HENDERSON - HERD OF SERVICE COMUNE
a= Wet OF Ver Reasrement
Js bv usa Atal
Gree = et Fear Rec « Ret Yr Reet
Isat or below Cuma ato bow Cuda Acta
No, [seneutes Service or Licence Actual fest OF Year Financia Consequences Commentary fom Head Of Service Compliance
[Standardised Measure falter cum Requirement
Standard To Period ToMeet
: Licence Target
Business
Factor _I Compensation
Ped 9 was 5 November -2 December, Theft date ofthe national sts was 9 Ober The rest forthe peri was 87.6 whch
2 {peta Fst Cass 30 0 42s means tere was onger recovery pend flowing be sskes in Cuter 3 tan folowing the ties in Quarter 2. Te curate ret
eontiuesto put 10 SSM a the maz Cac Fanci atime’
[75m te pera whch sa ete beter perfomance than 10 SEM and ver tothe 985 target The Leen flyer arg
2 petal. second class 98 ae aad Junachievable, but the cumulative result is not at the maximum C-factor financial adjustment level,
Ie cumultive rest of 80.9 continues to lace performance at he maximum level of Business Compensation Scheme payout. Te period
3 [oui cesta ao bait a Jresults were M1 = 83.6, P1 = 86.1, 1C SEM = 86.9, 1C RS = 79.1.
The cumulative rest of 927 isan improvement and moves perfomance bow the maxmam vel of Business Compensation Sceme
4 [Balk - ons ad =a Jpayout, The period results were M2 = 97.0, P2 = 97.7 (above target), 2C PPI = 96.8, 2c RS.
7 lem twacue ve un Be A RAR RE TATE ATA TST TTT WRT BOTT
© [Sanda Pres 300 we a 578m te ped whch coins wit he wrggefor Cator pea
7 [European irteratonal Davey 30 TBA 00 emis wei aoe te Lene stander
1g, ISpecial Delivery Next Day Non-Account 99.0 975 Not Appticable 198.2 in the period, 97.5 cumulatively. Special Delivery does not attract C-factor or Business Compensation consequences,
FEE mma
1g [Postcode Area: 4st Class Stamped And Meter inal Postcode 425 IAll 122 PCAs remain cumulatively below the Licence minimum level of 91.5 and mathematically incapable of meeting the full-year standard,
IDelivered From UK ‘Areas except 3 IThe range of results for Periods 1-9 cumulative is between CO Colchester {75.8} and TW Twickenham (88.2)
(218)
10 [Pererage Of Clecion Pots SenedEachDay I 4» ae, = [Tiss se eased anda ated wih Poco ines Socal pevermance or Pars 2-9 and Busnes pevonmare Yor Peds 7=
uso a Camstve perfomance sa the marina C-facr austen: eve
‘qq. [Percentage Of Delivery Routes Completed Each 999 425 [This is self-measured. The result for Period 9 (period and cumulative) is not yet available, but will remain at the maximum C-factor
bay so) ‘ cisimen ve
12 Percentage Of ems Devered Corecty 95 99.66 9896 I oo Remains above the Licence Staad lev! inthe period and cumulatively, which cons tat the industrial action had no substantive impact
Teta tn 18
Toa pear oes
[Key Points To Note :
oye Matti Cort
Papeta
Royal Mail Group - Hi
Ith and Safety - December 2007
‘Attendance / Absence / Avoidable Costs
Safety / Industrial Action
umber f Unplanned Atrece Hrs (acing indastalactn) - 12 Month Ring Average & tenance Teal Hours
by Pees
“aca os OTR, sO a HPS PT pT we aN SR
9554 Tsing We TO rubato 948% wih 508 Shower tan YO ame of 5%,
umber f Reported Acdents 12 Meth Raling Argent pr 2000 Emghyees by Peik
foarte
TN. of Acids 6 Ws Ants or 300
oe re ee ee
er
Shorten, Sick Absence [Fon Known causes of sick absence
[yy an Poisoning 099]
[2-oseses of he Resear System 80%
A bs, serial Okordes en
Seven ot Longton [4 Musculoskeletal Systern anc Connective Tassue 13.094
prs 7 5. Symptom, Stns, nd W-Defined Canons sea]
mon Avoidable Costs YTD
arti Martens
265m
Compaen _—
ee (ist pee
Lagu Fea
Current Previous
[Third Party Claims Costs within Commercial Vehicle Fleet month ‘manth
ro ro
m m
Personal inury dams (Compensation, Sttutry Liatities& Legal costs) 48 42
Third Paty Property Claims (Non Vehicular) 34 3
[Tire Party ims Vehicular 55 48
Less Monies Recovered rom Thi Parties 42 44
[Teta Net of Recovered Monies) Fry 309
No.of ecient Reported i006 508
No.of Fatatties 4 4
[oF RMG drivers deemed a faut 6% om
No. oF Veni Repairs where aceident not pir reported Bt 254
fk of cients eported within 24 hours ~ Roya Ma Letters an an
PFW 0% 908
= Network Operations 98 om
Cash Serves Eas 9
(Source: Tagine Vehicle Ret Tears
+4 Fatalities rom RTA'S none in Period 9 ~ al which were thd party
Ds rea
office
‘020607 Branch Dew West = Gril Hub ‘ranch Dred Eater
220507 Croydon Crojon Oe
260707 Exeter Exeter MC
(01.0907 Cumbria & Lancashire ML Cale Callectons& Network
‘rasta Aeon
ns acon dys ost Mort = 1639, u by>IGOR year-on-year. YTD = 731985, up by 40D year-on-year.
Data esues have ben etic wen HR eprd the capture of cust acon data a are curently bel adresse
Royall sy Content
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Pagers
Royal Mail Group - People Measures - December 2007
Headcount / FTE Analysis
Headcount increased by 644 in Dec against a budgeted increase of 2.624, bringing the YTD movement toa
‘reduction of 3520, FTEs increased by 20.923 vs the budgeted increase of 17,201 for the month.
Opening FTE = 189,865
Tan ROALD
20 Foal Bagel 635)
210 TIERED Ana ASS
eet 295)
is FTE Clsigg budget =
190
Opening Headcount = 184,768 Headcount Closing Budget = 181,545
“it NT
~
Engagement Index
[Engagement Index is Based on HYS results Tor agree and strongly agree responses to 3 questions analysed into four
(categories as shown.
“The Index is 5% in the month which isthe same as last month. This brings the year to date index to SAX which is 6X below
on
&
&
5%} —_7 i
Ba
na ‘
EA a
EY
a
an ah
in
ken cn aan
‘Values shown ae current month
Ca Se SS ea
2 Engagement Index == Emotonl Corvmitment a Ratonl Commitment
SP Hieodenink Aciat Be Heodcount Budget ME FTE Adal AM FTE Budget] eee win Ct SY
pest Te ste overmert ol Deore Customer Focus / Reputation Index (HYS only)
[The Customer Focus Index is 60% inthe month which is 2% worse than last month . This brings the year to date index to 53%
194 Net YTD Movement # (3,520) —— hich is 7% below target. The Reputation Index is SBX in the month which i 1% beter than last month. This brings the year
292 {te date index to 57% whichis 72 below target.
vox, [Phe Bulyng an score included inthe Index is 48% which is a 2% onthe previous month.
290
188
186 7 Reputation Index Target ~ 64%
va a LN TRE FOES THIRTOTGT AN,
182 58h
180 ss
278
Ey
176 50%
es (2.919) a
Fry a " i A s o " A i F ™
om 5 : B a : ‘Values shown are current menth
erin fedundancy Resignations Retirement Other Leavers Joiners losin
ae ee @ = Cistomer Fees nce =O fep talon Index
Royal Mall- Stely Content
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Pagets
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Corporate Risks and Potential Business Exposures - December 2007
JA&RM Assignment Ratings Year to D: scember 2007
Satetacory
19%
9 Wesettantceueandmpon drones manetvoures Minn Ano re 28 38%
10 Trebnnmninwutttocosinm whindiapemonponsen Omen dint Sept 2B Not Satisfactory ‘Some Improvement Required
Commentary
‘Changes/updates: The rolling review continued in December with a presentation to GET on the risk that ‘The Letters Transformation Programme, as designed, will not deliver
the necessary benefits. A further update on this risk will be provided to GET early in 2008. Group Risk Profile (GRP)
‘There are no changes to the GRP for period 9.
Assessment of Critical Business Processes (CBPs) Critical Business Processes (CBPs)
To date, 63% of CBPs have been self assessed by the business of which 38% have been
validated by IASRM. Of the 53 controls assessed, 19 (36%) are shown as having minor
Period 9 CBP Status Report weaknesses. There are no areas of major control weaknesses reported
Status of ertical controts within CBP
Internal Audit & Risk Management (IA&RM) Assignment Results
BP Tite Ten reports have been issued inthe period, of which two were rated asNot Satisfactory:
‘Sales Invoice Process (POL)
Key issues: No minimum process standards or supporting documentation making it difficult
Royal Wal lations oO 7 0 5 D to readily identity controls within the Sales Invoice Process; no validation testing of internal or
aeel Once Lae “a 7a 5 . 7 external data on a consistent or regular basis; reviews not consistently undertaken or
documented to ensure rates were being applied in line with contracts; and product and
arconeres Wangn ce) 13 8 8 0 0 ‘supporting systems were not specifically designed to minimise manual intervention,
Royal Mall Wholesale 4 1 1 0 ° What is being done: POL are developing an action plan to design and implement a modern,
Corporate Gente P&ODS 7 2 0 0 0 professional centralised Sales Invoicing control environmert.
‘Group Finance 6 5 5 0 0
Group Eocirenei 5 5 2 3 5 Collection Handshake Project - POL Agency Packets Segregation - Risk Analysis (RML) Key
Sota ; + < 7 5 risks: Benefits calculations did not include all direct costs of the project; a formal agreement
with the National Federation of Sub-Postmasters (NFSP) had not been concluded; project
croup reonoeay 6 6 2 a 0 resource had not been ring-fenced with many Area Leads diverted to operational roles during
Totals 4 33 34 rT) ° strike activity; and current compliance levels were estimated between 60-70%.
What is being done: A PIR is to be undertaken to identify lessons learnt; final agreement is
to be made with NFSP; Area Programme Managers are being supported to ensure area
deployment focus; and a review of the compliance monitoring approach is to be undertaken.
Changes/updates to areas of control weakness: TASRM Risk Workshops:
‘The number of reported satisfactory CBPs have increased from 33 to 34 in the period (Wholesale: ‘The Network Risk Profile was issued this period.
External Controls), and there was one reported minor weakness (Group Property: Compliance with
Regulation - substantial deployment). There were no reported major weaknesses for the period.
Royal Mail ~ Strictly Confidential Page 15
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Appendices
Royal Mail - Strictly Confidential Page16
External Income
Exchange Rate Difference on Income
Total External Income
Inter Business Income
Total income
Wages and Salaries
Overtime
Productivity / Bonus
Employers NI & Social Security
Pension (Charge/Receipt
Temporary Resource
Total Staff Costs
Agents Costs
Total People Costs
Conveyance, C&D Charges
Compensation
Property Faxilties
Property Maintenance
Vehicles
Computers & Telephones
Consultancy, Marketing & Legal Fees
Staff & Agents Related Costs & Consumables
Finance
Other Bought in Services,
Other Operating Costs,
Exchange Rate Difference on Expenditure
Total Non-People Costs
External Expenditure
Depreciation
Amortisation
Total Depreciation & Amortisation
18 Expenditure 6 ICC Incurred
Total Expenditure
Indirect Controllable Costs - Recovered
Share of Profit ~ JV/Associates
Operating Profit before Allocations
Overhead Allocation
Operating Exceptionals
Operating Exceptionals Allocation
ProfitiLoss) on Disposal of Fixed Asset:
Profit Before Interest & Tax (PBIT)
Net External interest
Not IB Interest
Pensions national interest
Total Net Interest
Profit Before Tax (PBT) and ColleagueShare costs
ColleagueShare costs
Profit Before Tax (PBT)
‘Margin from Operations
PBITOA Before Exceptionals
PBITDA Before Exceptionals and JVs/Assoc (per cashflow)
Royal Mail Letters (inc. Wholesale) Profit/(Loss) Statement - December 2007
Period 9 £m Year to Date £m Full Year £m
‘Actual Budget = Var. Prior Yr Actual Budget == Var.——_Prior Yr Forecast Budget Var. Prior Yr
714 706 5 680 5.128 5.259 (132) 5261 6837 7.017 (180) 6.857
0 0 0 0 0 0 0 o ° 0 0 0
7a 706 5 680 5.28 5.259 (sz) 52k. 68377037 __—«(a80)_—«6857
10 10 0) 10 79 8h @) 80 108 iz ) 106
Tea 736 5 690 5.207 5,363 365.32, 6.965 7429 (483) _—6,963
(254) (260) 6 (250) (2357) (2531) 175 (2.434) (3261) (3427) 166 (3.228)
(58) 60) ) (57) (331) (293) (38) (321) (425) (384) 4), (40)
(21) (20) ay (20) 7, (75) @) (0) (94) (96) 2 (99)
(23) (25) @) (24) (205) (215) 10 (211) (272) (ast) a9 (278)
(49) 61) 2 9) (ae) (499) 4a (460) (607) (662), 54 (630)
(19) 7) 3) ru) (63) (35) (29) (45) (30) (43)___37) (59)
(630) (23) a) (ary G80) (3.638) 158 13.553) G73) 902) 163 (6,704)
0 0 0 0 a 0 0 0 0 0 0 0
(30) 23) (7) ary B80) (3,638) 158 (3,553) G73 __G902) 163,704)
(29) 69) 10 (36) (207) (241) 35 (221) (290) (321), 3 (275)
@) @) 1 (2) (37) (33) @ (31) (52) (45) ) (42)
@ (a) o (a) (a) (6) 2 0) a @) 1 (5)
@) (a) o (a) 7) (7) 1 ) 0) (10) 1 (10)
(25) (25) 0 (24) 77 (199) nn (188) (239) (256), a7 (245)
©) (a) 1 o) ) (6) 4 (2) @) 8) 5 2)
(1) (9) (2) (8) a) (85) 8 7) (203) (210) 7 (99)
(10 (0) @) (8) (55) (63) 8 (74) (73) (88) 15 (89)
(4) 3) @ ) (22) (23) 0 (25) (29) (30) 1 (26)
a) o) 0) (0) (2) (a) @) (0) 3) (2) (a (0)
6) 6) @ @) ie 653) 21 (0) (39) (68) 30 8)
° 0 0 o 0 a 0 o 0 0 0 o
(4) (94) 3 (69) (2a) (706) 85 (660) (ea7)___(946) _—«200—«(832)
2a) Giz) @ (507) Ga0a) (6,343) Ee (6,240) 586) (6,848) 262 (5.535).
(22) @) 1 aay G09) (16) 7 (103) a5) (154) 9 38)
2) (2) o ° (9) (5) 6 (2) (22) (21) 9 (4)
(24) (as) a (ct) (338) (331) 23 (206) (as7)___a75)_ a8 (34a)
(90) (95) (5) (9) (674) (678) 4 (669) (e97)___(902 4 (377)
(625) (616) (8) (607) (6,896) (5,153) 259 (6,985) (6.640) (6.925) 285 (6.554)
0 0 0 0 2 0 2 2 2 0 2 E
0 0 0 0) 1 o 1 O} 1 0 0 (0)
7 200 @) 8 316 190 126 338 308 206 703 ‘at
(25) (25) a, (21) (a97) (224) 28 (216) (276) (294) 38 (275)
0 0 0 (89) (90) 1 (72) (120) (420) (0) (134)
o 0 0 @ o a 0 a o cy 0
© 0 0 0 0 0 0 1 0 1 0
72 75 @ 29 (ze) 153 50 ey (209) 420 2
0) o 0 ° @ a) a) 0 ry
2 0 2 v7 7 10 12 20 10 10 20
3 8 2B 84 80 4 130 112 109 3 173
1 9 15 100 87 2B 142 234 Fr) 22 192
82 83 7 128 67) 165 192 a (9) «433 1%
0 0 0 Q (75) 75 0 (222) (450) (72) ()
Ea Ey 77 228 (iz) 240 292 (G80)_(240)__ 60 196
10% Err oe Ed =k 3% 2 OF Eu Eg Ed
85 Ea 2B 237 7 140 228 189 36 103 278
85 89 73 237 7 140 228 188. 85 102 278
Royal Mall - Srcty Confdontiat
UKGI00041838
UKG100041838
Poget7
UKGI00041838
UKG100041838
Post Office Limited Profit(Loss) Statement - December 2007
Period 9 £m Year to Date £m Full
‘Actual Budget. = Var. Prior Yr Actual Budget Var. Prior Yr Forecast Budget Prior Yr
External Income 70 7% 6) 59 67% 682 ) 605 920 (4) 868
Exchange Rate Difference on income 0 0 0 0 0 0 0 0 0 0 0
Total External income 70 23 2) 59 oT 682 (8) 605 720 @ 868
Inter Business Income 42 40 2 5 268. 271 @ 2 357 @ Ea
Total Income Eccy ie a) ECs 92 953 a 877 1278 ©4216
Wages and Salaries (as) (a6) @ (16) (a52) (256) 3 (164) (207) 5 (210)
Overtime (@ a) 0) @ a0) 09) @ (20) (23) @ (a3)
Productivity / Bonus @ @ 0) @ a0) (20) 0 0) (a4) 0 a2)
Employers NI & Social Security () @) 1 @ (a3) (14) 1 (a4) (a9) 0 a9)
Pension (Chargel/Receipt 0) 8) 0) @) 20) (33) 3 (34) (44) 1 (45)
‘Temporary Resource @ 0) (0) 0) @) (2) @ @) (4) @ )
Total Staff Costs @ 2) 10) (23) (218) (226) é (233) Goo) 4 Gouy
Agents Costs (650) (50) (0) (47) (4or) (400) (6) (wor) (54a) a) (534)
Total People Costs (73) (72 0) 170) (625) (625) 0 1640) (ea) @ (638)
Conveyance, C&D Charges 0 0) 0 (o) O) (0) 0 O) O) 0 0)
Compensation o (0) o (0) ict ) ) @ @ @ @
Property Faciities ( (0) ° (0) a (2) i @) 2 4 @
Property Maintenance (0) (0) ° (o) 4) (4) o @ 6) (0) @
Vehicles (9) 0) Co) (0) 2 (2) (0) @ @ 0) @)
Computers & Telephones ) (9) 2 0) 2) (66) 3 (60) a1) 4 (200)
Consultancy, Marketing & Legal Fees 6) 8) a @) @3) (26) ” (24) (44) (a2) G1)
Staff & Agents Related Costs & Consumables (4) 6) 0 ) ay (24) 3 (24) (33) 1 (26)
Finance (4) ) @ @ (a) (a3) ) (27) (a9) 0) (0)
(ther Bought in Services (9) (22) 3 (20) (64) (97) B (114) (224) 1" (162)
Other Operating Costs (@) 6) 3 ) a) (31) 18 6) (24) 7 (3)
Exchange Rate Difference on Expenditure 0 0 0 0 0 0 0 0 0 0 0 0
Total Non-People Costs GD Ga 5 a (265) (286) a (293) (364) (388) == G72)
External Expenditure (0a) (08) z (cu) (90) om) 2 033) 200) (225) 2a TOY
Depreciation 0 0) 0 0 @ @ @ @ @ @ @ @
Amortsation 0 0 0 0 0 0 0 0 0 0 0 0
Total Depreciation & Amortisation 0 10) ° o @ a () a ) a @
IB Expenditure & ICC Incurred (s) 8) o (20) (78) (79) 1 (84) (105) (403) (2) (aa)
Total Expenditure (aay Gay 5 to7) (968) (990) 2 018) G3) G32) 48a. 32a)
Indirect Controllable Costs - Recovered 0 0 0 o 0 0 0 0 0 0 0 2
Share of Profit - JV/Associates 1 2 0) th 28 26 2 19 34 32 2 27
Operating Profit before Allocations 2 @ 2 @ 2 Gy 2B (422) EI Gay 35 (76)
Overhead Allocation (3) 8) @ @ (22) (23) 1 (24) (3) @) () 2)
Operating Exceptiona's (25) 0) a7) (20) (223) (a1) Q (59) (70) (383) 313 (68)
Operating Exceptiona's Allocation 0 0 0 0 0) 0 © 0 (O) 0 o) 0
Profit/Loss) on Disposal of Fixed Assets, 0 0 0 a, 4 0 4 7 5 0 5 15
Profit Before Interest & Tax (PBIT) @7y 3) a5) (a4) (340) (356) 16 (298) (5) —(428)—=—«333SSC(482)
Net External Interest () 2) 2 @ a (a4) 7 (a5) a) (2) 10 (22)
Net IB Interest @ ° a @ (9) 0 (9) 6) (a2) ° (22) a)
Pensions notional interest 1 1 0 1 7 6 0 10 9 9 0 4
Total Net Interest @ @ 1 @ (O) @ @ a4) (co) 2) @ (38)
Profit Before Tax (PBT) and ColleagueShare costs (28) (a4) (34) (35) (349) (364) 15 (212) (109) (440) 334. ((200)
ColleagueShare costs o 0 0 o (0) O) 9 © (on a9) (e) o
Profit Before Tax (PBT) (28) (a4) (4) (45) (349) (373) 26 (212) (336) (458) 322__—_—(200)
‘Margin from Operations 3h 5h Ea -8% =3% =5% EG =a 3h 5h Eg =i
PBITDA Before Exceptionals @ @ 2 B (207 BS) 5 46) (28) (i) 15 07)
‘YBIILA Before Exceptionals and Ws/Assoc (per cashiiow) A 5) 2 6) (48) (60) 23 (965) (63) (7) 13 (234)
Royal Mall- Strict Conficertil Pagete
External Income
Exchange Rate Difference on Income
Total External Income
Inter Business Income
Total Income
Wages and Salaries
Overtime
Productivity / Bonus
Employers NI & Social Security
Pension (Charge/Receipt
Temporary Resource
Total Staff Costs
Agents Costs
Total People Costs
Conveyance, C&D Charges
Compensation
Property Faciities
Property Maintenance
Vehicles
Computers & Telephones
Consultancy, Marketing & Legal Fees
Staff & Agents Related Costs & Consumables
Finance
(Other Bought in Services,
Other Operating Costs
Exchange Rate Difference on Expenditure
Total Non-People Costs
External Expenditure
Depreciation
Amortisation
Total Depreciation & Amortisation
1B Expenditure & ICC Incurred
Total Expenditure
Indirect Controlable Costs - Recovered
Share of Profit ~ JV/Associates
Operating Profit before Allocations
Overhead Allocation
Operating Exceptionals
Operating Exceptionals Allocation
Profit(Loss) on Disposal of Fixed Assets
Profit Before interest & Tax (PBIT)
Net External Interest
‘Net 1B Interest
Pensions national interest
Total Net Interest
Profit Before Tax (PBT) and ColleagueShare costs
ColleagueShare costs
Profit Before Tax (PBT)
‘Margin from Operations
PBITDA Before Exceptionals
PBITDA Before Exceptionals and JVs/Assoc (per cashflow)
Parcelforce Worldwide Profit/(Loss) Statement - December 2007
Period 9 £m ‘Year to Date £m Full Year £m
Actual Budget Var. Prior Yr ‘Actual Budget Var. Prior Yr Forecast Budget Var. Prior Yr
43 38 5 39 285 267 18 256 376 352 25 337
0 0 oO 0 0 0 0 0 0 0 o 0
a 38 5 ED 285 267 8 256 376 352 25 37
o 0 0 oO 3 3 O, a a a ©, 5
a 38 5 Ed 288 270 18 260 380 356 Ey 32
” 0} a ” (63) (61) c) (60) (86) (83) @) (79)
ic) 2 o a) (23) (12) w (aa) (a5) (a4) ct) (a5)
cl) aw O) a) tu) a (cl) (6) 8) (9) 1 (29)
cl) @ 0 a) (6) (6) 0) (6) (9) (8) a (6)
@ a O) ay (22) (11) (cl) (aa) (16) (a5) © (a5)
@ 2) 0 2) (9) 9) (0) a (a) (10) (a (20)
(aay (a2) @ ay (10) (105) @ oa (us) (40)——S5) (136)
0 0 O o oO o 0 o o oO 0 0
aay aay @ ce) (10) (405) @ @oiy (CC CC 36)
0) a @ ” (64) (47) ” (45) (72) (62) (aa) (59)
(0) @ 1 ay ) ) (0) @) 6) (5) ) @)
(0) (O) (O) 0) ( 0) (0) () (0) (0) ©) ©
(o) @ 0 (0) O} 0) (0) (O} (0) ©) © ()
a @ (O) ay ) ) cl) @) (6) (4) @ @)
(0) ) 0 0) () 0) 0 (0) ay (0) a )
(0) 0) (0) (0) (2 2) 0 (2) @) (3) (0) @)
cl) aw O) (0) (4) ) 0 (a) (6) (6) @ 6)
(0) (O} (O} (0) (2) 2) 1 2) a) @) 0 @)
(0) (O} (0) (0) (0) (0) (0) 0 0) 0) ) Co)
(0) 0) (0) (0) (3) @) 0 @) (4) (4) © @)
o 1 ci) 0 0 2 e) oO 0 3 @) 0
ay O) @ oy @3y (ay [o) (ea) Goo (es) (3)
(26 (ay (3 (a) () (69) 5) 63) (Giiy23) «RAY
oO @ 0 0) @ a 0 @ iy @ 0 @
0 0 0 0 0 0 0 0 0 0 0 0
(0) (0) 0 (o) hy (ey o (O) @ a 0 (O)
(a4) (aa) 0 (a4) (67) (87) (0) (e3) (117) (416) (ay (209)
(0) 33) (3) (eo) (7) (57) ay (a7 (G63) (340) 23)———329)
°o 0 0 0 0 O 0 0 0 0 0 0
o 0 oO 0 0 oO ) 0 o 0 0 0
6 5 4 5 a7 13 4 43 18 16 2 13
a a) () (ay a (@) 0 @) (20) (10) (0) (@)
i
0 @ 0 0 0 a 1 0 2) Q) 0 0
° 0 0 0 O) 0 () 0 (0) 0 @ 0
oO 0 oO o 0 O 0 oO o oO 0 0
5 ry 7 5 70 . 5 6 6 + 2 7
0 0 0 0 0 0 0 0 ° 0 0 0
) © O) (0) co) a 0 @ 2) 2 ) )
1 1 0 1 6 6 0 9 8 8 0 12
0 0 0 Ey & a 0 oy 6 é 0 70
6 5 a 5 14 9 5 3 11 10 2 7
0 a) 0 (0) 0 @) 2 @ (6) 4) 2 @
6 5 4 5 14 7 7 13 5 6 @ a7
Fed Fed T iat En Eg Te Ea Eg Eg o% Ea
5 5 a 5 10 é 4 6 e 7 Fy #
5 5 1 5 10 6 4 8 Z 1 Zz
Royal Mall- Strictly Conficoril
UKGI00041838
UKG100041838
Paget
External Income
Exchange Rate Difference on Income
Total External Income
Inter Business Income
Total Income
Wages and Salaries
Overtime
Productivity / Bonus
Employers NI & Social Security
Pension (ChargeW/Receipt
‘Temporary Resource
Total Staff Costs
Agents Costs
Total People Costs
Conveyance, C&D Charges
Compensation
Property Faclities
Property Maintenance
Vehicles
Computers & Telephones
Consultancy, Marketing & Legal Fees
Staff & Agents Related Costs & Consumables
Finance
Other Bought in Services
Other Operating Costs
Exchange Rate Difference on Expenditure
‘Total Non-People Costs
External Expenditure
Depreciation
Amartisation
‘Total Depreciation & Amortisation
IB Expenditure & ICC Incurred
Total Expenditure
Indirect Controllable Costs - Recovered
Share of Profit - JV/Associates
Operating Profit before Allocations
(Overhead Allocation
Operating Exceptionals,
Operating Exceptionals Allocation
Profil(Loss) on Disposal of Fixed Assets
Profit Before interest & Tax (PBIT)
Net External interest
Net IB Interest
Pensions notional interest
Total Net Interest
Profit Before Tax (PBT) and ColleagueShare costs
ColleagueShare costs
Profit Before Tax (PBT)
‘Margin from Operations
PBITDA Before Exceptionals
PBITOA Before Exceptionals and JVs/Assoc (per cashfiow)
General Logistics Systems Profit/(Loss) Statement - December 2007
Period 9 £m Year to Date £m Full Year £m
‘Actual Budget Var. Prior Yr Actual Budget Var. Prior Yr Forecast Budget Var. —Prior Yr
Bl 92 0) 86 883 884 cy 786 11991194 5 1,082
5 0 5 @ 9 O 9 1 3 0 3 ©
96 ca 5 Ey om Ec 8 787 7203149 8 F082
0 0 0 0 0 0 0 0 0 0 o 0
96 ca 5 Eg au Ec 3 787 7203 -,4% 3 7082
(aa) (20) a (as) (283) (283) ° (154) (246) (245) a (aaa)
0 0 0 0 0 oO ° 0 oO 0 0 0
o 0 ty) 0 0 oO o 0 0 0 0 0
O 0 0 0 ty) o 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0 0 0 0
oO 0 0 0 0 oO o 0 oO oO 0 0
wa (20) @ Gay 83) G83) 0 (say (7 aay
0 f) 0 0 0 0 O 0 0 0 0 0
(aay (20) ww (a8) (383) (183) 0 (54) (ey (mas) (aay
(54) (54) t) (52) (531) (527) (5) (464) (720) (708) (4) (640)
ict) © 0) ©) 3) (4) 0) @) (4) () a (6)
(4) O) (O) @) (34) (33) (0) (29) (43) (43) 0 wy)
0 0 i) 0 0 oO 0 0 0 0 o 0
ict) ic) ) (a) O) 3) o @) (6) ( 0 (20)
el) a (0) (a) 9) (9) (0) (9) (a2) (22) (0) (22)
ict) a 0) @ 9) (20) 1 (10) (a2) (23) 1 (22)
0) © 0) ) O) 4) 0 @) 65) 6) 0 @
ict) @ @ ) G) @) a @ () @ (0) @)
0 0 0 0 0 0 0 0 0 0 0 0
0 a) 1 O) 0) 6) 2 @) (9) a a @
(3) 0 3) 1 @) iJ (8) a @) 0 3) 0
(en (63) (3) (60) (aa) (601) (a) (530) (20) (807) (24) ((730)
(68) (3) (3) i) (794) (783) (ec) (684) (4,066) (4.052) (G4)————(948)
a} @ 0 @ @) (cry) 2 ay (20) (22) 2 @)
0) a Cy) @ CC) (3) 0) (5) (8) iw a )
(2 (2) 0 (2) (aay (22) 1 (9) (28) (29) ct (26)
° 0 0 0 0 0 ° 0 0 0 o )
om 6) (3) i) (SU) (605) 0) (703y (4094) (4.082) (3)_———(967)
0 ty) ty) 0 0 0 0 0 0 0 0 t)
0 0 (0) oO 0 oO (0) 0 oO 0 (0) 0
6 6 @ 5 7 9 @ ca 709 ate (3) 115
0 0 0 0 0 oO o 0 0 0 0 i)
0 0 0 0 0 0 0 0 0 0 0 0
° 0 0 0 0 0 ° 0 0 0 0 0
oO 0 0 oO 0 oO oO 0 oO 0 0 0
6 6 ww 5 7 9 (a) ca 09 aus (3) 115
) 0 0 ©) 2 0 1 1 2 0 2 0
i) 0 o © o 0 ) a) © 0 0) a
oO 0 0 oO 0 oO o 0 oO oO O 0
0 0 0 O) a 0 a @ 2 0 Ey @
6 6 0) 5 78 79 @ 83 410 Ets [O} 116
o 0 0 0 0 oO oO 0 oO 0 o 0
G é (0) 5 7% Ww w 83 i140 im wy Berg
7% a) % % (0%) at % 10% (2) a
8 7] 4) 8 98 101 a 103 137 143 (6) 4141
8 8 a) 8 98 100 @ 103 137 142 (6) 441
Royal Mall- Strictly Conficorial
UKGI00041838
UKG100041838
Page20