1 The Partnership’s borrowings and overdrafts, finance lease liabilities and derivative financial instruments, IAS 19 pension deficit net of deferred tax, and the present value of future rentals payable under operating leases calculated using a 5% discount rate, less any liquid cash, short-term deposits and investments.
2 Operating profit before Partnership Bonus, exceptional items, depreciation, amortisation and average one year lease payments, but after lease adjusted interest and tax.
3 Items of income and/or expense which are significant by virtue of their size and nature are presented as exceptional items. The separate reporting of exceptional items helps to provide an indication of the Partnership’s underlying business performance.
4 These are Partner benefits which are higher than those typically paid by our competitors, as a result of the Partnership model. Above market rewards principally includes pensions, long leave, Partner discount and costs of our democracy.