In each annual report and half-year report published during at least the first 2 full financial years after listing, a statement by the directors as to the issuer's achievement of its business objectives as stated in its listing document at the time of listing under rule 14.19. The discussion in the statement should include a balanced and concise analysis of the level of achievement of the business objectives in terms of both qualitative and quantitative financial and non-financial information. There should be a description of the principal risks and uncertainties facing the company and a commentary on the directors' approach to them, together with an explanation of any material differences between the disclosure in the listing document and actual business progress in the relevant period (including as to the use of proceeds as indicated in the listing document).


1 For general guidance, issuers may include information such as:
(a) significant developments by key business segments;
(b) trends, internal and external environmental and industry factors affecting performance or achievement of the objectives;
(c) the principal risks and uncertainties facing the issuer or its group, including strategic, operational and financial risks; and
(d) the key performance indicators used by the directors to measure performance in achieving the issuer's objectives.
2 Key performance indicators are factors by reference to which the development, performance or position of the business can be measured effectively. For the purposes of rule 18.08A these rules issuers should determine and disclose their own key performance indicators which should be of a quantitative nature so that the level of achievement of objectives can be quantified. Such quantitative standards may include, for example:
(a) customer retention and satisfaction
(b) capital adequacy and expenditure
(c) store portfolio changes
(d) reserve replacement costs
(e) equipment utilisation and capacity
(f) loan loss
(g) asset quality
(h) expected return on sales
(i) sales volume per square foot of store space, etc.
3 The issuer should use, where appropriate, a tabular format of presentation with a recitation of the business objectives (as stated in its listing document) on one side and the directors' comments about level of achievement on the other.