• Value creation

Key observations:

In describing the organization’s value creation process, the report includes a diagram that clearly illustrates its business model (International <IR> Framework, section 4C). In particular, inputs, in the form of the six capitals, are briefly depicted in terms of what they include and the extent to which the organization depends upon them for creating value (International <IR> Framework, para. 4.14). The key trends in the external environment and strategic priorities (core values, mission, vision, business principles and areas of business), as well as the categories of stakeholders (clients, investors, employees and society at large), that affect the transformation of inputs into outputs are identified (International <IR> Framework, para. 4.13). The main outputs achieved in 2015 for each of the six capitals are presented in terms of financial and non-financial figures and KPIs. Finally, the ways through which the organization has been able, and will continue, to achieve these outputs are briefly described.