Artículo 9.15. PS 1 Paragraph 9.15

Material information about the financial resources required to implement the strategy and about management’s approach to allocating financial resources (see paragraph 9.5(e) ) could include: (a) an estimate of the financial resources required to implement the strategy, including those required to reach the milestones and those required to achieve the aims; (b) an explanation of how management plans to obtain those financial resources, covering, for example: (i) financial resources already available to the entity; (ii) financial resources that management expects the entity’s operations to generate; (iii) financial facilities, both drawn and undrawn, available to the entity at the end of the reporting period; (iv) the period for which such facilities are expected to be available, and terms and covenants that could cause them to be withdrawn; (v) the extent to which management intends to use short-term financing facilities and schemes—for example, supplier finance arrangements or debt factoring; and (vi) management targets or policies relating to the entity’s financial position—for example, the entity’s target capital structure or target credit rating; (c) an explanation of management’s approach to allocating financial resources, covering an explanation of: (i) how management prioritises competing uses of the entity’s financial resources and plans to allocate financial resources in the future—for example, to reinvestment in operations, to mergers and acquisitions, to repurchase of shares or early repayment of debt or to dividend payments; (ii) how management’s approach to allocating financial resources aligns with management’s strategy for sustaining and developing the entity’s business model; and (iii) what criteria management uses to evaluate investment opportunities; and (d) an explanation of changes since the previous reporting period in the financial resources required to implement the strategy, or in management’s approach to allocating financial resources.