ABIAssociation of British Insurers
AGMAnnual General Meeting
Annual Report on RemunerationThat section of the Remuneration report which is subject to an advisory shareholder vote
CEOChief Executive Officer
CFOChief Financial Officer
CPIConsumer Price Index
CSRCorporate Social Responsibility
DABPDeferred Annual Bonus Plan
Disposals ProfitThis is a non-GAAP measure used to describe the adjustment in the depreciation charge made in the year for vehicles sold at an amount different to their net book value at the date of sale (net of attributable selling costs)
DefraThe Department for Environment, Food and Rural Affairs
EBITEarnings before interest and taxation (equivalent to operating profit)
EBITDAEarnings before interest, taxation, depreciation and amortisation
EPSBasic earnings per share
EPSPExecutive Performance Share Plan
ESGEnvironment, social and governance
ESOSEnergy Savings Opportunity Scheme
EUEuropean Union
Facility headroomCalculated as facilities of £568m less net borrowings of £442m. Net borrowings represent net debt of £439m excluding unamortised arrangement fees of £3m and are stated after the deduction of £21m of cash balances which are available to offset against borrowings
FCAFinancial Conduct Authority
Free cash flowNet cash generated before the payment of dividends
FY2017The year ended 30 April 2017
FY2018The year ended 30 April 2018
FY2019The year ending 30 April 2019
GAAPGenerally Accepted Accounting Practice: meaning compliance with International Financial Reporting Standards
GearingCalculated as net debt divided by net tangible assets (as defined below)
GHGGreenhouse Gas
Growth CapexGrowth capex represents the cash consumed in order to grow the fleet or the cash generated if the fleet size is reduced in periods of contraction
HMRCHer Majesty's Revenue & Customs
IFRSInternational Financial Reporting Standards
ISOInternational Organisation for Standardisation
ISSInstitutional Shareholder Services
KPIsKey Performance Indicators
LCVLight commercial vehicle: the official term used within the European Union for a commercial carrier vehicle with a gross vehicle weight of not more than 3.5 tonnes
Listing RulesThe Listing Rules of the Financial Conduct Authority
MPSPManagement Performance Share Plan (closed to new awards from 2013)
NBSNew Bridge Street, a trading name of Aon plc
Net tangible assetsNet assets less goodwill and other intangible assets
Partnership SharesShares purchased by the Company on behalf of employees who participate in the All Employee Share Scheme
PBTUnderlying profit before tax
PPUProfit per unit/loss per unit – this is a non-GAAP measure used to describe disposals profits (as defined), divided by the number of vehicles sold.
PwCPricewaterhouseCoopers LLP
ROCEUnderlying return on capital employed: calculated as underlying operating profit (see non-GAAP reconciliation) divided by average capital employed
SIPThe Company's HMRC approved share incentive plan, also known as the All Employee Share Scheme
SMEsSmall and medium sized enterprises
The CodeThe UK Corporate Governance Code
The CompanyNorthgate plc
The GroupThe Company and its subsidiaries
TSRTotal Shareholder Return
Underlying free cash flowFree cash flow (as defined) excluding growth capex (as defined)
UtilisationCalculated as the average number of vehicles on hire divided by average rentable fleet in any period