Financial capital will be allocated in priority to projects which are on the top of the Group’s list. In this respect, projects linked to the implementation of the new corporate structure and the energy transition are being considered. All new investment will have to pass the ‘hurdle rate’ in terms of Project and Equity Internal Rate of Return (IRR).

It is important that each Business Unit (BU) be adequately capitalised based on the nature of their business and their expected cash flows to be financially autonomous. The Group progressed a lot in this direction and
target to complete this exercise by end of 2023.

Financial guidelines are vital as they ensure financial discipline and financial headroom in Business Units to absorb any deviation from their expected results. Here also, these parameters have been set based on the
nature of the BU and its expected cash flows.

The Group intends to achieve operational excellence in all its activities and be able to compare performance with its peers locally and internationally. In this respect a set of key performance ratios have been selected.

The Group has developed during the last two years a management reporting framework which gives clearer financial information to management and the board for decision-making purpose.