Retained earnings roll-forward year to February 2019: Δretained earnings minus net income (zero distribution), year to February 2019

What this is

RE roll-forward: ΔRE = NI to within rounding, i.e. zero distribution in year to February 2019; year to February 2018 ΔRE 5,844 vs NI 8,827 implies distribution ≈2,983 (matches)

Where it comes from

Our calculation from other figures in the trainer’s notes:

• EstimateImplied distributions parent year to February 2018, year to February 2018¥3bn