Q1 2021 EARNINGS PRESENTATION MAY 10, 2021 【 】【 2 LEGAL DISCLAIMERS " FORWARD-LOOKING STATEMENTS This presentation contains, and management may make on our call today, forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. In some cases, you can identify these forward-looking statements by the use of words such as "outlook," "believes," "expects," "potential," "continues," "may," "will," "sho ...

Financial Data and Key Metrics Changes - Total revenue for Q1 2021 was $881 million, representing a year-over-year core growth of 21% [12] - Adjusted EBITDA for the quarter was $196 million, reflecting a growth of over 60% compared to the prior year, with a margin expansion of 530 basis points [13] - Adjusted earnings per share were $0.33, an increase of 57% year-over-year [14] Business Line Data and Key Metrics Changes - Power Transmission segment revenue grew nearly 27% year-over-year, with core growth of 23% [15] - Fluid Power segment revenue increased by 20% year-over-year, including core growth of approximately 18% [16] - Sales of new products in the Fluid Power segment increased nearly 90% year-over-year [18] Market Data and Key Metrics Changes - Strong double-digit core growth was delivered across all regions, with China and emerging markets significantly outperforming [20] - In China, diversified industrial and automotive replacement applications saw growth of approximately 100% year-over-year [20] - North America experienced solid year-over-year core growth, particularly in diversified industrial and agricultural applications [21] Company Strategy and Development Direction - The company is focused on sustainable above-market growth, leveraging innovation investments and operational execution to drive performance [7][29] - The company is committed to sustainability, as highlighted in its 2020 sustainability report, which outlines initiatives in governance, community involvement, and environmental impact [11] - The company is raising its full-year guidance for core revenue growth to 18% to 21% [25] Management's Comments on Operating Environment and Future Outlook - Management noted that economic momentum is building across most end markets, contributing to solid performance that exceeded original guidance [7] - The company is navigating challenges such as inflation, tight raw material supply, and labor market scarcity while maintaining strong operational execution [9][10] - Management expressed confidence in managing through current complexities and anticipates strong demand as economic activity improves globally [27] Other Important Information - The company expects free cash flow conversion to be greater than 80% for the year [25] - Net leverage improved to 3.8 turns from 4.3 turns at the end of 2020, with a goal of reaching 2 to 3x net leverage by the end of 2021 [24] Q&A Session Summary Question: Recent trends and order momentum - Management confirmed that positive demand trends continued into April, with strength across all regions and segments, although there are concerns regarding labor availability and automotive OEM demand [35][36] Question: North America growth dynamics - Management indicated that North America growth was strong, driven by order fulfillment capabilities rather than demand growth, and that first-fit channels are expected to outperform in Q2 [41][42] Question: Price/cost dynamics - Management discussed price increases implemented in Q1 and additional pricing strategies to offset inflationary pressures, particularly in metals and chemicals [51][54] Question: Growth in belt from chain conversion - Management highlighted significant market opportunities for alternative power transmission technologies, with ongoing design wins contributing to growth [58][60] Question: Balance sheet and M&A pipeline - Management noted a robust M&A pipeline but emphasized a disciplined approach to acquisitions, focusing on generating decent returns [70][71] Question: Operating leverage and margin expansion - Management expressed optimism about maintaining strong incremental margins, anticipating low to mid-40s incrementals for the full year [76][78] Question: Free cash flow guidance - Management reiterated confidence in achieving over 80% free cash flow conversion, driven by higher growth and effective working capital management [81][83]

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended January 2, 2021 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _______ to _______ Commission file number 001-38366 Gates Industrial Corporation plc (Exact Name of Registrant as Specified in its Charter) England and Wales ...

Gates Industrial Corporation plc (NYSE:GTES) Q4 2020 Earnings Conference Call February 8, 2021 10:00 AM ET Company Participants Bill Waelke - Head of Investor Relations Ivo Jurek - Chief Executive Officer Brooks Mallard - Chief Financial Officer Conference Call Participants Andrew Kaplowitz - Citi Jeff Hammond - KeyBanc Capital Markets Damian Karas - UBS Jamie Cook - Credit Suisse Jerry Revich - Goldman Sachs Julian Mitchell - Barclays Deane Dray - RBC Capital Markets Josh Pokrzywinski - Morgan Stanley Oper ...

Gates Industrial Corporation plc (NYSE:GTES) Q3 2020 Results Earnings Conference Call November 3, 2020 10:00 AM ET Company Participants Bill Waelke - Vice President, Investor Relations Ivo Jurek - Chief Executive Officer Brooks Mallard - Chief Financial Officer Conference Call Participants Vlad Bystricky - Citigroup Jeff Hammond - KeyBanc Capital Markets Deane Dray - RBC Capital Markets Trish Gorman - Barclays Damian Karas - UBS Operator Ladies and gentlemen, thank you for standing by. And welcome to the Ga ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 28, 2019 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _______ to _______ Commission file number 001-38366 Gates Industrial Corporation plc (Exact Name of Registrant as Specified in its Charter) England and Wales 98-1395184 (Stat ...

[Part I](index=6&type=section&id=Part%20I) [Business](index=6&type=section&id=Item%201.%20Business) Gates is a global manufacturer of highly engineered power transmission and fluid power solutions, diversified across two segments with a majority of revenue from replacement channels - The company operates through two reporting segments: Power Transmission, which accounted for approximately **63% of Fiscal 2018 net sales**, and Fluid Power, which accounted for approximately **37%**[29](index=29&type=chunk) - Sales channels are divided between replacement markets (approximately **62% of Fiscal 2018 net sales**) and first-fit markets (**38%**), with higher replacement sales in mature markets[56](index=56&type=chunk) - No single customer accounted for more than **10% of the company's net sales** in Fiscal 2018[60](index=60&type=chunk) - Gates has a global manufacturing footprint with **64 facilities in 29 countries**, enabling an "in region, for region" service model[62](index=62&type=chunk) Fiscal 2018 Net Sales Breakdown | Category | Percentage of Net Sales | Source Chunk(s) | | :--- | :--- | :--- | | **By Segment** | | | | Power Transmission | 63% | 29 | | Fluid Power | 37% | 29 | | **By Channel** | | | | Replacement | 62% | 56 | | First-Fit | 38% | 56 | [Risk Factors](index=13&type=section&id=Item%201A.%20Risk%20Factors) The company faces significant risks from global economic conditions, international operations, raw material price volatility, intense competition, substantial leverage, and its "controlled company" status - Approximately **62% of Fiscal 2018 net sales** originated outside the U.S., exposing the business to international operational risks[76](index=76&type=chunk) - The company faces pricing pressure from customers, particularly in the automotive first-fit market, which could adversely affect margins[86](index=86&type=chunk) - As of February 7, 2019, Blackstone beneficially owned approximately **84.2% of outstanding ordinary shares**, making Gates a "controlled company" under NYSE rules[176](index=176&type=chunk)[178](index=178&type=chunk) Key Financial Risks | Risk Category | Description | Source Chunk(s) | | :--- | :--- | :--- | | **Leverage** | As of Dec 29, 2018, total principal debt was **$3,027.1 million**, which could affect financial condition and ability to raise capital | 161 | | **Interest Rate** | A significant portion of debt is at variable rates, exposing the company to increased costs if interest rates rise. As of Dec 29, 2018, **41.6%** of outstanding debt had variable interest rates | 165 | | **Debt Covenants** | Credit agreements impose significant operating and financial restrictions, limiting the ability to incur additional debt, pay dividends, or make certain investments | 167, 169 | [Unresolved Staff Comments](index=34&type=section&id=Item%201B.%20Unresolved%20Staff%20Comments) The company reports that there are no unresolved staff comments from the SEC - None[203](index=203&type=chunk) [Properties](index=34&type=section&id=Item%202.%20Properties) The company maintains a global footprint with **120+ locations in 29 countries**, owning 33 facilities and leasing 101, with property, plant, and equipment valued at **$756.3 million** - As of December 29, 2018, the company owned **33 facilities** and leased **101 locations**, including a total of **64 manufacturing or service centers**[207](index=207&type=chunk)[208](index=208&type=chunk) - The carrying amount of property, plant, and equipment was **$756.3 million** as of December 29, 2018, an increase from **$686.2 million** in 2017[206](index=206&type=chunk) [Legal Proceedings](index=34&type=section&id=Item%203.%20Legal%20Proceedings) The company is involved in various ordinary course legal proceedings, with management not expecting a material adverse effect on financial position or results - Management does not anticipate that the outcome of any current legal proceedings or known claims will have a material adverse effect on the company's financial position[211](index=211&type=chunk) [Mine Safety Disclosures](index=34&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This item is not applicable to the company - Not applicable[213](index=213&type=chunk) [Part II](index=35&type=section&id=Part%20II) [Market for Registrant's Common Equity, Related Stockholder Matters, and Issuer Purchases of Equity Securities](index=35&type=section&id=Item%205.%20Market%20for%20Registrant's%20Common%20Equity%2C%20Related%20Stockholder%20Matters%2C%20and%20Issuer%20Purchases%20of%20Equity%20Securities) The company's ordinary shares began trading on the NYSE under "GTES" on January 25, 2018, with no dividends paid or planned for fiscal years 2016-2018 - Ordinary shares began trading on the NYSE under the symbol "GTES" on January 25, 2018[216](index=216&type=chunk) - The company has no current plans to pay dividends and did not pay any dividends in fiscal 2018, 2017, or 2016[217](index=217&type=chunk)[218](index=218&type=chunk) [Selected Financial Data](index=35&type=section&id=Item%206.%20Selected%20Financial%20Data) This section summarizes the company's historical consolidated financial data, including key statement of operations and balance sheet figures for fiscal years 2014-2018 Selected Historical Financial Data (in millions) | Metric | Fiscal 2018 | Fiscal 2017 | Fiscal 2016 | | :--- | :--- | :--- | :--- | | **Net sales** | $3,347.6 | $3,041.7 | $2,747.0 | | **Net income (loss) attributable to shareholders** | $245.3 | $151.3 | $57.7 | | **Total assets** | $6,722.6 | $6,853.7 | $6,383.3 | | **Total Debt** | $3,005.0 | $3,955.7 | $3,836.9 | [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=36&type=section&id=Item%207.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses financial condition and operations, highlighting a **10.1% net sales increase** and **13.0% Adjusted EBITDA growth** in FY2018, with improved liquidity from IPO debt reduction [Results of Operations](index=38&type=section&id=Results%20of%20Operations) In FY2018, net sales grew **10.1% to $3.35 billion**, operating income increased to **$496.8 million**, and Adjusted EBITDA rose **13.0% to $755.8 million**, with both segments contributing to growth Fiscal 2018 vs. 2017 Performance Summary (in millions) | Metric | Fiscal 2018 | Fiscal 2017 | Change (%) | | :--- | :--- | :--- | :--- | | **Net Sales** | $3,347.6 | $3,041.7 | 10.1% | | **Gross Profit** | $1,330.6 | $1,218.0 | 9.2% | | **Operating Income** | $496.8 | $402.9 | 23.3% | | **Net Income from Cont. Ops.** | $271.7 | $182.0 | 49.3% | | **Adjusted EBITDA** | $755.8 | $669.1 | 13.0% | | **Adjusted EBITDA Margin** | 22.6% | 22.0% | +60 bps | - FY2018 core sales (excluding acquisitions and currency effects) increased by **5.9%**, driven by higher volumes and favorable pricing[231](index=231&type=chunk) - Interest expense decreased to **$175.9 million** in FY2018 from **$234.6 million** in FY2017, primarily due to debt repayment following the IPO[239](index=239&type=chunk)[240](index=240&type=chunk) Segment Performance: Fiscal 2018 vs. 2017 (in millions) | Segment | Net Sales (2018) | Net Sales (2017) | Sales Change | Adj. EBITDA (2018) | Adj. EBITDA (2017) | EBITDA Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | **Power Transmission** | $2,098.8 | $2,009.4 | +4.5% | $492.2 | $458.1 | +7.4% | | **Fluid Power** | $1,248.8 | $1,032.3 | +21.0% | $263.6 | $211.0 | +24.9% | [Liquidity and Capital Resources](index=48&type=section&id=Liquidity%20and%20Capital%20Resources) FY2018 cash from operations was **$313.5 million**, with net debt decreasing by **$809.7 million to $2.58 billion** due to IPO-funded debt redemptions, strengthening liquidity - Cash provided by operations was **$313.5 million** in FY2018, a slight decrease from **$319.9 million** in FY2017, mainly due to working capital build[276](index=276&type=chunk) - In Q1 2018, the company used IPO proceeds and cash to redeem **$913.7 million** in principal of its Senior Notes, paying a **$27.0 million** redemption premium[284](index=284&type=chunk) - Net debt decreased by **$809.7 million** during FY2018, from **$3,391.3 million to $2,581.6 million**[300](index=300&type=chunk) Contractual Obligations as of Dec 29, 2018 (in millions) | Obligation | Total | Less than 1 year | 1-3 years | 3-5 years | After 5 years | | :--- | :--- | :--- | :--- | :--- | :--- | | **Debt (Principal)** | $3,027.1 | $25.0 | $50.1 | $617.7 | $2,334.3 | | **Interest Payments** | $746.5 | $149.8 | $314.8 | $254.9 | $27.0 | | **Operating Leases** | $178.0 | $25.0 | $39.5 | $27.0 | $86.5 | | **Total** | **$4,127.6** | **$265.6** | **$467.2** | **$946.7** | **$2,448.1** | [Non-GAAP Measures](index=53&type=section&id=Non-GAAP%20Measures) This section defines and reconciles non-GAAP measures like EBITDA, Adjusted EBITDA, and Core Sales Growth, used by management to evaluate performance by excluding specific non-recurring items - Adjusted EBITDA is defined as EBITDA adjusted for items such as transaction-related expenses, restructuring costs, share-based compensation, and sponsor fees[313](index=313&type=chunk)[314](index=314&type=chunk)[315](index=315&type=chunk) Reconciliation of Net Income to Adjusted EBITDA (in millions) | Line Item | Fiscal 2018 | Fiscal 2017 | Fiscal 2016 | | :--- | :--- | :--- | :--- | | **Net income from continuing operations** | $271.7 | $182.0 | $71.9 | | Income tax expense (benefit) | $31.8 | $(72.5) | $21.1 | | Net interest and other expenses | $193.3 | $293.4 | $212.3 | | Depreciation and amortization | $218.5 | $212.2 | $240.8 | | **EBITDA** | **$715.3** | **$615.1** | **$546.1** | | Adjustments (Transaction costs, Restructuring, etc.) | $40.5 | $54.0 | $48.8 | | **Adjusted EBITDA** | **$755.8** | **$669.1** | **$594.9** | - Core sales growth is a non-GAAP measure excluding the impacts of currency movements and first-year effects of acquisitions/disposals for meaningful year-over-year comparison[321](index=321&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=58&type=section&id=Item%207A.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) The company manages market risks from foreign currency, interest rates, and commodity prices using derivatives like swaps and caps, and operational strategies, avoiding speculative positions - The company is exposed to foreign currency risk from global operations and euro-denominated debt, using forward contracts and cross-currency swaps for hedging[342](index=342&type=chunk)[343](index=343&type=chunk)[344](index=344&type=chunk) - To manage interest rate risk on variable-rate debt, the company uses interest rate caps and swaps, holding caps with a notional value of **$2.7 billion** as of December 29, 2018[347](index=347&type=chunk)[551](index=551&type=chunk) - Commodity price risk for materials like aluminum, steel, and polymers is managed through operational activities, including passing on price increases to customers, not derivatives[351](index=351&type=chunk) [Financial Statements and Supplementary Data](index=61&type=section&id=Item%208.%20Financial%20Statements%20and%20Supplementary%20Data) This item incorporates the company's audited consolidated financial statements and supplementary data by reference, located in a separate section of the annual report - The required information for this item is included as a separate section in the Annual Report on Form 10-K, starting with the Report of Independent Registered Public Accounting Firm[353](index=353&type=chunk)[387](index=387&type=chunk) [Changes in and Disagreements With Accountants on Accounting and Financial Disclosure](index=61&type=section&id=Item%209.%20Changes%20in%20and%20Disagreements%20with%20Accountants%20on%20Accounting%20and%20Financial%20Disclosure) The company reports no changes in or disagreements with its accountants on accounting and financial disclosure - None[354](index=354&type=chunk) [Controls and Procedures](index=61&type=section&id=Item%209A.%20Controls%20and%20Procedures) Management concluded that disclosure controls and internal control over financial reporting were effective as of December 29, 2018, with no material changes during the quarter - Management concluded that the company's disclosure controls and procedures were effective as of December 29, 2018[357](index=357&type=chunk) - Based on a COSO framework assessment, management concluded that the company's internal control over financial reporting was effective as of December 29, 2018[359](index=359&type=chunk) - As a newly public company, the annual report does not include an attestation report from the independent registered public accounting firm on internal control over financial reporting[360](index=360&type=chunk) [Other Information](index=62&type=section&id=Item%209B.%20Other%20Information) The company reports no other information for this item - None[362](index=362&type=chunk) [Part III](index=62&type=section&id=Part%20III) [Directors, Executive Officers and Corporate Governance](index=62&type=section&id=Item%2010.%20Directors%2C%20Executive%20Officers%20and%20Corporate%20Governance) Information on directors, executive officers, and corporate governance is incorporated by reference from the 2019 Proxy Statement, including the Code of Business Conduct and Ethics - The information required by this item is incorporated by reference from the registrant's 2019 Proxy Statement[365](index=365&type=chunk) - The company maintains a Code of Business Conduct and Ethics, which is posted on its website[366](index=366&type=chunk) [Executive Compensation](index=62&type=section&id=Item%2011.%20Executive%20Compensation) Information regarding executive compensation is incorporated by reference from the company's definitive 2019 Proxy Statement - The information required by this item is incorporated by reference from the registrant's 2019 Proxy Statement[368](index=368&type=chunk) [Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters](index=62&type=section&id=Item%2012.%20Security%20Ownership%20of%20Certain%20Beneficial%20Owners%20and%20Management%20and%20Related%20Stockholder%20Matters) Information regarding security ownership of beneficial owners and management, as well as equity compensation plan information, is incorporated by reference from the company's definitive 2019 Proxy Statement - The information required by this item is incorporated by reference from the registrant's 2019 Proxy Statement[368](index=368&type=chunk) [Certain Relationships and Related Transactions, and Director Independence](index=62&type=section&id=Item%2013.%20Certain%20Relationships%20and%20Related%20Transactions%2C%20and%20Director%20Independence) Information regarding certain relationships, related party transactions, and director independence is incorporated by reference from the company's definitive 2019 Proxy Statement - The information required by this item is incorporated by reference from the registrant's 2019 Proxy Statement[369](index=369&type=chunk) [Principal Accountant Fees and Services](index=63&type=section&id=Item%2014.%20Principal%20Accountant%20Fees%20and%20Services) Information regarding principal accountant fees and services is incorporated by reference from the company's definitive 2019 Proxy Statement - The information required by this item is incorporated by reference from the registrant's 2019 Proxy Statement[371](index=371&type=chunk) [Part IV](index=64&type=section&id=Part%20IV) [Exhibits, Financial Statement Schedules](index=64&type=section&id=Item%2015.%20Exhibits%2C%20Financial%20Statement%20Schedules) This section lists all exhibits filed with the 10-K, including governance documents, financing agreements, and management/shareholder agreements - Lists exhibits filed with the report, including governance documents (Articles of Association), financing agreements (Indenture, Credit Agreements), and management/shareholder agreements (Shareholders Agreement, Registration Rights Agreement, Omnibus Incentive Plan)[373](index=373&type=chunk)[374](index=374&type=chunk) [Form 10-K Summary](index=68&type=section&id=Item%2016.%20Form%2010-K%20Summary) This item is not applicable to the company - Not applicable[378](index=378&type=chunk) [Financial Statements](index=71&type=section&id=Financial%20Statements) [Consolidated Statements of Operations](index=73&type=section&id=Consolidated%20Statements%20of%20Operations) The Consolidated Statements of Operations present the company's financial performance, reporting **$3.35 billion in net sales** and **$245.3 million in net income** for fiscal 2018 Consolidated Statement of Operations Highlights (in millions) | Line Item | Fiscal 2018 | Fiscal 2017 | Fiscal 2016 | | :--- | :--- | :--- | :--- | | **Net sales** | $3,347.6 | $3,041.7 | $2,747.0 | | **Gross profit** | $1,330.6 | $1,218.0 | $1,060.8 | | **Operating income** | $496.8 | $402.9 | $305.3 | | **Net income attributable to shareholders** | $245.3 | $151.3 | $57.7 | | **Diluted EPS** | $0.84 | $0.60 | $0.23 | [Consolidated Balance Sheets](index=75&type=section&id=Consolidated%20Balance%20Sheets) The Consolidated Balance Sheets show the company's financial position, with **total assets of $6.72 billion** and **total shareholders' equity of $1.95 billion** as of December 29, 2018 Consolidated Balance Sheet Highlights (in millions) | Line Item | As of Dec 29, 2018 | As of Dec 30, 2017 | | :--- | :--- | :--- | | **Total Current Assets** | $1,814.6 | $1,826.2 | | **Total Assets** | $6,722.6 | $6,853.7 | | **Total Current Liabilities** | $679.0 | $697.8 | | **Total Liabilities** | $4,388.9 | $5,425.3 | | **Total Shareholders' Equity** | $1,947.4 | $1,014.6 | [Consolidated Statements of Cash Flows](index=77&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) The Consolidated Statements of Cash Flows show **$313.5 million in cash from operations** for FY2018, with significant debt repayments funded by the IPO, ending with **$424.6 million in cash** Consolidated Statement of Cash Flows Highlights (in millions) | Line Item | Fiscal 2018 | Fiscal 2017 | Fiscal 2016 | | :--- | :--- | :--- | :--- | | **Net cash provided by operations** | $313.5 | $319.9 | $376.7 | | **Net cash used in investing activities** | $(243.6) | $(227.0) | $(67.9) | | **Net cash used in financing activities** | $(198.9) | $(75.3) | $(110.8) | | **Net (decrease) increase in cash** | $(141.4) | $37.2 | $188.6 | | **Cash at end of period** | $424.6 | $566.0 | $528.8 | [Notes to the Consolidated Financial Statements](index=80&type=section&id=Notes%20to%20the%20Consolidated%20Financial%20Statements) This section provides detailed disclosures for the financial statements, covering accounting policies, acquisitions, segment information, income taxes, debt, and related party transactions with Blackstone - In 2018, the company acquired Rapro for **$50.9 million**, and in 2017, Atlas Hydraulics for **$74.0 million** and Techflow Flexibles for **$36.7 million**, all included in the Fluid Power segment[496](index=496&type=chunk)[497](index=497&type=chunk)[498](index=498&type=chunk) - In Q1 2018, the company redeemed **€235.0 million Euro Senior Notes** and partially redeemed Dollar Senior Notes, totaling **$913.7 million** in principal repayments, funded by IPO proceeds and cash[567](index=567&type=chunk)[568](index=568&type=chunk)[569](index=569&type=chunk) - The company pays an annual monitoring fee to Blackstone affiliates, which was **$8.0 million** in FY2018, **$6.7 million** in FY2017, and **$6.1 million** in FY2016[634](index=634&type=chunk)