Our business 6 Our business 9 Highlights 10 Chairman ’ s statement

Business and Financial Review 16 Chief Executive ’ s

Review 37 Financial Review 46 Principle risks and uncertainties

52 Corporate governance 64 Remuneration

Committee report

74 Our key performance indicators

76 Directors of NATS Holdings Limited

82 Report of the directors

Consolidated Financial Statements 16 Consolidated income statement

37 Consolidated statement of comprehensive income 46 Consolidated balance sheet

52 Consolidated statement of changes in equity

64 Consolidated cash flow statement

74 Notes forming part of the consolidated accounts

Company Accounts 152 Balance sheet 153 Statement of changes in equity 154 Notes forming part of the company accounts

Appendix 158 Abbreviations and definitions

86 Independent auditor ’ s report