Ann: 2017 Full-year results Media Release, page-13

I think we might be talking at cross purposes.

My point is that there is a delay, which can be in the order of years, between the time the payment for a pre-paid funeral is made by the end customer and the time said pre-payment is recognised as revenue by the Company who provides the funeral.

During that time, the Company is exposed to the market value change of the securities (or property) the customer’s prepayment has been invested into. In the worst case, when the market value of those investments goes down, the proceeds from the sale of the securities (or property) at the time the service is delivered may not be enough to cover the costs of providing the funeral; in that event the Company will face a P/L loss, as well as a net negative cashflow.

I do not see how that has anything to do with the way Funeral Directors are remunerated.