213800899MWAZT9KQZ78 2023-01-01 2023-12-31 213800899MWAZT9KQZ78 2022-01-01 2022-12-31 213800899MWAZT9KQZ78 2022-12-31 213800899MWAZT9KQZ78 2021-12-31 213800899MWAZT9KQZ78 2023-12-31 213800899MWAZT9KQZ78 2022-12-31 213800899MWAZT9KQZ78 2022-12-31 ifrs-full:IssuedCapitalMember 213800899MWAZT9KQZ78 2022-12-31 ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember 213800899MWAZT9KQZ78 2022-12-31 ifrs-full:RetainedEarningsMember 213800899MWAZT9KQZ78 2022-12-31 ifrs-full:EquityAttributableToOwnersOfParentMember 213800899MWAZT9KQZ78 2022-12-31 ifrs-full:NoncontrollingInterestsMember 213800899MWAZT9KQZ78 2023-01-01 2023-12-31 ifrs-full:IssuedCapitalMember 213800899MWAZT9KQZ78 2023-01-01 2023-12-31 ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember 213800899MWAZT9KQZ78 2023-01-01 2023-12-31 ifrs-full:RetainedEarningsMember 213800899MWAZT9KQZ78 2023-01-01 2023-12-31 ifrs-full:EquityAttributableToOwnersOfParentMember 213800899MWAZT9KQZ78 2023-01-01 2023-12-31 ifrs-full:NoncontrollingInterestsMember 213800899MWAZT9KQZ78 2023-12-31 ifrs-full:IssuedCapitalMember 213800899MWAZT9KQZ78 2023-12-31 ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember 213800899MWAZT9KQZ78 2023-12-31 ifrs-full:RetainedEarningsMember 213800899MWAZT9KQZ78 2023-12-31 ifrs-full:EquityAttributableToOwnersOfParentMember 213800899MWAZT9KQZ78 2023-12-31 ifrs-full:NoncontrollingInterestsMember 213800899MWAZT9KQZ78 2021-12-31 ifrs-full:IssuedCapitalMember 213800899MWAZT9KQZ78 2021-12-31 ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember 213800899MWAZT9KQZ78 2021-12-31 ifrs-full:RetainedEarningsMember 213800899MWAZT9KQZ78 2021-12-31 ifrs-full:EquityAttributableToOwnersOfParentMember 213800899MWAZT9KQZ78 2021-12-31 ifrs-full:NoncontrollingInterestsMember 213800899MWAZT9KQZ78 2022-01-01 2022-12-31 ifrs-full:IssuedCapitalMember 213800899MWAZT9KQZ78 2022-01-01 2022-12-31 ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember 213800899MWAZT9KQZ78 2022-01-01 2022-12-31 ifrs-full:RetainedEarningsMember 213800899MWAZT9KQZ78 2022-01-01 2022-12-31 ifrs-full:EquityAttributableToOwnersOfParentMember 213800899MWAZT9KQZ78 2022-01-01 2022-12-31 ifrs-full:NoncontrollingInterestsMember 213800899MWAZT9KQZ78 2022-12-31 ifrs-full:IssuedCapitalMember 213800899MWAZT9KQZ78 2022-12-31 ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember 213800899MWAZT9KQZ78 2022-12-31 ifrs-full:RetainedEarningsMember 213800899MWAZT9KQZ78 2022-12-31 ifrs-full:EquityAttributableToOwnersOfParentMember 213800899MWAZT9KQZ78 2022-12-31 ifrs-full:NoncontrollingInterestsMember iso4217:DKK iso4217:DKK xbrli:shares CeMat A/S public limited company Denmark Denmark Poland Our mission is to operate a profitable real  estate enterprise, focusing on the leasing and  management of the property to provide a cash-  generating business.   33600000 9917000 12707000 6518000 26574000 7417000 10442000 5227000 4458000 3488000 41000 28000 4417000 3460000 11429000 124000 25325000 184000 1008000 14962000 3627000 11335000 1157000 27812000 5730000 22082000 10276000 1059000 20326000 1756000 40 40 80 80 11335000 22082000 12712000 -2446000 24047000 19636000 21925000 2122000 18084000 1552000 4417000 3460000 41000 -2411000 1057000 1315000 88000 28000 6434000 958000 701000 77000 930000 5769000 999000 -3611000 2438000 3897000 1011000 1126000 -3449000 -5023000 57000 3942000 32000 0 1810000 191000 0 105000 1884000 -137000 4205000 7139000 -8771000 16204000 751000 -294000 12095000 7139000 196283000 85000 157854000 117000 196368000 157971000 239000 366000 239000 196607000 45804000 366000 158337000 33360000 2524000 2200000 0 0 4391000 6915000 472000 2672000 12095000 64814000 7139000 43171000 261421000 201508000 4997000 -14471000 170076000 4997000 -26120000 159442000 160602000 14138000 138319000 12577000 174740000 150896000 23963000 4477000 13128000 3263000 34760000 30000000 63200000 46391000 3355000 1649000 10093000 0 1033000 815000 1715000 0 237000 222000 437000 8147000 23481000 4221000 86671000 50612000 261421000 201508000 4997000 -26120000 159442000 138319000 12577000 0 0 0 10276000 0 10276000 11649000 1059000 1063000 11335000 12712000 11649000 0 11649000 10276000 21925000 2122000 24047000 0 0 0 0 361000 3000 361000 3000 -561000 0 -200000 3000 4997000 -14471000 170076000 160602000 14138000 174740000 4997000 -23878000 139002000 120121000 11246000 131367000 0 0 0 20326000 0 20326000 -2242000 1756000 -204000 22082000 -2446000 -2242000 0 -2242000 20326000 18084000 1552000 19636000 0 0 0 0 116000 2000 116000 2000 -221000 0 -105000 2000 4997000 -26120000 159442000 138319000 12577000 <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:7.0151em;"><span class="stl_362 stl_346 stl_329" style="word-spacing:-0.0036em;">Foreign currency translation  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:7.7751em;"><span class="stl_365 stl_346 stl_112" style="word-spacing:0.0005em;">On initial recognition, transactions denominated in currencies other than the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:8.5351em;"><span class="stl_366 stl_346 stl_285" style="word-spacing:-0.0021em;">individual company’s functional currency are translated at the exchange rate  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:9.3051em;"><span class="stl_365 stl_346 stl_63" style="word-spacing:0.1757em;">ruling at the transaction date. Receivables, payables and other monetary  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:10.0651em;"><span class="stl_365 stl_346 stl_347" style="word-spacing:0.097em;">items denominated in foreign currencies that have not been settled at the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:10.8251em;"><span class="stl_365 stl_346 stl_18" style="word-spacing:-0.0045em;">balance sheet date are translated at the exchange rates at the balance sheet  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:11.5952em;"><span class="stl_365 stl_346 stl_113" style="word-spacing:0.157em;">date. Exchange differences between the exchange rate at the transaction  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:12.3552em;"><span class="stl_365 stl_346 stl_18" style="word-spacing:-0.0378em;">date and the exchange rate at the date of payment or the balance sheet date,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:13.1152em;"><span class="stl_365 stl_346 stl_113" style="word-spacing:-0.0011em;">respectively, are recognised in the income statement under financial items.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:14.6452em;"><span class="stl_365 stl_346 stl_226" style="word-spacing:0.0645em;">Property, plant and equipment and intangible assets, inventories and other  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:15.4052em;"><span class="stl_365 stl_346 stl_235" style="word-spacing:0.1135em;">non-monetary assets acquired in foreign currency and measured based on  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:16.1652em;"><span class="stl_365 stl_346 stl_185" style="word-spacing:-0.0033em;">historical cost are translated at the exchange rates at the transaction date.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:17.6951em;"><span class="stl_365 stl_346 stl_329" style="word-spacing:0.1579em;">On recognition in the consolidated financial statements of entities whose  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:18.4551em;"><span class="stl_365 stl_346 stl_226" style="word-spacing:-0.0341em;">financial statements are presented in a functional currency other than Danish  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:19.2152em;"><span class="stl_365 stl_346 stl_185" style="word-spacing:0.1726em;">kroner (DKK), the income statements are translated at average exchange  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:19.9852em;"><span class="stl_365 stl_346 stl_53" style="word-spacing:0.1585em;">rates for the respective months, unless these deviate materially from the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:20.7452em;"><span class="stl_365 stl_346 stl_226" style="word-spacing:0.2446em;">actual exchange rates at the transaction dates. In that case, the actual  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:21.5052em;"><span class="stl_365 stl_346 stl_329" style="word-spacing:0.0072em;">exchange rates are used. Balance sheet items are translated at the exchange  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:22.2752em;"><span class="stl_365 stl_346 stl_160" style="word-spacing:-0.0063em;">rates at the balance sheet date.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:23.7977em;"><span class="stl_366 stl_346 stl_103" style="word-spacing:0.3344em;">Exchange differences arising on the translation of foreign subsidiaries’  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:24.5677em;"><span class="stl_365 stl_346 stl_111" style="word-spacing:-0.0028em;">opening balance sheet items to the exchange rates at the balance sheet date  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:25.3277em;"><span class="stl_365 stl_346 stl_316" style="word-spacing:-0.0484em;">and on the translation of the income statements from average exchange rates  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:26.0877em;"><span class="stl_365 stl_346 stl_184" style="word-spacing:0.328em;">to exchange rates at the balance sheet date are recognised in other  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:26.8477em;"><span class="stl_365 stl_346 stl_347" style="word-spacing:-0.0027em;">comprehensive income.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:28.3777em;"><span class="stl_365 stl_346 stl_111" style="word-spacing:-0.0323em;">Foreign exchange adjustments of receivables from or payables to subsidiaries  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:29.1377em;"><span class="stl_366 stl_346 stl_233" style="word-spacing:-0.0036em;">which are considered part of the parent company’s overall investment in the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:29.9077em;"><span class="stl_365 stl_346 stl_113" style="word-spacing:0.0396em;">subsidiary in question are recognised in other comprehensive income in the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:30.6677em;"><span class="stl_365 stl_346 stl_131" style="word-spacing:0.076em;">consolidated financial statements, while they are recognised in the income  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:31.4276em;"><span class="stl_365 stl_346 stl_131" style="word-spacing:-0.0082em;">statement of the parent company.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:7.019em;"><span class="stl_363 stl_346 stl_364">1.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:6.902em;top:7.019em;"><span class="stl_363 stl_346 stl_233" style="word-spacing:0.0076em;">ACCOUNTING POLICIES  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:8.6051em;"><span class="stl_365 stl_346 stl_58" style="word-spacing:-0.0177em;">The consolidated and the parent company financial statements of CeMat A/S  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:9.3651em;"><span class="stl_365 stl_346 stl_111" style="word-spacing:0.2313em;">for 2023 have been prepared in accordance with International Financial  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:10.1252em;"><span class="stl_365 stl_346 stl_63" style="word-spacing:0.0589em;">Reporting Standards as adopted by the EU and additional Danish disclosure  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:10.8952em;"><span class="stl_365 stl_346 stl_58" style="word-spacing:-0.0449em;">requirements for annual reports of reporting class D entities (listed) as set out  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:11.6552em;"><span class="stl_365 stl_346 stl_113" style="word-spacing:-0.0316em;">in the Danish Executive Order on Adoption of IFRSs issued in pursuance of the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:12.4152em;"><span class="stl_365 stl_346 stl_293" style="word-spacing:0.1748em;">Danish Financial Statements Act and the rules and regulations of Nasdaq  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:13.1752em;"><span class="stl_365 stl_346 stl_285">Copenhagen.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:14.7051em;"><span class="stl_365 stl_346 stl_123" style="word-spacing:0.2342em;">The consolidated financial statements and the parent company financial  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:15.4652em;"><span class="stl_366 stl_346 stl_347" style="word-spacing:0.2503em;">statements are presented in Danish kroner (DKK), which is the Group’s  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:16.2352em;"><span class="stl_365 stl_346 stl_285" style="word-spacing:-0.0028em;">presentation currency and the functional currency of the parent company.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:17.7552em;"><span class="stl_362 stl_346 stl_53" style="word-spacing:0.0054em;">Implementation of new and revised standards and interpretations  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:18.5252em;"><span class="stl_365 stl_346 stl_112" style="word-spacing:0.1434em;">New and revised standards and interpretations applying to financial years  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:19.2852em;"><span class="stl_365 stl_346 stl_316" style="word-spacing:-0.0305em;">beginning on 1 January 2023 have been implemented in the annual report for  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:20.0452em;"><span class="stl_365 stl_346 stl_285">2023.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:21.5751em;"><span class="stl_362 stl_346 stl_347" style="word-spacing:0.0794em;">Standards and interpretations affecting the profit/loss for the year or the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:22.3351em;"><span class="stl_362 stl_346 stl_70" style="word-spacing:-0.0108em;">financial position  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:23.0877em;"><span class="stl_365 stl_346 stl_103" style="word-spacing:0.0006em;">The implementation of new and revised standards and interpretations in the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:23.8577em;"><span class="stl_365 stl_346 stl_53" style="word-spacing:0.2724em;">annual report for 2023 has not resulted in changes to presentation or  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:24.6177em;"><span class="stl_365 stl_346 stl_103">disclosure.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:26.1476em;"><span class="stl_362 stl_346 stl_347" style="word-spacing:0.0004em;">Standards and interpretations affecting presentation and disclosure  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:26.9177em;"><span class="stl_365 stl_346 stl_103" style="word-spacing:0.0006em;">The implementation of new and revised standards and interpretations in the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:27.6776em;"><span class="stl_365 stl_346 stl_53" style="word-spacing:0.2724em;">annual report for 2023 has not resulted in changes to presentation or  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:28.4377em;"><span class="stl_365 stl_346 stl_103">disclosure.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:29.9677em;"><span class="stl_362 stl_346 stl_113" style="word-spacing:0.0002em;">Standards and interpretations not yet in force  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:30.7277em;"><span class="stl_366 stl_346 stl_361" style="word-spacing:0.0322em;">In Management’s opinion, the application of new and revised standards and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:31.4977em;"><span class="stl_365 stl_346 stl_148" style="word-spacing:0.0138em;">interpretations will not have a material impact on the annual reports for the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:32.2577em;"><span class="stl_365 stl_346 stl_113" style="word-spacing:0.3807em;">coming financial years. In other respects, the accounting policies are  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:33.0177em;"><span class="stl_366 stl_346 stl_131" style="word-spacing:-0.0026em;">consistent with last year’s, as d</span><span class="stl_365 stl_346 stl_111" style="word-spacing:-0.0067em;">escribed in the following.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:34.5477em;"><span class="stl_362 stl_346 stl_63" style="word-spacing:-0.0008em;">Consolidated financial statements  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:35.3077em;"><span class="stl_365 stl_346 stl_329" style="word-spacing:-0.0346em;">The consolidated financial statements consolidate the financial statements of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:36.0677em;"><span class="stl_365 stl_346 stl_58" style="word-spacing:0.2843em;">the parent company, CeMat A/S, and subsidiaries in which the parent  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:36.8377em;"><span class="stl_365 stl_346 stl_235" style="word-spacing:0.0053em;">company directly or indirectly holds more than 50% of the shares.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:11.5952em;"><span class="stl_362 stl_346 stl_183" style="word-spacing:0.0088em;">INCOME STATEMENT  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:59.6618em;"><span class="stl_362 stl_346 stl_60" style="word-spacing:0.0064em;">BALANCE SHEET  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:53.1593em;"><span class="stl_362 stl_346 stl_316" style="word-spacing:0.0081em;">Financial ratios  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.9258em;top:53.1593em;"><span class="stl_362 stl_346 stl_193">Formula  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:54.9818em;"><span class="stl_365 stl_346 stl_226" style="word-spacing:-0.0015em;">EBITDA margin (%)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.4358em;top:54.9818em;"><span class="stl_365 stl_346 stl_148">EBITDA*100  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.8958em;top:56.2018em;"><span class="stl_365 stl_346 stl_123">Revenue  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:57.2318em;"><span class="stl_365 stl_346 stl_103" style="word-spacing:0.0012em;">EBIT margin (%) (Profit margin)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.8158em;top:57.2318em;"><span class="stl_365 stl_346 stl_148">EBIT*100  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.8958em;top:58.4418em;"><span class="stl_365 stl_346 stl_123">Revenue  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:59.4718em;"><span class="stl_365 stl_346 stl_148" style="word-spacing:-0.0032em;">Return on invested capital (%)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.8158em;top:59.4718em;"><span class="stl_365 stl_346 stl_148">EBIT*100  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:60.6918em;"><span class="stl_365 stl_346 stl_329" style="word-spacing:0.0056em;">incl. goodwill  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.8958em;top:60.6918em;"><span class="stl_365 stl_346 stl_226" style="word-spacing:-0.0002em;">Average invested capital  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:61.7215em;"><span class="stl_365 stl_346 stl_184" style="word-spacing:0.0003em;">Equity ratio (%)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.5658em;top:61.7215em;"><span class="stl_365 stl_346 stl_233">Equity*100  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:16.8242em;top:7.0451em;"><span class="stl_365 stl_346 stl_148" style="word-spacing:-0.007em;">Total assets  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:8.0751em;"><span class="stl_365 stl_346 stl_193" style="word-spacing:0.0001em;">Return on equity (%)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.6717em;top:8.0751em;"><span class="stl_365 stl_346 stl_233" style="word-spacing:-0.0032em;">Profit/loss for the year after tax*100  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:16.4042em;top:9.2851em;"><span class="stl_365 stl_346 stl_113" style="word-spacing:-0.0001em;">Average equity  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:11.0552em;"><span class="stl_365 stl_346 stl_347" style="word-spacing:-0.0481em;">Calculations of earnings per share and diluted earnings per share are specified  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:11.8151em;"><span class="stl_365 stl_346 stl_239" style="word-spacing:-0.0044em;">in Note 8.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:13.3351em;"><span class="stl_365 stl_346 stl_111" style="word-spacing:0.0158em;">Net working capital (NWC) is defined as the value of inventories, receivables  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:14.1052em;"><span class="stl_365 stl_346 stl_361" style="word-spacing:0.0808em;">and other operating assets less trade payables and other current operating  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:14.8652em;"><span class="stl_365 stl_346 stl_103" style="word-spacing:-0.0159em;">liabilities. Cash and cash equivalents and deferred tax assets are not included  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:15.6252em;"><span class="stl_365 stl_346 stl_160" style="word-spacing:-0.0063em;">in the net working capital.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:17.1552em;"><span class="stl_365 stl_346 stl_292" style="word-spacing:-0.045em;">Net interest-bearing debt is defined as interest-bearing liabilities less interest-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:17.9152em;"><span class="stl_365 stl_346 stl_292" style="word-spacing:0.0014em;">bearing assets, such as cash and cash equivalents.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:19.4451em;"><span class="stl_365 stl_346 stl_226" style="word-spacing:0.0006em;">Invested capital is defined as net working capital plus the carrying amount of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:20.2051em;"><span class="stl_365 stl_346 stl_316" style="word-spacing:0.0332em;">non-current property, plant and equipment and intangible assets, less other  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:20.9652em;"><span class="stl_365 stl_346 stl_60" style="word-spacing:0.0038em;">provisions and non-current operating liabilities.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:22.4976em;"><span class="stl_365 stl_346 stl_185" style="word-spacing:0.2213em;">EBITDA (Earnings Before Interest, Tax, Depreciation and Amortisation) is  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:23.2576em;"><span class="stl_365 stl_346 stl_53" style="word-spacing:0.065em;">defined as EBIT plus depreciation, amortisation and goodwill impairment of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:24.0277em;"><span class="stl_365 stl_346 stl_84" style="word-spacing:-0.0129em;">the year.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:7.019em;"><span class="stl_363 stl_346 stl_364">1.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:6.902em;top:7.019em;"><span class="stl_363 stl_346 stl_233" style="word-spacing:0.0076em;">ACCOUNTING POLICIES  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:8.6051em;"><span class="stl_365 stl_346 stl_58" style="word-spacing:-0.0177em;">The consolidated and the parent company financial statements of CeMat A/S  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:9.3651em;"><span class="stl_365 stl_346 stl_111" style="word-spacing:0.2313em;">for 2023 have been prepared in accordance with International Financial  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:10.1252em;"><span class="stl_365 stl_346 stl_63" style="word-spacing:0.0589em;">Reporting Standards as adopted by the EU and additional Danish disclosure  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:10.8952em;"><span class="stl_365 stl_346 stl_58" style="word-spacing:-0.0449em;">requirements for annual reports of reporting class D entities (listed) as set out  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:11.6552em;"><span class="stl_365 stl_346 stl_113" style="word-spacing:-0.0316em;">in the Danish Executive Order on Adoption of IFRSs issued in pursuance of the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:12.4152em;"><span class="stl_365 stl_346 stl_293" style="word-spacing:0.1748em;">Danish Financial Statements Act and the rules and regulations of Nasdaq  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:13.1752em;"><span class="stl_365 stl_346 stl_285">Copenhagen.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:14.7051em;"><span class="stl_365 stl_346 stl_123" style="word-spacing:0.2342em;">The consolidated financial statements and the parent company financial  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:15.4652em;"><span class="stl_366 stl_346 stl_347" style="word-spacing:0.2503em;">statements are presented in Danish kroner (DKK), which is the Group’s  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:16.2352em;"><span class="stl_365 stl_346 stl_285" style="word-spacing:-0.0028em;">presentation currency and the functional currency of the parent company.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:17.7552em;"><span class="stl_362 stl_346 stl_53" style="word-spacing:0.0054em;">Implementation of new and revised standards and interpretations  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:18.5252em;"><span class="stl_365 stl_346 stl_112" style="word-spacing:0.1434em;">New and revised standards and interpretations applying to financial years  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:19.2852em;"><span class="stl_365 stl_346 stl_316" style="word-spacing:-0.0305em;">beginning on 1 January 2023 have been implemented in the annual report for  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:20.0452em;"><span class="stl_365 stl_346 stl_285">2023.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:21.5751em;"><span class="stl_362 stl_346 stl_347" style="word-spacing:0.0794em;">Standards and interpretations affecting the profit/loss for the year or the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:22.3351em;"><span class="stl_362 stl_346 stl_70" style="word-spacing:-0.0108em;">financial position  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:23.0877em;"><span class="stl_365 stl_346 stl_103" style="word-spacing:0.0006em;">The implementation of new and revised standards and interpretations in the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:23.8577em;"><span class="stl_365 stl_346 stl_53" style="word-spacing:0.2724em;">annual report for 2023 has not resulted in changes to presentation or  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:24.6177em;"><span class="stl_365 stl_346 stl_103">disclosure.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:26.1476em;"><span class="stl_362 stl_346 stl_347" style="word-spacing:0.0004em;">Standards and interpretations affecting presentation and disclosure  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:26.9177em;"><span class="stl_365 stl_346 stl_103" style="word-spacing:0.0006em;">The implementation of new and revised standards and interpretations in the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:27.6776em;"><span class="stl_365 stl_346 stl_53" style="word-spacing:0.2724em;">annual report for 2023 has not resulted in changes to presentation or  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:28.4377em;"><span class="stl_365 stl_346 stl_103">disclosure.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:29.9677em;"><span class="stl_362 stl_346 stl_113" style="word-spacing:0.0002em;">Standards and interpretations not yet in force  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:30.7277em;"><span class="stl_366 stl_346 stl_361" style="word-spacing:0.0322em;">In Management’s opinion, the application of new and revised standards and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:31.4977em;"><span class="stl_365 stl_346 stl_148" style="word-spacing:0.0138em;">interpretations will not have a material impact on the annual reports for the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:32.2577em;"><span class="stl_365 stl_346 stl_113" style="word-spacing:0.3807em;">coming financial years. In other respects, the accounting policies are  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:33.0177em;"><span class="stl_366 stl_346 stl_131" style="word-spacing:-0.0026em;">consistent with last year’s, as d</span><span class="stl_365 stl_346 stl_111" style="word-spacing:-0.0067em;">escribed in the following.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:34.5477em;"><span class="stl_362 stl_346 stl_63" style="word-spacing:-0.0008em;">Consolidated financial statements  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:35.3077em;"><span class="stl_365 stl_346 stl_329" style="word-spacing:-0.0346em;">The consolidated financial statements consolidate the financial statements of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:36.0677em;"><span class="stl_365 stl_346 stl_58" style="word-spacing:0.2843em;">the parent company, CeMat A/S, and subsidiaries in which the parent  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:36.8377em;"><span class="stl_365 stl_346 stl_235" style="word-spacing:0.0053em;">company directly or indirectly holds more than 50% of the shares.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:38.3593em;"><span class="stl_362 stl_346 stl_329" style="word-spacing:0.0019em;">Basis of consolidation  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:39.1193em;"><span class="stl_365 stl_346 stl_347" style="word-spacing:0.248em;">The consolidated financial statements are prepared on the basis of the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:39.8893em;"><span class="stl_365 stl_346 stl_226" style="word-spacing:0.1216em;">financial statements of the parent company and those of the subsidiaries,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:40.6493em;"><span class="stl_366 stl_346 stl_226" style="word-spacing:-0.0013em;">which are all prepared in accordance with the Group’s accounting policies.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:42.1793em;"><span class="stl_365 stl_346 stl_103" style="word-spacing:0.0593em;">On consolidation, items of the same nature are aggregated and intra-group  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:42.9393em;"><span class="stl_365 stl_346 stl_329" style="word-spacing:0.616em;">income and expenses, intra-group balances and shareholdings are  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:43.6993em;"><span class="stl_365 stl_346 stl_292" style="word-spacing:0.702em;">eliminated. Unrealised gains and losses on transactions between  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:44.4693em;"><span class="stl_365 stl_346 stl_113" style="word-spacing:0.0005em;">consolidated companies are also eliminated.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:45.9893em;"><span class="stl_365 stl_346 stl_285" style="word-spacing:0.1738em;">Financial statement items of subsidiaries are fully consolidated. The non-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:46.7493em;"><span class="stl_366 stl_346 stl_329" style="word-spacing:0.016em;">controlling interests’ proportionate share of the profit/loss is included in the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:47.5193em;"><span class="stl_365 stl_346 stl_123" style="word-spacing:0.1551em;">consolidated profit/loss and comprehensive income for the year and as a  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:48.2793em;"><span class="stl_365 stl_346 stl_329" style="word-spacing:-0.0007em;">separate item under consolidated equity.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:49.8093em;"><span class="stl_362 stl_346 stl_285" style="word-spacing:0.0054em;">Non-controlling interests  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:50.5693em;"><span class="stl_365 stl_346 stl_233" style="word-spacing:-0.0006em;">On initial recognition, non-controlling interests are either recognised at their  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:51.3293em;"><span class="stl_365 stl_346 stl_316" style="word-spacing:-0.0431em;">fair value or at their pro-</span><span class="stl_366 stl_346 stl_156" style="word-spacing:-0.0504em;">rata share of the fair value of the acquired company’s  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:52.0893em;"><span class="stl_365 stl_346 stl_347" style="word-spacing:0.0288em;">identifiable assets, liabilities and contingent liabilities. The choice of method  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:52.8593em;"><span class="stl_365 stl_346 stl_60" style="word-spacing:0.1142em;">is made individually for each transaction. The non-controlling interests are  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:53.6193em;"><span class="stl_365 stl_346 stl_123" style="word-spacing:-0.0016em;">subsequently adjusted for their proportionate share of changes to the equity  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:54.3818em;"><span class="stl_365 stl_346 stl_58" style="word-spacing:0.3106em;">of the subsidiary. The comprehensive income is allocated to the non-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:55.1518em;"><span class="stl_365 stl_346 stl_316" style="word-spacing:-0.0212em;">controlling interests irrespective of the non-controlling interest consequently  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:55.9118em;"><span class="stl_365 stl_346 stl_112" style="word-spacing:0.0074em;">becoming negative.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:57.4418em;"><span class="stl_365 stl_346 stl_226" style="word-spacing:0.0016em;">Acquisition or sale of non-controlling interests in a subsidiary not resulting in  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:58.2018em;"><span class="stl_365 stl_346 stl_113" style="word-spacing:0.3129em;">loss of controlling influence is recognised in the consolidated financial  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:58.9618em;"><span class="stl_365 stl_346 stl_63" style="word-spacing:0.3583em;">statements as an equity transaction, and the difference between the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:59.7218em;"><span class="stl_365 stl_346 stl_60" style="word-spacing:0.0328em;">remuneration and the carrying am</span><span class="stl_366 stl_346 stl_53" style="word-spacing:0.027em;">ount is allocated to the parent company’s  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:60.4918em;"><span class="stl_365 stl_346 stl_239" style="word-spacing:-0.0061em;">share of equity.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:7.0151em;"><span class="stl_362 stl_346 stl_329" style="word-spacing:-0.0036em;">Foreign currency translation  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:7.7751em;"><span class="stl_365 stl_346 stl_112" style="word-spacing:0.0005em;">On initial recognition, transactions denominated in currencies other than the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:8.5351em;"><span class="stl_366 stl_346 stl_285" style="word-spacing:-0.0021em;">individual company’s functional currency are translated at the exchange rate  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:9.3051em;"><span class="stl_365 stl_346 stl_63" style="word-spacing:0.1757em;">ruling at the transaction date. Receivables, payables and other monetary  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:10.0651em;"><span class="stl_365 stl_346 stl_347" style="word-spacing:0.097em;">items denominated in foreign currencies that have not been settled at the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:10.8251em;"><span class="stl_365 stl_346 stl_18" style="word-spacing:-0.0045em;">balance sheet date are translated at the exchange rates at the balance sheet  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:11.5952em;"><span class="stl_365 stl_346 stl_113" style="word-spacing:0.157em;">date. Exchange differences between the exchange rate at the transaction  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:12.3552em;"><span class="stl_365 stl_346 stl_18" style="word-spacing:-0.0378em;">date and the exchange rate at the date of payment or the balance sheet date,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:13.1152em;"><span class="stl_365 stl_346 stl_113" style="word-spacing:-0.0011em;">respectively, are recognised in the income statement under financial items.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:14.6452em;"><span class="stl_365 stl_346 stl_226" style="word-spacing:0.0645em;">Property, plant and equipment and intangible assets, inventories and other  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:15.4052em;"><span class="stl_365 stl_346 stl_235" style="word-spacing:0.1135em;">non-monetary assets acquired in foreign currency and measured based on  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:16.1652em;"><span class="stl_365 stl_346 stl_185" style="word-spacing:-0.0033em;">historical cost are translated at the exchange rates at the transaction date.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:17.6951em;"><span class="stl_365 stl_346 stl_329" style="word-spacing:0.1579em;">On recognition in the consolidated financial statements of entities whose  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:18.4551em;"><span class="stl_365 stl_346 stl_226" style="word-spacing:-0.0341em;">financial statements are presented in a functional currency other than Danish  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:19.2152em;"><span class="stl_365 stl_346 stl_185" style="word-spacing:0.1726em;">kroner (DKK), the income statements are translated at average exchange  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:19.9852em;"><span class="stl_365 stl_346 stl_53" style="word-spacing:0.1585em;">rates for the respective months, unless these deviate materially from the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:20.7452em;"><span class="stl_365 stl_346 stl_226" style="word-spacing:0.2446em;">actual exchange rates at the transaction dates. In that case, the actual  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:21.5052em;"><span class="stl_365 stl_346 stl_329" style="word-spacing:0.0072em;">exchange rates are used. Balance sheet items are translated at the exchange  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:22.2752em;"><span class="stl_365 stl_346 stl_160" style="word-spacing:-0.0063em;">rates at the balance sheet date.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:23.7977em;"><span class="stl_366 stl_346 stl_103" style="word-spacing:0.3344em;">Exchange differences arising on the translation of foreign subsidiaries’  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:24.5677em;"><span class="stl_365 stl_346 stl_111" style="word-spacing:-0.0028em;">opening balance sheet items to the exchange rates at the balance sheet date  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:25.3277em;"><span class="stl_365 stl_346 stl_316" style="word-spacing:-0.0484em;">and on the translation of the income statements from average exchange rates  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:26.0877em;"><span class="stl_365 stl_346 stl_184" style="word-spacing:0.328em;">to exchange rates at the balance sheet date are recognised in other  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:26.8477em;"><span class="stl_365 stl_346 stl_347" style="word-spacing:-0.0027em;">comprehensive income.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:28.3777em;"><span class="stl_365 stl_346 stl_111" style="word-spacing:-0.0323em;">Foreign exchange adjustments of receivables from or payables to subsidiaries  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:29.1377em;"><span class="stl_366 stl_346 stl_233" style="word-spacing:-0.0036em;">which are considered part of the parent company’s overall investment in the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:29.9077em;"><span class="stl_365 stl_346 stl_113" style="word-spacing:0.0396em;">subsidiary in question are recognised in other comprehensive income in the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:30.6677em;"><span class="stl_365 stl_346 stl_131" style="word-spacing:0.076em;">consolidated financial statements, while they are recognised in the income  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:31.4276em;"><span class="stl_365 stl_346 stl_131" style="word-spacing:-0.0082em;">statement of the parent company.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:32.9577em;"><span class="stl_362 stl_346 stl_285">Tax  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:33.7177em;"><span class="stl_365 stl_346 stl_123" style="word-spacing:-0.014em;">Tax for the year, which consists of current tax and changes in deferred tax for  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:34.4777em;"><span class="stl_365 stl_346 stl_160" style="word-spacing:0.0433em;">the year, is recognised in the income statement with respect to the portion  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:35.2477em;"><span class="stl_365 stl_346 stl_113" style="word-spacing:0.0146em;">attributable to the profit/loss for the year and directly in equity with respect  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:36.0077em;"><span class="stl_365 stl_346 stl_285" style="word-spacing:-0.0005em;">to the portion attributable to entries directly in equity.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:37.5377em;"><span class="stl_365 stl_346 stl_226" style="word-spacing:0.03em;">Current tax payable and receivable is recognised in the balance sheet as the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:38.2993em;"><span class="stl_365 stl_346 stl_23" style="word-spacing:0.0763em;">tax calculated on the taxable income for the year, adjusted for tax paid on  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:39.0593em;"><span class="stl_365 stl_346 stl_70">account.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:40.5893em;"><span class="stl_366 stl_346 stl_111" style="word-spacing:-0.0318em;">The calculation of the year’s current tax is based on the tax rates </span><span class="stl_365 stl_346 stl_183" style="word-spacing:-0.0292em;">and tax rules  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:41.3493em;"><span class="stl_365 stl_346 stl_148" style="word-spacing:-0.0045em;">applicable at the balance sheet date.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:42.8793em;"><span class="stl_365 stl_346 stl_285" style="word-spacing:0.1273em;">Deferred tax is measured using the tax rates and tax rules that, based on  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:43.6393em;"><span class="stl_365 stl_346 stl_316" style="word-spacing:-0.0529em;">legislation in force or in reality in force at the balance sheet date, are expected  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:44.3993em;"><span class="stl_365 stl_346 stl_316" style="word-spacing:0.1365em;">to apply in the respective countries when the deferred tax is expected to  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:45.1593em;"><span class="stl_365 stl_346 stl_70" style="word-spacing:0.0458em;">crystallise as current tax. Changes in deferred tax as a result of changed tax  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:45.9293em;"><span class="stl_365 stl_346 stl_193" style="word-spacing:-0.0488em;">rates or rules are recognised in the income statement, unless the deferred tax  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:46.6893em;"><span class="stl_365 stl_346 stl_285" style="word-spacing:0.1435em;">can be attributed to items previously recognised directly in equity. In the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:47.4493em;"><span class="stl_365 stl_346 stl_58" style="word-spacing:-0.0015em;">latter case, the change is also recognised directly in equity.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:48.9793em;"><span class="stl_365 stl_346 stl_347" style="word-spacing:0.189em;">Deferred tax is measured using the balance sheet liability method on all  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:49.7393em;"><span class="stl_365 stl_346 stl_329" style="word-spacing:0.1742em;">temporary differences between the carrying amount and the tax base of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:50.5093em;"><span class="stl_365 stl_346 stl_329" style="word-spacing:0.0493em;">assets and liabilities. However, deferred tax is not recognised on temporary  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:51.2693em;"><span class="stl_365 stl_346 stl_285" style="word-spacing:0.3317em;">differences relating to the initial recognition of goodwill or the initial  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:52.0293em;"><span class="stl_365 stl_346 stl_292" style="word-spacing:0.0955em;">recognition of a transaction, apart from business combinations, and where  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:52.7893em;"><span class="stl_365 stl_346 stl_131" style="word-spacing:0.1414em;">the temporary difference existing at the date of initial recognition affects  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:53.5593em;"><span class="stl_365 stl_346 stl_60" style="word-spacing:0.0017em;">neither profit/loss for the year nor taxable income.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:55.0818em;"><span class="stl_365 stl_346 stl_183" style="word-spacing:0.0509em;">Deferred tax is provided on temporary differences arising on investments in  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:55.8518em;"><span class="stl_365 stl_346 stl_292" style="word-spacing:0.1755em;">subsidiaries and associates, unless the parent company is able to control  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:56.6118em;"><span class="stl_365 stl_346 stl_226" style="word-spacing:0.065em;">when the deferred tax is to be realised and it is likely that the deferred tax  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:57.3718em;"><span class="stl_365 stl_346 stl_23" style="word-spacing:-0.008em;">will not crystallise as current tax within the foreseeable future.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:58.9018em;"><span class="stl_365 stl_346 stl_148" style="word-spacing:0.0782em;">Deferred tax is calculated based on the planned use of the individual asset  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:59.6618em;"><span class="stl_365 stl_346 stl_185" style="word-spacing:-0.0029em;">and the settlement of the individual liability, respectively.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:61.1915em;"><span class="stl_365 stl_346 stl_285" style="word-spacing:0.1525em;">Deferred tax assets, including the tax base of tax loss carry-forwards, are  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:61.9515em;"><span class="stl_365 stl_346 stl_58" style="word-spacing:-0.0187em;">recognised in the balance sheet at the value at which the asset is expected to  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:7.0151em;"><span class="stl_365 stl_346 stl_347" style="word-spacing:0.0651em;">be realised, either through a set-off against deferred tax liabilities or as net  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:7.7751em;"><span class="stl_365 stl_346 stl_113" style="word-spacing:-0.0305em;">tax assets to be offset against future positive taxable income. At each balance  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:8.5351em;"><span class="stl_365 stl_346 stl_226" style="word-spacing:0.002em;">sheet date, an assessment is made as to whether it is likely that there will be  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:9.3051em;"><span class="stl_365 stl_346 stl_131" style="word-spacing:-0.0054em;">sufficient future taxable income for the deferred tax asset to be utilised.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:11.5952em;"><span class="stl_362 stl_346 stl_183" style="word-spacing:0.0088em;">INCOME STATEMENT  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:13.1152em;"><span class="stl_362 stl_346 stl_53">Revenue  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:13.8752em;"><span class="stl_365 stl_346 stl_293" style="word-spacing:0.2367em;">Revenue is measured as the fair value of the consideration received or  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:14.6452em;"><span class="stl_365 stl_346 stl_113" style="word-spacing:0.2832em;">receivable. If interest-free credit has been granted for payment of the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:15.4052em;"><span class="stl_365 stl_346 stl_316" style="word-spacing:0.0139em;">outstanding consideration extending beyond the usual credit period, the fair  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:16.1652em;"><span class="stl_365 stl_346 stl_112" style="word-spacing:0.2211em;">value of the payment is calculated by discounting future payments. The  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:16.9351em;"><span class="stl_365 stl_346 stl_285" style="word-spacing:-0.0142em;">difference between the fair value and the nominal value of the consideration  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:17.6951em;"><span class="stl_365 stl_346 stl_329" style="word-spacing:-0.0013em;">is recognised as financial income in the income statement over the extended  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:18.4551em;"><span class="stl_365 stl_346 stl_113" style="word-spacing:0.0013em;">credit period by using the effective interest method.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:19.9852em;"><span class="stl_365 stl_346 stl_111" style="word-spacing:0.0044em;">Revenue is stated exclusive of VAT, duties, discounts, etc. levied on behalf of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:20.7452em;"><span class="stl_365 stl_346 stl_35" style="word-spacing:-0.0042em;">a third party.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:22.2752em;"><span class="stl_365 stl_346 stl_347" style="word-spacing:0.0267em;">For leasing contracts that provide for rent exemptions, the effective rent for  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:23.0377em;"><span class="stl_365 stl_346 stl_184" style="word-spacing:-0.0061em;">the entire contract period is used.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:24.5677em;"><span class="stl_365 stl_346 stl_285" style="word-spacing:0.0899em;">Revenues from the sale of real estate (residential units, commercial space,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:25.3277em;"><span class="stl_365 stl_346 stl_292" style="word-spacing:0.0921em;">etc.) are recognised at the time when the real estate purchaser takes over  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:26.0877em;"><span class="stl_365 stl_346 stl_292" style="word-spacing:0.0271em;">control of the real estate acquired and receives significant risks and rewards  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:26.8477em;"><span class="stl_365 stl_346 stl_70" style="word-spacing:0.2665em;">of ownership. According to the assessment of the management of the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:27.6177em;"><span class="stl_365 stl_346 stl_368" style="word-spacing:0.0478em;">company, this takes place at the moment of handing over the real estate to  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:28.3777em;"><span class="stl_365 stl_346 stl_292" style="word-spacing:0.1711em;">the buyer on the basis of the acceptance protocol signed by the parties,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:29.1377em;"><span class="stl_365 stl_346 stl_112" style="word-spacing:0.1593em;">provided that the buyer has made 100% payments towards the purchase  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:29.9077em;"><span class="stl_365 stl_346 stl_18" style="word-spacing:-0.008em;">price of the real estate.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:31.4276em;"><span class="stl_362 stl_346 stl_235" style="word-spacing:0.0065em;">Cost of goods and services sold  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:32.1877em;"><span class="stl_365 stl_346 stl_112" style="word-spacing:0.047em;">Cost of goods and services sold comprise direct costs incurred in generating  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:32.9577em;"><span class="stl_365 stl_346 stl_63" style="word-spacing:-0.0066em;">the revenue.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:34.4777em;"><span class="stl_362 stl_346 stl_58" style="word-spacing:-0.0063em;">Other external expenses  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:35.2477em;"><span class="stl_365 stl_346 stl_113" style="word-spacing:0.1916em;">Other external expenses include premises maintenance costs, advertising  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:36.0077em;"><span class="stl_365 stl_346 stl_60" style="word-spacing:0.0344em;">costs, administrative expenses, bad debts, etc. Other external expenses also  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:36.7677em;"><span class="stl_365 stl_346 stl_185" style="word-spacing:-0.0156em;">comprise costs of development projects that do not qualify for recognition in  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:37.5377em;"><span class="stl_365 stl_346 stl_18" style="word-spacing:-0.0082em;">the balance sheet.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:39.0593em;"><span class="stl_362 stl_346 stl_70" style="word-spacing:0.0015em;">Staff costs  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:39.8193em;"><span class="stl_365 stl_346 stl_329" style="word-spacing:0.087em;">Staff costs comprise wages and salaries and social security costs, pensions,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:40.5893em;"><span class="stl_365 stl_346 stl_329" style="word-spacing:0.0007em;">share-based payment, etc. to the employees of the Group.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:42.1093em;"><span class="stl_362 stl_346 stl_160" style="word-spacing:-0.011em;">Financial items  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:42.8793em;"><span class="stl_365 stl_346 stl_60" style="word-spacing:-0.0016em;">Financial items comprise interest income and expenses, the interest element  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:43.6393em;"><span class="stl_365 stl_346 stl_316" style="word-spacing:0.1244em;">of finance lease payments, realised and unrealised foreign exchange gains  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:44.3993em;"><span class="stl_365 stl_346 stl_257" style="word-spacing:0.2862em;">and losses as well as surcharges and allowances under the Danish tax  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:45.1593em;"><span class="stl_365 stl_346 stl_233" style="word-spacing:-0.018em;">prepayment scheme.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:46.6893em;"><span class="stl_365 stl_346 stl_329" style="word-spacing:0.0709em;">External financing costs are recognized as costs in the income statement in  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:47.4493em;"><span class="stl_365 stl_346 stl_233" style="word-spacing:0.0282em;">the period in which they are incurred, with the exception of activated costs,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:48.2193em;"><span class="stl_365 stl_346 stl_347" style="word-spacing:0.1584em;">i.e. costs that ca be directly attributed to the acquisition, construction or  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:48.9793em;"><span class="stl_365 stl_346 stl_63" style="word-spacing:0.108em;">production of a 'qualifying asset' (in the case of the Company: for work in  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:49.7393em;"><span class="stl_365 stl_346 stl_193" style="word-spacing:0.0768em;">progress) as part of their production cost. Financial costs are capitalized to  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:50.5093em;"><span class="stl_365 stl_346 stl_329" style="word-spacing:0.1278em;">work in progress only during the period when the development project is  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:51.2693em;"><span class="stl_365 stl_346 stl_347" style="word-spacing:0.0497em;">active. The project is considered active when design or construction work is  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:52.0293em;"><span class="stl_365 stl_346 stl_60" style="word-spacing:0.0917em;">carried out on the purchased land and during the process of obtaining key  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:52.7893em;"><span class="stl_365 stl_346 stl_148" style="word-spacing:0.0604em;">administrative decisions needed to run the project. Financial costs cease to  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:53.5593em;"><span class="stl_365 stl_346 stl_316" style="word-spacing:0.2653em;">be capitalized when substantially all activities necessary to prepare the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:54.3218em;"><span class="stl_365 stl_346 stl_113" style="word-spacing:0.1902em;">apartment for delivery to customers have been completed. Activation of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:55.0818em;"><span class="stl_365 stl_346 stl_316" style="word-spacing:-0.0015em;">financial costs is suspended in the event of suspension of activities related to  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:55.8518em;"><span class="stl_365 stl_346 stl_293" style="word-spacing:0.1445em;">investment activities on the project, including work related to the design,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:56.6118em;"><span class="stl_365 stl_346 stl_113" style="word-spacing:0.1884em;">construction process or obtaining appropriate permits and administrative  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:57.3718em;"><span class="stl_365 stl_346 stl_316" style="word-spacing:0.0027em;">decisions regarding the project.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:59.6618em;"><span class="stl_362 stl_346 stl_60" style="word-spacing:0.0064em;">BALANCE SHEET  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:61.1915em;"><span class="stl_362 stl_346 stl_53" style="word-spacing:0.0082em;">Investment property  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:7.0051em;"><span class="stl_365 stl_346 stl_113" style="word-spacing:0.4122em;">Investment property comprises properties owned for the purpose of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:7.7651em;"><span class="stl_365 stl_346 stl_233" style="word-spacing:-0.003em;">receiving rent or obtaining capital gains.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:9.2951em;"><span class="stl_365 stl_346 stl_226" style="word-spacing:0.0799em;">On initial recognition, investment property is measured at cost, comprising  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:10.0552em;"><span class="stl_365 stl_346 stl_226" style="word-spacing:-0.0022em;">the purchase price and any costs directly attributable to the acquisition.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:11.5851em;"><span class="stl_365 stl_346 stl_53" style="word-spacing:0.127em;">Subsequently, investment property is measured at fair value, representing  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:12.3452em;"><span class="stl_365 stl_346 stl_123" style="word-spacing:0.2537em;">the price at which it is estimated that the property can be sold to an  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:13.1052em;"><span class="stl_365 stl_346 stl_185" style="word-spacing:-0.0053em;">independent buyer at the balance sheet date.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:14.6352em;"><span class="stl_365 stl_346 stl_53" style="word-spacing:0.3623em;">Investment property is divided into four groups: Internal roads; plots  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:15.3952em;"><span class="stl_365 stl_346 stl_233" style="word-spacing:0.0004em;">designed for external</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.049em;top:15.3952em;"><span class="stl_365 stl_346 stl_111" style="word-spacing:0.0008em;">roads; development areas; and industrial buildings.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:16.9252em;"><span class="stl_365 stl_346 stl_113" style="word-spacing:0.0246em;">Internal roads; plots designed for external roads; and development areas (in  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:17.6851em;"><span class="stl_366 stl_346 stl_60" style="word-spacing:0.1574em;">the following referred to as “properties”) are valued using a comparative  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:18.4451em;"><span class="stl_365 stl_346 stl_293" style="word-spacing:0.144em;">approach. This approach assumes the variation in prices between at least  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:19.2051em;"><span class="stl_365 stl_346 stl_293" style="word-spacing:0.172em;">three comparable properties can be explained by the differences in their  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:19.9752em;"><span class="stl_365 stl_346 stl_285" style="word-spacing:0.8114em;">individual attributes such as location, surroundings, accessibility,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:20.7352em;"><span class="stl_365 stl_346 stl_111" style="word-spacing:-0.046em;">development potential, etc. The influence of each of these attributes on value  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:21.4952em;"><span class="stl_365 stl_346 stl_111" style="word-spacing:0.4673em;">is assigned  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.8509em;top:21.4952em;"><span class="stl_365 stl_346 stl_20">a</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.5804em;top:21.4952em;"><span class="stl_365 stl_346 stl_329" style="word-spacing:0.4578em;">percentage weighting, and the characteristics of each  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:22.2652em;"><span class="stl_365 stl_346 stl_193" style="word-spacing:0.0284em;">comparable and the subject are then rated, typically from 1</span><span class="stl_366 stl_346 stl_243">–</span><span class="stl_365 stl_346 stl_367" style="word-spacing:0.0423em;">5, very good to  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:23.0277em;"><span class="stl_365 stl_346 stl_112" style="word-spacing:-0.0487em;">very poor. The price of each comparable is adjusted according to how it differs  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:23.7877em;"><span class="stl_365 stl_346 stl_13" style="word-spacing:0.3412em;">from the subject, with the resulting adjusted average price from the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:24.5577em;"><span class="stl_366 stl_346 stl_53" style="word-spacing:-0.0452em;">comparables taken as providing a reasonable indication of the subject’s value.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:26.0777em;"><span class="stl_365 stl_346 stl_347" style="word-spacing:0.1092em;">Industrial buildings are valued using an earnings-based approach based on  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:26.8377em;"><span class="stl_365 stl_346 stl_53" style="word-spacing:-0.0016em;">normal earnings. Income from each lessee is expected to be generated for as  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:27.6077em;"><span class="stl_365 stl_346 stl_60" style="word-spacing:0.127em;">long as the lease is in force or until the first time it may be terminated if  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:28.3677em;"><span class="stl_365 stl_346 stl_63" style="word-spacing:0.0471em;">considered advantageous. Thereafter, income is expected to continue to be  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:29.1277em;"><span class="stl_365 stl_346 stl_285" style="word-spacing:0.1892em;">generated at market rent. Adjustments are made for lost rental income,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:29.8977em;"><span class="stl_365 stl_346 stl_63" style="word-spacing:0.0013em;">fitting-out deposits and un-obtainable running costs.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:31.4177em;"><span class="stl_365 stl_346 stl_285" style="word-spacing:0.2205em;">The required rates of return having been set are an important input in  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:32.1777em;"><span class="stl_365 stl_346 stl_226" style="word-spacing:-0.0017em;">estimating the fair values. The required rate of return used was 13.4%.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:33.7077em;"><span class="stl_365 stl_346 stl_316" style="word-spacing:0.4748em;">As regards properties where claims as to title have not yet been  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:34.4677em;"><span class="stl_365 stl_346 stl_329" style="word-spacing:-0.0153em;">accommodated, the value is further reduced by 20% due to the risk that such  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:35.2376em;"><span class="stl_365 stl_346 stl_233" style="word-spacing:0.0608em;">claims will be accommodated and due to the expenses associated with this  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:35.9977em;"><span class="stl_365 stl_346 stl_160" style="word-spacing:-0.0078em;">transitional phase.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:37.5277em;"><span class="stl_365 stl_346 stl_329" style="word-spacing:0.0025em;">Adjustments of the fair value of investment property are recognised in profit  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:38.2893em;"><span class="stl_365 stl_346 stl_58" style="word-spacing:-0.0027em;">or loss in the financial year in which the change occurred.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:39.8193em;"><span class="stl_362 stl_346 stl_60" style="word-spacing:0.0053em;">Investments in subsidiaries  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:40.5893em;"><span class="stl_365 stl_346 stl_233" style="word-spacing:0.0461em;">On initial recognition, investments in subsidiaries are measured at cost plus  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:41.3493em;"><span class="stl_365 stl_346 stl_185" style="word-spacing:-0.0322em;">transaction costs. Where the recoverable amount of the investments is lower  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:42.1093em;"><span class="stl_365 stl_346 stl_60" style="word-spacing:0.0021em;">than cost, the investments are written down to this lower value.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:43.6393em;"><span class="stl_362 stl_346 stl_58">Inventory  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:45.1493em;"><span class="stl_369 stl_346 stl_185" style="word-spacing:-0.0016em;">Finished products  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:45.9193em;"><span class="stl_365 stl_346 stl_103" style="word-spacing:0.0973em;">Finished products are mainly residential units and parking spaces. Finished  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:46.6793em;"><span class="stl_365 stl_346 stl_347" style="word-spacing:0.0461em;">products are valued at the lower of the two values: manufacturing cost and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:47.4393em;"><span class="stl_365 stl_346 stl_347" style="word-spacing:0.1251em;">net realisable value. The net realisable value is the estimated selling price  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:48.2093em;"><span class="stl_365 stl_346 stl_316" style="word-spacing:-0.0076em;">assessed by the Management Board of the company based on market prices.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:49.7293em;"><span class="stl_369 stl_346 stl_233" style="word-spacing:-0.0043em;">Work in progress  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:50.4993em;"><span class="stl_365 stl_346 stl_131" style="word-spacing:0.0637em;">Work in progress is valued at the lower of the two values: purchase price /  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:51.2593em;"><span class="stl_365 stl_346 stl_329" style="word-spacing:0.0584em;">production cost / fair value at the moment of transfer from the investment  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:52.0193em;"><span class="stl_365 stl_346 stl_347" style="word-spacing:0.2657em;">property (land plots) and the net realisable value. In the event of any  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:52.7793em;"><span class="stl_365 stl_346 stl_316">discrepancies,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.3914em;top:52.7793em;"><span class="stl_365 stl_346 stl_20">a</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.0907em;top:52.7793em;"><span class="stl_365 stl_346 stl_330" style="word-spacing:0.4082em;">write-down is made. With regard to the company's  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:53.5493em;"><span class="stl_365 stl_346 stl_60" style="word-spacing:0.0286em;">development projects, the necessity to make an impairment loss is assessed  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:54.3118em;"><span class="stl_365 stl_346 stl_292" style="word-spacing:0.0306em;">on the basis of the "impairment test" described below, based on an analysis  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:55.0718em;"><span class="stl_365 stl_346 stl_329" style="word-spacing:-0.0017em;">of the production cost and the net realisable value.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:56.6018em;"><span class="stl_369 stl_346 stl_113" style="word-spacing:-0.001em;">Inventory impairment test  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:58.1218em;"><span class="stl_365 stl_346 stl_63" style="word-spacing:0.0418em;">If a development project is expected to generate a loss, it results in a write-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:58.8918em;"><span class="stl_365 stl_346 stl_112" style="word-spacing:0.0311em;">down of work in progress, which is immediately recognised in the profit and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:59.6518em;"><span class="stl_365 stl_346 stl_123" style="word-spacing:0.0084em;">loss account.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:61.1815em;"><span class="stl_365 stl_346 stl_111" style="word-spacing:0.0456em;">For each development project, budgets are prepared that include both past  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:61.9415em;"><span class="stl_365 stl_346 stl_193" style="word-spacing:0.2051em;">and future cash flows for each implemented project. These budgets are  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:7.0051em;"><span class="stl_365 stl_346 stl_316" style="word-spacing:0.2205em;">updated at least semi-annually. For the purposes of impairment testing,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:7.7651em;"><span class="stl_365 stl_346 stl_148" style="word-spacing:0.093em;">project budgets include all past and projected net revenues less the direct  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:8.5251em;"><span class="stl_365 stl_346 stl_148" style="word-spacing:0.1894em;">costs of land acquisition, design, construction and other costs related to  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:9.2951em;"><span class="stl_365 stl_346 stl_185" style="word-spacing:0.1741em;">project preparation, demonstration premises and the on-site sales office.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:10.0552em;"><span class="stl_365 stl_346 stl_63" style="word-spacing:0.2262em;">These budgets are also encumbered with associated past and projected  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:10.8151em;"><span class="stl_365 stl_346 stl_111" style="word-spacing:0.3474em;">borrowing costs and projected customer claims (if applicable). Project  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:11.5851em;"><span class="stl_365 stl_346 stl_131" style="word-spacing:0.0286em;">budgets are prepared using the principle of prudent valuation. If the margin  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:12.3452em;"><span class="stl_365 stl_346 stl_131" style="word-spacing:0.1082em;">on the project, calculated taking into account all revenues and the above-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:13.1052em;"><span class="stl_365 stl_346 stl_293" style="word-spacing:0.1248em;">mentioned costs, is positive, then there is no need to create an inventory  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:13.8652em;"><span class="stl_365 stl_346 stl_226" style="word-spacing:0.0135em;">impairment write-down. A negative margin indicates a potential impairment  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:14.6352em;"><span class="stl_365 stl_346 stl_368" style="word-spacing:0.1128em;">problem, which, after careful verification of cash flows for a given project,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:15.3952em;"><span class="stl_365 stl_346 stl_185" style="word-spacing:0.0625em;">results in the recognition of an inventory impairment loss in the amount of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:16.1552em;"><span class="stl_365 stl_346 stl_285" style="word-spacing:-0.0018em;">the estimated negative value of this margin.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:17.6851em;"><span class="stl_365 stl_346 stl_103" style="word-spacing:0.2521em;">The revaluation write-off is recognised in the cost of sales in the item  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:18.4451em;"><span class="stl_365 stl_346 stl_285" style="word-spacing:-0.0589em;">"Adjustment of the value of inventories to the net realisable value". A possible  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:19.2051em;"><span class="stl_365 stl_346 stl_368" style="word-spacing:0.1915em;">reversal of such an impairment loss for a given project is possible if the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:19.9752em;"><span class="stl_365 stl_346 stl_113" style="word-spacing:0.0011em;">expected value of the margin on this project becomes positive.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:21.4952em;"><span class="stl_369 stl_346 stl_113" style="word-spacing:-0.0006em;">Transferring land plots from investment property to inventories  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:22.2652em;"><span class="stl_365 stl_346 stl_113" style="word-spacing:0.2693em;">Investment property is transferred to inventory when the development  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:23.0277em;"><span class="stl_365 stl_346 stl_257" style="word-spacing:0.1307em;">process has been decided and initiated, a decision on the possible way of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:23.7877em;"><span class="stl_365 stl_346 stl_226" style="word-spacing:0.0489em;">developing the plot has been obtained, and expenses related to the project  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:24.5577em;"><span class="stl_365 stl_346 stl_60" style="word-spacing:0.0029em;">have already taken place.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:26.0877em;"><span class="stl_362 stl_346 stl_329">Receivables  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:26.8477em;"><span class="stl_365 stl_346 stl_316" style="word-spacing:0.0477em;">Receivables comprise non-current deposits in connection with the purchase  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:27.6177em;"><span class="stl_365 stl_346 stl_368" style="word-spacing:-0.0493em;">and sale of goods and receivables from sale of goods and services. Receivables  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:28.3777em;"><span class="stl_365 stl_346 stl_292" style="word-spacing:-0.0185em;">are classified as loans and receivables, which are financial assets with fixed or  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:29.1377em;"><span class="stl_365 stl_346 stl_292" style="word-spacing:0.0276em;">determinable payments that are not quoted in an active market and are not  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:29.9077em;"><span class="stl_365 stl_346 stl_113" style="word-spacing:0.0019em;">derivative financial instruments.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:31.4276em;"><span class="stl_365 stl_346 stl_233" style="word-spacing:0.539em;">On initial recognition, receivables are measured at fair value and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:32.1877em;"><span class="stl_365 stl_346 stl_103" style="word-spacing:0.1079em;">subsequently at amortised cost, which usually corresponds to the nominal  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:32.9577em;"><span class="stl_365 stl_346 stl_58" style="word-spacing:-0.0024em;">value less write-downs for bad debts.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:34.4777em;"><span class="stl_365 stl_346 stl_292" style="word-spacing:0.1739em;">The Group applies the IFRS 9 simplified approach to measuring expected  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:35.2477em;"><span class="stl_365 stl_346 stl_112" style="word-spacing:0.2216em;">credit losses which uses a lifetime expected loss allowance for all trade  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:36.0077em;"><span class="stl_365 stl_346 stl_233" style="word-spacing:0.093em;">receivables. To measure the expected credit losses, trade receivables have  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:36.7677em;"><span class="stl_365 stl_346 stl_347" style="word-spacing:0.0808em;">been grouped based on shared credit risk characteristics and the days past  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:37.5377em;"><span class="stl_365 stl_346 stl_112" style="word-spacing:0.0136em;">due. The expected loss rates are based on the payment profiles of sales over  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:38.2993em;"><span class="stl_365 stl_346 stl_63" style="word-spacing:0.3198em;">a period of 12 months before 31 December 2022 or 1 January 2022  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:39.0593em;"><span class="stl_365 stl_346 stl_148" style="word-spacing:-0.0479em;">respectively and the corresponding historical credit losses experienced within  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:39.8193em;"><span class="stl_365 stl_346 stl_329" style="word-spacing:0.2344em;">this period. The historical loss rates are adjusted to reflect current and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:40.5893em;"><span class="stl_365 stl_346 stl_293" style="word-spacing:0.0674em;">forward-looking information on macroeconomic factors affecting the ability  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:41.3493em;"><span class="stl_365 stl_346 stl_63" style="word-spacing:0.0285em;">of the customers to settle the receivables. The group has identified the GDP  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:42.1093em;"><span class="stl_365 stl_346 stl_113" style="word-spacing:0.0804em;">and the unemployment rate of the countries in which it sells its goods and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:42.8793em;"><span class="stl_365 stl_346 stl_103" style="word-spacing:-0.0375em;">services to be the most relevant factors, and accordingly adjusts the historical  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:43.6393em;"><span class="stl_365 stl_346 stl_292" style="word-spacing:0.0037em;">loss rates based on expected changes in these factors.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:45.1593em;"><span class="stl_362 stl_346 stl_347">Prepayments  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:45.9293em;"><span class="stl_365 stl_346 stl_113" style="word-spacing:0.0238em;">Prepayments comprise incurred costs relating to subsequent financial years.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:46.6893em;"><span class="stl_365 stl_346 stl_103" style="word-spacing:-0.0044em;">Prepayments are measured at cost.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:48.2193em;"><span class="stl_362 stl_346 stl_63">Provisions  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:48.9793em;"><span class="stl_365 stl_346 stl_329" style="word-spacing:0.3118em;">Provisions are recognised when the Group has a legal or constructive  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:49.7393em;"><span class="stl_365 stl_346 stl_347" style="word-spacing:0.0317em;">obligation as a consequence of past events during the financial year or prior  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:50.5093em;"><span class="stl_365 stl_346 stl_347" style="word-spacing:0.0765em;">years, and when it is likely that settlement of the obligation will require an  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:51.2693em;"><span class="stl_366 stl_346 stl_148" style="word-spacing:0.1726em;">outflow of the Group’s financi</span><span class="stl_365 stl_346 stl_60" style="word-spacing:0.1732em;">al resources. Warranty commitments cover  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:52.0293em;"><span class="stl_365 stl_346 stl_60" style="word-spacing:0.0126em;">commitments to repair faulty or defective products sold within the warranty  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:52.7893em;"><span class="stl_365 stl_346 stl_63">period.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:53.5593em;"><span class="stl_365 stl_346 stl_60" style="word-spacing:0.0422em;">Provisions are measured as the best estimate of the costs required to settle  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:54.3218em;"><span class="stl_365 stl_346 stl_63" style="word-spacing:0.0264em;">the liabilities at the balance sheet date. Provisions with an expected term of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:55.0818em;"><span class="stl_365 stl_346 stl_148" style="word-spacing:-0.0351em;">more than a year after the balance sheet date are measured at present value.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:56.6118em;"><span class="stl_362 stl_346 stl_185" style="word-spacing:0.0046em;">Lease liabilities  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:57.3718em;"><span class="stl_365 stl_346 stl_285" style="word-spacing:0.1112em;">IFRS 16 eliminates the classification of leases as either operating leases or  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:58.1318em;"><span class="stl_365 stl_346 stl_185" style="word-spacing:0.1385em;">finance leases. Lease liabilities for all leases with a term of more than 12  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:58.9018em;"><span class="stl_365 stl_346 stl_123" style="word-spacing:0.0037em;">months are recognised, unless the underlying asset is of low value.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:60.4218em;"><span class="stl_365 stl_346 stl_293" style="word-spacing:-0.0141em;">At the commencement date, a lease liability is measured at the present value  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:61.1915em;"><span class="stl_365 stl_346 stl_103" style="word-spacing:0.2183em;">of future lease payments. The lease payments are discounted using the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:7.0151em;"><span class="stl_365 stl_346 stl_285" style="word-spacing:-0.0458em;">interest rate implicit in the lease, if that rate can be readily determined. If that  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:7.7751em;"><span class="stl_365 stl_346 stl_111" style="word-spacing:0.0007em;">rate cannot be readily determined, the incremental borrowing rate is used.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:9.3051em;"><span class="stl_365 stl_346 stl_370" style="word-spacing:0.0681em;">After the commencement date, the lease liability is measured by increasing  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:10.0651em;"><span class="stl_365 stl_346 stl_58" style="word-spacing:0.1409em;">the carrying amount to reflect interest on the lease liability, reducing the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:10.8251em;"><span class="stl_365 stl_346 stl_193" style="word-spacing:0.1081em;">carrying amount to reflect the lease payments made and remeasuring the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:11.5952em;"><span class="stl_365 stl_346 stl_329" style="word-spacing:0.2069em;">carrying amount to reflect any reassessment or lease modification or to  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:12.3552em;"><span class="stl_365 stl_346 stl_226" style="word-spacing:-0.0013em;">reflect revised in-substance fixed lease payments.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:13.8752em;"><span class="stl_362 stl_346 stl_285" style="word-spacing:0.0019em;">Other financial liabilities  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:14.6452em;"><span class="stl_365 stl_346 stl_185" style="word-spacing:0.2531em;">Other financial liabilities comprise bank debt, trade payables and other  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:15.4052em;"><span class="stl_365 stl_346 stl_113" style="word-spacing:-0.0042em;">payables to public authorities. On initial recognition, other financial liabilities  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:16.1652em;"><span class="stl_365 stl_346 stl_111" style="word-spacing:0.1905em;">are measured at fair value less transaction costs. In subsequent periods,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:16.9351em;"><span class="stl_365 stl_346 stl_193" style="word-spacing:0.157em;">financial liabilities are measured at amortised cost, applying the effective  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:17.6951em;"><span class="stl_365 stl_346 stl_131" style="word-spacing:-0.0001em;">interest method, to the effect that the difference between the proceeds and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:18.4551em;"><span class="stl_365 stl_346 stl_58" style="word-spacing:0.2357em;">the nominal value is recognised in the income statement as a financial  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:19.2152em;"><span class="stl_365 stl_346 stl_103" style="word-spacing:-0.0038em;">expense over the term of the loan.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:20.7452em;"><span class="stl_362 stl_346 stl_29" style="word-spacing:0.0062em;">CASH FLOW STATEMENT  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:22.2752em;"><span class="stl_365 stl_346 stl_226" style="word-spacing:0.0308em;">The consolidated cash flow statement is presented according to the indirect  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:23.0377em;"><span class="stl_365 stl_346 stl_58" style="word-spacing:0.3001em;">method and shows cash flows from operating, investing and financing  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:23.7977em;"><span class="stl_365 stl_346 stl_293" style="word-spacing:-0.0174em;">activities as well as cash and cash equivalents at the beginning and the end of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:24.5677em;"><span class="stl_365 stl_346 stl_84" style="word-spacing:-0.0129em;">the year.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:26.0877em;"><span class="stl_365 stl_346 stl_292" style="word-spacing:-0.0485em;">The cash effect of acquisitions and divestments of entities is shown separately  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:26.8477em;"><span class="stl_365 stl_346 stl_60" style="word-spacing:0.0115em;">under cash flows from investing activities. Cash flows from the acquisition of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:27.6177em;"><span class="stl_365 stl_346 stl_316" style="word-spacing:0.3586em;">entities are recognised in the cash flow statement from the date of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:28.3777em;"><span class="stl_365 stl_346 stl_233" style="word-spacing:0.0085em;">acquisition. Cash flows from the disposal of entities are recognised up to the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:29.1377em;"><span class="stl_365 stl_346 stl_23" style="word-spacing:-0.0058em;">date of disposal.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:30.6677em;"><span class="stl_365 stl_346 stl_233" style="word-spacing:0.0462em;">Cash flows from operating activities are presented according to the indirect  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:31.4276em;"><span class="stl_365 stl_346 stl_60" style="word-spacing:-0.0279em;">method and stated as operating profit, adjusted for non-cash operating items  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:32.1877em;"><span class="stl_365 stl_346 stl_131" style="word-spacing:0.0608em;">and changes in working capital and financial income and expenses, less the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:32.9577em;"><span class="stl_365 stl_346 stl_63" style="word-spacing:-0.001em;">income tax paid during the financial year attributable to operating activities.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:34.4777em;"><span class="stl_365 stl_346 stl_285" style="word-spacing:0.3193em;">Cash flows from investing activities comprise payments related to the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:35.2477em;"><span class="stl_365 stl_346 stl_233" style="word-spacing:0.0141em;">purchase and sale of financial assets, including non-current prepayments for  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:36.0077em;"><span class="stl_365 stl_346 stl_111" style="word-spacing:-0.0395em;">goods, subsidiaries as well as the purchase, development, improvement, sale,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:36.7677em;"><span class="stl_365 stl_346 stl_316" style="word-spacing:0.0024em;">etc. of intangible assets and property, plant and equipment.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:38.2993em;"><span class="stl_365 stl_346 stl_112" style="word-spacing:0.2202em;">Cash flows from financing activities comprise changes in the size or the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:39.0593em;"><span class="stl_366 stl_346 stl_285" style="word-spacing:0.0307em;">composition of the parent company’s share capital and related costs as well  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:39.8193em;"><span class="stl_365 stl_346 stl_316" style="word-spacing:-0.0138em;">as the raising and repayment of loans, cash deposits, instalments on interest-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:40.5893em;"><span class="stl_365 stl_346 stl_368" style="word-spacing:0.2876em;">bearing debt, acquisition of treasury shares and payment of dividends.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:41.3493em;"><span class="stl_365 stl_346 stl_347" style="word-spacing:0.1298em;">Furthermore, cash flows regarding assets held under finance leases in the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:42.1093em;"><span class="stl_365 stl_346 stl_111" style="word-spacing:-0.0014em;">form of lease payments made are recognised.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:43.6393em;"><span class="stl_365 stl_346 stl_113" style="word-spacing:0.0012em;">Cash and cash equivalents comprise cash deposits.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:45.1593em;"><span class="stl_362 stl_346 stl_60" style="word-spacing:0.0074em;">Segment information  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:45.9193em;"><span class="stl_365 stl_346 stl_53" style="word-spacing:0.0033em;">The Group is assessed as having two segments:  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.9042em;top:46.6812em;"><span class="stl_371 stl_346 stl_90" style="word-spacing:0.8338em;">(A) </span><span class="stl_365 stl_346 stl_60" style="word-spacing:0.0041em;">Property management division comprising letting of premises  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.4058em;top:47.5493em;"><span class="stl_365 stl_346 stl_316" style="word-spacing:0.0014em;">and land and the provision of utilities to tenants, including  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.4058em;top:48.3793em;"><span class="stl_365 stl_346 stl_226" style="word-spacing:0.0009em;">power, water, natural gas, facility services, etc.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.9042em;top:49.2226em;"><span class="stl_224 stl_08 stl_87" style="word-spacing:0.6325em;">(B) </span><span class="stl_365 stl_346 stl_123" style="word-spacing:0.0068em;">Property development </span><span class="stl_366 stl_346 stl_20" style="word-spacing:-0.0098em;">– </span><span class="stl_365 stl_346 stl_329" style="word-spacing:0em;">including the preparation and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.4058em;top:50.0493em;"><span class="stl_365 stl_346 stl_60" style="word-spacing:0.002em;">implementation of development projects, primarily in the field  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.4058em;top:50.8793em;"><span class="stl_365 stl_346 stl_193" style="word-spacing:-0.0068em;">of housing and commercial space.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:53.1593em;"><span class="stl_362 stl_346 stl_316" style="word-spacing:0.0081em;">Financial ratios  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.9258em;top:53.1593em;"><span class="stl_362 stl_346 stl_193">Formula  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:54.9818em;"><span class="stl_365 stl_346 stl_226" style="word-spacing:-0.0015em;">EBITDA margin (%)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.4358em;top:54.9818em;"><span class="stl_365 stl_346 stl_148">EBITDA*100  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.8958em;top:56.2018em;"><span class="stl_365 stl_346 stl_123">Revenue  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:57.2318em;"><span class="stl_365 stl_346 stl_103" style="word-spacing:0.0012em;">EBIT margin (%) (Profit margin)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.8158em;top:57.2318em;"><span class="stl_365 stl_346 stl_148">EBIT*100  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.8958em;top:58.4418em;"><span class="stl_365 stl_346 stl_123">Revenue  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:59.4718em;"><span class="stl_365 stl_346 stl_148" style="word-spacing:-0.0032em;">Return on invested capital (%)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.8158em;top:59.4718em;"><span class="stl_365 stl_346 stl_148">EBIT*100  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:60.6918em;"><span class="stl_365 stl_346 stl_329" style="word-spacing:0.0056em;">incl. goodwill  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.8958em;top:60.6918em;"><span class="stl_365 stl_346 stl_226" style="word-spacing:-0.0002em;">Average invested capital  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:61.7215em;"><span class="stl_365 stl_346 stl_184" style="word-spacing:0.0003em;">Equity ratio (%)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.5658em;top:61.7215em;"><span class="stl_365 stl_346 stl_233">Equity*100  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:16.8242em;top:7.0451em;"><span class="stl_365 stl_346 stl_148" style="word-spacing:-0.007em;">Total assets  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:8.0751em;"><span class="stl_365 stl_346 stl_193" style="word-spacing:0.0001em;">Return on equity (%)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.6717em;top:8.0751em;"><span class="stl_365 stl_346 stl_233" style="word-spacing:-0.0032em;">Profit/loss for the year after tax*100  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:16.4042em;top:9.2851em;"><span class="stl_365 stl_346 stl_113" style="word-spacing:-0.0001em;">Average equity  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:11.0552em;"><span class="stl_365 stl_346 stl_347" style="word-spacing:-0.0481em;">Calculations of earnings per share and diluted earnings per share are specified  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:11.8151em;"><span class="stl_365 stl_346 stl_239" style="word-spacing:-0.0044em;">in Note 8.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:13.3351em;"><span class="stl_365 stl_346 stl_111" style="word-spacing:0.0158em;">Net working capital (NWC) is defined as the value of inventories, receivables  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:14.1052em;"><span class="stl_365 stl_346 stl_361" style="word-spacing:0.0808em;">and other operating assets less trade payables and other current operating  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:14.8652em;"><span class="stl_365 stl_346 stl_103" style="word-spacing:-0.0159em;">liabilities. Cash and cash equivalents and deferred tax assets are not included  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:15.6252em;"><span class="stl_365 stl_346 stl_160" style="word-spacing:-0.0063em;">in the net working capital.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:17.1552em;"><span class="stl_365 stl_346 stl_292" style="word-spacing:-0.045em;">Net interest-bearing debt is defined as interest-bearing liabilities less interest-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:17.9152em;"><span class="stl_365 stl_346 stl_292" style="word-spacing:0.0014em;">bearing assets, such as cash and cash equivalents.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:19.4451em;"><span class="stl_365 stl_346 stl_226" style="word-spacing:0.0006em;">Invested capital is defined as net working capital plus the carrying amount of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:20.2051em;"><span class="stl_365 stl_346 stl_316" style="word-spacing:0.0332em;">non-current property, plant and equipment and intangible assets, less other  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:20.9652em;"><span class="stl_365 stl_346 stl_60" style="word-spacing:0.0038em;">provisions and non-current operating liabilities.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:22.4976em;"><span class="stl_365 stl_346 stl_185" style="word-spacing:0.2213em;">EBITDA (Earnings Before Interest, Tax, Depreciation and Amortisation) is  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:23.2576em;"><span class="stl_365 stl_346 stl_53" style="word-spacing:0.065em;">defined as EBIT plus depreciation, amortisation and goodwill impairment of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:24.0277em;"><span class="stl_365 stl_346 stl_84" style="word-spacing:-0.0129em;">the year.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:32.9577em;"><span class="stl_362 stl_346 stl_285">Tax  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:33.7177em;"><span class="stl_365 stl_346 stl_123" style="word-spacing:-0.014em;">Tax for the year, which consists of current tax and changes in deferred tax for  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:34.4777em;"><span class="stl_365 stl_346 stl_160" style="word-spacing:0.0433em;">the year, is recognised in the income statement with respect to the portion  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:35.2477em;"><span class="stl_365 stl_346 stl_113" style="word-spacing:0.0146em;">attributable to the profit/loss for the year and directly in equity with respect  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:36.0077em;"><span class="stl_365 stl_346 stl_285" style="word-spacing:-0.0005em;">to the portion attributable to entries directly in equity.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:37.5377em;"><span class="stl_365 stl_346 stl_226" style="word-spacing:0.03em;">Current tax payable and receivable is recognised in the balance sheet as the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:38.2993em;"><span class="stl_365 stl_346 stl_23" style="word-spacing:0.0763em;">tax calculated on the taxable income for the year, adjusted for tax paid on  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:39.0593em;"><span class="stl_365 stl_346 stl_70">account.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:40.5893em;"><span class="stl_366 stl_346 stl_111" style="word-spacing:-0.0318em;">The calculation of the year’s current tax is based on the tax rates </span><span class="stl_365 stl_346 stl_183" style="word-spacing:-0.0292em;">and tax rules  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:41.3493em;"><span class="stl_365 stl_346 stl_148" style="word-spacing:-0.0045em;">applicable at the balance sheet date.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:42.8793em;"><span class="stl_365 stl_346 stl_285" style="word-spacing:0.1273em;">Deferred tax is measured using the tax rates and tax rules that, based on  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:43.6393em;"><span class="stl_365 stl_346 stl_316" style="word-spacing:-0.0529em;">legislation in force or in reality in force at the balance sheet date, are expected  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:44.3993em;"><span class="stl_365 stl_346 stl_316" style="word-spacing:0.1365em;">to apply in the respective countries when the deferred tax is expected to  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:45.1593em;"><span class="stl_365 stl_346 stl_70" style="word-spacing:0.0458em;">crystallise as current tax. Changes in deferred tax as a result of changed tax  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:45.9293em;"><span class="stl_365 stl_346 stl_193" style="word-spacing:-0.0488em;">rates or rules are recognised in the income statement, unless the deferred tax  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:46.6893em;"><span class="stl_365 stl_346 stl_285" style="word-spacing:0.1435em;">can be attributed to items previously recognised directly in equity. In the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:47.4493em;"><span class="stl_365 stl_346 stl_58" style="word-spacing:-0.0015em;">latter case, the change is also recognised directly in equity.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:48.9793em;"><span class="stl_365 stl_346 stl_347" style="word-spacing:0.189em;">Deferred tax is measured using the balance sheet liability method on all  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:49.7393em;"><span class="stl_365 stl_346 stl_329" style="word-spacing:0.1742em;">temporary differences between the carrying amount and the tax base of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:50.5093em;"><span class="stl_365 stl_346 stl_329" style="word-spacing:0.0493em;">assets and liabilities. However, deferred tax is not recognised on temporary  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:51.2693em;"><span class="stl_365 stl_346 stl_285" style="word-spacing:0.3317em;">differences relating to the initial recognition of goodwill or the initial  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:52.0293em;"><span class="stl_365 stl_346 stl_292" style="word-spacing:0.0955em;">recognition of a transaction, apart from business combinations, and where  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:52.7893em;"><span class="stl_365 stl_346 stl_131" style="word-spacing:0.1414em;">the temporary difference existing at the date of initial recognition affects  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:53.5593em;"><span class="stl_365 stl_346 stl_60" style="word-spacing:0.0017em;">neither profit/loss for the year nor taxable income.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:55.0818em;"><span class="stl_365 stl_346 stl_183" style="word-spacing:0.0509em;">Deferred tax is provided on temporary differences arising on investments in  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:55.8518em;"><span class="stl_365 stl_346 stl_292" style="word-spacing:0.1755em;">subsidiaries and associates, unless the parent company is able to control  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:56.6118em;"><span class="stl_365 stl_346 stl_226" style="word-spacing:0.065em;">when the deferred tax is to be realised and it is likely that the deferred tax  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:57.3718em;"><span class="stl_365 stl_346 stl_23" style="word-spacing:-0.008em;">will not crystallise as current tax within the foreseeable future.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:58.9018em;"><span class="stl_365 stl_346 stl_148" style="word-spacing:0.0782em;">Deferred tax is calculated based on the planned use of the individual asset  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:59.6618em;"><span class="stl_365 stl_346 stl_185" style="word-spacing:-0.0029em;">and the settlement of the individual liability, respectively.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:61.1915em;"><span class="stl_365 stl_346 stl_285" style="word-spacing:0.1525em;">Deferred tax assets, including the tax base of tax loss carry-forwards, are  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:61.9515em;"><span class="stl_365 stl_346 stl_58" style="word-spacing:-0.0187em;">recognised in the balance sheet at the value at which the asset is expected to  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:7.0151em;"><span class="stl_365 stl_346 stl_347" style="word-spacing:0.0651em;">be realised, either through a set-off against deferred tax liabilities or as net  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:7.7751em;"><span class="stl_365 stl_346 stl_113" style="word-spacing:-0.0305em;">tax assets to be offset against future positive taxable income. At each balance  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:8.5351em;"><span class="stl_365 stl_346 stl_226" style="word-spacing:0.002em;">sheet date, an assessment is made as to whether it is likely that there will be  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:9.3051em;"><span class="stl_365 stl_346 stl_131" style="word-spacing:-0.0054em;">sufficient future taxable income for the deferred tax asset to be utilised.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:32.9577em;"><span class="stl_362 stl_346 stl_285">Tax  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:33.7177em;"><span class="stl_365 stl_346 stl_123" style="word-spacing:-0.014em;">Tax for the year, which consists of current tax and changes in deferred tax for  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:34.4777em;"><span class="stl_365 stl_346 stl_160" style="word-spacing:0.0433em;">the year, is recognised in the income statement with respect to the portion  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:35.2477em;"><span class="stl_365 stl_346 stl_113" style="word-spacing:0.0146em;">attributable to the profit/loss for the year and directly in equity with respect  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:36.0077em;"><span class="stl_365 stl_346 stl_285" style="word-spacing:-0.0005em;">to the portion attributable to entries directly in equity.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:37.5377em;"><span class="stl_365 stl_346 stl_226" style="word-spacing:0.03em;">Current tax payable and receivable is recognised in the balance sheet as the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:38.2993em;"><span class="stl_365 stl_346 stl_23" style="word-spacing:0.0763em;">tax calculated on the taxable income for the year, adjusted for tax paid on  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:39.0593em;"><span class="stl_365 stl_346 stl_70">account.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:40.5893em;"><span class="stl_366 stl_346 stl_111" style="word-spacing:-0.0318em;">The calculation of the year’s current tax is based on the tax rates </span><span class="stl_365 stl_346 stl_183" style="word-spacing:-0.0292em;">and tax rules  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:41.3493em;"><span class="stl_365 stl_346 stl_148" style="word-spacing:-0.0045em;">applicable at the balance sheet date.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:42.8793em;"><span class="stl_365 stl_346 stl_285" style="word-spacing:0.1273em;">Deferred tax is measured using the tax rates and tax rules that, based on  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:43.6393em;"><span class="stl_365 stl_346 stl_316" style="word-spacing:-0.0529em;">legislation in force or in reality in force at the balance sheet date, are expected  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:44.3993em;"><span class="stl_365 stl_346 stl_316" style="word-spacing:0.1365em;">to apply in the respective countries when the deferred tax is expected to  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:45.1593em;"><span class="stl_365 stl_346 stl_70" style="word-spacing:0.0458em;">crystallise as current tax. Changes in deferred tax as a result of changed tax  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:45.9293em;"><span class="stl_365 stl_346 stl_193" style="word-spacing:-0.0488em;">rates or rules are recognised in the income statement, unless the deferred tax  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:46.6893em;"><span class="stl_365 stl_346 stl_285" style="word-spacing:0.1435em;">can be attributed to items previously recognised directly in equity. In the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:47.4493em;"><span class="stl_365 stl_346 stl_58" style="word-spacing:-0.0015em;">latter case, the change is also recognised directly in equity.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:48.9793em;"><span class="stl_365 stl_346 stl_347" style="word-spacing:0.189em;">Deferred tax is measured using the balance sheet liability method on all  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:49.7393em;"><span class="stl_365 stl_346 stl_329" style="word-spacing:0.1742em;">temporary differences between the carrying amount and the tax base of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:50.5093em;"><span class="stl_365 stl_346 stl_329" style="word-spacing:0.0493em;">assets and liabilities. However, deferred tax is not recognised on temporary  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:51.2693em;"><span class="stl_365 stl_346 stl_285" style="word-spacing:0.3317em;">differences relating to the initial recognition of goodwill or the initial  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:52.0293em;"><span class="stl_365 stl_346 stl_292" style="word-spacing:0.0955em;">recognition of a transaction, apart from business combinations, and where  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:52.7893em;"><span class="stl_365 stl_346 stl_131" style="word-spacing:0.1414em;">the temporary difference existing at the date of initial recognition affects  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:53.5593em;"><span class="stl_365 stl_346 stl_60" style="word-spacing:0.0017em;">neither profit/loss for the year nor taxable income.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:55.0818em;"><span class="stl_365 stl_346 stl_183" style="word-spacing:0.0509em;">Deferred tax is provided on temporary differences arising on investments in  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:55.8518em;"><span class="stl_365 stl_346 stl_292" style="word-spacing:0.1755em;">subsidiaries and associates, unless the parent company is able to control  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:56.6118em;"><span class="stl_365 stl_346 stl_226" style="word-spacing:0.065em;">when the deferred tax is to be realised and it is likely that the deferred tax  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:57.3718em;"><span class="stl_365 stl_346 stl_23" style="word-spacing:-0.008em;">will not crystallise as current tax within the foreseeable future.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:58.9018em;"><span class="stl_365 stl_346 stl_148" style="word-spacing:0.0782em;">Deferred tax is calculated based on the planned use of the individual asset  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:59.6618em;"><span class="stl_365 stl_346 stl_185" style="word-spacing:-0.0029em;">and the settlement of the individual liability, respectively.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:61.1915em;"><span class="stl_365 stl_346 stl_285" style="word-spacing:0.1525em;">Deferred tax assets, including the tax base of tax loss carry-forwards, are  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:61.9515em;"><span class="stl_365 stl_346 stl_58" style="word-spacing:-0.0187em;">recognised in the balance sheet at the value at which the asset is expected to  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:7.0151em;"><span class="stl_365 stl_346 stl_347" style="word-spacing:0.0651em;">be realised, either through a set-off against deferred tax liabilities or as net  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:7.7751em;"><span class="stl_365 stl_346 stl_113" style="word-spacing:-0.0305em;">tax assets to be offset against future positive taxable income. At each balance  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:8.5351em;"><span class="stl_365 stl_346 stl_226" style="word-spacing:0.002em;">sheet date, an assessment is made as to whether it is likely that there will be  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:9.3051em;"><span class="stl_365 stl_346 stl_131" style="word-spacing:-0.0054em;">sufficient future taxable income for the deferred tax asset to be utilised.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:32.9577em;"><span class="stl_362 stl_346 stl_285">Tax  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:33.7177em;"><span class="stl_365 stl_346 stl_123" style="word-spacing:-0.014em;">Tax for the year, which consists of current tax and changes in deferred tax for  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:34.4777em;"><span class="stl_365 stl_346 stl_160" style="word-spacing:0.0433em;">the year, is recognised in the income statement with respect to the portion  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:35.2477em;"><span class="stl_365 stl_346 stl_113" style="word-spacing:0.0146em;">attributable to the profit/loss for the year and directly in equity with respect  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:36.0077em;"><span class="stl_365 stl_346 stl_285" style="word-spacing:-0.0005em;">to the portion attributable to entries directly in equity.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:37.5377em;"><span class="stl_365 stl_346 stl_226" style="word-spacing:0.03em;">Current tax payable and receivable is recognised in the balance sheet as the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:38.2993em;"><span class="stl_365 stl_346 stl_23" style="word-spacing:0.0763em;">tax calculated on the taxable income for the year, adjusted for tax paid on  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:39.0593em;"><span class="stl_365 stl_346 stl_70">account.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:40.5893em;"><span class="stl_366 stl_346 stl_111" style="word-spacing:-0.0318em;">The calculation of the year’s current tax is based on the tax rates </span><span class="stl_365 stl_346 stl_183" style="word-spacing:-0.0292em;">and tax rules  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:41.3493em;"><span class="stl_365 stl_346 stl_148" style="word-spacing:-0.0045em;">applicable at the balance sheet date.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:42.8793em;"><span class="stl_365 stl_346 stl_285" style="word-spacing:0.1273em;">Deferred tax is measured using the tax rates and tax rules that, based on  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:43.6393em;"><span class="stl_365 stl_346 stl_316" style="word-spacing:-0.0529em;">legislation in force or in reality in force at the balance sheet date, are expected  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:44.3993em;"><span class="stl_365 stl_346 stl_316" style="word-spacing:0.1365em;">to apply in the respective countries when the deferred tax is expected to  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:45.1593em;"><span class="stl_365 stl_346 stl_70" style="word-spacing:0.0458em;">crystallise as current tax. Changes in deferred tax as a result of changed tax  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:45.9293em;"><span class="stl_365 stl_346 stl_193" style="word-spacing:-0.0488em;">rates or rules are recognised in the income statement, unless the deferred tax  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:46.6893em;"><span class="stl_365 stl_346 stl_285" style="word-spacing:0.1435em;">can be attributed to items previously recognised directly in equity. In the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:47.4493em;"><span class="stl_365 stl_346 stl_58" style="word-spacing:-0.0015em;">latter case, the change is also recognised directly in equity.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:48.9793em;"><span class="stl_365 stl_346 stl_347" style="word-spacing:0.189em;">Deferred tax is measured using the balance sheet liability method on all  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:49.7393em;"><span class="stl_365 stl_346 stl_329" style="word-spacing:0.1742em;">temporary differences between the carrying amount and the tax base of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:50.5093em;"><span class="stl_365 stl_346 stl_329" style="word-spacing:0.0493em;">assets and liabilities. However, deferred tax is not recognised on temporary  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:51.2693em;"><span class="stl_365 stl_346 stl_285" style="word-spacing:0.3317em;">differences relating to the initial recognition of goodwill or the initial  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:52.0293em;"><span class="stl_365 stl_346 stl_292" style="word-spacing:0.0955em;">recognition of a transaction, apart from business combinations, and where  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:52.7893em;"><span class="stl_365 stl_346 stl_131" style="word-spacing:0.1414em;">the temporary difference existing at the date of initial recognition affects  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:53.5593em;"><span class="stl_365 stl_346 stl_60" style="word-spacing:0.0017em;">neither profit/loss for the year nor taxable income.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:55.0818em;"><span class="stl_365 stl_346 stl_183" style="word-spacing:0.0509em;">Deferred tax is provided on temporary differences arising on investments in  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:55.8518em;"><span class="stl_365 stl_346 stl_292" style="word-spacing:0.1755em;">subsidiaries and associates, unless the parent company is able to control  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:56.6118em;"><span class="stl_365 stl_346 stl_226" style="word-spacing:0.065em;">when the deferred tax is to be realised and it is likely that the deferred tax  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:57.3718em;"><span class="stl_365 stl_346 stl_23" style="word-spacing:-0.008em;">will not crystallise as current tax within the foreseeable future.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:58.9018em;"><span class="stl_365 stl_346 stl_148" style="word-spacing:0.0782em;">Deferred tax is calculated based on the planned use of the individual asset  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:59.6618em;"><span class="stl_365 stl_346 stl_185" style="word-spacing:-0.0029em;">and the settlement of the individual liability, respectively.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:61.1915em;"><span class="stl_365 stl_346 stl_285" style="word-spacing:0.1525em;">Deferred tax assets, including the tax base of tax loss carry-forwards, are  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:61.9515em;"><span class="stl_365 stl_346 stl_58" style="word-spacing:-0.0187em;">recognised in the balance sheet at the value at which the asset is expected to  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:7.0151em;"><span class="stl_365 stl_346 stl_347" style="word-spacing:0.0651em;">be realised, either through a set-off against deferred tax liabilities or as net  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:7.7751em;"><span class="stl_365 stl_346 stl_113" style="word-spacing:-0.0305em;">tax assets to be offset against future positive taxable income. At each balance  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:8.5351em;"><span class="stl_365 stl_346 stl_226" style="word-spacing:0.002em;">sheet date, an assessment is made as to whether it is likely that there will be  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:9.3051em;"><span class="stl_365 stl_346 stl_131" style="word-spacing:-0.0054em;">sufficient future taxable income for the deferred tax asset to be utilised.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:39.8193em;"><span class="stl_362 stl_346 stl_148" style="word-spacing:-0.0041em;">Tax asset utilisation  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:41.3493em;"><span class="stl_365 stl_346 stl_226" style="word-spacing:-0.0319em;">Deferred tax assets are recognised for all unutilised tax losses and differences  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:42.1093em;"><span class="stl_365 stl_346 stl_233" style="word-spacing:0.0318em;">to the extent it is considered likely that they can be utilised through taxable  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:42.8793em;"><span class="stl_365 stl_346 stl_63" style="word-spacing:-0.0029em;">income within a foreseeable number of years.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:40.2365em;"><span class="stl_363 stl_346 stl_364">7.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.682em;top:40.2365em;"><span class="stl_363 stl_346 stl_193" style="word-spacing:0.0018em;">TAX ON THE PROFIT/LOSS FOR THE YEAR AND DEFERRED TAX  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:42.9365em;"><span class="stl_375 stl_346 stl_193">GROUP  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:44.0627em;"><span class="stl_365 stl_346 stl_103" style="word-spacing:-0.0019em;">The current tax for the financial year has been calculated at a tax rate of 22.0%.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:46.3365em;"><span class="stl_376 stl_346 stl_86">DKK’000  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.0558em;top:46.3365em;"><span class="stl_375 stl_346 stl_61">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.5083em;top:46.3365em;"><span class="stl_375 stl_346 stl_61">2022  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:48.7726em;"><span class="stl_365 stl_346 stl_116" style="word-spacing:-0.0058em;">Current tax  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.6958em;top:48.7726em;"><span class="stl_365 stl_346 stl_23">(1,312)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.6183em;top:48.7726em;"><span class="stl_365 stl_346 stl_84">(901)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:49.8027em;"><span class="stl_365 stl_346 stl_329" style="word-spacing:-0.0024em;">Change in deferred tax including change in value  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.6958em;top:49.8027em;"><span class="stl_365 stl_346 stl_330">(2,311)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.1483em;top:49.8027em;"><span class="stl_365 stl_346 stl_23">(4,823)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:50.8351em;"><span class="stl_365 stl_346 stl_113" style="word-spacing:0.0005em;">Adjustment of current tax relating to prior years  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.7958em;top:50.8351em;"><span class="stl_365 stl_346 stl_20">(4)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.2483em;top:50.8351em;"><span class="stl_365 stl_346 stl_20">(6)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:51.9952em;"><span class="stl_362 stl_346 stl_53">Total  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.6758em;top:51.9952em;"><span class="stl_362 stl_346 stl_156">(3,627)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.1283em;top:51.9952em;"><span class="stl_362 stl_346 stl_160">(5,730)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:54.1751em;"><span class="stl_365 stl_346 stl_58" style="word-spacing:-0.0041em;">Tax on the profit/loss for the year may be specified as follows:  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:56.2252em;"><span class="stl_362 stl_346 stl_233" style="word-spacing:-0.0035em;">Profit/(loss) before tax  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.7458em;top:56.2252em;"><span class="stl_362 stl_346 stl_61">14,962  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.1983em;top:56.2252em;"><span class="stl_362 stl_346 stl_61">27,858  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:58.4152em;"><span class="stl_365 stl_346 stl_330" style="word-spacing:-0.0059em;">Tax at a rate of 22.0%  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.6958em;top:58.4152em;"><span class="stl_365 stl_346 stl_330">(3,292)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.2858em;top:58.4152em;"><span class="stl_365 stl_346 stl_131">(22.0%)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.1483em;top:58.4152em;"><span class="stl_365 stl_346 stl_23">(6,118)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.7383em;top:58.4152em;"><span class="stl_365 stl_346 stl_131">(22.0%)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:59.4451em;"><span class="stl_365 stl_346 stl_113" style="word-spacing:-0.0002em;">Effect of different tax rate in foreign entities  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.5458em;top:59.4451em;"><span class="stl_365 stl_346 stl_78">579  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.9758em;top:59.4451em;"><span class="stl_365 stl_346 stl_80">3.9%  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.9983em;top:59.4451em;"><span class="stl_365 stl_346 stl_78">950  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.4283em;top:59.4451em;"><span class="stl_365 stl_346 stl_80">3.4%  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:60.4752em;"><span class="stl_365 stl_346 stl_226" style="word-spacing:-0.0016em;">Tax base of non-deductible expenses and non-taxable income  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.5458em;top:60.4752em;"><span class="stl_365 stl_346 stl_78">925  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.9758em;top:60.4752em;"><span class="stl_365 stl_346 stl_108">6,2%  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.9983em;top:60.4752em;"><span class="stl_365 stl_346 stl_78">200  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.4283em;top:60.4752em;"><span class="stl_365 stl_346 stl_80">0.7%  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:61.4948em;"><span class="stl_365 stl_346 stl_113" style="word-spacing:0.0005em;">Adjustment of current tax relating to prior years  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.7958em;top:61.4948em;"><span class="stl_365 stl_346 stl_20">(4)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.9758em;top:61.4948em;"><span class="stl_365 stl_346 stl_80">0.0%  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.2483em;top:61.4948em;"><span class="stl_365 stl_346 stl_20">(6)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.4283em;top:61.4948em;"><span class="stl_365 stl_346 stl_80">0.0%  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:62.5248em;"><span class="stl_365 stl_346 stl_131" style="word-spacing:-0.0032em;">Value adjustment of deferred tax  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.6958em;top:62.5248em;"><span class="stl_365 stl_346 stl_330">(1,835)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.2858em;top:62.5248em;"><span class="stl_365 stl_346 stl_131">(12.3%)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.6183em;top:62.5248em;"><span class="stl_365 stl_346 stl_84">(756)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.0483em;top:62.5248em;"><span class="stl_365 stl_346 stl_16">(2.7%)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:63.6848em;"><span class="stl_362 stl_346 stl_226" style="word-spacing:-0.0008em;">Effective tax/tax rate for the year  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.6758em;top:63.6848em;"><span class="stl_362 stl_346 stl_156">(3,627)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.2558em;top:63.6848em;"><span class="stl_362 stl_346 stl_329">(24.2%)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.1283em;top:63.6848em;"><span class="stl_362 stl_346 stl_160">(5,730)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.7083em;top:63.6848em;"><span class="stl_362 stl_346 stl_316">(20.6%)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:5.5407em;"><span class="stl_363 stl_346 stl_364">7.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.682em;top:5.5407em;"><span class="stl_363 stl_346 stl_131" style="word-spacing:0.0023em;">TAX ON THE PROFIT/LOSS FOR THE YEAR AND DEFERRED TAX (CONTINUED)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:8.2423em;"><span class="stl_375 stl_346 stl_193">GROUP  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:9.5823em;"><span class="stl_375 stl_346 stl_90" style="word-spacing:-0.0018em;">Breakdown of deferred tax for the Group stated in the balance sheet:  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.5083em;top:9.5823em;"><span class="stl_375 stl_346 stl_61">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.2283em;top:9.5823em;"><span class="stl_375 stl_346 stl_61">2022  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:12.0185em;"><span class="stl_365 stl_346 stl_113" style="word-spacing:0em;">Deferred tax liabilities, see balance sheet  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.8283em;top:12.0185em;"><span class="stl_365 stl_346 stl_68">(34,760)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.5483em;top:12.0185em;"><span class="stl_365 stl_346 stl_156">(30,000)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:13.1785em;"><span class="stl_362 stl_346 stl_23" style="word-spacing:-0.0077em;">Deferred tax, net  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.8183em;top:13.1785em;"><span class="stl_362 stl_346 stl_316">(34,760)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.5383em;top:13.1785em;"><span class="stl_362 stl_346 stl_60">(30,000)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.5358em;top:15.5723em;"><span class="stl_375 stl_346 stl_87">Recognise  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.2058em;top:15.5723em;"><span class="stl_375 stl_346 stl_233" style="word-spacing:0em;">Loss of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.7483em;top:15.5723em;"><span class="stl_375 stl_346 stl_115">Foreign  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:16.4323em;"><span class="stl_375 stl_346 stl_61">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.6058em;top:16.4323em;"><span class="stl_375 stl_346 stl_68" style="word-spacing:0.0024em;">in Income  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.7158em;top:16.4323em;"><span class="stl_375 stl_346 stl_285">usability  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.1583em;top:16.4323em;"><span class="stl_375 stl_346 stl_87">exchange  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:20.0442em;top:17.2923em;"><span class="stl_375 stl_346 stl_91" style="word-spacing:0.0008em;">Deferred tax  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4058em;top:17.2923em;"><span class="stl_375 stl_346 stl_35">Statement  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.6058em;top:17.2923em;"><span class="stl_375 stl_346 stl_330" style="word-spacing:0.0063em;">of tax losses  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.5683em;top:17.2923em;"><span class="stl_375 stl_346 stl_88" style="word-spacing:1.1886em;">adjustment Deferred</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.708em;top:17.2923em;"><span class="stl_375 stl_346 stl_16">tax  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:18.1723em;"><span class="stl_376 stl_346 stl_86">DKK’000  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:20.5142em;top:18.1723em;"><span class="stl_375 stl_346 stl_61">01.01.2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.0558em;top:18.1723em;"><span class="stl_375 stl_346 stl_61">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.7758em;top:18.1723em;"><span class="stl_375 stl_346 stl_61">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.5083em;top:18.1723em;"><span class="stl_375 stl_346 stl_61">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.4183em;top:18.1723em;"><span class="stl_375 stl_346 stl_61">31.12.2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:20.6085em;"><span class="stl_365 stl_346 stl_347" style="word-spacing:0.0033em;">Property, plant and equipment  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.6442em;top:20.6085em;"><span class="stl_365 stl_346 stl_156">(29,287)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.6958em;top:20.6085em;"><span class="stl_365 stl_346 stl_330">(1,723)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.8958em;top:20.6085em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.1483em;top:20.6085em;"><span class="stl_365 stl_346 stl_330">(3,176)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.5483em;top:20.6085em;"><span class="stl_365 stl_346 stl_156">(34,186)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:21.641em;"><span class="stl_365 stl_346 stl_285" style="word-spacing:-0.0041em;">Trade receivables  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.9642em;top:21.641em;"><span class="stl_365 stl_346 stl_23">(1,507)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.1658em;top:21.641em;"><span class="stl_365 stl_346 stl_69">(599)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.8958em;top:21.641em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.6283em;top:21.641em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.8683em;top:21.641em;"><span class="stl_365 stl_346 stl_330">(2,106)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:22.661em;"><span class="stl_365 stl_346 stl_316" style="word-spacing:0.0053em;">Other payables, etc  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.8142em;top:22.661em;"><span class="stl_365 stl_346 stl_78">232  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.8658em;top:22.661em;"><span class="stl_365 stl_346 stl_78">11  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.8958em;top:22.661em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.6283em;top:22.661em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.7183em;top:22.661em;"><span class="stl_365 stl_346 stl_78">243  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:23.821em;"><span class="stl_362 stl_346 stl_347" style="word-spacing:0.0073em;">Temporary differences  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.6342em;top:23.821em;"><span class="stl_362 stl_346 stl_60">(30,562)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.6758em;top:23.821em;"><span class="stl_362 stl_346 stl_156">(2,311)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.8958em;top:23.821em;"><span class="stl_362 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.1283em;top:23.821em;"><span class="stl_362 stl_346 stl_156">(3,176)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.5383em;top:23.821em;"><span class="stl_362 stl_346 stl_316">(36,049)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:26.001em;"><span class="stl_365 stl_346 stl_184" style="word-spacing:-0.0092em;">Tax loss carry-forwards  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.0242em;top:26.001em;"><span class="stl_365 stl_346 stl_23">24,888  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.0758em;top:26.001em;"><span class="stl_365 stl_346 stl_148">1,739  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.8958em;top:26.001em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.6283em;top:26.001em;"><span class="stl_365 stl_346 stl_20">3</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.9283em;top:26.001em;"><span class="stl_365 stl_346 stl_23">26,631  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:27.161em;"><span class="stl_362 stl_346 stl_18" style="word-spacing:-0.0145em;">Unutilised tax losses  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.0142em;top:27.161em;"><span class="stl_362 stl_346 stl_61">24,888  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.0658em;top:27.161em;"><span class="stl_362 stl_346 stl_116">1,739  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.8958em;top:27.161em;"><span class="stl_362 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.6283em;top:27.161em;"><span class="stl_362 stl_346 stl_20">3</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.9183em;top:27.161em;"><span class="stl_362 stl_346 stl_61">26,631  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:29.341em;"><span class="stl_365 stl_346 stl_23" style="word-spacing:-0.0071em;">Value adjustment  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.6442em;top:29.341em;"><span class="stl_365 stl_346 stl_156">(24,325)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.6958em;top:29.341em;"><span class="stl_365 stl_346 stl_330">(1,835)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.2658em;top:29.341em;"><span class="stl_365 stl_346 stl_78">114  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.9983em;top:29.341em;"><span class="stl_365 stl_346 stl_78">706  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.5483em;top:29.341em;"><span class="stl_365 stl_346 stl_156">(25,342)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:30.501em;"><span class="stl_362 stl_346 stl_53">Total  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.6342em;top:30.501em;"><span class="stl_362 stl_346 stl_60">(30,000)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.6758em;top:30.501em;"><span class="stl_362 stl_346 stl_156">(2,407)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.2658em;top:30.501em;"><span class="stl_362 stl_346 stl_78">114  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.1283em;top:30.501em;"><span class="stl_362 stl_346 stl_156">(2,467)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.5383em;top:30.501em;"><span class="stl_362 stl_346 stl_316">(34,760)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:31.651em;"><span class="stl_365 stl_346 stl_428" style="word-spacing:-0.0012em;">The Group does not expect to be able to utilise part of the tax losses within 3-5 years. Accordingly, no tax asset has been recognised in the consolidated balance sheet.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.5358em;top:34.9448em;"><span class="stl_375 stl_346 stl_87">Recognise  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.2058em;top:34.9448em;"><span class="stl_375 stl_346 stl_233" style="word-spacing:0em;">Loss of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.7483em;top:34.9448em;"><span class="stl_375 stl_346 stl_115">Foreign  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:35.8048em;"><span class="stl_375 stl_346 stl_61">2022  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.6058em;top:35.8048em;"><span class="stl_375 stl_346 stl_68" style="word-spacing:0.0024em;">in Income  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.7158em;top:35.8048em;"><span class="stl_375 stl_346 stl_285">usability  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.1583em;top:35.8048em;"><span class="stl_375 stl_346 stl_87">exchange  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:20.0442em;top:36.6765em;"><span class="stl_375 stl_346 stl_91" style="word-spacing:0.0008em;">Deferred tax  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4058em;top:36.6765em;"><span class="stl_375 stl_346 stl_35">Statement  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.6058em;top:36.6765em;"><span class="stl_375 stl_346 stl_330" style="word-spacing:0.0063em;">of tax losses  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.5683em;top:36.6765em;"><span class="stl_375 stl_346 stl_88" style="word-spacing:1.1886em;">adjustment Deferred</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.708em;top:36.6765em;"><span class="stl_375 stl_346 stl_16">tax  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:37.5465em;"><span class="stl_376 stl_346 stl_86">DKK’000  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:20.5142em;top:37.5465em;"><span class="stl_375 stl_346 stl_61">01.01.2022  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.0558em;top:37.5465em;"><span class="stl_375 stl_346 stl_61">2022  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.7758em;top:37.5465em;"><span class="stl_375 stl_346 stl_61">2022  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.5083em;top:37.5465em;"><span class="stl_375 stl_346 stl_61">2022  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.4183em;top:37.5465em;"><span class="stl_375 stl_346 stl_61">31.12.2022  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:39.9827em;"><span class="stl_365 stl_346 stl_347" style="word-spacing:0.0033em;">Property, plant and equipment  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.6442em;top:39.9827em;"><span class="stl_365 stl_346 stl_156">(24,715)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.6958em;top:39.9827em;"><span class="stl_365 stl_346 stl_23">(4,469)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.8958em;top:39.9827em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.6183em;top:39.9827em;"><span class="stl_365 stl_346 stl_84">(103)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.5483em;top:39.9827em;"><span class="stl_365 stl_346 stl_156">(29,287)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:41.0127em;"><span class="stl_365 stl_346 stl_285" style="word-spacing:-0.0041em;">Trade receivables  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.9642em;top:41.0127em;"><span class="stl_365 stl_346 stl_23">(1,186)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.1658em;top:41.0127em;"><span class="stl_365 stl_346 stl_84">(321)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.8958em;top:41.0127em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.6283em;top:41.0127em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.8683em;top:41.0127em;"><span class="stl_365 stl_346 stl_23">(1,507)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:42.0426em;"><span class="stl_365 stl_346 stl_316" style="word-spacing:0.0053em;">Other payables, etc  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.8142em;top:42.0426em;"><span class="stl_365 stl_346 stl_78">265  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.4858em;top:42.0426em;"><span class="stl_365 stl_346 stl_20">(33)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.8958em;top:42.0426em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.6283em;top:42.0426em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.7183em;top:42.0426em;"><span class="stl_365 stl_346 stl_78">232  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:43.2027em;"><span class="stl_362 stl_346 stl_347" style="word-spacing:0.0073em;">Temporary differences  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.6342em;top:43.2027em;"><span class="stl_362 stl_346 stl_60">(25,636)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.6758em;top:43.2027em;"><span class="stl_362 stl_346 stl_160">(4,823)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.8958em;top:43.2027em;"><span class="stl_362 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.6083em;top:43.2027em;"><span class="stl_362 stl_346 stl_70">(103)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.5383em;top:43.2027em;"><span class="stl_362 stl_346 stl_60">(30,562)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:45.3827em;"><span class="stl_365 stl_346 stl_184" style="word-spacing:-0.0099em;">Tax loss carry-forwards  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.0242em;top:45.3827em;"><span class="stl_365 stl_346 stl_23">24,140  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.5458em;top:45.3827em;"><span class="stl_365 stl_346 stl_78">750  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.8958em;top:45.3827em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.2483em;top:45.3827em;"><span class="stl_365 stl_346 stl_20">(2)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.9283em;top:45.3827em;"><span class="stl_365 stl_346 stl_23">24,888  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:46.5426em;"><span class="stl_362 stl_346 stl_18" style="word-spacing:-0.0145em;">Unutilised tax losses  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.0142em;top:46.5426em;"><span class="stl_362 stl_346 stl_61">24,140  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.5458em;top:46.5426em;"><span class="stl_362 stl_346 stl_78">750  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.8958em;top:46.5426em;"><span class="stl_362 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.2383em;top:46.5426em;"><span class="stl_362 stl_346 stl_164">(2)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.9183em;top:46.5426em;"><span class="stl_362 stl_346 stl_61">24,888  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:48.7127em;"><span class="stl_365 stl_346 stl_23" style="word-spacing:-0.0071em;">Value adjustment  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.6442em;top:48.7127em;"><span class="stl_365 stl_346 stl_156">(24,140)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.1658em;top:48.7127em;"><span class="stl_365 stl_346 stl_84">(756)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.2658em;top:48.7127em;"><span class="stl_365 stl_346 stl_78">568  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.6283em;top:48.7127em;"><span class="stl_365 stl_346 stl_20">2</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.5483em;top:48.7127em;"><span class="stl_365 stl_346 stl_156">(24,325)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:49.8727em;"><span class="stl_362 stl_346 stl_53">Total  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.6342em;top:49.8727em;"><span class="stl_362 stl_346 stl_60">(25,636)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.6758em;top:49.8727em;"><span class="stl_362 stl_346 stl_160">(4,829)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.2658em;top:49.8727em;"><span class="stl_362 stl_346 stl_78">568  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.6083em;top:49.8727em;"><span class="stl_362 stl_346 stl_70">(103)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.5383em;top:49.8727em;"><span class="stl_362 stl_346 stl_60">(30,000)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:51.0252em;"><span class="stl_365 stl_346 stl_429" style="word-spacing:-0.0003em;">The Group does not expect to be able to utilise part of the tax losses within 3-5 years. Accordingly, no tax asset has been recognised in the consolidated balance sheet.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:4.8407em;"><span class="stl_363 stl_346 stl_364">7.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.682em;top:4.8407em;"><span class="stl_363 stl_346 stl_131" style="word-spacing:0.0023em;">TAX ON THE PROFIT/LOSS FOR THE YEAR AND DEFERRED TAX (CONTINUED)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:7.5423em;"><span class="stl_375 stl_346 stl_88" style="word-spacing:-0.014em;">PARENT COMPANY  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:8.6685em;"><span class="stl_365 stl_346 stl_103" style="word-spacing:-0.0013em;">The current tax for the financial year has been calculated at a tax rate of 22.0%.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:10.9423em;"><span class="stl_376 stl_346 stl_86">DKK’000  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.0558em;top:10.9423em;"><span class="stl_375 stl_346 stl_61">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.5083em;top:10.9423em;"><span class="stl_375 stl_346 stl_61">2022  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:13.3785em;"><span class="stl_365 stl_346 stl_116" style="word-spacing:-0.0058em;">Current tax  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.1758em;top:13.3785em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.6283em;top:13.3785em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:14.4085em;"><span class="stl_365 stl_346 stl_226" style="word-spacing:-0.001em;">Change in deferred tax  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.1758em;top:14.4085em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.6283em;top:14.4085em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:15.4385em;"><span class="stl_365 stl_346 stl_113" style="word-spacing:0.0005em;">Adjustment of current tax relating to prior years  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.1758em;top:15.4385em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.6283em;top:15.4385em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:16.4685em;"><span class="stl_365 stl_346 stl_285" style="word-spacing:-0.0003em;">Adjustment of deferred tax relating to prior years  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.1758em;top:16.4685em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.6283em;top:16.4685em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:17.6285em;"><span class="stl_362 stl_346 stl_53">Total  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.1758em;top:17.6285em;"><span class="stl_362 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.6283em;top:17.6285em;"><span class="stl_362 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:19.7985em;"><span class="stl_365 stl_346 stl_58" style="word-spacing:-0.0041em;">Tax on the profit/loss for the year may be specified as follows:  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:20.8285em;"><span class="stl_362 stl_346 stl_233" style="word-spacing:-0.0035em;">Profit/(loss) before tax  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.6758em;top:20.8285em;"><span class="stl_362 stl_346 stl_160">(7,004)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.1283em;top:20.8285em;"><span class="stl_362 stl_346 stl_160">(3,383)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:23.021em;"><span class="stl_365 stl_346 stl_330" style="word-spacing:-0.0059em;">Tax at a rate of 22.0%  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.0758em;top:23.021em;"><span class="stl_365 stl_346 stl_148">1,541  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.2858em;top:23.021em;"><span class="stl_365 stl_346 stl_131">(22.0%)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.9983em;top:23.021em;"><span class="stl_365 stl_346 stl_78">744  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.7383em;top:23.021em;"><span class="stl_365 stl_346 stl_131">(22.0%)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:24.051em;"><span class="stl_365 stl_346 stl_113" style="word-spacing:0.0005em;">Adjustment of current tax relating to prior years  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.7958em;top:24.051em;"><span class="stl_365 stl_346 stl_20">(4)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.9758em;top:24.051em;"><span class="stl_365 stl_346 stl_80">0.1%  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.2483em;top:24.051em;"><span class="stl_365 stl_346 stl_20">(5)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.4283em;top:24.051em;"><span class="stl_365 stl_346 stl_80">0.1%  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:25.071em;"><span class="stl_365 stl_346 stl_131" style="word-spacing:-0.0032em;">Value adjustment of deferred tax  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.6958em;top:25.071em;"><span class="stl_365 stl_346 stl_23">(1,537)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.6658em;top:25.071em;"><span class="stl_365 stl_346 stl_63">21.9%  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.6183em;top:25.071em;"><span class="stl_365 stl_346 stl_84">(739)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.1183em;top:25.071em;"><span class="stl_365 stl_346 stl_63">21.8%  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:26.231em;"><span class="stl_362 stl_346 stl_226" style="word-spacing:-0.0008em;">Effective tax/tax rate for the year  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.1758em;top:26.231em;"><span class="stl_362 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.9558em;top:26.231em;"><span class="stl_362 stl_346 stl_78">0.0%  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.6283em;top:26.231em;"><span class="stl_362 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.4083em;top:26.231em;"><span class="stl_362 stl_346 stl_78">0.0%  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.6083em;top:29.6348em;"><span class="stl_375 stl_346 stl_88">Recognised  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:30.4948em;"><span class="stl_375 stl_346 stl_61">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.0683em;top:30.4948em;"><span class="stl_375 stl_346 stl_193" style="word-spacing:0.0044em;">in income  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.4958em;top:31.3648em;"><span class="stl_375 stl_346 stl_91" style="word-spacing:0.0008em;">Deferred tax  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.9083em;top:31.3648em;"><span class="stl_375 stl_346 stl_91" style="word-spacing:1.1911em;">statement Deferred</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.708em;top:31.3648em;"><span class="stl_375 stl_346 stl_16">tax  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:32.2348em;"><span class="stl_376 stl_346 stl_86">DKK’000  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.9658em;top:32.2348em;"><span class="stl_375 stl_346 stl_16">01.01.2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.5083em;top:32.2348em;"><span class="stl_375 stl_346 stl_61">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.4183em;top:32.2348em;"><span class="stl_375 stl_346 stl_61">31.12.2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:34.671em;"><span class="stl_365 stl_346 stl_148" style="word-spacing:-0.0051em;">Intangible assets  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.8958em;top:34.671em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.6283em;top:34.671em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3483em;top:34.671em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:35.701em;"><span class="stl_365 stl_346 stl_347" style="word-spacing:0.0033em;">Property, plant and equipment  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.8958em;top:35.701em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.6283em;top:35.701em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3483em;top:35.701em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:36.7327em;"><span class="stl_365 stl_346 stl_111">Inventories  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.8958em;top:36.7327em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.6283em;top:36.7327em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3483em;top:36.7327em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:37.7627em;"><span class="stl_365 stl_346 stl_63" style="word-spacing:0.005em;">Other payables, etc.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.8958em;top:37.7627em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.6283em;top:37.7627em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3483em;top:37.7627em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:38.9227em;"><span class="stl_362 stl_346 stl_347" style="word-spacing:0.0073em;">Temporary differences  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.8958em;top:38.9227em;"><span class="stl_362 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.6283em;top:38.9227em;"><span class="stl_362 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3483em;top:38.9227em;"><span class="stl_362 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:41.1027em;"><span class="stl_365 stl_346 stl_184" style="word-spacing:-0.0099em;">Tax loss carry-forwards  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.4758em;top:41.1027em;"><span class="stl_365 stl_346 stl_23">24,326  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.5283em;top:41.1027em;"><span class="stl_365 stl_346 stl_148">1,537  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.9283em;top:41.1027em;"><span class="stl_365 stl_346 stl_23">25,863  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:42.2627em;"><span class="stl_362 stl_346 stl_18" style="word-spacing:-0.0145em;">Unutilised tax losses  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.4658em;top:42.2627em;"><span class="stl_362 stl_346 stl_61">24,326  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.5183em;top:42.2627em;"><span class="stl_362 stl_346 stl_116">1,537  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.9183em;top:42.2627em;"><span class="stl_362 stl_346 stl_61">25,863  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:44.4427em;"><span class="stl_365 stl_346 stl_23" style="word-spacing:-0.0071em;">Value adjustment  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.0958em;top:44.4427em;"><span class="stl_365 stl_346 stl_156">(24,326)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.1483em;top:44.4427em;"><span class="stl_365 stl_346 stl_23">(1,537)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.5483em;top:44.4427em;"><span class="stl_365 stl_346 stl_156">(25,863)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:45.5927em;"><span class="stl_362 stl_346 stl_53">Total  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.8958em;top:45.5927em;"><span class="stl_362 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.6283em;top:45.5927em;"><span class="stl_362 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3483em;top:45.5927em;"><span class="stl_362 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:46.9527em;"><span class="stl_365 stl_346 stl_111" style="word-spacing:-0.0001em;">Tax losses are not expected to be utilised in full within a period of 3-</span><span class="stl_366 stl_346 stl_113" style="word-spacing:0.0007em;">5 years. Accordingly, no tax asset has been recognised in the parent company’s balance sheet.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.6083em;top:48.8965em;"><span class="stl_375 stl_346 stl_88">Recognised  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:49.7565em;"><span class="stl_375 stl_346 stl_61">2022  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.0683em;top:49.7565em;"><span class="stl_375 stl_346 stl_193" style="word-spacing:0.0044em;">in income  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.4958em;top:50.6265em;"><span class="stl_375 stl_346 stl_91" style="word-spacing:0.0008em;">Deferred tax  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.9083em;top:50.6265em;"><span class="stl_375 stl_346 stl_91" style="word-spacing:1.1911em;">statement Deferred</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.708em;top:50.6265em;"><span class="stl_375 stl_346 stl_16">tax  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:51.499em;"><span class="stl_376 stl_346 stl_86">DKK’000  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.9658em;top:51.499em;"><span class="stl_375 stl_346 stl_16">01.01.2022  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.5083em;top:51.499em;"><span class="stl_375 stl_346 stl_61">2022  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.4183em;top:51.499em;"><span class="stl_375 stl_346 stl_16">31.12.2022  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:53.9352em;"><span class="stl_365 stl_346 stl_148" style="word-spacing:-0.0051em;">Intangible assets  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.8958em;top:53.9352em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.6283em;top:53.9352em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3483em;top:53.9352em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:54.9652em;"><span class="stl_365 stl_346 stl_347" style="word-spacing:0.0033em;">Property, plant and equipment  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.8958em;top:54.9652em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.6283em;top:54.9652em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3483em;top:54.9652em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:55.9952em;"><span class="stl_365 stl_346 stl_111">Inventories  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.8958em;top:55.9952em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.6283em;top:55.9952em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3483em;top:55.9952em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:57.0252em;"><span class="stl_365 stl_346 stl_226" style="word-spacing:0.0042em;">Other payables, etc.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.8958em;top:57.0252em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.6283em;top:57.0252em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3483em;top:57.0252em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:58.1852em;"><span class="stl_362 stl_346 stl_347" style="word-spacing:0.0073em;">Temporary differences  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.8958em;top:58.1852em;"><span class="stl_362 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.6283em;top:58.1852em;"><span class="stl_362 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3483em;top:58.1852em;"><span class="stl_362 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:60.3652em;"><span class="stl_365 stl_346 stl_184" style="word-spacing:-0.0099em;">Tax loss carry-forwards  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.4758em;top:60.3652em;"><span class="stl_365 stl_346 stl_23">23,587  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.9983em;top:60.3652em;"><span class="stl_365 stl_346 stl_78">739  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.9283em;top:60.3652em;"><span class="stl_365 stl_346 stl_23">24,326  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:61.5248em;"><span class="stl_362 stl_346 stl_18" style="word-spacing:-0.0145em;">Unutilised tax losses  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.4658em;top:61.5248em;"><span class="stl_362 stl_346 stl_61">23,587  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.9983em;top:61.5248em;"><span class="stl_362 stl_346 stl_78">739  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.9183em;top:61.5248em;"><span class="stl_362 stl_346 stl_61">24,326  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:63.6948em;"><span class="stl_365 stl_346 stl_23" style="word-spacing:-0.0071em;">Value adjustment  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.0958em;top:63.6948em;"><span class="stl_365 stl_346 stl_156">(23,587)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.6183em;top:63.6948em;"><span class="stl_365 stl_346 stl_84">(739)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.5483em;top:63.6948em;"><span class="stl_365 stl_346 stl_156">(24,326)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:64.8548em;"><span class="stl_362 stl_346 stl_53">Total  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.8958em;top:64.8548em;"><span class="stl_362 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.6283em;top:64.8548em;"><span class="stl_362 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3483em;top:64.8548em;"><span class="stl_362 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:66.2168em;"><span class="stl_365 stl_346 stl_63" style="word-spacing:-0.0012em;">Tax losses are not expected to be utilised in full within a period of 3-</span><span class="stl_366 stl_346 stl_113" style="word-spacing:0.0007em;">5 years. Accordingly, no tax asset has been recognised in the parent company’s balance sheet.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:32.9577em;"><span class="stl_362 stl_346 stl_285">Tax  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:33.7177em;"><span class="stl_365 stl_346 stl_123" style="word-spacing:-0.014em;">Tax for the year, which consists of current tax and changes in deferred tax for  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:34.4777em;"><span class="stl_365 stl_346 stl_160" style="word-spacing:0.0433em;">the year, is recognised in the income statement with respect to the portion  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:35.2477em;"><span class="stl_365 stl_346 stl_113" style="word-spacing:0.0146em;">attributable to the profit/loss for the year and directly in equity with respect  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:36.0077em;"><span class="stl_365 stl_346 stl_285" style="word-spacing:-0.0005em;">to the portion attributable to entries directly in equity.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:37.5377em;"><span class="stl_365 stl_346 stl_226" style="word-spacing:0.03em;">Current tax payable and receivable is recognised in the balance sheet as the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:38.2993em;"><span class="stl_365 stl_346 stl_23" style="word-spacing:0.0763em;">tax calculated on the taxable income for the year, adjusted for tax paid on  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:39.0593em;"><span class="stl_365 stl_346 stl_70">account.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:40.5893em;"><span class="stl_366 stl_346 stl_111" style="word-spacing:-0.0318em;">The calculation of the year’s current tax is based on the tax rates </span><span class="stl_365 stl_346 stl_183" style="word-spacing:-0.0292em;">and tax rules  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:41.3493em;"><span class="stl_365 stl_346 stl_148" style="word-spacing:-0.0045em;">applicable at the balance sheet date.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:42.8793em;"><span class="stl_365 stl_346 stl_285" style="word-spacing:0.1273em;">Deferred tax is measured using the tax rates and tax rules that, based on  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:43.6393em;"><span class="stl_365 stl_346 stl_316" style="word-spacing:-0.0529em;">legislation in force or in reality in force at the balance sheet date, are expected  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:44.3993em;"><span class="stl_365 stl_346 stl_316" style="word-spacing:0.1365em;">to apply in the respective countries when the deferred tax is expected to  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:45.1593em;"><span class="stl_365 stl_346 stl_70" style="word-spacing:0.0458em;">crystallise as current tax. Changes in deferred tax as a result of changed tax  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:45.9293em;"><span class="stl_365 stl_346 stl_193" style="word-spacing:-0.0488em;">rates or rules are recognised in the income statement, unless the deferred tax  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:46.6893em;"><span class="stl_365 stl_346 stl_285" style="word-spacing:0.1435em;">can be attributed to items previously recognised directly in equity. In the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:47.4493em;"><span class="stl_365 stl_346 stl_58" style="word-spacing:-0.0015em;">latter case, the change is also recognised directly in equity.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:48.9793em;"><span class="stl_365 stl_346 stl_347" style="word-spacing:0.189em;">Deferred tax is measured using the balance sheet liability method on all  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:49.7393em;"><span class="stl_365 stl_346 stl_329" style="word-spacing:0.1742em;">temporary differences between the carrying amount and the tax base of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:50.5093em;"><span class="stl_365 stl_346 stl_329" style="word-spacing:0.0493em;">assets and liabilities. However, deferred tax is not recognised on temporary  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:51.2693em;"><span class="stl_365 stl_346 stl_285" style="word-spacing:0.3317em;">differences relating to the initial recognition of goodwill or the initial  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:52.0293em;"><span class="stl_365 stl_346 stl_292" style="word-spacing:0.0955em;">recognition of a transaction, apart from business combinations, and where  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:52.7893em;"><span class="stl_365 stl_346 stl_131" style="word-spacing:0.1414em;">the temporary difference existing at the date of initial recognition affects  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:53.5593em;"><span class="stl_365 stl_346 stl_60" style="word-spacing:0.0017em;">neither profit/loss for the year nor taxable income.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:55.0818em;"><span class="stl_365 stl_346 stl_183" style="word-spacing:0.0509em;">Deferred tax is provided on temporary differences arising on investments in  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:55.8518em;"><span class="stl_365 stl_346 stl_292" style="word-spacing:0.1755em;">subsidiaries and associates, unless the parent company is able to control  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:56.6118em;"><span class="stl_365 stl_346 stl_226" style="word-spacing:0.065em;">when the deferred tax is to be realised and it is likely that the deferred tax  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:57.3718em;"><span class="stl_365 stl_346 stl_23" style="word-spacing:-0.008em;">will not crystallise as current tax within the foreseeable future.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:58.9018em;"><span class="stl_365 stl_346 stl_148" style="word-spacing:0.0782em;">Deferred tax is calculated based on the planned use of the individual asset  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:59.6618em;"><span class="stl_365 stl_346 stl_185" style="word-spacing:-0.0029em;">and the settlement of the individual liability, respectively.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:61.1915em;"><span class="stl_365 stl_346 stl_285" style="word-spacing:0.1525em;">Deferred tax assets, including the tax base of tax loss carry-forwards, are  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:61.9515em;"><span class="stl_365 stl_346 stl_58" style="word-spacing:-0.0187em;">recognised in the balance sheet at the value at which the asset is expected to  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:7.0151em;"><span class="stl_365 stl_346 stl_347" style="word-spacing:0.0651em;">be realised, either through a set-off against deferred tax liabilities or as net  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:7.7751em;"><span class="stl_365 stl_346 stl_113" style="word-spacing:-0.0305em;">tax assets to be offset against future positive taxable income. At each balance  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:8.5351em;"><span class="stl_365 stl_346 stl_226" style="word-spacing:0.002em;">sheet date, an assessment is made as to whether it is likely that there will be  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:9.3051em;"><span class="stl_365 stl_346 stl_131" style="word-spacing:-0.0054em;">sufficient future taxable income for the deferred tax asset to be utilised.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:40.2365em;"><span class="stl_363 stl_346 stl_364">7.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.682em;top:40.2365em;"><span class="stl_363 stl_346 stl_193" style="word-spacing:0.0018em;">TAX ON THE PROFIT/LOSS FOR THE YEAR AND DEFERRED TAX  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:42.9365em;"><span class="stl_375 stl_346 stl_193">GROUP  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:44.0627em;"><span class="stl_365 stl_346 stl_103" style="word-spacing:-0.0019em;">The current tax for the financial year has been calculated at a tax rate of 22.0%.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:46.3365em;"><span class="stl_376 stl_346 stl_86">DKK’000  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.0558em;top:46.3365em;"><span class="stl_375 stl_346 stl_61">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.5083em;top:46.3365em;"><span class="stl_375 stl_346 stl_61">2022  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:48.7726em;"><span class="stl_365 stl_346 stl_116" style="word-spacing:-0.0058em;">Current tax  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.6958em;top:48.7726em;"><span class="stl_365 stl_346 stl_23">(1,312)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.6183em;top:48.7726em;"><span class="stl_365 stl_346 stl_84">(901)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:49.8027em;"><span class="stl_365 stl_346 stl_329" style="word-spacing:-0.0024em;">Change in deferred tax including change in value  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.6958em;top:49.8027em;"><span class="stl_365 stl_346 stl_330">(2,311)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.1483em;top:49.8027em;"><span class="stl_365 stl_346 stl_23">(4,823)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:50.8351em;"><span class="stl_365 stl_346 stl_113" style="word-spacing:0.0005em;">Adjustment of current tax relating to prior years  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.7958em;top:50.8351em;"><span class="stl_365 stl_346 stl_20">(4)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.2483em;top:50.8351em;"><span class="stl_365 stl_346 stl_20">(6)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:51.9952em;"><span class="stl_362 stl_346 stl_53">Total  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.6758em;top:51.9952em;"><span class="stl_362 stl_346 stl_156">(3,627)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.1283em;top:51.9952em;"><span class="stl_362 stl_346 stl_160">(5,730)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:54.1751em;"><span class="stl_365 stl_346 stl_58" style="word-spacing:-0.0041em;">Tax on the profit/loss for the year may be specified as follows:  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:56.2252em;"><span class="stl_362 stl_346 stl_233" style="word-spacing:-0.0035em;">Profit/(loss) before tax  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.7458em;top:56.2252em;"><span class="stl_362 stl_346 stl_61">14,962  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.1983em;top:56.2252em;"><span class="stl_362 stl_346 stl_61">27,858  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:58.4152em;"><span class="stl_365 stl_346 stl_330" style="word-spacing:-0.0059em;">Tax at a rate of 22.0%  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.6958em;top:58.4152em;"><span class="stl_365 stl_346 stl_330">(3,292)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.2858em;top:58.4152em;"><span class="stl_365 stl_346 stl_131">(22.0%)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.1483em;top:58.4152em;"><span class="stl_365 stl_346 stl_23">(6,118)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.7383em;top:58.4152em;"><span class="stl_365 stl_346 stl_131">(22.0%)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:59.4451em;"><span class="stl_365 stl_346 stl_113" style="word-spacing:-0.0002em;">Effect of different tax rate in foreign entities  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.5458em;top:59.4451em;"><span class="stl_365 stl_346 stl_78">579  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.9758em;top:59.4451em;"><span class="stl_365 stl_346 stl_80">3.9%  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.9983em;top:59.4451em;"><span class="stl_365 stl_346 stl_78">950  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.4283em;top:59.4451em;"><span class="stl_365 stl_346 stl_80">3.4%  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:60.4752em;"><span class="stl_365 stl_346 stl_226" style="word-spacing:-0.0016em;">Tax base of non-deductible expenses and non-taxable income  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.5458em;top:60.4752em;"><span class="stl_365 stl_346 stl_78">925  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.9758em;top:60.4752em;"><span class="stl_365 stl_346 stl_108">6,2%  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.9983em;top:60.4752em;"><span class="stl_365 stl_346 stl_78">200  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.4283em;top:60.4752em;"><span class="stl_365 stl_346 stl_80">0.7%  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:61.4948em;"><span class="stl_365 stl_346 stl_113" style="word-spacing:0.0005em;">Adjustment of current tax relating to prior years  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.7958em;top:61.4948em;"><span class="stl_365 stl_346 stl_20">(4)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.9758em;top:61.4948em;"><span class="stl_365 stl_346 stl_80">0.0%  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.2483em;top:61.4948em;"><span class="stl_365 stl_346 stl_20">(6)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.4283em;top:61.4948em;"><span class="stl_365 stl_346 stl_80">0.0%  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:62.5248em;"><span class="stl_365 stl_346 stl_131" style="word-spacing:-0.0032em;">Value adjustment of deferred tax  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.6958em;top:62.5248em;"><span class="stl_365 stl_346 stl_330">(1,835)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.2858em;top:62.5248em;"><span class="stl_365 stl_346 stl_131">(12.3%)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.6183em;top:62.5248em;"><span class="stl_365 stl_346 stl_84">(756)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.0483em;top:62.5248em;"><span class="stl_365 stl_346 stl_16">(2.7%)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:63.6848em;"><span class="stl_362 stl_346 stl_226" style="word-spacing:-0.0008em;">Effective tax/tax rate for the year  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.6758em;top:63.6848em;"><span class="stl_362 stl_346 stl_156">(3,627)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.2558em;top:63.6848em;"><span class="stl_362 stl_346 stl_329">(24.2%)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.1283em;top:63.6848em;"><span class="stl_362 stl_346 stl_160">(5,730)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.7083em;top:63.6848em;"><span class="stl_362 stl_346 stl_316">(20.6%)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:5.5407em;"><span class="stl_363 stl_346 stl_364">7.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.682em;top:5.5407em;"><span class="stl_363 stl_346 stl_131" style="word-spacing:0.0023em;">TAX ON THE PROFIT/LOSS FOR THE YEAR AND DEFERRED TAX (CONTINUED)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:8.2423em;"><span class="stl_375 stl_346 stl_193">GROUP  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:9.5823em;"><span class="stl_375 stl_346 stl_90" style="word-spacing:-0.0018em;">Breakdown of deferred tax for the Group stated in the balance sheet:  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.5083em;top:9.5823em;"><span class="stl_375 stl_346 stl_61">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.2283em;top:9.5823em;"><span class="stl_375 stl_346 stl_61">2022  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:12.0185em;"><span class="stl_365 stl_346 stl_113" style="word-spacing:0em;">Deferred tax liabilities, see balance sheet  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.8283em;top:12.0185em;"><span class="stl_365 stl_346 stl_68">(34,760)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.5483em;top:12.0185em;"><span class="stl_365 stl_346 stl_156">(30,000)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:13.1785em;"><span class="stl_362 stl_346 stl_23" style="word-spacing:-0.0077em;">Deferred tax, net  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.8183em;top:13.1785em;"><span class="stl_362 stl_346 stl_316">(34,760)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.5383em;top:13.1785em;"><span class="stl_362 stl_346 stl_60">(30,000)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.5358em;top:15.5723em;"><span class="stl_375 stl_346 stl_87">Recognise  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.2058em;top:15.5723em;"><span class="stl_375 stl_346 stl_233" style="word-spacing:0em;">Loss of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.7483em;top:15.5723em;"><span class="stl_375 stl_346 stl_115">Foreign  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:16.4323em;"><span class="stl_375 stl_346 stl_61">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.6058em;top:16.4323em;"><span class="stl_375 stl_346 stl_68" style="word-spacing:0.0024em;">in Income  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.7158em;top:16.4323em;"><span class="stl_375 stl_346 stl_285">usability  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.1583em;top:16.4323em;"><span class="stl_375 stl_346 stl_87">exchange  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:20.0442em;top:17.2923em;"><span class="stl_375 stl_346 stl_91" style="word-spacing:0.0008em;">Deferred tax  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4058em;top:17.2923em;"><span class="stl_375 stl_346 stl_35">Statement  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.6058em;top:17.2923em;"><span class="stl_375 stl_346 stl_330" style="word-spacing:0.0063em;">of tax losses  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.5683em;top:17.2923em;"><span class="stl_375 stl_346 stl_88" style="word-spacing:1.1886em;">adjustment Deferred</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.708em;top:17.2923em;"><span class="stl_375 stl_346 stl_16">tax  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:18.1723em;"><span class="stl_376 stl_346 stl_86">DKK’000  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:20.5142em;top:18.1723em;"><span class="stl_375 stl_346 stl_61">01.01.2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.0558em;top:18.1723em;"><span class="stl_375 stl_346 stl_61">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.7758em;top:18.1723em;"><span class="stl_375 stl_346 stl_61">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.5083em;top:18.1723em;"><span class="stl_375 stl_346 stl_61">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.4183em;top:18.1723em;"><span class="stl_375 stl_346 stl_61">31.12.2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:20.6085em;"><span class="stl_365 stl_346 stl_347" style="word-spacing:0.0033em;">Property, plant and equipment  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.6442em;top:20.6085em;"><span class="stl_365 stl_346 stl_156">(29,287)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.6958em;top:20.6085em;"><span class="stl_365 stl_346 stl_330">(1,723)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.8958em;top:20.6085em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.1483em;top:20.6085em;"><span class="stl_365 stl_346 stl_330">(3,176)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.5483em;top:20.6085em;"><span class="stl_365 stl_346 stl_156">(34,186)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:21.641em;"><span class="stl_365 stl_346 stl_285" style="word-spacing:-0.0041em;">Trade receivables  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.9642em;top:21.641em;"><span class="stl_365 stl_346 stl_23">(1,507)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.1658em;top:21.641em;"><span class="stl_365 stl_346 stl_69">(599)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.8958em;top:21.641em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.6283em;top:21.641em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.8683em;top:21.641em;"><span class="stl_365 stl_346 stl_330">(2,106)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:22.661em;"><span class="stl_365 stl_346 stl_316" style="word-spacing:0.0053em;">Other payables, etc  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.8142em;top:22.661em;"><span class="stl_365 stl_346 stl_78">232  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.8658em;top:22.661em;"><span class="stl_365 stl_346 stl_78">11  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.8958em;top:22.661em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.6283em;top:22.661em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.7183em;top:22.661em;"><span class="stl_365 stl_346 stl_78">243  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:23.821em;"><span class="stl_362 stl_346 stl_347" style="word-spacing:0.0073em;">Temporary differences  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.6342em;top:23.821em;"><span class="stl_362 stl_346 stl_60">(30,562)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.6758em;top:23.821em;"><span class="stl_362 stl_346 stl_156">(2,311)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.8958em;top:23.821em;"><span class="stl_362 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.1283em;top:23.821em;"><span class="stl_362 stl_346 stl_156">(3,176)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.5383em;top:23.821em;"><span class="stl_362 stl_346 stl_316">(36,049)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:26.001em;"><span class="stl_365 stl_346 stl_184" style="word-spacing:-0.0092em;">Tax loss carry-forwards  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.0242em;top:26.001em;"><span class="stl_365 stl_346 stl_23">24,888  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.0758em;top:26.001em;"><span class="stl_365 stl_346 stl_148">1,739  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.8958em;top:26.001em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.6283em;top:26.001em;"><span class="stl_365 stl_346 stl_20">3</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.9283em;top:26.001em;"><span class="stl_365 stl_346 stl_23">26,631  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:27.161em;"><span class="stl_362 stl_346 stl_18" style="word-spacing:-0.0145em;">Unutilised tax losses  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.0142em;top:27.161em;"><span class="stl_362 stl_346 stl_61">24,888  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.0658em;top:27.161em;"><span class="stl_362 stl_346 stl_116">1,739  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.8958em;top:27.161em;"><span class="stl_362 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.6283em;top:27.161em;"><span class="stl_362 stl_346 stl_20">3</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.9183em;top:27.161em;"><span class="stl_362 stl_346 stl_61">26,631  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:29.341em;"><span class="stl_365 stl_346 stl_23" style="word-spacing:-0.0071em;">Value adjustment  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.6442em;top:29.341em;"><span class="stl_365 stl_346 stl_156">(24,325)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.6958em;top:29.341em;"><span class="stl_365 stl_346 stl_330">(1,835)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.2658em;top:29.341em;"><span class="stl_365 stl_346 stl_78">114  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.9983em;top:29.341em;"><span class="stl_365 stl_346 stl_78">706  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.5483em;top:29.341em;"><span class="stl_365 stl_346 stl_156">(25,342)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:30.501em;"><span class="stl_362 stl_346 stl_53">Total  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.6342em;top:30.501em;"><span class="stl_362 stl_346 stl_60">(30,000)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.6758em;top:30.501em;"><span class="stl_362 stl_346 stl_156">(2,407)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.2658em;top:30.501em;"><span class="stl_362 stl_346 stl_78">114  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.1283em;top:30.501em;"><span class="stl_362 stl_346 stl_156">(2,467)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.5383em;top:30.501em;"><span class="stl_362 stl_346 stl_316">(34,760)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:31.651em;"><span class="stl_365 stl_346 stl_428" style="word-spacing:-0.0012em;">The Group does not expect to be able to utilise part of the tax losses within 3-5 years. Accordingly, no tax asset has been recognised in the consolidated balance sheet.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.5358em;top:34.9448em;"><span class="stl_375 stl_346 stl_87">Recognise  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.2058em;top:34.9448em;"><span class="stl_375 stl_346 stl_233" style="word-spacing:0em;">Loss of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.7483em;top:34.9448em;"><span class="stl_375 stl_346 stl_115">Foreign  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:35.8048em;"><span class="stl_375 stl_346 stl_61">2022  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.6058em;top:35.8048em;"><span class="stl_375 stl_346 stl_68" style="word-spacing:0.0024em;">in Income  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.7158em;top:35.8048em;"><span class="stl_375 stl_346 stl_285">usability  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.1583em;top:35.8048em;"><span class="stl_375 stl_346 stl_87">exchange  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:20.0442em;top:36.6765em;"><span class="stl_375 stl_346 stl_91" style="word-spacing:0.0008em;">Deferred tax  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4058em;top:36.6765em;"><span class="stl_375 stl_346 stl_35">Statement  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.6058em;top:36.6765em;"><span class="stl_375 stl_346 stl_330" style="word-spacing:0.0063em;">of tax losses  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.5683em;top:36.6765em;"><span class="stl_375 stl_346 stl_88" style="word-spacing:1.1886em;">adjustment Deferred</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.708em;top:36.6765em;"><span class="stl_375 stl_346 stl_16">tax  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:37.5465em;"><span class="stl_376 stl_346 stl_86">DKK’000  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:20.5142em;top:37.5465em;"><span class="stl_375 stl_346 stl_61">01.01.2022  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.0558em;top:37.5465em;"><span class="stl_375 stl_346 stl_61">2022  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.7758em;top:37.5465em;"><span class="stl_375 stl_346 stl_61">2022  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.5083em;top:37.5465em;"><span class="stl_375 stl_346 stl_61">2022  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.4183em;top:37.5465em;"><span class="stl_375 stl_346 stl_61">31.12.2022  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:39.9827em;"><span class="stl_365 stl_346 stl_347" style="word-spacing:0.0033em;">Property, plant and equipment  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.6442em;top:39.9827em;"><span class="stl_365 stl_346 stl_156">(24,715)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.6958em;top:39.9827em;"><span class="stl_365 stl_346 stl_23">(4,469)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.8958em;top:39.9827em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.6183em;top:39.9827em;"><span class="stl_365 stl_346 stl_84">(103)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.5483em;top:39.9827em;"><span class="stl_365 stl_346 stl_156">(29,287)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:41.0127em;"><span class="stl_365 stl_346 stl_285" style="word-spacing:-0.0041em;">Trade receivables  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.9642em;top:41.0127em;"><span class="stl_365 stl_346 stl_23">(1,186)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.1658em;top:41.0127em;"><span class="stl_365 stl_346 stl_84">(321)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.8958em;top:41.0127em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.6283em;top:41.0127em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.8683em;top:41.0127em;"><span class="stl_365 stl_346 stl_23">(1,507)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:42.0426em;"><span class="stl_365 stl_346 stl_316" style="word-spacing:0.0053em;">Other payables, etc  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.8142em;top:42.0426em;"><span class="stl_365 stl_346 stl_78">265  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.4858em;top:42.0426em;"><span class="stl_365 stl_346 stl_20">(33)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.8958em;top:42.0426em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.6283em;top:42.0426em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.7183em;top:42.0426em;"><span class="stl_365 stl_346 stl_78">232  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:43.2027em;"><span class="stl_362 stl_346 stl_347" style="word-spacing:0.0073em;">Temporary differences  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.6342em;top:43.2027em;"><span class="stl_362 stl_346 stl_60">(25,636)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.6758em;top:43.2027em;"><span class="stl_362 stl_346 stl_160">(4,823)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.8958em;top:43.2027em;"><span class="stl_362 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.6083em;top:43.2027em;"><span class="stl_362 stl_346 stl_70">(103)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.5383em;top:43.2027em;"><span class="stl_362 stl_346 stl_60">(30,562)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:45.3827em;"><span class="stl_365 stl_346 stl_184" style="word-spacing:-0.0099em;">Tax loss carry-forwards  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.0242em;top:45.3827em;"><span class="stl_365 stl_346 stl_23">24,140  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.5458em;top:45.3827em;"><span class="stl_365 stl_346 stl_78">750  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.8958em;top:45.3827em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.2483em;top:45.3827em;"><span class="stl_365 stl_346 stl_20">(2)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.9283em;top:45.3827em;"><span class="stl_365 stl_346 stl_23">24,888  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:46.5426em;"><span class="stl_362 stl_346 stl_18" style="word-spacing:-0.0145em;">Unutilised tax losses  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.0142em;top:46.5426em;"><span class="stl_362 stl_346 stl_61">24,140  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.5458em;top:46.5426em;"><span class="stl_362 stl_346 stl_78">750  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.8958em;top:46.5426em;"><span class="stl_362 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.2383em;top:46.5426em;"><span class="stl_362 stl_346 stl_164">(2)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.9183em;top:46.5426em;"><span class="stl_362 stl_346 stl_61">24,888  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:48.7127em;"><span class="stl_365 stl_346 stl_23" style="word-spacing:-0.0071em;">Value adjustment  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.6442em;top:48.7127em;"><span class="stl_365 stl_346 stl_156">(24,140)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.1658em;top:48.7127em;"><span class="stl_365 stl_346 stl_84">(756)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.2658em;top:48.7127em;"><span class="stl_365 stl_346 stl_78">568  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.6283em;top:48.7127em;"><span class="stl_365 stl_346 stl_20">2</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.5483em;top:48.7127em;"><span class="stl_365 stl_346 stl_156">(24,325)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:49.8727em;"><span class="stl_362 stl_346 stl_53">Total  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.6342em;top:49.8727em;"><span class="stl_362 stl_346 stl_60">(25,636)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.6758em;top:49.8727em;"><span class="stl_362 stl_346 stl_160">(4,829)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.2658em;top:49.8727em;"><span class="stl_362 stl_346 stl_78">568  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.6083em;top:49.8727em;"><span class="stl_362 stl_346 stl_70">(103)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.5383em;top:49.8727em;"><span class="stl_362 stl_346 stl_60">(30,000)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:51.0252em;"><span class="stl_365 stl_346 stl_429" style="word-spacing:-0.0003em;">The Group does not expect to be able to utilise part of the tax losses within 3-5 years. Accordingly, no tax asset has been recognised in the consolidated balance sheet.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:4.8407em;"><span class="stl_363 stl_346 stl_364">7.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.682em;top:4.8407em;"><span class="stl_363 stl_346 stl_131" style="word-spacing:0.0023em;">TAX ON THE PROFIT/LOSS FOR THE YEAR AND DEFERRED TAX (CONTINUED)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:7.5423em;"><span class="stl_375 stl_346 stl_88" style="word-spacing:-0.014em;">PARENT COMPANY  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:8.6685em;"><span class="stl_365 stl_346 stl_103" style="word-spacing:-0.0013em;">The current tax for the financial year has been calculated at a tax rate of 22.0%.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:10.9423em;"><span class="stl_376 stl_346 stl_86">DKK’000  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.0558em;top:10.9423em;"><span class="stl_375 stl_346 stl_61">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.5083em;top:10.9423em;"><span class="stl_375 stl_346 stl_61">2022  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:13.3785em;"><span class="stl_365 stl_346 stl_116" style="word-spacing:-0.0058em;">Current tax  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.1758em;top:13.3785em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.6283em;top:13.3785em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:14.4085em;"><span class="stl_365 stl_346 stl_226" style="word-spacing:-0.001em;">Change in deferred tax  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.1758em;top:14.4085em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.6283em;top:14.4085em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:15.4385em;"><span class="stl_365 stl_346 stl_113" style="word-spacing:0.0005em;">Adjustment of current tax relating to prior years  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.1758em;top:15.4385em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.6283em;top:15.4385em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:16.4685em;"><span class="stl_365 stl_346 stl_285" style="word-spacing:-0.0003em;">Adjustment of deferred tax relating to prior years  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.1758em;top:16.4685em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.6283em;top:16.4685em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:17.6285em;"><span class="stl_362 stl_346 stl_53">Total  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.1758em;top:17.6285em;"><span class="stl_362 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.6283em;top:17.6285em;"><span class="stl_362 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:19.7985em;"><span class="stl_365 stl_346 stl_58" style="word-spacing:-0.0041em;">Tax on the profit/loss for the year may be specified as follows:  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:20.8285em;"><span class="stl_362 stl_346 stl_233" style="word-spacing:-0.0035em;">Profit/(loss) before tax  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.6758em;top:20.8285em;"><span class="stl_362 stl_346 stl_160">(7,004)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.1283em;top:20.8285em;"><span class="stl_362 stl_346 stl_160">(3,383)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:23.021em;"><span class="stl_365 stl_346 stl_330" style="word-spacing:-0.0059em;">Tax at a rate of 22.0%  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.0758em;top:23.021em;"><span class="stl_365 stl_346 stl_148">1,541  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.2858em;top:23.021em;"><span class="stl_365 stl_346 stl_131">(22.0%)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.9983em;top:23.021em;"><span class="stl_365 stl_346 stl_78">744  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.7383em;top:23.021em;"><span class="stl_365 stl_346 stl_131">(22.0%)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:24.051em;"><span class="stl_365 stl_346 stl_113" style="word-spacing:0.0005em;">Adjustment of current tax relating to prior years  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.7958em;top:24.051em;"><span class="stl_365 stl_346 stl_20">(4)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.9758em;top:24.051em;"><span class="stl_365 stl_346 stl_80">0.1%  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.2483em;top:24.051em;"><span class="stl_365 stl_346 stl_20">(5)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.4283em;top:24.051em;"><span class="stl_365 stl_346 stl_80">0.1%  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:25.071em;"><span class="stl_365 stl_346 stl_131" style="word-spacing:-0.0032em;">Value adjustment of deferred tax  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.6958em;top:25.071em;"><span class="stl_365 stl_346 stl_23">(1,537)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.6658em;top:25.071em;"><span class="stl_365 stl_346 stl_63">21.9%  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.6183em;top:25.071em;"><span class="stl_365 stl_346 stl_84">(739)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.1183em;top:25.071em;"><span class="stl_365 stl_346 stl_63">21.8%  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:26.231em;"><span class="stl_362 stl_346 stl_226" style="word-spacing:-0.0008em;">Effective tax/tax rate for the year  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.1758em;top:26.231em;"><span class="stl_362 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.9558em;top:26.231em;"><span class="stl_362 stl_346 stl_78">0.0%  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.6283em;top:26.231em;"><span class="stl_362 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.4083em;top:26.231em;"><span class="stl_362 stl_346 stl_78">0.0%  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.6083em;top:29.6348em;"><span class="stl_375 stl_346 stl_88">Recognised  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:30.4948em;"><span class="stl_375 stl_346 stl_61">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.0683em;top:30.4948em;"><span class="stl_375 stl_346 stl_193" style="word-spacing:0.0044em;">in income  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.4958em;top:31.3648em;"><span class="stl_375 stl_346 stl_91" style="word-spacing:0.0008em;">Deferred tax  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.9083em;top:31.3648em;"><span class="stl_375 stl_346 stl_91" style="word-spacing:1.1911em;">statement Deferred</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.708em;top:31.3648em;"><span class="stl_375 stl_346 stl_16">tax  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:32.2348em;"><span class="stl_376 stl_346 stl_86">DKK’000  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.9658em;top:32.2348em;"><span class="stl_375 stl_346 stl_16">01.01.2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.5083em;top:32.2348em;"><span class="stl_375 stl_346 stl_61">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.4183em;top:32.2348em;"><span class="stl_375 stl_346 stl_61">31.12.2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:34.671em;"><span class="stl_365 stl_346 stl_148" style="word-spacing:-0.0051em;">Intangible assets  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.8958em;top:34.671em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.6283em;top:34.671em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3483em;top:34.671em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:35.701em;"><span class="stl_365 stl_346 stl_347" style="word-spacing:0.0033em;">Property, plant and equipment  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.8958em;top:35.701em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.6283em;top:35.701em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3483em;top:35.701em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:36.7327em;"><span class="stl_365 stl_346 stl_111">Inventories  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.8958em;top:36.7327em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.6283em;top:36.7327em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3483em;top:36.7327em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:37.7627em;"><span class="stl_365 stl_346 stl_63" style="word-spacing:0.005em;">Other payables, etc.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.8958em;top:37.7627em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.6283em;top:37.7627em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3483em;top:37.7627em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:38.9227em;"><span class="stl_362 stl_346 stl_347" style="word-spacing:0.0073em;">Temporary differences  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.8958em;top:38.9227em;"><span class="stl_362 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.6283em;top:38.9227em;"><span class="stl_362 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3483em;top:38.9227em;"><span class="stl_362 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:41.1027em;"><span class="stl_365 stl_346 stl_184" style="word-spacing:-0.0099em;">Tax loss carry-forwards  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.4758em;top:41.1027em;"><span class="stl_365 stl_346 stl_23">24,326  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.5283em;top:41.1027em;"><span class="stl_365 stl_346 stl_148">1,537  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.9283em;top:41.1027em;"><span class="stl_365 stl_346 stl_23">25,863  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:42.2627em;"><span class="stl_362 stl_346 stl_18" style="word-spacing:-0.0145em;">Unutilised tax losses  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.4658em;top:42.2627em;"><span class="stl_362 stl_346 stl_61">24,326  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.5183em;top:42.2627em;"><span class="stl_362 stl_346 stl_116">1,537  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.9183em;top:42.2627em;"><span class="stl_362 stl_346 stl_61">25,863  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:44.4427em;"><span class="stl_365 stl_346 stl_23" style="word-spacing:-0.0071em;">Value adjustment  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.0958em;top:44.4427em;"><span class="stl_365 stl_346 stl_156">(24,326)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.1483em;top:44.4427em;"><span class="stl_365 stl_346 stl_23">(1,537)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.5483em;top:44.4427em;"><span class="stl_365 stl_346 stl_156">(25,863)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:45.5927em;"><span class="stl_362 stl_346 stl_53">Total  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.8958em;top:45.5927em;"><span class="stl_362 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.6283em;top:45.5927em;"><span class="stl_362 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3483em;top:45.5927em;"><span class="stl_362 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:46.9527em;"><span class="stl_365 stl_346 stl_111" style="word-spacing:-0.0001em;">Tax losses are not expected to be utilised in full within a period of 3-</span><span class="stl_366 stl_346 stl_113" style="word-spacing:0.0007em;">5 years. Accordingly, no tax asset has been recognised in the parent company’s balance sheet.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.6083em;top:48.8965em;"><span class="stl_375 stl_346 stl_88">Recognised  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:49.7565em;"><span class="stl_375 stl_346 stl_61">2022  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.0683em;top:49.7565em;"><span class="stl_375 stl_346 stl_193" style="word-spacing:0.0044em;">in income  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.4958em;top:50.6265em;"><span class="stl_375 stl_346 stl_91" style="word-spacing:0.0008em;">Deferred tax  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.9083em;top:50.6265em;"><span class="stl_375 stl_346 stl_91" style="word-spacing:1.1911em;">statement Deferred</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.708em;top:50.6265em;"><span class="stl_375 stl_346 stl_16">tax  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:51.499em;"><span class="stl_376 stl_346 stl_86">DKK’000  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.9658em;top:51.499em;"><span class="stl_375 stl_346 stl_16">01.01.2022  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.5083em;top:51.499em;"><span class="stl_375 stl_346 stl_61">2022  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.4183em;top:51.499em;"><span class="stl_375 stl_346 stl_16">31.12.2022  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:53.9352em;"><span class="stl_365 stl_346 stl_148" style="word-spacing:-0.0051em;">Intangible assets  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.8958em;top:53.9352em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.6283em;top:53.9352em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3483em;top:53.9352em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:54.9652em;"><span class="stl_365 stl_346 stl_347" style="word-spacing:0.0033em;">Property, plant and equipment  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.8958em;top:54.9652em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.6283em;top:54.9652em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3483em;top:54.9652em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:55.9952em;"><span class="stl_365 stl_346 stl_111">Inventories  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.8958em;top:55.9952em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.6283em;top:55.9952em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3483em;top:55.9952em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:57.0252em;"><span class="stl_365 stl_346 stl_226" style="word-spacing:0.0042em;">Other payables, etc.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.8958em;top:57.0252em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.6283em;top:57.0252em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3483em;top:57.0252em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:58.1852em;"><span class="stl_362 stl_346 stl_347" style="word-spacing:0.0073em;">Temporary differences  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.8958em;top:58.1852em;"><span class="stl_362 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.6283em;top:58.1852em;"><span class="stl_362 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3483em;top:58.1852em;"><span class="stl_362 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:60.3652em;"><span class="stl_365 stl_346 stl_184" style="word-spacing:-0.0099em;">Tax loss carry-forwards  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.4758em;top:60.3652em;"><span class="stl_365 stl_346 stl_23">23,587  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.9983em;top:60.3652em;"><span class="stl_365 stl_346 stl_78">739  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.9283em;top:60.3652em;"><span class="stl_365 stl_346 stl_23">24,326  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:61.5248em;"><span class="stl_362 stl_346 stl_18" style="word-spacing:-0.0145em;">Unutilised tax losses  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.4658em;top:61.5248em;"><span class="stl_362 stl_346 stl_61">23,587  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.9983em;top:61.5248em;"><span class="stl_362 stl_346 stl_78">739  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.9183em;top:61.5248em;"><span class="stl_362 stl_346 stl_61">24,326  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:63.6948em;"><span class="stl_365 stl_346 stl_23" style="word-spacing:-0.0071em;">Value adjustment  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.0958em;top:63.6948em;"><span class="stl_365 stl_346 stl_156">(23,587)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.6183em;top:63.6948em;"><span class="stl_365 stl_346 stl_84">(739)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.5483em;top:63.6948em;"><span class="stl_365 stl_346 stl_156">(24,326)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:64.8548em;"><span class="stl_362 stl_346 stl_53">Total  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.8958em;top:64.8548em;"><span class="stl_362 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.6283em;top:64.8548em;"><span class="stl_362 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3483em;top:64.8548em;"><span class="stl_362 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:66.2168em;"><span class="stl_365 stl_346 stl_63" style="word-spacing:-0.0012em;">Tax losses are not expected to be utilised in full within a period of 3-</span><span class="stl_366 stl_346 stl_113" style="word-spacing:0.0007em;">5 years. Accordingly, no tax asset has been recognised in the parent company’s balance sheet.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:12.8524em;"><span class="stl_363 stl_346 stl_330" style="word-spacing:0.8715em;">24. FINANCIAL</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:8.982em;top:12.8524em;"><span class="stl_363 stl_346 stl_160" style="word-spacing:-0.0003em;">RISKS AND FINANCIAL INSTRUMENTS  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.29em;top:15.5423em;"><span class="stl_375 stl_346 stl_88" style="word-spacing:-0.014em;">PARENT COMPANY  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.8683em;top:15.5423em;"><span class="stl_375 stl_346 stl_193">GROUP  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.01em;top:16.8923em;"><span class="stl_375 stl_346 stl_78">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:8.152em;top:16.8923em;"><span class="stl_375 stl_346 stl_20">2022  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.3617em;top:16.8923em;"><span class="stl_375 stl_346 stl_92">DKK'000  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.3283em;top:16.8923em;"><span class="stl_375 stl_346 stl_61">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.0483em;top:16.8923em;"><span class="stl_375 stl_346 stl_61">2022  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:5.132em;top:19.3285em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:9.2717em;top:19.3285em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.3617em;top:19.3285em;"><span class="stl_365 stl_346 stl_285" style="word-spacing:-0.0041em;">Trade receivables  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.3483em;top:19.3285em;"><span class="stl_365 stl_346 stl_148">2,524  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.0683em;top:19.3285em;"><span class="stl_365 stl_346 stl_148">2,200  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.03em;top:20.3585em;"><span class="stl_365 stl_346 stl_70">1,508  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:8.172em;top:20.3585em;"><span class="stl_365 stl_346 stl_148">1,341  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.3617em;top:20.3585em;"><span class="stl_365 stl_346 stl_329" style="word-spacing:-0.0003em;">Intra-group receivables  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.4483em;top:20.3585em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.1683em;top:20.3585em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:5.132em;top:21.391em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:9.2717em;top:21.391em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.3617em;top:21.391em;"><span class="stl_365 stl_346 stl_316" style="word-spacing:0.0046em;">Other receivables, current  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.3483em;top:21.391em;"><span class="stl_365 stl_346 stl_148">4,391  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.5383em;top:21.391em;"><span class="stl_365 stl_346 stl_78">472  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:5.132em;top:22.421em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:9.2717em;top:22.421em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.3617em;top:22.421em;"><span class="stl_365 stl_346 stl_63" style="word-spacing:0.0038em;">Other receivables, non-current  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.8183em;top:22.421em;"><span class="stl_365 stl_346 stl_78">239  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.5383em;top:22.421em;"><span class="stl_365 stl_346 stl_78">366  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.5em;top:23.441em;"><span class="stl_365 stl_346 stl_78">199  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:8.6417em;top:23.441em;"><span class="stl_365 stl_346 stl_78">307  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.3617em;top:23.441em;"><span class="stl_365 stl_346 stl_316" style="word-spacing:0.0015em;">Cash and cash equivalents  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.0283em;top:23.441em;"><span class="stl_365 stl_346 stl_23">12,095  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.0683em;top:23.441em;"><span class="stl_365 stl_346 stl_148">7,139  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:24.601em;"><span class="stl_362 stl_346 stl_67">1,699  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:8.162em;top:24.601em;"><span class="stl_362 stl_346 stl_116">1,648  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.3617em;top:24.601em;"><span class="stl_362 stl_346 stl_347" style="word-spacing:0.0025em;">Loans, advances and receivables  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.0183em;top:24.601em;"><span class="stl_362 stl_346 stl_61">19,249  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.7383em;top:24.601em;"><span class="stl_362 stl_346 stl_61">10,177  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:3.71em;top:26.781em;"><span class="stl_365 stl_346 stl_23">38,339  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.852em;top:26.781em;"><span class="stl_365 stl_346 stl_23">30,635  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.3617em;top:26.781em;"><span class="stl_365 stl_346 stl_226" style="word-spacing:-0.0025em;">Debt to subsidiaries  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.4483em;top:26.781em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.1683em;top:26.781em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:5.132em;top:27.811em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:9.2717em;top:27.811em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.3617em;top:27.811em;"><span class="stl_365 stl_346 stl_185" style="word-spacing:-0.0013em;">Finance lease liabilities, current  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.3483em;top:27.811em;"><span class="stl_365 stl_346 stl_148">1,649  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.5383em;top:27.811em;"><span class="stl_365 stl_346 stl_78">815  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:5.132em;top:28.841em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:9.2717em;top:28.841em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.3617em;top:28.841em;"><span class="stl_365 stl_346 stl_58" style="word-spacing:-0.0019em;">Finance lease liabilities, non-current  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.0283em;top:28.841em;"><span class="stl_365 stl_346 stl_23">23,963  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.7483em;top:28.841em;"><span class="stl_365 stl_346 stl_23">13,128  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.822em;top:29.871em;"><span class="stl_365 stl_346 stl_78">16  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:8.172em;top:29.871em;"><span class="stl_365 stl_346 stl_148">1,033  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.3617em;top:29.871em;"><span class="stl_365 stl_346 stl_316" style="word-spacing:0.0071em;">Bank loans  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.3483em;top:29.871em;"><span class="stl_365 stl_346 stl_148">3,355  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.0683em;top:29.871em;"><span class="stl_365 stl_346 stl_148">1,033  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:5.132em;top:30.901em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:9.2717em;top:30.901em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.3617em;top:30.901em;"><span class="stl_365 stl_346 stl_292" style="word-spacing:0.002em;">Other non-current liabilities  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.3483em;top:30.901em;"><span class="stl_365 stl_346 stl_148">4,477  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.0683em;top:30.901em;"><span class="stl_365 stl_346 stl_148">3,263  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.5em;top:31.931em;"><span class="stl_365 stl_346 stl_78">455  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:8.6417em;top:31.931em;"><span class="stl_365 stl_346 stl_78">287  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.3617em;top:31.931em;"><span class="stl_365 stl_346 stl_226" style="word-spacing:-0.0038em;">Trade payables  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.0283em;top:31.931em;"><span class="stl_365 stl_346 stl_23">10,093  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.0683em;top:31.931em;"><span class="stl_365 stl_346 stl_148">1,715  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:5.132em;top:32.961em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:9.2717em;top:32.961em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.3617em;top:32.961em;"><span class="stl_365 stl_346 stl_185" style="word-spacing:-0.0038em;">Income tax payable  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.8183em;top:32.961em;"><span class="stl_365 stl_346 stl_78">237  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.5383em;top:32.961em;"><span class="stl_365 stl_346 stl_78">222  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.03em;top:33.991em;"><span class="stl_365 stl_346 stl_148">1,103  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:8.6417em;top:33.991em;"><span class="stl_365 stl_346 stl_78">901  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.3617em;top:33.991em;"><span class="stl_365 stl_346 stl_113" style="word-spacing:0.0029em;">Other payables  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.3483em;top:33.991em;"><span class="stl_365 stl_346 stl_148">8,147  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.5383em;top:33.991em;"><span class="stl_365 stl_346 stl_78">436  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:3.7em;top:35.151em;"><span class="stl_362 stl_346 stl_61">39,913  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.842em;top:35.151em;"><span class="stl_362 stl_346 stl_61">32,856  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.3617em;top:35.151em;"><span class="stl_362 stl_346 stl_148" style="word-spacing:-0.0101em;">Financial liabilities  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.0183em;top:35.151em;"><span class="stl_362 stl_346 stl_61">51,921  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.7383em;top:35.151em;"><span class="stl_362 stl_346 stl_61">20,612  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:38.3527em;"><span class="stl_365 stl_346 stl_111" style="word-spacing:0.0005em;">Finance lease liabilities are measured at fair value, while other remaining liabilities are measured at amortised cost.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:38.3593em;"><span class="stl_362 stl_346 stl_329" style="word-spacing:0.0019em;">Basis of consolidation  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:39.1193em;"><span class="stl_365 stl_346 stl_347" style="word-spacing:0.248em;">The consolidated financial statements are prepared on the basis of the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:39.8893em;"><span class="stl_365 stl_346 stl_226" style="word-spacing:0.1216em;">financial statements of the parent company and those of the subsidiaries,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:40.6493em;"><span class="stl_366 stl_346 stl_226" style="word-spacing:-0.0013em;">which are all prepared in accordance with the Group’s accounting policies.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:42.1793em;"><span class="stl_365 stl_346 stl_103" style="word-spacing:0.0593em;">On consolidation, items of the same nature are aggregated and intra-group  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:42.9393em;"><span class="stl_365 stl_346 stl_329" style="word-spacing:0.616em;">income and expenses, intra-group balances and shareholdings are  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:43.6993em;"><span class="stl_365 stl_346 stl_292" style="word-spacing:0.702em;">eliminated. Unrealised gains and losses on transactions between  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:44.4693em;"><span class="stl_365 stl_346 stl_113" style="word-spacing:0.0005em;">consolidated companies are also eliminated.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:45.9893em;"><span class="stl_365 stl_346 stl_285" style="word-spacing:0.1738em;">Financial statement items of subsidiaries are fully consolidated. The non-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:46.7493em;"><span class="stl_366 stl_346 stl_329" style="word-spacing:0.016em;">controlling interests’ proportionate share of the profit/loss is included in the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:47.5193em;"><span class="stl_365 stl_346 stl_123" style="word-spacing:0.1551em;">consolidated profit/loss and comprehensive income for the year and as a  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:48.2793em;"><span class="stl_365 stl_346 stl_329" style="word-spacing:-0.0007em;">separate item under consolidated equity.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:49.8093em;"><span class="stl_362 stl_346 stl_285" style="word-spacing:0.0054em;">Non-controlling interests  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:50.5693em;"><span class="stl_365 stl_346 stl_233" style="word-spacing:-0.0006em;">On initial recognition, non-controlling interests are either recognised at their  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:51.3293em;"><span class="stl_365 stl_346 stl_316" style="word-spacing:-0.0431em;">fair value or at their pro-</span><span class="stl_366 stl_346 stl_156" style="word-spacing:-0.0504em;">rata share of the fair value of the acquired company’s  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:52.0893em;"><span class="stl_365 stl_346 stl_347" style="word-spacing:0.0288em;">identifiable assets, liabilities and contingent liabilities. The choice of method  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:52.8593em;"><span class="stl_365 stl_346 stl_60" style="word-spacing:0.1142em;">is made individually for each transaction. The non-controlling interests are  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:53.6193em;"><span class="stl_365 stl_346 stl_123" style="word-spacing:-0.0016em;">subsequently adjusted for their proportionate share of changes to the equity  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:54.3818em;"><span class="stl_365 stl_346 stl_58" style="word-spacing:0.3106em;">of the subsidiary. The comprehensive income is allocated to the non-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:55.1518em;"><span class="stl_365 stl_346 stl_316" style="word-spacing:-0.0212em;">controlling interests irrespective of the non-controlling interest consequently  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:55.9118em;"><span class="stl_365 stl_346 stl_112" style="word-spacing:0.0074em;">becoming negative.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:57.4418em;"><span class="stl_365 stl_346 stl_226" style="word-spacing:0.0016em;">Acquisition or sale of non-controlling interests in a subsidiary not resulting in  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:58.2018em;"><span class="stl_365 stl_346 stl_113" style="word-spacing:0.3129em;">loss of controlling influence is recognised in the consolidated financial  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:58.9618em;"><span class="stl_365 stl_346 stl_63" style="word-spacing:0.3583em;">statements as an equity transaction, and the difference between the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:59.7218em;"><span class="stl_365 stl_346 stl_60" style="word-spacing:0.0328em;">remuneration and the carrying am</span><span class="stl_366 stl_346 stl_53" style="word-spacing:0.027em;">ount is allocated to the parent company’s  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:60.4918em;"><span class="stl_365 stl_346 stl_239" style="word-spacing:-0.0061em;">share of equity.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:13.1152em;"><span class="stl_362 stl_346 stl_53">Revenue  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:13.8752em;"><span class="stl_365 stl_346 stl_293" style="word-spacing:0.2367em;">Revenue is measured as the fair value of the consideration received or  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:14.6452em;"><span class="stl_365 stl_346 stl_113" style="word-spacing:0.2832em;">receivable. If interest-free credit has been granted for payment of the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:15.4052em;"><span class="stl_365 stl_346 stl_316" style="word-spacing:0.0139em;">outstanding consideration extending beyond the usual credit period, the fair  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:16.1652em;"><span class="stl_365 stl_346 stl_112" style="word-spacing:0.2211em;">value of the payment is calculated by discounting future payments. The  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:16.9351em;"><span class="stl_365 stl_346 stl_285" style="word-spacing:-0.0142em;">difference between the fair value and the nominal value of the consideration  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:17.6951em;"><span class="stl_365 stl_346 stl_329" style="word-spacing:-0.0013em;">is recognised as financial income in the income statement over the extended  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:18.4551em;"><span class="stl_365 stl_346 stl_113" style="word-spacing:0.0013em;">credit period by using the effective interest method.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:19.9852em;"><span class="stl_365 stl_346 stl_111" style="word-spacing:0.0044em;">Revenue is stated exclusive of VAT, duties, discounts, etc. levied on behalf of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:20.7452em;"><span class="stl_365 stl_346 stl_35" style="word-spacing:-0.0042em;">a third party.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:22.2752em;"><span class="stl_365 stl_346 stl_347" style="word-spacing:0.0267em;">For leasing contracts that provide for rent exemptions, the effective rent for  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:23.0377em;"><span class="stl_365 stl_346 stl_184" style="word-spacing:-0.0061em;">the entire contract period is used.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:24.5677em;"><span class="stl_365 stl_346 stl_285" style="word-spacing:0.0899em;">Revenues from the sale of real estate (residential units, commercial space,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:25.3277em;"><span class="stl_365 stl_346 stl_292" style="word-spacing:0.0921em;">etc.) are recognised at the time when the real estate purchaser takes over  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:26.0877em;"><span class="stl_365 stl_346 stl_292" style="word-spacing:0.0271em;">control of the real estate acquired and receives significant risks and rewards  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:26.8477em;"><span class="stl_365 stl_346 stl_70" style="word-spacing:0.2665em;">of ownership. According to the assessment of the management of the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:27.6177em;"><span class="stl_365 stl_346 stl_368" style="word-spacing:0.0478em;">company, this takes place at the moment of handing over the real estate to  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:28.3777em;"><span class="stl_365 stl_346 stl_292" style="word-spacing:0.1711em;">the buyer on the basis of the acceptance protocol signed by the parties,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:29.1377em;"><span class="stl_365 stl_346 stl_112" style="word-spacing:0.1593em;">provided that the buyer has made 100% payments towards the purchase  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:29.9077em;"><span class="stl_365 stl_346 stl_18" style="word-spacing:-0.008em;">price of the real estate.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:7.8724em;"><span class="stl_363 stl_346 stl_364">9.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.682em;top:7.8724em;"><span class="stl_363 stl_346 stl_193" style="word-spacing:0.0022em;">PROPERTY, PLANT AND EQUIPMENT (CONTINUED)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:10.5185em;"><span class="stl_362 stl_346 stl_293" style="word-spacing:0.0031em;">Rental income from investment property  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.29em;top:12.5523em;"><span class="stl_375 stl_346 stl_88" style="word-spacing:-0.014em;">PARENT COMPANY  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.8683em;top:12.5523em;"><span class="stl_375 stl_346 stl_193">GROUP  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.01em;top:13.8923em;"><span class="stl_375 stl_346 stl_78">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:8.152em;top:13.8923em;"><span class="stl_375 stl_346 stl_20">2022  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.3617em;top:13.8923em;"><span class="stl_375 stl_346 stl_92">DKK'000  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.3283em;top:13.8923em;"><span class="stl_375 stl_346 stl_61">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.0483em;top:13.8923em;"><span class="stl_375 stl_346 stl_61">2022  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:5.132em;top:16.3385em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:9.2717em;top:16.3385em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.3617em;top:16.3385em;"><span class="stl_365 stl_346 stl_329" style="word-spacing:-0.0039em;">Rental income from investment property  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.0283em;top:16.3385em;"><span class="stl_365 stl_346 stl_23">23,202  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.7483em;top:16.3385em;"><span class="stl_365 stl_346 stl_23">18,639  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:5.132em;top:17.4885em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:9.2717em;top:17.4885em;"><span class="stl_362 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.3617em;top:17.4885em;"><span class="stl_362 stl_346 stl_293" style="word-spacing:0.0051em;">Rental income from investment property  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.0183em;top:17.4885em;"><span class="stl_362 stl_346 stl_61">23,202  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.7383em;top:17.4885em;"><span class="stl_362 stl_346 stl_61">18,639  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:13.1152em;"><span class="stl_362 stl_346 stl_53">Revenue  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:13.8752em;"><span class="stl_365 stl_346 stl_293" style="word-spacing:0.2367em;">Revenue is measured as the fair value of the consideration received or  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:14.6452em;"><span class="stl_365 stl_346 stl_113" style="word-spacing:0.2832em;">receivable. If interest-free credit has been granted for payment of the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:15.4052em;"><span class="stl_365 stl_346 stl_316" style="word-spacing:0.0139em;">outstanding consideration extending beyond the usual credit period, the fair  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:16.1652em;"><span class="stl_365 stl_346 stl_112" style="word-spacing:0.2211em;">value of the payment is calculated by discounting future payments. The  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:16.9351em;"><span class="stl_365 stl_346 stl_285" style="word-spacing:-0.0142em;">difference between the fair value and the nominal value of the consideration  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:17.6951em;"><span class="stl_365 stl_346 stl_329" style="word-spacing:-0.0013em;">is recognised as financial income in the income statement over the extended  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:18.4551em;"><span class="stl_365 stl_346 stl_113" style="word-spacing:0.0013em;">credit period by using the effective interest method.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:19.9852em;"><span class="stl_365 stl_346 stl_111" style="word-spacing:0.0044em;">Revenue is stated exclusive of VAT, duties, discounts, etc. levied on behalf of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:20.7452em;"><span class="stl_365 stl_346 stl_35" style="word-spacing:-0.0042em;">a third party.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:22.2752em;"><span class="stl_365 stl_346 stl_347" style="word-spacing:0.0267em;">For leasing contracts that provide for rent exemptions, the effective rent for  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:23.0377em;"><span class="stl_365 stl_346 stl_184" style="word-spacing:-0.0061em;">the entire contract period is used.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:24.5677em;"><span class="stl_365 stl_346 stl_285" style="word-spacing:0.0899em;">Revenues from the sale of real estate (residential units, commercial space,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:25.3277em;"><span class="stl_365 stl_346 stl_292" style="word-spacing:0.0921em;">etc.) are recognised at the time when the real estate purchaser takes over  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:26.0877em;"><span class="stl_365 stl_346 stl_292" style="word-spacing:0.0271em;">control of the real estate acquired and receives significant risks and rewards  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:26.8477em;"><span class="stl_365 stl_346 stl_70" style="word-spacing:0.2665em;">of ownership. According to the assessment of the management of the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:27.6177em;"><span class="stl_365 stl_346 stl_368" style="word-spacing:0.0478em;">company, this takes place at the moment of handing over the real estate to  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:28.3777em;"><span class="stl_365 stl_346 stl_292" style="word-spacing:0.1711em;">the buyer on the basis of the acceptance protocol signed by the parties,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:29.1377em;"><span class="stl_365 stl_346 stl_112" style="word-spacing:0.1593em;">provided that the buyer has made 100% payments towards the purchase  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:29.9077em;"><span class="stl_365 stl_346 stl_18" style="word-spacing:-0.008em;">price of the real estate.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:31.4276em;"><span class="stl_362 stl_346 stl_235" style="word-spacing:0.0065em;">Cost of goods and services sold  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:32.1877em;"><span class="stl_365 stl_346 stl_112" style="word-spacing:0.047em;">Cost of goods and services sold comprise direct costs incurred in generating  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:32.9577em;"><span class="stl_365 stl_346 stl_63" style="word-spacing:-0.0066em;">the revenue.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:34.4777em;"><span class="stl_362 stl_346 stl_58" style="word-spacing:-0.0063em;">Other external expenses  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:35.2477em;"><span class="stl_365 stl_346 stl_113" style="word-spacing:0.1916em;">Other external expenses include premises maintenance costs, advertising  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:36.0077em;"><span class="stl_365 stl_346 stl_60" style="word-spacing:0.0344em;">costs, administrative expenses, bad debts, etc. Other external expenses also  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:36.7677em;"><span class="stl_365 stl_346 stl_185" style="word-spacing:-0.0156em;">comprise costs of development projects that do not qualify for recognition in  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:37.5377em;"><span class="stl_365 stl_346 stl_18" style="word-spacing:-0.0082em;">the balance sheet.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:31.4276em;"><span class="stl_362 stl_346 stl_235" style="word-spacing:0.0065em;">Cost of goods and services sold  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:32.1877em;"><span class="stl_365 stl_346 stl_112" style="word-spacing:0.047em;">Cost of goods and services sold comprise direct costs incurred in generating  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:32.9577em;"><span class="stl_365 stl_346 stl_63" style="word-spacing:-0.0066em;">the revenue.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:34.4777em;"><span class="stl_362 stl_346 stl_58" style="word-spacing:-0.0063em;">Other external expenses  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:35.2477em;"><span class="stl_365 stl_346 stl_113" style="word-spacing:0.1916em;">Other external expenses include premises maintenance costs, advertising  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:36.0077em;"><span class="stl_365 stl_346 stl_60" style="word-spacing:0.0344em;">costs, administrative expenses, bad debts, etc. Other external expenses also  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:36.7677em;"><span class="stl_365 stl_346 stl_185" style="word-spacing:-0.0156em;">comprise costs of development projects that do not qualify for recognition in  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:37.5377em;"><span class="stl_365 stl_346 stl_18" style="word-spacing:-0.0082em;">the balance sheet.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:21.2949em;"><span class="stl_363 stl_346 stl_364">9.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.682em;top:21.2949em;"><span class="stl_363 stl_346 stl_193" style="word-spacing:0.0022em;">PROPERTY, PLANT AND EQUIPMENT (CONTINUED)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:23.951em;"><span class="stl_362 stl_346 stl_123" style="word-spacing:0.0031em;">Direct operating expenses arising from investment property  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.29em;top:25.9748em;"><span class="stl_375 stl_346 stl_88" style="word-spacing:-0.014em;">PARENT COMPANY  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.8683em;top:25.9748em;"><span class="stl_375 stl_346 stl_193">GROUP  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.01em;top:27.3248em;"><span class="stl_375 stl_346 stl_78">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:8.152em;top:27.3248em;"><span class="stl_375 stl_346 stl_20">2022  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.3617em;top:27.3248em;"><span class="stl_375 stl_346 stl_92">DKK'000  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.3283em;top:27.3248em;"><span class="stl_375 stl_346 stl_61">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.0483em;top:27.3248em;"><span class="stl_375 stl_346 stl_61">2022  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:5.132em;top:29.761em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:9.2717em;top:29.761em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.3617em;top:29.761em;"><span class="stl_365 stl_346 stl_347" style="word-spacing:0.0051em;">Direct operating expenses (including repairs and maintenance) arising from  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.3483em;top:29.761em;"><span class="stl_365 stl_346 stl_148">6,397  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.0683em;top:29.761em;"><span class="stl_365 stl_346 stl_148">6,946  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.3617em;top:30.791em;"><span class="stl_365 stl_346 stl_316" style="word-spacing:0.0005em;">investment property that generated rental income during the period  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:5.132em;top:31.821em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:9.2717em;top:31.821em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.3617em;top:31.821em;"><span class="stl_365 stl_346 stl_292" style="word-spacing:0.0044em;">Direct operating expenses (including repairs and maintenance) arising from investment  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.8183em;top:31.821em;"><span class="stl_365 stl_346 stl_78">233  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.5383em;top:31.821em;"><span class="stl_365 stl_346 stl_78">671  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.3617em;top:32.851em;"><span class="stl_365 stl_346 stl_113" style="word-spacing:-0.0003em;">property that did not generate rental income during the period  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:5.132em;top:34.001em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:9.2717em;top:34.001em;"><span class="stl_362 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.3617em;top:34.001em;"><span class="stl_362 stl_346 stl_123" style="word-spacing:0.0031em;">Direct operating expenses arising from investment property  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.3383em;top:34.001em;"><span class="stl_362 stl_346 stl_116">6,630  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.0583em;top:34.001em;"><span class="stl_362 stl_346 stl_116">7,617  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:39.0593em;"><span class="stl_362 stl_346 stl_70" style="word-spacing:0.0015em;">Staff costs  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:39.8193em;"><span class="stl_365 stl_346 stl_329" style="word-spacing:0.087em;">Staff costs comprise wages and salaries and social security costs, pensions,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:40.5893em;"><span class="stl_365 stl_346 stl_329" style="word-spacing:0.0007em;">share-based payment, etc. to the employees of the Group.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:39.0593em;"><span class="stl_362 stl_346 stl_70" style="word-spacing:0.0015em;">Staff costs  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:39.8193em;"><span class="stl_365 stl_346 stl_329" style="word-spacing:0.087em;">Staff costs comprise wages and salaries and social security costs, pensions,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:40.5893em;"><span class="stl_365 stl_346 stl_329" style="word-spacing:0.0007em;">share-based payment, etc. to the employees of the Group.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:17.6024em;"><span class="stl_363 stl_346 stl_364">4.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.682em;top:17.6024em;"><span class="stl_363 stl_346 stl_23" style="word-spacing:0.0035em;">STAFF COSTS  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.29em;top:19.2023em;"><span class="stl_375 stl_346 stl_88" style="word-spacing:-0.014em;">PARENT COMPANY  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.8683em;top:19.2023em;"><span class="stl_375 stl_346 stl_193">GROUP  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.01em;top:20.5423em;"><span class="stl_375 stl_346 stl_61">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:8.152em;top:20.5423em;"><span class="stl_375 stl_346 stl_61">2022  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.3617em;top:20.5423em;"><span class="stl_375 stl_346 stl_92">DKK'000  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.3283em;top:20.5423em;"><span class="stl_375 stl_346 stl_61">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.0483em;top:20.5423em;"><span class="stl_375 stl_346 stl_61">2022  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.03em;top:22.981em;"><span class="stl_365 stl_346 stl_148">1,250  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:8.172em;top:22.981em;"><span class="stl_365 stl_346 stl_148">1,050  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.3617em;top:22.981em;"><span class="stl_365 stl_346 stl_111" style="word-spacing:0.0066em;">Directors' fees  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.3483em;top:22.981em;"><span class="stl_365 stl_346 stl_148">1,250  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.0683em;top:22.981em;"><span class="stl_365 stl_346 stl_148">1,050  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.822em;top:24.011em;"><span class="stl_365 stl_346 stl_78">44  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:8.9617em;top:24.011em;"><span class="stl_365 stl_346 stl_78">36  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.3617em;top:24.011em;"><span class="stl_365 stl_346 stl_316" style="word-spacing:0.004em;">Wages and salaries  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.3483em;top:24.011em;"><span class="stl_365 stl_346 stl_148">3,911  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.0683em;top:24.011em;"><span class="stl_365 stl_346 stl_148">3,134  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:5.132em;top:25.041em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:9.2717em;top:25.041em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.3617em;top:25.041em;"><span class="stl_365 stl_346 stl_285" style="word-spacing:-0.0027em;">Bonuses for Management Board  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.8183em;top:25.041em;"><span class="stl_365 stl_346 stl_78">377  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.5383em;top:25.041em;"><span class="stl_365 stl_346 stl_78">324  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:5.132em;top:26.071em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:9.2717em;top:26.071em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.3617em;top:26.071em;"><span class="stl_365 stl_346 stl_316" style="word-spacing:-0.0015em;">Pension contributions, defined contribution plans  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.8183em;top:26.071em;"><span class="stl_365 stl_346 stl_78">768  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.5383em;top:26.071em;"><span class="stl_365 stl_346 stl_78">550  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:5.132em;top:27.101em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:9.2717em;top:27.101em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.3617em;top:27.101em;"><span class="stl_365 stl_346 stl_316" style="word-spacing:0.0011em;">Other social security costs  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.8183em;top:27.101em;"><span class="stl_365 stl_346 stl_78">212  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.5383em;top:27.101em;"><span class="stl_365 stl_346 stl_78">169  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:28.261em;"><span class="stl_362 stl_346 stl_116">1,294  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:8.162em;top:28.261em;"><span class="stl_362 stl_346 stl_116">1,086  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.5017em;top:28.261em;"><span class="stl_362 stl_346 stl_61">Total  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.3383em;top:28.261em;"><span class="stl_362 stl_346 stl_116">6,518  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.0583em;top:28.261em;"><span class="stl_362 stl_346 stl_116">5,227  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:5.132em;top:30.441em;"><span class="stl_362 stl_346 stl_20">1</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:9.2717em;top:30.441em;"><span class="stl_362 stl_346 stl_20">1</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.5017em;top:30.441em;"><span class="stl_362 stl_346 stl_316" style="word-spacing:-0.0006em;">Average number of full-time employees  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.1383em;top:30.441em;"><span class="stl_362 stl_346 stl_78">20  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.8583em;top:30.441em;"><span class="stl_362 stl_346 stl_78">22  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:32.621em;"><span class="stl_365 stl_346 stl_378" style="word-spacing:0.0257em;">The calculation of the average number of full-time employees (FTE) is based on the number of employees at the end of each month, not including members of the Board of Directors. For  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:33.411em;"><span class="stl_365 stl_346 stl_379" style="word-spacing:0.0385em;">the purpose of the above table, the Management Board is understood as the CEO of CeMat A/S and the CEO and CFO of the subsidiary companies CeMat '70, CeMat Real Estate, W131,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:34.201em;"><span class="stl_365 stl_346 stl_380" style="word-spacing:0.0916em;">W133 and Arkuszowa 56. Additional remuneration of the Management Board Members (including appointed in 2023 the new Management Board Member in CeMat Real Estate) for  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:35.001em;"><span class="stl_365 stl_346 stl_381">consultanc</span><span class="stl_365 stl_346 stl_382">y</span><span class="stl_365 stl_346 stl_383">s</span><span class="stl_365 stl_346 stl_384">ervice</span><span class="stl_365 stl_346 stl_385">s</span><span class="stl_365 stl_346 stl_386">o</span><span class="stl_365 stl_346 stl_387">f</span><span class="stl_365 stl_346 stl_388">D</span><span class="stl_365 stl_346 stl_389">K</span><span class="stl_365 stl_346 stl_390">K</span><span class="stl_365 stl_346 stl_391">1</span><span class="stl_365 stl_346 stl_392">,86</span><span class="stl_365 stl_346 stl_393">7</span><span class="stl_365 stl_346 stl_302">t</span><span class="stl_365 stl_346 stl_394">housan</span><span class="stl_365 stl_346 stl_395">d</span><span class="stl_365 stl_346 stl_396">(</span><span class="stl_365 stl_346 stl_391">2022</span><span class="stl_365 stl_346 stl_397">:</span><span class="stl_365 stl_346 stl_388">D</span><span class="stl_365 stl_346 stl_389">K</span><span class="stl_365 stl_346 stl_398">K</span><span class="stl_365 stl_346 stl_391">8</span><span class="stl_365 stl_346 stl_391">5</span><span class="stl_365 stl_346 stl_399">9</span><span class="stl_365 stl_346 stl_400">t</span><span class="stl_365 stl_346 stl_401">housand</span><span class="stl_365 stl_346 stl_402">)</span><span class="stl_365 stl_346 stl_246">r</span><span class="stl_365 stl_346 stl_394">elate</span><span class="stl_365 stl_346 stl_403">d</span><span class="stl_365 stl_346 stl_400">t</span><span class="stl_365 stl_346 stl_404">o</span><span class="stl_365 stl_346 stl_405">d</span><span class="stl_365 stl_346 stl_406">evelopmen</span><span class="stl_365 stl_346 stl_407">t</span><span class="stl_365 stl_346 stl_405">p</span><span class="stl_365 stl_346 stl_408">rojec</span><span class="stl_365 stl_346 stl_407">t</span><span class="stl_365 stl_346 stl_409">o</span><span class="stl_365 stl_346 stl_410">r</span><span class="stl_365 stl_346 stl_405">p</span><span class="stl_365 stl_346 stl_411">reparatio</span><span class="stl_365 stl_346 stl_403">n</span><span class="stl_365 stl_346 stl_386">o</span><span class="stl_365 stl_346 stl_401" style="word-spacing:-0.027em;">f lan</span><span class="stl_365 stl_346 stl_395">d</span><span class="stl_365 stl_346 stl_412">p</span><span class="stl_365 stl_346 stl_413">lot</span><span class="stl_365 stl_346 stl_414">s</span><span class="stl_365 stl_346 stl_415">f</span><span class="stl_365 stl_346 stl_409">o</span><span class="stl_365 stl_346 stl_410">r</span><span class="stl_365 stl_346 stl_412">d</span><span class="stl_365 stl_346 stl_406">ivestmen</span><span class="stl_365 stl_346 stl_407">t</span><span class="stl_365 stl_346 stl_409">o</span><span class="stl_365 stl_346 stl_410">r</span><span class="stl_365 stl_346 stl_412">d</span><span class="stl_365 stl_346 stl_406">evelopmen</span><span class="stl_365 stl_346 stl_407">t</span><span class="stl_365 stl_346 stl_416">i</span><span class="stl_365 stl_346 stl_385">s</span><span class="stl_365 stl_346 stl_417">r</span><span class="stl_365 stl_346 stl_418">ecognise</span><span class="stl_365 stl_346 stl_395">d</span><span class="stl_365 stl_346 stl_419">a</span><span class="stl_365 stl_346 stl_420" style="word-spacing:-0.0149em;">s inventories  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:35.791em;"><span class="stl_365 stl_346 stl_421" style="word-spacing:0.0112em;">(work in progress) or investment property and is not included in the table above.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:36.7827em;"><span class="stl_365 stl_346 stl_379" style="word-spacing:-0.0008em;">CeMat has signed an annex which intends to a new performance-based remuneration system for CEO, contribute to business strategy, long-term interests and sustainability through the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:37.5426em;"><span class="stl_365 stl_346 stl_422" style="word-spacing:-0.0039em;">application of the long-term performance and development targets of the company. An additional bonus will be paid if the companies obtain a profit from the sale of the properties in an  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:38.3027em;"><span class="stl_365 stl_346 stl_423" style="word-spacing:0.0018em;">amount exceeding the limit of PLN 103,500,000. This limit is based on the sale of undeveloped real estate and profits from the sale of developed real estate.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:39.8727em;"><span class="stl_362 stl_346 stl_316" style="word-spacing:0.0018em;">Group and parent company  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:40.9027em;"><span class="stl_365 stl_346 stl_329" style="word-spacing:-0.0019em;">Remuneration of Board of Directors and Management Board  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.8958em;top:41.9327em;"><span class="stl_362 stl_346 stl_70" style="word-spacing:-0.0051em;">Board of Directors  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.1283em;top:41.9327em;"><span class="stl_362 stl_346 stl_112" style="word-spacing:0.0084em;">Management Board  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.66em;top:43.1765em;"><span class="stl_376 stl_346 stl_86">DKK’000  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.6458em;top:43.1765em;"><span class="stl_375 stl_346 stl_61">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.7758em;top:43.1765em;"><span class="stl_375 stl_346 stl_61">2022  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.9183em;top:43.1765em;"><span class="stl_375 stl_346 stl_61">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.0483em;top:43.1765em;"><span class="stl_375 stl_346 stl_61">2022  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:45.6126em;"><span class="stl_365 stl_346 stl_111" style="word-spacing:0.0066em;">Directors' fees  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.6658em;top:45.6126em;"><span class="stl_365 stl_346 stl_148">1,250  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.7958em;top:45.6126em;"><span class="stl_365 stl_346 stl_148">1,050  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.0383em;top:45.6126em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.1683em;top:45.6126em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:46.6427em;"><span class="stl_365 stl_346 stl_316">Salaries  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.7658em;top:46.6427em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.8958em;top:46.6427em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.9383em;top:46.6427em;"><span class="stl_365 stl_346 stl_148">2,540  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.0683em;top:46.6427em;"><span class="stl_365 stl_346 stl_148">1,468  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:47.6727em;"><span class="stl_365 stl_346 stl_70">Bonuses  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.7658em;top:47.6727em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.8958em;top:47.6727em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.4083em;top:47.6727em;"><span class="stl_365 stl_346 stl_78">377  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.5383em;top:47.6727em;"><span class="stl_365 stl_346 stl_78">324  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:48.7027em;"><span class="stl_365 stl_346 stl_185" style="word-spacing:-0.0162em;">Pension contributions  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.7658em;top:48.7027em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.8958em;top:48.7027em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.4083em;top:48.7027em;"><span class="stl_365 stl_346 stl_78">210  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.5383em;top:48.7027em;"><span class="stl_365 stl_346 stl_78">132  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:49.8527em;"><span class="stl_362 stl_346 stl_53">Total  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.6558em;top:49.8527em;"><span class="stl_362 stl_346 stl_116">1,250  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.7858em;top:49.8527em;"><span class="stl_362 stl_346 stl_116">1,050  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.9283em;top:49.8527em;"><span class="stl_362 stl_346 stl_116">3,127  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.0583em;top:49.8527em;"><span class="stl_362 stl_346 stl_88">1,924  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:52.0351em;"><span class="stl_365 stl_346 stl_316" style="word-spacing:0.0474em;">The fee to the Chairman of the Board of Directors for the current term amounts to DKK 500 thousand (2022: DKK 500 thousand), to the Deputy Chairman DKK 350 thousand  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:52.8252em;"><span class="stl_365 stl_346 stl_58" style="word-spacing:0.0004em;">(2022: DKK 350 thousand) and to an ordinary member DKK 200 thousand (2022: DKK 200 thousand). For the purpose of the above table, the Management Board is understood  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:53.6252em;"><span class="stl_365 stl_346 stl_298" style="word-spacing:0.1008em;">as the CEO of CeMat A/S and the CEO and CFO of the subsidiary companies CeMat '70, CeMat Real Estate, W131, W133 and Arkuszowa 56. Additional remuneration of the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:54.4152em;"><span class="stl_365 stl_346 stl_380" style="word-spacing:-0.0216em;">Management Board Members for consultanc</span><span class="stl_365 stl_346 stl_424">y</span><span class="stl_365 stl_346 stl_383">s</span><span class="stl_365 stl_346 stl_401" style="word-spacing:-0.016em;">ervices o</span><span class="stl_365 stl_346 stl_425">f</span><span class="stl_365 stl_346 stl_388">D</span><span class="stl_365 stl_346 stl_426" style="word-spacing:-0.0185em;">KK 1,867 thousand mainly related to development project or preparation of land plots for divestment or development recognised  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:55.2052em;"><span class="stl_365 stl_346 stl_427" style="word-spacing:0.0156em;">as inventories (work in progress) or investment property </span><span class="stl_366 stl_346 stl_233" style="word-spacing:-0.0029em;">is included in the line “Salaries” in the table above.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:21.6749em;"><span class="stl_363 stl_346 stl_91" style="word-spacing:0.8691em;">20. OTHER</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.501em;top:21.6749em;"><span class="stl_363 stl_346 stl_148">PAYABLES  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.29em;top:24.3048em;"><span class="stl_375 stl_346 stl_88" style="word-spacing:-0.014em;">PARENT COMPANY  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.8683em;top:24.3048em;"><span class="stl_375 stl_346 stl_193">GROUP  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.01em;top:25.6448em;"><span class="stl_375 stl_346 stl_78">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:8.152em;top:25.6448em;"><span class="stl_375 stl_346 stl_20">2022  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.3617em;top:25.6448em;"><span class="stl_375 stl_346 stl_92">DKK'000  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.3283em;top:25.6448em;"><span class="stl_375 stl_346 stl_61">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.0483em;top:25.6448em;"><span class="stl_375 stl_346 stl_61">2022  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.03em;top:28.081em;"><span class="stl_365 stl_346 stl_148">1,103  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:8.6417em;top:28.081em;"><span class="stl_365 stl_346 stl_78">901  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.3617em;top:28.081em;"><span class="stl_365 stl_346 stl_292" style="word-spacing:0.0031em;">Wages and salaries, BoD fee, social security contributions, etc. payable  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.3483em;top:28.081em;"><span class="stl_365 stl_346 stl_148">1,919  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.0683em;top:28.081em;"><span class="stl_365 stl_346 stl_148">1,587  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:5.132em;top:29.111em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:9.2717em;top:29.111em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.3617em;top:29.111em;"><span class="stl_365 stl_346 stl_293" style="word-spacing:0.0076em;">Holiday pay obligation etc.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.8183em;top:29.111em;"><span class="stl_365 stl_346 stl_78">180  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.5383em;top:29.111em;"><span class="stl_365 stl_346 stl_78">230  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:5.132em;top:30.141em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:9.2717em;top:30.141em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.3617em;top:30.141em;"><span class="stl_365 stl_346 stl_123" style="word-spacing:0.0064em;">VAT and other indirect taxes payable  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.4383em;top:30.141em;"><span class="stl_365 stl_346 stl_69">(715)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.6883em;top:30.141em;"><span class="stl_365 stl_346 stl_23">(1,754)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:5.132em;top:31.171em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:9.2717em;top:31.171em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.3617em;top:31.171em;"><span class="stl_365 stl_346 stl_347" style="word-spacing:0.0003em;">Advance payments received from apartment buyers  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.3483em;top:31.171em;"><span class="stl_365 stl_346 stl_148">5,965  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.1683em;top:31.171em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:5.132em;top:32.201em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:9.2717em;top:32.201em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.3617em;top:32.201em;"><span class="stl_365 stl_346 stl_113" style="word-spacing:-0.0007em;">Cost provisions and other payables  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.8183em;top:32.201em;"><span class="stl_365 stl_346 stl_78">798  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.5383em;top:32.201em;"><span class="stl_365 stl_346 stl_78">373  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:33.361em;"><span class="stl_362 stl_346 stl_116">1,103  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:8.6417em;top:33.361em;"><span class="stl_362 stl_346 stl_78">901  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.3617em;top:33.361em;"><span class="stl_362 stl_346 stl_53">Total  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.3383em;top:33.361em;"><span class="stl_362 stl_346 stl_116">8,147  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.5383em;top:33.361em;"><span class="stl_362 stl_346 stl_78">436  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:35.5129em;"><span class="stl_371 stl_346 stl_329" style="word-spacing:0.0311em;">The carrying amount of payables in respect of payroll, Board of Directors fees, tax deducted at source, social security contributions, holiday pay etc., VAT and other  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:36.3246em;"><span class="stl_371 stl_346 stl_13" style="word-spacing:0.0602em;">indirect taxes and other payables corresponds to the fair value of these liabilities. Hol</span><span class="stl_431 stl_346 stl_193" style="word-spacing:0.0645em;">iday pay obligations etc. represent the Group’s obligation to pay wages and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:37.1346em;"><span class="stl_371 stl_346 stl_18" style="word-spacing:0.0149em;">salaries during holidays in the next financial year, to which the employees have earned entitlement as at the balance sheet date. All items under other payables are  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:37.9546em;"><span class="stl_371 stl_346 stl_148" style="word-spacing:0.0016em;">expected to be settled within one year.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:39.8193em;"><span class="stl_362 stl_346 stl_60" style="word-spacing:0.0053em;">Investments in subsidiaries  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:40.5893em;"><span class="stl_365 stl_346 stl_233" style="word-spacing:0.0461em;">On initial recognition, investments in subsidiaries are measured at cost plus  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:41.3493em;"><span class="stl_365 stl_346 stl_185" style="word-spacing:-0.0322em;">transaction costs. Where the recoverable amount of the investments is lower  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:42.1093em;"><span class="stl_365 stl_346 stl_60" style="word-spacing:0.0021em;">than cost, the investments are written down to this lower value.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:39.8193em;"><span class="stl_362 stl_346 stl_60" style="word-spacing:0.0053em;">Investments in subsidiaries  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:40.5893em;"><span class="stl_365 stl_346 stl_233" style="word-spacing:0.0461em;">On initial recognition, investments in subsidiaries are measured at cost plus  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:41.3493em;"><span class="stl_365 stl_346 stl_185" style="word-spacing:-0.0322em;">transaction costs. Where the recoverable amount of the investments is lower  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:42.1093em;"><span class="stl_365 stl_346 stl_60" style="word-spacing:0.0021em;">than cost, the investments are written down to this lower value.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:26.0877em;"><span class="stl_362 stl_346 stl_60" style="word-spacing:0.0053em;">Investments in subsidiaries  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:27.6177em;"><span class="stl_365 stl_346 stl_316" style="word-spacing:0.0307em;">Investments in subsidiaries are recognised in the parent company's financial  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:28.3777em;"><span class="stl_365 stl_346 stl_226" style="word-spacing:-0.0018em;">statements at cost less any write-downs to the recoverable amount.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:56.149em;"><span class="stl_363 stl_346 stl_148" style="word-spacing:0.8732em;">10. INVESTMENTS</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:10.346em;top:56.149em;"><span class="stl_363 stl_346 stl_131" style="word-spacing:-0.0014em;">IN SUBSIDIARIES  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.29em;top:58.839em;"><span class="stl_375 stl_346 stl_88" style="word-spacing:-0.014em;">PARENT COMPANY  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.01em;top:60.179em;"><span class="stl_375 stl_346 stl_78">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:8.152em;top:60.179em;"><span class="stl_375 stl_346 stl_20">2022  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.3617em;top:60.179em;"><span class="stl_375 stl_346 stl_92">DKK'000  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:3.71em;top:62.6248em;"><span class="stl_365 stl_346 stl_23">93,339  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.852em;top:62.6248em;"><span class="stl_365 stl_346 stl_23">93,339  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.3617em;top:62.6248em;"><span class="stl_365 stl_346 stl_193" style="word-spacing:-0.0055em;">Cost at 1 January  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:3.7em;top:63.7848em;"><span class="stl_362 stl_346 stl_61">93,339  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.842em;top:63.7848em;"><span class="stl_362 stl_346 stl_61">93,339  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.3617em;top:63.7848em;"><span class="stl_362 stl_346 stl_293" style="word-spacing:0.0064em;">Value at 31 December  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:6.5724em;"><span class="stl_363 stl_346 stl_148" style="word-spacing:0.8732em;">10. INVESTMENTS</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:10.346em;top:6.5724em;"><span class="stl_363 stl_346 stl_193" style="word-spacing:-0.0005em;">IN SUBSIDIARIES (CONTINUED)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.7758em;top:8.1623em;"><span class="stl_375 stl_346 stl_116" style="word-spacing:0.0037em;">Share of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.5083em;top:8.1623em;"><span class="stl_375 stl_346 stl_116" style="word-spacing:0.0037em;">Share of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.4442em;top:9.0323em;"><span class="stl_375 stl_346 stl_69">Interest  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.1758em;top:9.0323em;"><span class="stl_375 stl_346 stl_69">Interest  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.3658em;top:9.0323em;"><span class="stl_375 stl_346 stl_44">voting  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.0983em;top:9.0323em;"><span class="stl_375 stl_346 stl_44">voting  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.8042em;top:9.8923em;"><span class="stl_375 stl_346 stl_61">(%)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.5358em;top:9.8923em;"><span class="stl_375 stl_346 stl_61">(%)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.4258em;top:9.8923em;"><span class="stl_375 stl_346 stl_91" style="word-spacing:-0.0044em;">rights (%)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.1583em;top:9.8923em;"><span class="stl_375 stl_346 stl_91" style="word-spacing:-0.0044em;">rights (%)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:16.4642em;top:10.7723em;"><span class="stl_375 stl_346 stl_184">Domicile  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.3242em;top:10.7723em;"><span class="stl_375 stl_346 stl_61">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.0558em;top:10.7723em;"><span class="stl_375 stl_346 stl_61">2022  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.7758em;top:10.7723em;"><span class="stl_375 stl_346 stl_61">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.5083em;top:10.7723em;"><span class="stl_375 stl_346 stl_61">2022  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.4283em;top:10.7723em;"><span class="stl_375 stl_346 stl_69">Activity  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.8983em;top:13.2085em;"><span class="stl_365 stl_346 stl_226">Ownership  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.6483em;top:13.9985em;"><span class="stl_365 stl_346 stl_13" style="word-spacing:-0.007em;">share in  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:14.7885em;"><span class="stl_365 stl_346 stl_184" style="word-spacing:-0.0073em;">CeMat Real Estate S.A.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:17.2942em;top:14.7885em;"><span class="stl_365 stl_346 stl_23">Poland  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.0242em;top:14.7885em;"><span class="stl_365 stl_346 stl_131">100.00  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.7558em;top:14.7885em;"><span class="stl_365 stl_346 stl_131">100.00  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.4758em;top:14.7885em;"><span class="stl_365 stl_346 stl_131">100.00  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.2083em;top:14.7885em;"><span class="stl_365 stl_346 stl_131">100.00  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.9583em;top:14.7885em;"><span class="stl_365 stl_346 stl_148" style="word-spacing:0.0017em;">CeMat '70 S.A.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.2383em;top:16.8185em;"><span class="stl_365 stl_346 stl_184" style="word-spacing:0.0027em;">Letting of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.6883em;top:17.6085em;"><span class="stl_365 stl_346 stl_184">commercial  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:18.3985em;"><span class="stl_365 stl_346 stl_148" style="word-spacing:0.0017em;">CeMat '70 S.A.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:17.2942em;top:18.3985em;"><span class="stl_365 stl_346 stl_23">Poland  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.3442em;top:18.3985em;"><span class="stl_365 stl_346 stl_285">93.56  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.0758em;top:18.3985em;"><span class="stl_365 stl_346 stl_63">93.28  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.7958em;top:18.3985em;"><span class="stl_365 stl_346 stl_285">93.56  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.5283em;top:18.3985em;"><span class="stl_365 stl_346 stl_63">93.28  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.0283em;top:18.3985em;"><span class="stl_365 stl_346 stl_285">properties  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.7083em;top:20.4285em;"><span class="stl_365 stl_346 stl_53">Holding  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:21.221em;"><span class="stl_365 stl_346 stl_87" style="word-spacing:-0.0064em;">W133 Sp. z o.o.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:17.2942em;top:21.221em;"><span class="stl_365 stl_346 stl_23">Poland  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.3442em;top:21.221em;"><span class="stl_365 stl_346 stl_285">93.56  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.0758em;top:21.221em;"><span class="stl_365 stl_346 stl_63">93.28  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.7958em;top:21.221em;"><span class="stl_365 stl_346 stl_285">93.56  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.5283em;top:21.221em;"><span class="stl_365 stl_346 stl_63">93.28  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.5683em;top:21.221em;"><span class="stl_365 stl_346 stl_68" style="word-spacing:-0.0051em;">of rights  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.7083em;top:23.251em;"><span class="stl_365 stl_346 stl_53">Holding  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:24.051em;"><span class="stl_365 stl_346 stl_87" style="word-spacing:-0.0064em;">W131 Sp. z o.o.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:17.2942em;top:24.051em;"><span class="stl_365 stl_346 stl_23">Poland  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.3442em;top:24.051em;"><span class="stl_365 stl_346 stl_285">93.56  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.0758em;top:24.051em;"><span class="stl_365 stl_346 stl_63">93.28  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.7958em;top:24.051em;"><span class="stl_365 stl_346 stl_285">93.56  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.5283em;top:24.051em;"><span class="stl_365 stl_346 stl_63">93.28  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.5683em;top:24.051em;"><span class="stl_365 stl_346 stl_68" style="word-spacing:-0.0051em;">of rights  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.7083em;top:26.071em;"><span class="stl_365 stl_346 stl_53">Holding  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:26.871em;"><span class="stl_365 stl_346 stl_292" style="word-spacing:0.0038em;">Arkuszowa 56 Sp. z o.o.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:17.2942em;top:26.871em;"><span class="stl_365 stl_346 stl_23">Poland  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.3442em;top:26.871em;"><span class="stl_365 stl_346 stl_285">93.56  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.0758em;top:26.871em;"><span class="stl_365 stl_346 stl_63">93.28  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.7958em;top:26.871em;"><span class="stl_365 stl_346 stl_285">93.56  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.5283em;top:26.871em;"><span class="stl_365 stl_346 stl_63">93.28  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.5683em;top:26.871em;"><span class="stl_365 stl_346 stl_68" style="word-spacing:-0.0051em;">of rights  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:29.051em;"><span class="stl_365 stl_346 stl_430" style="word-spacing:-0.0025em;">CeMat Real Estate S.A. holds the ownership interest in CeMat '70 S.A., while CeMat '70 S.A. holds ownership interests in W133 Sp. z o.o., W131 Sp. z o.o. and Arkuszowa 56 Sp. z o.o.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:55.829em;"><span class="stl_375 stl_346 stl_61">2022  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:20.9142em;top:55.829em;"><span class="stl_375 stl_346 stl_92" style="word-spacing:0.0011em;">Cash flow  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.6458em;top:55.829em;"><span class="stl_375 stl_346 stl_92" style="word-spacing:0.0011em;">Cash flow  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.1983em;top:55.829em;"><span class="stl_375 stl_346 stl_61">Non-cash  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:16.1342em;top:56.689em;"><span class="stl_375 stl_346 stl_90">Beginning  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.0742em;top:56.689em;"><span class="stl_375 stl_346 stl_67">Proceeds  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.1158em;top:56.689em;"><span class="stl_375 stl_346 stl_115">Repayment  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.4658em;top:56.689em;"><span class="stl_375 stl_346 stl_61">Non-cash  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.1783em;top:56.689em;"><span class="stl_375 stl_346 stl_115">Exchange  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:57.569em;"><span class="stl_376 stl_346 stl_86">DKK’000  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:16.9842em;top:57.569em;"><span class="stl_375 stl_346 stl_52" style="word-spacing:0.0002em;">of year  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:20.6042em;top:57.569em;"><span class="stl_375 stl_346 stl_13" style="word-spacing:0.005em;">from loans  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.1658em;top:57.569em;"><span class="stl_375 stl_346 stl_23" style="word-spacing:0.0071em;">of loans  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.5058em;top:57.569em;"><span class="stl_375 stl_346 stl_114">Other  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.5783em;top:57.569em;"><span class="stl_375 stl_346 stl_116" style="word-spacing:0.0038em;">rate adjust.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.3483em;top:57.569em;"><span class="stl_375 stl_346 stl_89" style="word-spacing:0.003em;">End of year  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:60.0052em;"><span class="stl_365 stl_346 stl_113" style="word-spacing:0.0011em;">Loans from subsidiaries  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:17.3042em;top:60.0052em;"><span class="stl_365 stl_346 stl_23">27,367  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.3442em;top:60.0052em;"><span class="stl_365 stl_346 stl_148">2,536  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.1758em;top:60.0052em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.7958em;top:60.0052em;"><span class="stl_365 stl_346 stl_148">1,146  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.6183em;top:60.0052em;"><span class="stl_365 stl_346 stl_84">(490)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.9283em;top:60.0052em;"><span class="stl_365 stl_346 stl_23">30,559  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:61.0351em;"><span class="stl_365 stl_346 stl_316" style="word-spacing:0.0071em;">Bank loans  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:18.0942em;top:61.0351em;"><span class="stl_365 stl_346 stl_78">976  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.4442em;top:61.0351em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.1758em;top:61.0351em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.5858em;top:61.0351em;"><span class="stl_365 stl_346 stl_78">57  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.6283em;top:61.0351em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.2483em;top:61.0351em;"><span class="stl_365 stl_346 stl_148">1,033  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:62.1948em;"><span class="stl_362 stl_346 stl_58">Loans  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:17.2942em;top:62.1948em;"><span class="stl_362 stl_346 stl_61">28,343  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.3342em;top:62.1948em;"><span class="stl_362 stl_346 stl_116">2,536  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.1758em;top:62.1948em;"><span class="stl_362 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.7858em;top:62.1948em;"><span class="stl_362 stl_346 stl_116">1,203  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.6083em;top:62.1948em;"><span class="stl_362 stl_346 stl_70">(490)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.9183em;top:62.1948em;"><span class="stl_362 stl_346 stl_61">31,592  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.29em;top:17.2723em;"><span class="stl_375 stl_346 stl_88" style="word-spacing:-0.014em;">PARENT COMPANY  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.8683em;top:17.2723em;"><span class="stl_375 stl_346 stl_193">GROUP  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.01em;top:18.6123em;"><span class="stl_375 stl_346 stl_78">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:8.152em;top:18.6123em;"><span class="stl_375 stl_346 stl_20">2022  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.3617em;top:18.6123em;"><span class="stl_375 stl_346 stl_92">DKK'000  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.3283em;top:18.6123em;"><span class="stl_375 stl_346 stl_61">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.0483em;top:18.6123em;"><span class="stl_375 stl_346 stl_61">2021  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.03em;top:21.0485em;"><span class="stl_365 stl_346 stl_70">1,508  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:8.172em;top:21.0485em;"><span class="stl_365 stl_346 stl_148">1,341  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.3617em;top:21.0485em;"><span class="stl_365 stl_346 stl_347" style="word-spacing:0.0071em;">Subsidiaries, loans receivable  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.4483em;top:21.0485em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.1683em;top:21.0485em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.44em;top:22.081em;"><span class="stl_365 stl_346 stl_64">(36)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:8.5817em;top:22.081em;"><span class="stl_365 stl_346 stl_20">(64)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.3617em;top:22.081em;"><span class="stl_365 stl_346 stl_233" style="word-spacing:-0.0051em;">Subsidiaries, creditor payable  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.4483em;top:22.081em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.1683em;top:22.081em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:3.33em;top:23.111em;"><span class="stl_365 stl_346 stl_116">(38,303)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.472em;top:23.111em;"><span class="stl_365 stl_346 stl_156">(30,559)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.3617em;top:23.111em;"><span class="stl_365 stl_346 stl_292" style="word-spacing:0.0074em;">Subsidiaries, loans payable  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.4483em;top:23.111em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.1683em;top:23.111em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:3.32em;top:24.271em;"><span class="stl_362 stl_346 stl_63">(38,831)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.462em;top:24.271em;"><span class="stl_362 stl_346 stl_60">(29,282)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.3617em;top:24.271em;"><span class="stl_362 stl_346 stl_293" style="word-spacing:0.0093em;">Total outstanding amount  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.4483em;top:24.271em;"><span class="stl_362 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.1683em;top:24.271em;"><span class="stl_362 stl_346 stl_20">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:42.1093em;"><span class="stl_362 stl_346 stl_160" style="word-spacing:-0.011em;">Financial items  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:42.8793em;"><span class="stl_365 stl_346 stl_60" style="word-spacing:-0.0016em;">Financial items comprise interest income and expenses, the interest element  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:43.6393em;"><span class="stl_365 stl_346 stl_316" style="word-spacing:0.1244em;">of finance lease payments, realised and unrealised foreign exchange gains  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:44.3993em;"><span class="stl_365 stl_346 stl_257" style="word-spacing:0.2862em;">and losses as well as surcharges and allowances under the Danish tax  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:45.1593em;"><span class="stl_365 stl_346 stl_233" style="word-spacing:-0.018em;">prepayment scheme.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:46.6893em;"><span class="stl_365 stl_346 stl_329" style="word-spacing:0.0709em;">External financing costs are recognized as costs in the income statement in  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:47.4493em;"><span class="stl_365 stl_346 stl_233" style="word-spacing:0.0282em;">the period in which they are incurred, with the exception of activated costs,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:48.2193em;"><span class="stl_365 stl_346 stl_347" style="word-spacing:0.1584em;">i.e. costs that ca be directly attributed to the acquisition, construction or  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:48.9793em;"><span class="stl_365 stl_346 stl_63" style="word-spacing:0.108em;">production of a 'qualifying asset' (in the case of the Company: for work in  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:49.7393em;"><span class="stl_365 stl_346 stl_193" style="word-spacing:0.0768em;">progress) as part of their production cost. Financial costs are capitalized to  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:50.5093em;"><span class="stl_365 stl_346 stl_329" style="word-spacing:0.1278em;">work in progress only during the period when the development project is  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:51.2693em;"><span class="stl_365 stl_346 stl_347" style="word-spacing:0.0497em;">active. The project is considered active when design or construction work is  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:52.0293em;"><span class="stl_365 stl_346 stl_60" style="word-spacing:0.0917em;">carried out on the purchased land and during the process of obtaining key  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:52.7893em;"><span class="stl_365 stl_346 stl_148" style="word-spacing:0.0604em;">administrative decisions needed to run the project. Financial costs cease to  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:53.5593em;"><span class="stl_365 stl_346 stl_316" style="word-spacing:0.2653em;">be capitalized when substantially all activities necessary to prepare the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:54.3218em;"><span class="stl_365 stl_346 stl_113" style="word-spacing:0.1902em;">apartment for delivery to customers have been completed. Activation of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:55.0818em;"><span class="stl_365 stl_346 stl_316" style="word-spacing:-0.0015em;">financial costs is suspended in the event of suspension of activities related to  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:55.8518em;"><span class="stl_365 stl_346 stl_293" style="word-spacing:0.1445em;">investment activities on the project, including work related to the design,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:56.6118em;"><span class="stl_365 stl_346 stl_113" style="word-spacing:0.1884em;">construction process or obtaining appropriate permits and administrative  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:57.3718em;"><span class="stl_365 stl_346 stl_316" style="word-spacing:0.0027em;">decisions regarding the project.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:42.1093em;"><span class="stl_362 stl_346 stl_160" style="word-spacing:-0.011em;">Financial items  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:42.8793em;"><span class="stl_365 stl_346 stl_60" style="word-spacing:-0.0016em;">Financial items comprise interest income and expenses, the interest element  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:43.6393em;"><span class="stl_365 stl_346 stl_316" style="word-spacing:0.1244em;">of finance lease payments, realised and unrealised foreign exchange gains  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:44.3993em;"><span class="stl_365 stl_346 stl_257" style="word-spacing:0.2862em;">and losses as well as surcharges and allowances under the Danish tax  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:45.1593em;"><span class="stl_365 stl_346 stl_233" style="word-spacing:-0.018em;">prepayment scheme.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:46.6893em;"><span class="stl_365 stl_346 stl_329" style="word-spacing:0.0709em;">External financing costs are recognized as costs in the income statement in  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:47.4493em;"><span class="stl_365 stl_346 stl_233" style="word-spacing:0.0282em;">the period in which they are incurred, with the exception of activated costs,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:48.2193em;"><span class="stl_365 stl_346 stl_347" style="word-spacing:0.1584em;">i.e. costs that ca be directly attributed to the acquisition, construction or  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:48.9793em;"><span class="stl_365 stl_346 stl_63" style="word-spacing:0.108em;">production of a 'qualifying asset' (in the case of the Company: for work in  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:49.7393em;"><span class="stl_365 stl_346 stl_193" style="word-spacing:0.0768em;">progress) as part of their production cost. Financial costs are capitalized to  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:50.5093em;"><span class="stl_365 stl_346 stl_329" style="word-spacing:0.1278em;">work in progress only during the period when the development project is  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:51.2693em;"><span class="stl_365 stl_346 stl_347" style="word-spacing:0.0497em;">active. The project is considered active when design or construction work is  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:52.0293em;"><span class="stl_365 stl_346 stl_60" style="word-spacing:0.0917em;">carried out on the purchased land and during the process of obtaining key  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:52.7893em;"><span class="stl_365 stl_346 stl_148" style="word-spacing:0.0604em;">administrative decisions needed to run the project. Financial costs cease to  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:53.5593em;"><span class="stl_365 stl_346 stl_316" style="word-spacing:0.2653em;">be capitalized when substantially all activities necessary to prepare the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:54.3218em;"><span class="stl_365 stl_346 stl_113" style="word-spacing:0.1902em;">apartment for delivery to customers have been completed. Activation of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:55.0818em;"><span class="stl_365 stl_346 stl_316" style="word-spacing:-0.0015em;">financial costs is suspended in the event of suspension of activities related to  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:55.8518em;"><span class="stl_365 stl_346 stl_293" style="word-spacing:0.1445em;">investment activities on the project, including work related to the design,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:56.6118em;"><span class="stl_365 stl_346 stl_113" style="word-spacing:0.1884em;">construction process or obtaining appropriate permits and administrative  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:57.3718em;"><span class="stl_365 stl_346 stl_316" style="word-spacing:0.0027em;">decisions regarding the project.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:4.8407em;"><span class="stl_363 stl_346 stl_364">5.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.682em;top:4.8407em;"><span class="stl_363 stl_346 stl_330" style="word-spacing:-0.0032em;">FINANCIAL INCOME  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.29em;top:6.4323em;"><span class="stl_375 stl_346 stl_88" style="word-spacing:-0.014em;">PARENT COMPANY  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.8683em;top:6.4323em;"><span class="stl_375 stl_346 stl_193">GROUP  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.01em;top:7.7823em;"><span class="stl_375 stl_346 stl_61">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:8.152em;top:7.7823em;"><span class="stl_375 stl_346 stl_61">2022  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.3617em;top:7.7823em;"><span class="stl_375 stl_346 stl_92">DKK'000  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.3283em;top:7.7823em;"><span class="stl_375 stl_346 stl_61">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.0483em;top:7.7823em;"><span class="stl_375 stl_346 stl_61">2022  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.822em;top:10.2185em;"><span class="stl_365 stl_346 stl_78">57  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:8.9617em;top:10.2185em;"><span class="stl_365 stl_346 stl_78">53  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.3617em;top:10.2185em;"><span class="stl_365 stl_346 stl_160" style="word-spacing:-0.0089em;">Interest from group entities  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.4483em;top:10.2185em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.1683em;top:10.2185em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:5.132em;top:11.2485em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:9.2717em;top:11.2485em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.3617em;top:11.2485em;"><span class="stl_365 stl_346 stl_111" style="word-spacing:0.004em;">Interest on bank deposits, etc.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.8183em;top:11.2485em;"><span class="stl_365 stl_346 stl_78">124  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.5383em;top:11.2485em;"><span class="stl_365 stl_346 stl_78">184  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.822em;top:12.4085em;"><span class="stl_362 stl_346 stl_78">57  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:8.9617em;top:12.4085em;"><span class="stl_362 stl_346 stl_78">53  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.3617em;top:12.4085em;"><span class="stl_362 stl_346 stl_18" style="word-spacing:-0.0168em;">Interest income  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.8183em;top:12.4085em;"><span class="stl_362 stl_346 stl_78">124  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.5383em;top:12.4085em;"><span class="stl_362 stl_346 stl_78">184  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:5.132em;top:14.5785em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:8.6417em;top:14.5785em;"><span class="stl_365 stl_346 stl_78">468  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.3617em;top:14.5785em;"><span class="stl_365 stl_346 stl_60" style="word-spacing:0.0034em;">Foreign exchange adjustments  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.4483em;top:14.5785em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.1683em;top:14.5785em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.822em;top:15.7385em;"><span class="stl_362 stl_346 stl_78">57  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:8.6417em;top:15.7385em;"><span class="stl_362 stl_346 stl_78">521  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.3617em;top:15.7385em;"><span class="stl_362 stl_346 stl_53">Total  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.8183em;top:15.7385em;"><span class="stl_362 stl_346 stl_78">124  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.5383em;top:15.7385em;"><span class="stl_362 stl_346 stl_78">184  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:4.8407em;"><span class="stl_363 stl_346 stl_87" style="word-spacing:0.8696em;">28. RELATED</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:8.270em;top:4.8407em;"><span class="stl_363 stl_346 stl_70" style="word-spacing:-0.0025em;">PARTY TRANSACTIONS  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.29em;top:7.0723em;"><span class="stl_375 stl_346 stl_88" style="word-spacing:-0.014em;">PARENT COMPANY  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.8683em;top:7.0723em;"><span class="stl_375 stl_346 stl_193">GROUP  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.01em;top:8.4123em;"><span class="stl_375 stl_346 stl_78">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:8.152em;top:8.4123em;"><span class="stl_375 stl_346 stl_20">2022  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.3617em;top:8.4123em;"><span class="stl_375 stl_346 stl_92">DKK'000  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.3283em;top:8.4123em;"><span class="stl_375 stl_346 stl_61">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.0483em;top:8.4123em;"><span class="stl_375 stl_346 stl_61">2022  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.822em;top:10.8485em;"><span class="stl_365 stl_346 stl_78">56  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:8.9617em;top:10.8485em;"><span class="stl_365 stl_346 stl_78">54  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.3617em;top:10.8485em;"><span class="stl_365 stl_346 stl_226" style="word-spacing:0.003em;">Subsidiaries, interest income  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.4483em;top:10.8485em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.1683em;top:10.8485em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.03em;top:11.8785em;"><span class="stl_365 stl_346 stl_70">1,348  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:8.172em;top:11.8785em;"><span class="stl_365 stl_346 stl_148">1,147  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.3617em;top:11.8785em;"><span class="stl_365 stl_346 stl_347" style="word-spacing:0.0042em;">Subsidiaries, interest expenses  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.4483em;top:11.8785em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.1683em;top:11.8785em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:13.0385em;"><span class="stl_362 stl_346 stl_88">1,404  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:8.162em;top:13.0385em;"><span class="stl_362 stl_346 stl_116">1,201  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.3617em;top:13.0385em;"><span class="stl_362 stl_346 stl_63" style="word-spacing:0.0107em;">Total transactions  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.4483em;top:13.0385em;"><span class="stl_362 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.1683em;top:13.0385em;"><span class="stl_362 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:15.1904em;"><span class="stl_431 stl_346 stl_148" style="word-spacing:-0.0005em;">Other management remuneration etc. is stated separately in connection with note 4 “Staff costs”.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:42.1093em;"><span class="stl_362 stl_346 stl_160" style="word-spacing:-0.011em;">Financial items  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:42.8793em;"><span class="stl_365 stl_346 stl_60" style="word-spacing:-0.0016em;">Financial items comprise interest income and expenses, the interest element  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:43.6393em;"><span class="stl_365 stl_346 stl_316" style="word-spacing:0.1244em;">of finance lease payments, realised and unrealised foreign exchange gains  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:44.3993em;"><span class="stl_365 stl_346 stl_257" style="word-spacing:0.2862em;">and losses as well as surcharges and allowances under the Danish tax  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:45.1593em;"><span class="stl_365 stl_346 stl_233" style="word-spacing:-0.018em;">prepayment scheme.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:46.6893em;"><span class="stl_365 stl_346 stl_329" style="word-spacing:0.0709em;">External financing costs are recognized as costs in the income statement in  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:47.4493em;"><span class="stl_365 stl_346 stl_233" style="word-spacing:0.0282em;">the period in which they are incurred, with the exception of activated costs,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:48.2193em;"><span class="stl_365 stl_346 stl_347" style="word-spacing:0.1584em;">i.e. costs that ca be directly attributed to the acquisition, construction or  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:48.9793em;"><span class="stl_365 stl_346 stl_63" style="word-spacing:0.108em;">production of a 'qualifying asset' (in the case of the Company: for work in  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:49.7393em;"><span class="stl_365 stl_346 stl_193" style="word-spacing:0.0768em;">progress) as part of their production cost. Financial costs are capitalized to  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:50.5093em;"><span class="stl_365 stl_346 stl_329" style="word-spacing:0.1278em;">work in progress only during the period when the development project is  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:51.2693em;"><span class="stl_365 stl_346 stl_347" style="word-spacing:0.0497em;">active. The project is considered active when design or construction work is  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:52.0293em;"><span class="stl_365 stl_346 stl_60" style="word-spacing:0.0917em;">carried out on the purchased land and during the process of obtaining key  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:52.7893em;"><span class="stl_365 stl_346 stl_148" style="word-spacing:0.0604em;">administrative decisions needed to run the project. Financial costs cease to  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:53.5593em;"><span class="stl_365 stl_346 stl_316" style="word-spacing:0.2653em;">be capitalized when substantially all activities necessary to prepare the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:54.3218em;"><span class="stl_365 stl_346 stl_113" style="word-spacing:0.1902em;">apartment for delivery to customers have been completed. Activation of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:55.0818em;"><span class="stl_365 stl_346 stl_316" style="word-spacing:-0.0015em;">financial costs is suspended in the event of suspension of activities related to  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:55.8518em;"><span class="stl_365 stl_346 stl_293" style="word-spacing:0.1445em;">investment activities on the project, including work related to the design,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:56.6118em;"><span class="stl_365 stl_346 stl_113" style="word-spacing:0.1884em;">construction process or obtaining appropriate permits and administrative  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:57.3718em;"><span class="stl_365 stl_346 stl_316" style="word-spacing:0.0027em;">decisions regarding the project.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:4.8407em;"><span class="stl_363 stl_346 stl_87" style="word-spacing:0.8696em;">28. RELATED</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:8.270em;top:4.8407em;"><span class="stl_363 stl_346 stl_70" style="word-spacing:-0.0025em;">PARTY TRANSACTIONS  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.29em;top:7.0723em;"><span class="stl_375 stl_346 stl_88" style="word-spacing:-0.014em;">PARENT COMPANY  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.8683em;top:7.0723em;"><span class="stl_375 stl_346 stl_193">GROUP  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.01em;top:8.4123em;"><span class="stl_375 stl_346 stl_78">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:8.152em;top:8.4123em;"><span class="stl_375 stl_346 stl_20">2022  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.3617em;top:8.4123em;"><span class="stl_375 stl_346 stl_92">DKK'000  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.3283em;top:8.4123em;"><span class="stl_375 stl_346 stl_61">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.0483em;top:8.4123em;"><span class="stl_375 stl_346 stl_61">2022  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.822em;top:10.8485em;"><span class="stl_365 stl_346 stl_78">56  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:8.9617em;top:10.8485em;"><span class="stl_365 stl_346 stl_78">54  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.3617em;top:10.8485em;"><span class="stl_365 stl_346 stl_226" style="word-spacing:0.003em;">Subsidiaries, interest income  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.4483em;top:10.8485em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.1683em;top:10.8485em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.03em;top:11.8785em;"><span class="stl_365 stl_346 stl_70">1,348  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:8.172em;top:11.8785em;"><span class="stl_365 stl_346 stl_148">1,147  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.3617em;top:11.8785em;"><span class="stl_365 stl_346 stl_347" style="word-spacing:0.0042em;">Subsidiaries, interest expenses  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.4483em;top:11.8785em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.1683em;top:11.8785em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:13.0385em;"><span class="stl_362 stl_346 stl_88">1,404  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:8.162em;top:13.0385em;"><span class="stl_362 stl_346 stl_116">1,201  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.3617em;top:13.0385em;"><span class="stl_362 stl_346 stl_63" style="word-spacing:0.0107em;">Total transactions  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.4483em;top:13.0385em;"><span class="stl_362 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.1683em;top:13.0385em;"><span class="stl_362 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:15.1904em;"><span class="stl_431 stl_346 stl_148" style="word-spacing:-0.0005em;">Other management remuneration etc. is stated separately in connection with note 4 “Staff costs”.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:43.6393em;"><span class="stl_362 stl_346 stl_58">Inventory  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:45.1493em;"><span class="stl_369 stl_346 stl_185" style="word-spacing:-0.0016em;">Finished products  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:45.9193em;"><span class="stl_365 stl_346 stl_103" style="word-spacing:0.0973em;">Finished products are mainly residential units and parking spaces. Finished  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:46.6793em;"><span class="stl_365 stl_346 stl_347" style="word-spacing:0.0461em;">products are valued at the lower of the two values: manufacturing cost and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:47.4393em;"><span class="stl_365 stl_346 stl_347" style="word-spacing:0.1251em;">net realisable value. The net realisable value is the estimated selling price  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:48.2093em;"><span class="stl_365 stl_346 stl_316" style="word-spacing:-0.0076em;">assessed by the Management Board of the company based on market prices.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:49.7293em;"><span class="stl_369 stl_346 stl_233" style="word-spacing:-0.0043em;">Work in progress  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:50.4993em;"><span class="stl_365 stl_346 stl_131" style="word-spacing:0.0637em;">Work in progress is valued at the lower of the two values: purchase price /  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:51.2593em;"><span class="stl_365 stl_346 stl_329" style="word-spacing:0.0584em;">production cost / fair value at the moment of transfer from the investment  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:52.0193em;"><span class="stl_365 stl_346 stl_347" style="word-spacing:0.2657em;">property (land plots) and the net realisable value. In the event of any  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:52.7793em;"><span class="stl_365 stl_346 stl_316">discrepancies,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.3914em;top:52.7793em;"><span class="stl_365 stl_346 stl_20">a</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.0907em;top:52.7793em;"><span class="stl_365 stl_346 stl_330" style="word-spacing:0.4082em;">write-down is made. With regard to the company's  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:53.5493em;"><span class="stl_365 stl_346 stl_60" style="word-spacing:0.0286em;">development projects, the necessity to make an impairment loss is assessed  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:54.3118em;"><span class="stl_365 stl_346 stl_292" style="word-spacing:0.0306em;">on the basis of the "impairment test" described below, based on an analysis  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:55.0718em;"><span class="stl_365 stl_346 stl_329" style="word-spacing:-0.0017em;">of the production cost and the net realisable value.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:56.6018em;"><span class="stl_369 stl_346 stl_113" style="word-spacing:-0.001em;">Inventory impairment test  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:58.1218em;"><span class="stl_365 stl_346 stl_63" style="word-spacing:0.0418em;">If a development project is expected to generate a loss, it results in a write-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:58.8918em;"><span class="stl_365 stl_346 stl_112" style="word-spacing:0.0311em;">down of work in progress, which is immediately recognised in the profit and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:59.6518em;"><span class="stl_365 stl_346 stl_123" style="word-spacing:0.0084em;">loss account.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:61.1815em;"><span class="stl_365 stl_346 stl_111" style="word-spacing:0.0456em;">For each development project, budgets are prepared that include both past  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:61.9415em;"><span class="stl_365 stl_346 stl_193" style="word-spacing:0.2051em;">and future cash flows for each implemented project. These budgets are  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:7.0051em;"><span class="stl_365 stl_346 stl_316" style="word-spacing:0.2205em;">updated at least semi-annually. For the purposes of impairment testing,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:7.7651em;"><span class="stl_365 stl_346 stl_148" style="word-spacing:0.093em;">project budgets include all past and projected net revenues less the direct  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:8.5251em;"><span class="stl_365 stl_346 stl_148" style="word-spacing:0.1894em;">costs of land acquisition, design, construction and other costs related to  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:9.2951em;"><span class="stl_365 stl_346 stl_185" style="word-spacing:0.1741em;">project preparation, demonstration premises and the on-site sales office.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:10.0552em;"><span class="stl_365 stl_346 stl_63" style="word-spacing:0.2262em;">These budgets are also encumbered with associated past and projected  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:10.8151em;"><span class="stl_365 stl_346 stl_111" style="word-spacing:0.3474em;">borrowing costs and projected customer claims (if applicable). Project  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:11.5851em;"><span class="stl_365 stl_346 stl_131" style="word-spacing:0.0286em;">budgets are prepared using the principle of prudent valuation. If the margin  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:12.3452em;"><span class="stl_365 stl_346 stl_131" style="word-spacing:0.1082em;">on the project, calculated taking into account all revenues and the above-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:13.1052em;"><span class="stl_365 stl_346 stl_293" style="word-spacing:0.1248em;">mentioned costs, is positive, then there is no need to create an inventory  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:13.8652em;"><span class="stl_365 stl_346 stl_226" style="word-spacing:0.0135em;">impairment write-down. A negative margin indicates a potential impairment  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:14.6352em;"><span class="stl_365 stl_346 stl_368" style="word-spacing:0.1128em;">problem, which, after careful verification of cash flows for a given project,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:15.3952em;"><span class="stl_365 stl_346 stl_185" style="word-spacing:0.0625em;">results in the recognition of an inventory impairment loss in the amount of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:16.1552em;"><span class="stl_365 stl_346 stl_285" style="word-spacing:-0.0018em;">the estimated negative value of this margin.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:17.6851em;"><span class="stl_365 stl_346 stl_103" style="word-spacing:0.2521em;">The revaluation write-off is recognised in the cost of sales in the item  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:18.4451em;"><span class="stl_365 stl_346 stl_285" style="word-spacing:-0.0589em;">"Adjustment of the value of inventories to the net realisable value". A possible  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:19.2051em;"><span class="stl_365 stl_346 stl_368" style="word-spacing:0.1915em;">reversal of such an impairment loss for a given project is possible if the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:19.9752em;"><span class="stl_365 stl_346 stl_113" style="word-spacing:0.0011em;">expected value of the margin on this project becomes positive.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:21.4952em;"><span class="stl_369 stl_346 stl_113" style="word-spacing:-0.0006em;">Transferring land plots from investment property to inventories  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:22.2652em;"><span class="stl_365 stl_346 stl_113" style="word-spacing:0.2693em;">Investment property is transferred to inventory when the development  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:23.0277em;"><span class="stl_365 stl_346 stl_257" style="word-spacing:0.1307em;">process has been decided and initiated, a decision on the possible way of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:23.7877em;"><span class="stl_365 stl_346 stl_226" style="word-spacing:0.0489em;">developing the plot has been obtained, and expenses related to the project  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:24.5577em;"><span class="stl_365 stl_346 stl_60" style="word-spacing:0.0029em;">have already taken place.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:43.6393em;"><span class="stl_362 stl_346 stl_58">Inventory  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:45.1493em;"><span class="stl_369 stl_346 stl_185" style="word-spacing:-0.0016em;">Finished products  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:45.9193em;"><span class="stl_365 stl_346 stl_103" style="word-spacing:0.0973em;">Finished products are mainly residential units and parking spaces. Finished  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:46.6793em;"><span class="stl_365 stl_346 stl_347" style="word-spacing:0.0461em;">products are valued at the lower of the two values: manufacturing cost and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:47.4393em;"><span class="stl_365 stl_346 stl_347" style="word-spacing:0.1251em;">net realisable value. The net realisable value is the estimated selling price  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:48.2093em;"><span class="stl_365 stl_346 stl_316" style="word-spacing:-0.0076em;">assessed by the Management Board of the company based on market prices.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:49.7293em;"><span class="stl_369 stl_346 stl_233" style="word-spacing:-0.0043em;">Work in progress  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:50.4993em;"><span class="stl_365 stl_346 stl_131" style="word-spacing:0.0637em;">Work in progress is valued at the lower of the two values: purchase price /  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:51.2593em;"><span class="stl_365 stl_346 stl_329" style="word-spacing:0.0584em;">production cost / fair value at the moment of transfer from the investment  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:52.0193em;"><span class="stl_365 stl_346 stl_347" style="word-spacing:0.2657em;">property (land plots) and the net realisable value. In the event of any  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:52.7793em;"><span class="stl_365 stl_346 stl_316">discrepancies,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.3914em;top:52.7793em;"><span class="stl_365 stl_346 stl_20">a</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.0907em;top:52.7793em;"><span class="stl_365 stl_346 stl_330" style="word-spacing:0.4082em;">write-down is made. With regard to the company's  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:53.5493em;"><span class="stl_365 stl_346 stl_60" style="word-spacing:0.0286em;">development projects, the necessity to make an impairment loss is assessed  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:54.3118em;"><span class="stl_365 stl_346 stl_292" style="word-spacing:0.0306em;">on the basis of the "impairment test" described below, based on an analysis  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:55.0718em;"><span class="stl_365 stl_346 stl_329" style="word-spacing:-0.0017em;">of the production cost and the net realisable value.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:56.6018em;"><span class="stl_369 stl_346 stl_113" style="word-spacing:-0.001em;">Inventory impairment test  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:58.1218em;"><span class="stl_365 stl_346 stl_63" style="word-spacing:0.0418em;">If a development project is expected to generate a loss, it results in a write-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:58.8918em;"><span class="stl_365 stl_346 stl_112" style="word-spacing:0.0311em;">down of work in progress, which is immediately recognised in the profit and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:59.6518em;"><span class="stl_365 stl_346 stl_123" style="word-spacing:0.0084em;">loss account.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:61.1815em;"><span class="stl_365 stl_346 stl_111" style="word-spacing:0.0456em;">For each development project, budgets are prepared that include both past  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:61.9415em;"><span class="stl_365 stl_346 stl_193" style="word-spacing:0.2051em;">and future cash flows for each implemented project. These budgets are  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:7.0051em;"><span class="stl_365 stl_346 stl_316" style="word-spacing:0.2205em;">updated at least semi-annually. For the purposes of impairment testing,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:7.7651em;"><span class="stl_365 stl_346 stl_148" style="word-spacing:0.093em;">project budgets include all past and projected net revenues less the direct  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:8.5251em;"><span class="stl_365 stl_346 stl_148" style="word-spacing:0.1894em;">costs of land acquisition, design, construction and other costs related to  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:9.2951em;"><span class="stl_365 stl_346 stl_185" style="word-spacing:0.1741em;">project preparation, demonstration premises and the on-site sales office.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:10.0552em;"><span class="stl_365 stl_346 stl_63" style="word-spacing:0.2262em;">These budgets are also encumbered with associated past and projected  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:10.8151em;"><span class="stl_365 stl_346 stl_111" style="word-spacing:0.3474em;">borrowing costs and projected customer claims (if applicable). Project  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:11.5851em;"><span class="stl_365 stl_346 stl_131" style="word-spacing:0.0286em;">budgets are prepared using the principle of prudent valuation. If the margin  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:12.3452em;"><span class="stl_365 stl_346 stl_131" style="word-spacing:0.1082em;">on the project, calculated taking into account all revenues and the above-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:13.1052em;"><span class="stl_365 stl_346 stl_293" style="word-spacing:0.1248em;">mentioned costs, is positive, then there is no need to create an inventory  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:13.8652em;"><span class="stl_365 stl_346 stl_226" style="word-spacing:0.0135em;">impairment write-down. A negative margin indicates a potential impairment  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:14.6352em;"><span class="stl_365 stl_346 stl_368" style="word-spacing:0.1128em;">problem, which, after careful verification of cash flows for a given project,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:15.3952em;"><span class="stl_365 stl_346 stl_185" style="word-spacing:0.0625em;">results in the recognition of an inventory impairment loss in the amount of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:16.1552em;"><span class="stl_365 stl_346 stl_285" style="word-spacing:-0.0018em;">the estimated negative value of this margin.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:17.6851em;"><span class="stl_365 stl_346 stl_103" style="word-spacing:0.2521em;">The revaluation write-off is recognised in the cost of sales in the item  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:18.4451em;"><span class="stl_365 stl_346 stl_285" style="word-spacing:-0.0589em;">"Adjustment of the value of inventories to the net realisable value". A possible  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:19.2051em;"><span class="stl_365 stl_346 stl_368" style="word-spacing:0.1915em;">reversal of such an impairment loss for a given project is possible if the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:19.9752em;"><span class="stl_365 stl_346 stl_113" style="word-spacing:0.0011em;">expected value of the margin on this project becomes positive.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:21.4952em;"><span class="stl_369 stl_346 stl_113" style="word-spacing:-0.0006em;">Transferring land plots from investment property to inventories  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:22.2652em;"><span class="stl_365 stl_346 stl_113" style="word-spacing:0.2693em;">Investment property is transferred to inventory when the development  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:23.0277em;"><span class="stl_365 stl_346 stl_257" style="word-spacing:0.1307em;">process has been decided and initiated, a decision on the possible way of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:23.7877em;"><span class="stl_365 stl_346 stl_226" style="word-spacing:0.0489em;">developing the plot has been obtained, and expenses related to the project  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:24.5577em;"><span class="stl_365 stl_346 stl_60" style="word-spacing:0.0029em;">have already taken place.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:43.1465em;"><span class="stl_363 stl_346 stl_156" style="word-spacing:0.8718em;">12. INVENTORIES  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:45.8365em;"><span class="stl_375 stl_346 stl_88" style="word-spacing:-0.014em;">PARENT COMPANY  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.8683em;top:45.8365em;"><span class="stl_375 stl_346 stl_193">GROUP  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.01em;top:47.1765em;"><span class="stl_375 stl_346 stl_78">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:8.152em;top:47.1765em;"><span class="stl_375 stl_346 stl_20">2022  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.3617em;top:47.1765em;"><span class="stl_375 stl_346 stl_92">DKK'000  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.3283em;top:47.1765em;"><span class="stl_375 stl_346 stl_61">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.0483em;top:47.1765em;"><span class="stl_375 stl_346 stl_61">2022  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:5.132em;top:49.6227em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:9.2717em;top:49.6227em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.3617em;top:49.6227em;"><span class="stl_365 stl_346 stl_329" style="word-spacing:0.0013em;">Property under construction </span><span class="stl_366 stl_346 stl_20" style="word-spacing:-0.0098em;">– </span><span class="stl_365 stl_346 stl_329" style="word-spacing:-0.0013em;">land plot transferred from the investment property  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.0283em;top:49.6227em;"><span class="stl_365 stl_346 stl_23">29,112  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.7483em;top:49.6227em;"><span class="stl_365 stl_346 stl_23">26,928  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:5.132em;top:50.6527em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:9.2717em;top:50.6527em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.3617em;top:50.6527em;"><span class="stl_365 stl_346 stl_60" style="word-spacing:0.0009em;">Other expenditures related to the development projects  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.0283em;top:50.6527em;"><span class="stl_365 stl_346 stl_23">16,692  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.0683em;top:50.6527em;"><span class="stl_365 stl_346 stl_148">6,432  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:5.132em;top:51.8151em;"><span class="stl_362 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:9.2717em;top:51.8151em;"><span class="stl_362 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.3617em;top:51.8151em;"><span class="stl_362 stl_346 stl_53">Total  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.0183em;top:51.8151em;"><span class="stl_362 stl_346 stl_61">45,804  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.7383em;top:51.8151em;"><span class="stl_362 stl_346 stl_61">33,360  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:54.5771em;"><span class="stl_371 stl_346 stl_193" style="word-spacing:0.0005em;">No inventories are carried at fair value less costs to sell. There was no write-down of inventories recognised as an expense in the period. There was no reversal of a  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:55.3971em;"><span class="stl_371 stl_346 stl_103" style="word-spacing:0.003em;">write-down to net realisable value. One of the land plots with a fair value of DKK 24,079 thousand is used as collateral for bank loan. There was no cost of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:56.2171em;"><span class="stl_371 stl_346 stl_131" style="word-spacing:0.0002em;">inventories recognised as an expense.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:57.5252em;"><span class="stl_365 stl_346 stl_316" style="word-spacing:0.0101em;">Inventory recovery  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:59.629em;"><span class="stl_375 stl_346 stl_88" style="word-spacing:-0.014em;">PARENT COMPANY  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.8683em;top:59.629em;"><span class="stl_375 stl_346 stl_193">GROUP  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.01em;top:60.969em;"><span class="stl_375 stl_346 stl_78">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:8.152em;top:60.969em;"><span class="stl_375 stl_346 stl_20">2022  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.3617em;top:60.969em;"><span class="stl_375 stl_346 stl_92">DKK'000  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.3283em;top:60.969em;"><span class="stl_375 stl_346 stl_61">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.0483em;top:60.969em;"><span class="stl_375 stl_346 stl_61">2022  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:5.132em;top:63.4148em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:9.2717em;top:63.4148em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.3617em;top:63.4148em;"><span class="stl_365 stl_346 stl_123" style="word-spacing:0.0027em;">Recoverable within 12 months  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.4483em;top:63.4148em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.1683em;top:63.4148em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:5.132em;top:64.4448em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:9.2717em;top:64.4448em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.3617em;top:64.4448em;"><span class="stl_365 stl_346 stl_316" style="word-spacing:0.0012em;">Recoverable after more than 12 months  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.0283em;top:64.4448em;"><span class="stl_365 stl_346 stl_23">45,804  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.7483em;top:64.4448em;"><span class="stl_365 stl_346 stl_23">33,360  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:5.132em;top:65.5948em;"><span class="stl_362 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:9.2717em;top:65.5948em;"><span class="stl_362 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.3617em;top:65.5948em;"><span class="stl_362 stl_346 stl_53">Total  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.0183em;top:65.5948em;"><span class="stl_362 stl_346 stl_61">45,804  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.7383em;top:65.5948em;"><span class="stl_362 stl_346 stl_61">33,360  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:40.6565em;"><span class="stl_363 stl_346 stl_70" style="word-spacing:0.8725em;">21. CHANGE</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:8.141em;top:40.6565em;"><span class="stl_363 stl_346 stl_58" style="word-spacing:0.0017em;">IN NET WORKING CAPITAL  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.29em;top:43.2765em;"><span class="stl_375 stl_346 stl_88" style="word-spacing:-0.014em;">PARENT COMPANY  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.8683em;top:43.2765em;"><span class="stl_375 stl_346 stl_193">GROUP  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.01em;top:44.6165em;"><span class="stl_375 stl_346 stl_78">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:8.152em;top:44.6165em;"><span class="stl_375 stl_346 stl_20">2022  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.3617em;top:44.6165em;"><span class="stl_375 stl_346 stl_92">DKK'000  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.3283em;top:44.6165em;"><span class="stl_375 stl_346 stl_61">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.0483em;top:44.6165em;"><span class="stl_375 stl_346 stl_61">2022  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:5.132em;top:48.0827em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:9.2717em;top:48.0827em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.3617em;top:48.0827em;"><span class="stl_365 stl_346 stl_60" style="word-spacing:-0.0004em;">Change in receivables  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.9683em;top:48.0827em;"><span class="stl_365 stl_346 stl_330">(4,243)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.1583em;top:48.0827em;"><span class="stl_365 stl_346 stl_84">(688)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:5.132em;top:49.1126em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:9.2717em;top:49.1126em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.3617em;top:49.1126em;"><span class="stl_365 stl_346 stl_53" style="word-spacing:0.0042em;">Change in inventories (work in progress)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.9683em;top:49.1126em;"><span class="stl_365 stl_346 stl_330">(9,435)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.6883em;top:49.1126em;"><span class="stl_365 stl_346 stl_23">(3,946)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.5em;top:50.1427em;"><span class="stl_365 stl_346 stl_163">312  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:8.6417em;top:50.1427em;"><span class="stl_365 stl_346 stl_78">320  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.3617em;top:50.1427em;"><span class="stl_365 stl_346 stl_293" style="word-spacing:0.0022em;">Change in trade payables and other payables  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.0283em;top:50.1427em;"><span class="stl_365 stl_346 stl_23">16,089  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.6883em;top:50.1427em;"><span class="stl_365 stl_346 stl_23">(1,800)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.5em;top:51.3052em;"><span class="stl_362 stl_346 stl_78">314  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:8.6417em;top:51.3052em;"><span class="stl_362 stl_346 stl_78">320  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.3617em;top:51.3052em;"><span class="stl_362 stl_346 stl_53">Total  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.3383em;top:51.3052em;"><span class="stl_362 stl_346 stl_88">2,411  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.6683em;top:51.3052em;"><span class="stl_362 stl_346 stl_160">(6,434)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:56.6018em;"><span class="stl_369 stl_346 stl_113" style="word-spacing:-0.001em;">Inventory impairment test  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:58.1218em;"><span class="stl_365 stl_346 stl_63" style="word-spacing:0.0418em;">If a development project is expected to generate a loss, it results in a write-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:58.8918em;"><span class="stl_365 stl_346 stl_112" style="word-spacing:0.0311em;">down of work in progress, which is immediately recognised in the profit and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:59.6518em;"><span class="stl_365 stl_346 stl_123" style="word-spacing:0.0084em;">loss account.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:61.1815em;"><span class="stl_365 stl_346 stl_111" style="word-spacing:0.0456em;">For each development project, budgets are prepared that include both past  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:61.9415em;"><span class="stl_365 stl_346 stl_193" style="word-spacing:0.2051em;">and future cash flows for each implemented project. These budgets are  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:7.0051em;"><span class="stl_365 stl_346 stl_316" style="word-spacing:0.2205em;">updated at least semi-annually. For the purposes of impairment testing,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:7.7651em;"><span class="stl_365 stl_346 stl_148" style="word-spacing:0.093em;">project budgets include all past and projected net revenues less the direct  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:8.5251em;"><span class="stl_365 stl_346 stl_148" style="word-spacing:0.1894em;">costs of land acquisition, design, construction and other costs related to  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:9.2951em;"><span class="stl_365 stl_346 stl_185" style="word-spacing:0.1741em;">project preparation, demonstration premises and the on-site sales office.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:10.0552em;"><span class="stl_365 stl_346 stl_63" style="word-spacing:0.2262em;">These budgets are also encumbered with associated past and projected  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:10.8151em;"><span class="stl_365 stl_346 stl_111" style="word-spacing:0.3474em;">borrowing costs and projected customer claims (if applicable). Project  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:11.5851em;"><span class="stl_365 stl_346 stl_131" style="word-spacing:0.0286em;">budgets are prepared using the principle of prudent valuation. If the margin  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:12.3452em;"><span class="stl_365 stl_346 stl_131" style="word-spacing:0.1082em;">on the project, calculated taking into account all revenues and the above-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:13.1052em;"><span class="stl_365 stl_346 stl_293" style="word-spacing:0.1248em;">mentioned costs, is positive, then there is no need to create an inventory  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:13.8652em;"><span class="stl_365 stl_346 stl_226" style="word-spacing:0.0135em;">impairment write-down. A negative margin indicates a potential impairment  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:14.6352em;"><span class="stl_365 stl_346 stl_368" style="word-spacing:0.1128em;">problem, which, after careful verification of cash flows for a given project,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:15.3952em;"><span class="stl_365 stl_346 stl_185" style="word-spacing:0.0625em;">results in the recognition of an inventory impairment loss in the amount of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:16.1552em;"><span class="stl_365 stl_346 stl_285" style="word-spacing:-0.0018em;">the estimated negative value of this margin.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:17.6851em;"><span class="stl_365 stl_346 stl_103" style="word-spacing:0.2521em;">The revaluation write-off is recognised in the cost of sales in the item  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:18.4451em;"><span class="stl_365 stl_346 stl_285" style="word-spacing:-0.0589em;">"Adjustment of the value of inventories to the net realisable value". A possible  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:19.2051em;"><span class="stl_365 stl_346 stl_368" style="word-spacing:0.1915em;">reversal of such an impairment loss for a given project is possible if the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:19.9752em;"><span class="stl_365 stl_346 stl_113" style="word-spacing:0.0011em;">expected value of the margin on this project becomes positive.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:61.1915em;"><span class="stl_362 stl_346 stl_53" style="word-spacing:0.0082em;">Investment property  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:7.0051em;"><span class="stl_365 stl_346 stl_113" style="word-spacing:0.4122em;">Investment property comprises properties owned for the purpose of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:7.7651em;"><span class="stl_365 stl_346 stl_233" style="word-spacing:-0.003em;">receiving rent or obtaining capital gains.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:9.2951em;"><span class="stl_365 stl_346 stl_226" style="word-spacing:0.0799em;">On initial recognition, investment property is measured at cost, comprising  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:10.0552em;"><span class="stl_365 stl_346 stl_226" style="word-spacing:-0.0022em;">the purchase price and any costs directly attributable to the acquisition.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:11.5851em;"><span class="stl_365 stl_346 stl_53" style="word-spacing:0.127em;">Subsequently, investment property is measured at fair value, representing  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:12.3452em;"><span class="stl_365 stl_346 stl_123" style="word-spacing:0.2537em;">the price at which it is estimated that the property can be sold to an  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:13.1052em;"><span class="stl_365 stl_346 stl_185" style="word-spacing:-0.0053em;">independent buyer at the balance sheet date.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:14.6352em;"><span class="stl_365 stl_346 stl_53" style="word-spacing:0.3623em;">Investment property is divided into four groups: Internal roads; plots  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:15.3952em;"><span class="stl_365 stl_346 stl_233" style="word-spacing:0.0004em;">designed for external</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.049em;top:15.3952em;"><span class="stl_365 stl_346 stl_111" style="word-spacing:0.0008em;">roads; development areas; and industrial buildings.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:16.9252em;"><span class="stl_365 stl_346 stl_113" style="word-spacing:0.0246em;">Internal roads; plots designed for external roads; and development areas (in  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:17.6851em;"><span class="stl_366 stl_346 stl_60" style="word-spacing:0.1574em;">the following referred to as “properties”) are valued using a comparative  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:18.4451em;"><span class="stl_365 stl_346 stl_293" style="word-spacing:0.144em;">approach. This approach assumes the variation in prices between at least  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:19.2051em;"><span class="stl_365 stl_346 stl_293" style="word-spacing:0.172em;">three comparable properties can be explained by the differences in their  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:19.9752em;"><span class="stl_365 stl_346 stl_285" style="word-spacing:0.8114em;">individual attributes such as location, surroundings, accessibility,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:20.7352em;"><span class="stl_365 stl_346 stl_111" style="word-spacing:-0.046em;">development potential, etc. The influence of each of these attributes on value  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:21.4952em;"><span class="stl_365 stl_346 stl_111" style="word-spacing:0.4673em;">is assigned  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.8509em;top:21.4952em;"><span class="stl_365 stl_346 stl_20">a</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.5804em;top:21.4952em;"><span class="stl_365 stl_346 stl_329" style="word-spacing:0.4578em;">percentage weighting, and the characteristics of each  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:22.2652em;"><span class="stl_365 stl_346 stl_193" style="word-spacing:0.0284em;">comparable and the subject are then rated, typically from 1</span><span class="stl_366 stl_346 stl_243">–</span><span class="stl_365 stl_346 stl_367" style="word-spacing:0.0423em;">5, very good to  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:23.0277em;"><span class="stl_365 stl_346 stl_112" style="word-spacing:-0.0487em;">very poor. The price of each comparable is adjusted according to how it differs  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:23.7877em;"><span class="stl_365 stl_346 stl_13" style="word-spacing:0.3412em;">from the subject, with the resulting adjusted average price from the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:24.5577em;"><span class="stl_366 stl_346 stl_53" style="word-spacing:-0.0452em;">comparables taken as providing a reasonable indication of the subject’s value.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:26.0777em;"><span class="stl_365 stl_346 stl_347" style="word-spacing:0.1092em;">Industrial buildings are valued using an earnings-based approach based on  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:26.8377em;"><span class="stl_365 stl_346 stl_53" style="word-spacing:-0.0016em;">normal earnings. Income from each lessee is expected to be generated for as  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:27.6077em;"><span class="stl_365 stl_346 stl_60" style="word-spacing:0.127em;">long as the lease is in force or until the first time it may be terminated if  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:28.3677em;"><span class="stl_365 stl_346 stl_63" style="word-spacing:0.0471em;">considered advantageous. Thereafter, income is expected to continue to be  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:29.1277em;"><span class="stl_365 stl_346 stl_285" style="word-spacing:0.1892em;">generated at market rent. Adjustments are made for lost rental income,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:29.8977em;"><span class="stl_365 stl_346 stl_63" style="word-spacing:0.0013em;">fitting-out deposits and un-obtainable running costs.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:31.4177em;"><span class="stl_365 stl_346 stl_285" style="word-spacing:0.2205em;">The required rates of return having been set are an important input in  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:32.1777em;"><span class="stl_365 stl_346 stl_226" style="word-spacing:-0.0017em;">estimating the fair values. The required rate of return used was 13.4%.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:33.7077em;"><span class="stl_365 stl_346 stl_316" style="word-spacing:0.4748em;">As regards properties where claims as to title have not yet been  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:34.4677em;"><span class="stl_365 stl_346 stl_329" style="word-spacing:-0.0153em;">accommodated, the value is further reduced by 20% due to the risk that such  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:35.2376em;"><span class="stl_365 stl_346 stl_233" style="word-spacing:0.0608em;">claims will be accommodated and due to the expenses associated with this  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:35.9977em;"><span class="stl_365 stl_346 stl_160" style="word-spacing:-0.0078em;">transitional phase.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:37.5277em;"><span class="stl_365 stl_346 stl_329" style="word-spacing:0.0025em;">Adjustments of the fair value of investment property are recognised in profit  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:38.2893em;"><span class="stl_365 stl_346 stl_58" style="word-spacing:-0.0027em;">or loss in the financial year in which the change occurred.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:21.4952em;"><span class="stl_369 stl_346 stl_113" style="word-spacing:-0.0006em;">Transferring land plots from investment property to inventories  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:22.2652em;"><span class="stl_365 stl_346 stl_113" style="word-spacing:0.2693em;">Investment property is transferred to inventory when the development  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:23.0277em;"><span class="stl_365 stl_346 stl_257" style="word-spacing:0.1307em;">process has been decided and initiated, a decision on the possible way of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:23.7877em;"><span class="stl_365 stl_346 stl_226" style="word-spacing:0.0489em;">developing the plot has been obtained, and expenses related to the project  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:24.5577em;"><span class="stl_365 stl_346 stl_60" style="word-spacing:0.0029em;">have already taken place.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:61.1915em;"><span class="stl_362 stl_346 stl_53" style="word-spacing:0.0082em;">Investment property  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:7.0051em;"><span class="stl_365 stl_346 stl_113" style="word-spacing:0.4122em;">Investment property comprises properties owned for the purpose of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:7.7651em;"><span class="stl_365 stl_346 stl_233" style="word-spacing:-0.003em;">receiving rent or obtaining capital gains.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:9.2951em;"><span class="stl_365 stl_346 stl_226" style="word-spacing:0.0799em;">On initial recognition, investment property is measured at cost, comprising  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:10.0552em;"><span class="stl_365 stl_346 stl_226" style="word-spacing:-0.0022em;">the purchase price and any costs directly attributable to the acquisition.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:11.5851em;"><span class="stl_365 stl_346 stl_53" style="word-spacing:0.127em;">Subsequently, investment property is measured at fair value, representing  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:12.3452em;"><span class="stl_365 stl_346 stl_123" style="word-spacing:0.2537em;">the price at which it is estimated that the property can be sold to an  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:13.1052em;"><span class="stl_365 stl_346 stl_185" style="word-spacing:-0.0053em;">independent buyer at the balance sheet date.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:14.6352em;"><span class="stl_365 stl_346 stl_53" style="word-spacing:0.3623em;">Investment property is divided into four groups: Internal roads; plots  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:15.3952em;"><span class="stl_365 stl_346 stl_233" style="word-spacing:0.0004em;">designed for external</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.049em;top:15.3952em;"><span class="stl_365 stl_346 stl_111" style="word-spacing:0.0008em;">roads; development areas; and industrial buildings.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:16.9252em;"><span class="stl_365 stl_346 stl_113" style="word-spacing:0.0246em;">Internal roads; plots designed for external roads; and development areas (in  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:17.6851em;"><span class="stl_366 stl_346 stl_60" style="word-spacing:0.1574em;">the following referred to as “properties”) are valued using a comparative  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:18.4451em;"><span class="stl_365 stl_346 stl_293" style="word-spacing:0.144em;">approach. This approach assumes the variation in prices between at least  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:19.2051em;"><span class="stl_365 stl_346 stl_293" style="word-spacing:0.172em;">three comparable properties can be explained by the differences in their  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:19.9752em;"><span class="stl_365 stl_346 stl_285" style="word-spacing:0.8114em;">individual attributes such as location, surroundings, accessibility,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:20.7352em;"><span class="stl_365 stl_346 stl_111" style="word-spacing:-0.046em;">development potential, etc. The influence of each of these attributes on value  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:21.4952em;"><span class="stl_365 stl_346 stl_111" style="word-spacing:0.4673em;">is assigned  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.8509em;top:21.4952em;"><span class="stl_365 stl_346 stl_20">a</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.5804em;top:21.4952em;"><span class="stl_365 stl_346 stl_329" style="word-spacing:0.4578em;">percentage weighting, and the characteristics of each  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:22.2652em;"><span class="stl_365 stl_346 stl_193" style="word-spacing:0.0284em;">comparable and the subject are then rated, typically from 1</span><span class="stl_366 stl_346 stl_243">–</span><span class="stl_365 stl_346 stl_367" style="word-spacing:0.0423em;">5, very good to  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:23.0277em;"><span class="stl_365 stl_346 stl_112" style="word-spacing:-0.0487em;">very poor. The price of each comparable is adjusted according to how it differs  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:23.7877em;"><span class="stl_365 stl_346 stl_13" style="word-spacing:0.3412em;">from the subject, with the resulting adjusted average price from the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:24.5577em;"><span class="stl_366 stl_346 stl_53" style="word-spacing:-0.0452em;">comparables taken as providing a reasonable indication of the subject’s value.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:26.0777em;"><span class="stl_365 stl_346 stl_347" style="word-spacing:0.1092em;">Industrial buildings are valued using an earnings-based approach based on  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:26.8377em;"><span class="stl_365 stl_346 stl_53" style="word-spacing:-0.0016em;">normal earnings. Income from each lessee is expected to be generated for as  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:27.6077em;"><span class="stl_365 stl_346 stl_60" style="word-spacing:0.127em;">long as the lease is in force or until the first time it may be terminated if  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:28.3677em;"><span class="stl_365 stl_346 stl_63" style="word-spacing:0.0471em;">considered advantageous. Thereafter, income is expected to continue to be  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:29.1277em;"><span class="stl_365 stl_346 stl_285" style="word-spacing:0.1892em;">generated at market rent. Adjustments are made for lost rental income,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:29.8977em;"><span class="stl_365 stl_346 stl_63" style="word-spacing:0.0013em;">fitting-out deposits and un-obtainable running costs.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:31.4177em;"><span class="stl_365 stl_346 stl_285" style="word-spacing:0.2205em;">The required rates of return having been set are an important input in  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:32.1777em;"><span class="stl_365 stl_346 stl_226" style="word-spacing:-0.0017em;">estimating the fair values. The required rate of return used was 13.4%.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:33.7077em;"><span class="stl_365 stl_346 stl_316" style="word-spacing:0.4748em;">As regards properties where claims as to title have not yet been  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:34.4677em;"><span class="stl_365 stl_346 stl_329" style="word-spacing:-0.0153em;">accommodated, the value is further reduced by 20% due to the risk that such  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:35.2376em;"><span class="stl_365 stl_346 stl_233" style="word-spacing:0.0608em;">claims will be accommodated and due to the expenses associated with this  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:35.9977em;"><span class="stl_365 stl_346 stl_160" style="word-spacing:-0.0078em;">transitional phase.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:37.5277em;"><span class="stl_365 stl_346 stl_329" style="word-spacing:0.0025em;">Adjustments of the fair value of investment property are recognised in profit  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:38.2893em;"><span class="stl_365 stl_346 stl_58" style="word-spacing:-0.0027em;">or loss in the financial year in which the change occurred.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:21.4952em;"><span class="stl_369 stl_346 stl_113" style="word-spacing:-0.0006em;">Transferring land plots from investment property to inventories  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:22.2652em;"><span class="stl_365 stl_346 stl_113" style="word-spacing:0.2693em;">Investment property is transferred to inventory when the development  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:23.0277em;"><span class="stl_365 stl_346 stl_257" style="word-spacing:0.1307em;">process has been decided and initiated, a decision on the possible way of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:23.7877em;"><span class="stl_365 stl_346 stl_226" style="word-spacing:0.0489em;">developing the plot has been obtained, and expenses related to the project  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:24.5577em;"><span class="stl_365 stl_346 stl_60" style="word-spacing:0.0029em;">have already taken place.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:14.6452em;"><span class="stl_362 stl_346 stl_293" style="word-spacing:0.0018em;">Measurement of investment property  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:16.1652em;"><span class="stl_366 stl_346 stl_29" style="word-spacing:0.0978em;">The Group’s investment property is measured at its estimated fair value in  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:16.9351em;"><span class="stl_365 stl_346 stl_113" style="word-spacing:0.3494em;">accordance with IAS 40 and IFRS 13, and any value adjustments are  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:17.6951em;"><span class="stl_365 stl_346 stl_285" style="word-spacing:-0.0331em;">recognised in the income statement. Management has reviewed the updated  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:18.4551em;"><span class="stl_365 stl_346 stl_60" style="word-spacing:0.0167em;">valuation report received in December 2023 and its underlying assumptions.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:19.2152em;"><span class="stl_366 stl_346 stl_329" style="word-spacing:0.0154em;">Management’s valuation estimate is in line with that indicated in the report,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:19.9852em;"><span class="stl_365 stl_346 stl_103" style="word-spacing:-0.0029em;">and the fair value consequently reflects the value stated in the report.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:21.5052em;"><span class="stl_365 stl_346 stl_293" style="word-spacing:0.1298em;">As the property market is not in all respects as efficient and liquid as, for  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:22.2752em;"><span class="stl_365 stl_346 stl_23" style="word-spacing:-0.034em;">example, the equity market, there can be no assurance that a buyer willing to  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:23.0377em;"><span class="stl_365 stl_346 stl_226" style="word-spacing:0.029em;">pay the fair value at which the property is stated in the financial statements  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:23.7977em;"><span class="stl_365 stl_346 stl_156" style="word-spacing:0.0617em;">can be found at any given time. In other words, properties are subject to a  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:24.5677em;"><span class="stl_365 stl_346 stl_63" style="word-spacing:0.0041em;">liquidity risk in a sales situation.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:39.8193em;"><span class="stl_362 stl_346 stl_148" style="word-spacing:-0.0041em;">Tax asset utilisation  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:41.3493em;"><span class="stl_365 stl_346 stl_226" style="word-spacing:-0.0319em;">Deferred tax assets are recognised for all unutilised tax losses and differences  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:42.1093em;"><span class="stl_365 stl_346 stl_233" style="word-spacing:0.0318em;">to the extent it is considered likely that they can be utilised through taxable  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:42.8793em;"><span class="stl_365 stl_346 stl_63" style="word-spacing:-0.0029em;">income within a foreseeable number of years.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:24.2549em;"><span class="stl_363 stl_346 stl_364">9.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.682em;top:24.2549em;"><span class="stl_363 stl_346 stl_193" style="word-spacing:0.0036em;">PROPERTY, PLANT AND EQUIPMENT  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:26.9548em;"><span class="stl_375 stl_346 stl_193">GROUP  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:29.1548em;"><span class="stl_375 stl_346 stl_61">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:20.4142em;top:29.1548em;"><span class="stl_375 stl_346 stl_88">Investment  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.9958em;top:29.1548em;"><span class="stl_375 stl_346 stl_20">Total  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.4158em;top:29.1548em;"><span class="stl_375 stl_346 stl_116" style="word-spacing:0.0014em;">Plant and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.4283em;top:29.1548em;"><span class="stl_375 stl_346 stl_116" style="word-spacing:-0.0064em;">Total property  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:15.6942em;top:30.0148em;"><span class="stl_375 stl_346 stl_88">Investment  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:20.9942em;top:30.0148em;"><span class="stl_375 stl_346 stl_88">property,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.1458em;top:30.0148em;"><span class="stl_375 stl_346 stl_88">Investment  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.1158em;top:30.0148em;"><span class="stl_375 stl_346 stl_92">machinery  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.4483em;top:30.0148em;"><span class="stl_375 stl_346 stl_20">Total  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.8683em;top:30.0148em;"><span class="stl_375 stl_346 stl_35" style="word-spacing:0.0022em;">plant and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:30.8948em;"><span class="stl_376 stl_346 stl_86">DKK’000  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:16.4642em;top:30.8948em;"><span class="stl_375 stl_346 stl_35">property  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:20.4342em;top:30.8948em;"><span class="stl_375 stl_346 stl_70" style="word-spacing:0.0084em;">right of use  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.9158em;top:30.8948em;"><span class="stl_375 stl_346 stl_35">property  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.8858em;top:30.8948em;"><span class="stl_375 stl_346 stl_70" style="word-spacing:0.0084em;">right of use  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.6183em;top:30.8948em;"><span class="stl_375 stl_346 stl_70" style="word-spacing:0.0084em;">right of use  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.4383em;top:30.8948em;"><span class="stl_375 stl_346 stl_91">equipment  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:33.331em;"><span class="stl_365 stl_346 stl_293" style="word-spacing:0.005em;">Carrying amount at 1 January 2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:16.9842em;top:33.331em;"><span class="stl_365 stl_346 stl_13">144,029  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.0242em;top:33.331em;"><span class="stl_365 stl_346 stl_23">13,825  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4358em;top:33.331em;"><span class="stl_365 stl_346 stl_13">157,854  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.2658em;top:33.331em;"><span class="stl_365 stl_346 stl_78">117  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.2083em;top:33.331em;"><span class="stl_365 stl_346 stl_23">13,942  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.6083em;top:33.331em;"><span class="stl_365 stl_346 stl_13">157,971  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:34.351em;"><span class="stl_365 stl_346 stl_60" style="word-spacing:-0.0003em;">Foreign exchange adjustments  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:17.3042em;top:34.351em;"><span class="stl_365 stl_346 stl_23">11,886  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.3442em;top:34.351em;"><span class="stl_365 stl_346 stl_148">1,251  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.7558em;top:34.351em;"><span class="stl_365 stl_346 stl_23">13,117  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.8958em;top:34.351em;"><span class="stl_365 stl_346 stl_20">9</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.5283em;top:34.351em;"><span class="stl_365 stl_346 stl_148">1,260  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.9283em;top:34.351em;"><span class="stl_365 stl_346 stl_23">13,126  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:35.381em;"><span class="stl_365 stl_346 stl_329" style="word-spacing:0.0012em;">Right of use, depreciation  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:18.7242em;top:35.381em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.4442em;top:35.381em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.1758em;top:35.381em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.2058em;top:35.381em;"><span class="stl_365 stl_346 stl_20">(41)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.9383em;top:35.381em;"><span class="stl_365 stl_346 stl_20">(41)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.6583em;top:35.381em;"><span class="stl_365 stl_346 stl_20">(41)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:36.4127em;"><span class="stl_365 stl_346 stl_123">Additions  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:18.7242em;top:36.4127em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.0242em;top:36.4127em;"><span class="stl_365 stl_346 stl_23">10,275  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.7558em;top:36.4127em;"><span class="stl_365 stl_346 stl_23">10,275  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.8958em;top:36.4127em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.2083em;top:36.4127em;"><span class="stl_365 stl_346 stl_23">10,275  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.9283em;top:36.4127em;"><span class="stl_365 stl_346 stl_23">10,275  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:37.4427em;"><span class="stl_365 stl_346 stl_113">Disposals  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:18.7242em;top:37.4427em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.4442em;top:37.4427em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.1758em;top:37.4427em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.8958em;top:37.4427em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.6283em;top:37.4427em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3483em;top:37.4427em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:38.4726em;"><span class="stl_365 stl_346 stl_123" style="word-spacing:0.004em;">Transfer to inventories (work in progress)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:18.7242em;top:38.4726em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.4442em;top:38.4726em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.1758em;top:38.4726em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.8958em;top:38.4726em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.6283em;top:38.4726em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3483em;top:38.4726em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:39.5027em;"><span class="stl_365 stl_346 stl_113" style="word-spacing:0.0023em;">Shortening the leasing period  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:18.7242em;top:39.5027em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.4442em;top:39.5027em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.1758em;top:39.5027em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.8958em;top:39.5027em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.6283em;top:39.5027em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3483em;top:39.5027em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:40.5327em;"><span class="stl_365 stl_346 stl_226" style="word-spacing:-0.0012em;">Enhancement costs  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:17.6242em;top:40.5327em;"><span class="stl_365 stl_346 stl_148">3,608  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.4442em;top:40.5327em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.0758em;top:40.5327em;"><span class="stl_365 stl_346 stl_148">3,608  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.8958em;top:40.5327em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.6283em;top:40.5327em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.2483em;top:40.5327em;"><span class="stl_365 stl_346 stl_148">3,608  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:41.5627em;"><span class="stl_365 stl_346 stl_316" style="word-spacing:0.0002em;">Revaluation to market value  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:17.3042em;top:41.5627em;"><span class="stl_365 stl_346 stl_23">11,541  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.4342em;top:41.5627em;"><span class="stl_365 stl_346 stl_84">(112)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.7558em;top:41.5627em;"><span class="stl_365 stl_346 stl_23">11,429  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.8958em;top:41.5627em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.6183em;top:41.5627em;"><span class="stl_365 stl_346 stl_84">(112)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.9283em;top:41.5627em;"><span class="stl_365 stl_346 stl_23">11,429  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:42.7226em;"><span class="stl_362 stl_346 stl_111" style="word-spacing:-0.0025em;">Carrying amount at 31 December 2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:16.9842em;top:42.7226em;"><span class="stl_362 stl_346 stl_148">171,044  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.0142em;top:42.7226em;"><span class="stl_362 stl_346 stl_61">25,239  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4358em;top:42.7226em;"><span class="stl_362 stl_346 stl_58">196,283  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.5858em;top:42.7226em;"><span class="stl_362 stl_346 stl_78">85  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.1983em;top:42.7226em;"><span class="stl_362 stl_346 stl_61">25,324  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.6083em;top:42.7226em;"><span class="stl_362 stl_346 stl_148">196,368  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:43.8727em;"><span class="stl_366 stl_346 stl_60" style="word-spacing:0.0015em;">*Unrealised revaluation to marked value amounts to DKK’000 11,429.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:47.1465em;"><span class="stl_375 stl_346 stl_61">2022  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:20.4142em;top:47.1465em;"><span class="stl_375 stl_346 stl_88">Investment  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.9958em;top:47.1465em;"><span class="stl_375 stl_346 stl_20">Total  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.4158em;top:47.1465em;"><span class="stl_375 stl_346 stl_116" style="word-spacing:0.0014em;">Plant and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.4283em;top:47.1465em;"><span class="stl_375 stl_346 stl_116" style="word-spacing:-0.0064em;">Total property  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:15.6942em;top:48.0165em;"><span class="stl_375 stl_346 stl_88">Investment  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:20.9942em;top:48.0165em;"><span class="stl_375 stl_346 stl_88">property,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.1458em;top:48.0165em;"><span class="stl_375 stl_346 stl_88">Investment  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.1158em;top:48.0165em;"><span class="stl_375 stl_346 stl_92">machinery  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.4483em;top:48.0165em;"><span class="stl_375 stl_346 stl_20">Total  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.8683em;top:48.0165em;"><span class="stl_375 stl_346 stl_35" style="word-spacing:0.0022em;">plant and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:48.8865em;"><span class="stl_376 stl_346 stl_86">DKK’000  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:16.4642em;top:48.8865em;"><span class="stl_375 stl_346 stl_35">property  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:20.4342em;top:48.8865em;"><span class="stl_375 stl_346 stl_70" style="word-spacing:0.0084em;">right of use  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.9158em;top:48.8865em;"><span class="stl_375 stl_346 stl_35">property  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.8858em;top:48.8865em;"><span class="stl_375 stl_346 stl_70" style="word-spacing:0.0084em;">right of use  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.6183em;top:48.8865em;"><span class="stl_375 stl_346 stl_70" style="word-spacing:0.0084em;">right of use  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.4383em;top:48.8865em;"><span class="stl_375 stl_346 stl_91">equipment  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:51.3252em;"><span class="stl_365 stl_346 stl_293" style="word-spacing:0.005em;">Carrying amount at 1 January 2022  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:16.9842em;top:51.3252em;"><span class="stl_365 stl_346 stl_13">120,635  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.0242em;top:51.3252em;"><span class="stl_365 stl_346 stl_23">16,522  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4358em;top:51.3252em;"><span class="stl_365 stl_346 stl_13">137,157  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.2658em;top:51.3252em;"><span class="stl_365 stl_346 stl_78">165  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.2083em;top:51.3252em;"><span class="stl_365 stl_346 stl_23">16,687  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.6083em;top:51.3252em;"><span class="stl_365 stl_346 stl_13">137,322  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:52.3552em;"><span class="stl_365 stl_346 stl_60" style="word-spacing:-0.0003em;">Foreign exchange adjustments  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:17.2442em;top:52.3552em;"><span class="stl_365 stl_346 stl_23">(2,252)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.4342em;top:52.3552em;"><span class="stl_365 stl_346 stl_84">(299)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.6958em;top:52.3552em;"><span class="stl_365 stl_346 stl_23">(2,551)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.5158em;top:52.3552em;"><span class="stl_365 stl_346 stl_20">(3)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.6183em;top:52.3552em;"><span class="stl_365 stl_346 stl_84">(302)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.8683em;top:52.3552em;"><span class="stl_365 stl_346 stl_23">(2,554)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:53.3852em;"><span class="stl_365 stl_346 stl_329" style="word-spacing:0.0012em;">Right of use, depreciation  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:18.7242em;top:53.3852em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.4442em;top:53.3852em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.1758em;top:53.3852em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.2058em;top:53.3852em;"><span class="stl_365 stl_346 stl_20">(28)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.9383em;top:53.3852em;"><span class="stl_365 stl_346 stl_20">(28)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.6583em;top:53.3852em;"><span class="stl_365 stl_346 stl_20">(28)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:54.4152em;"><span class="stl_365 stl_346 stl_123">Additions  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:18.7242em;top:54.4152em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.4442em;top:54.4152em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.1758em;top:54.4152em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.8958em;top:54.4152em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.6283em;top:54.4152em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3483em;top:54.4152em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:55.4451em;"><span class="stl_365 stl_346 stl_113">Disposals  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:18.7242em;top:55.4451em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.4442em;top:55.4451em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.1758em;top:55.4451em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.2058em;top:55.4451em;"><span class="stl_365 stl_346 stl_20">(17)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.9383em;top:55.4451em;"><span class="stl_365 stl_346 stl_20">(17)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.6583em;top:55.4451em;"><span class="stl_365 stl_346 stl_20">(17)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:56.4752em;"><span class="stl_365 stl_346 stl_123" style="word-spacing:0.004em;">Transfer to inventories (work in progress)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:16.9342em;top:56.4752em;"><span class="stl_365 stl_346 stl_18">(4,655)*  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.4442em;top:56.4752em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.6958em;top:56.4752em;"><span class="stl_365 stl_346 stl_23">(4,655)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.8958em;top:56.4752em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.6283em;top:56.4752em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.8683em;top:56.4752em;"><span class="stl_365 stl_346 stl_23">(4,655)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:57.5052em;"><span class="stl_365 stl_346 stl_113" style="word-spacing:0.0023em;">Shortening the leasing period  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:18.7242em;top:57.5052em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.9642em;top:57.5052em;"><span class="stl_365 stl_346 stl_23">(2,446)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.6958em;top:57.5052em;"><span class="stl_365 stl_346 stl_23">(2,446)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.8958em;top:57.5052em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.1483em;top:57.5052em;"><span class="stl_365 stl_346 stl_23">(2,446)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.8683em;top:57.5052em;"><span class="stl_365 stl_346 stl_23">(2,446)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:58.5351em;"><span class="stl_365 stl_346 stl_226" style="word-spacing:-0.0012em;">Enhancement costs  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:17.6242em;top:58.5351em;"><span class="stl_365 stl_346 stl_148">5,024  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.4442em;top:58.5351em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.0758em;top:58.5351em;"><span class="stl_365 stl_346 stl_148">5,024  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.8958em;top:58.5351em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.6283em;top:58.5351em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.2483em;top:58.5351em;"><span class="stl_365 stl_346 stl_148">5,024  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:59.5552em;"><span class="stl_365 stl_346 stl_316" style="word-spacing:0.0002em;">Revaluation to market value  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:17.3042em;top:59.5552em;"><span class="stl_365 stl_346 stl_23">25,277  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.1342em;top:59.5552em;"><span class="stl_365 stl_346 stl_78">48  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.7558em;top:59.5552em;"><span class="stl_365 stl_346 stl_23">25,325  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.8958em;top:59.5552em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.3183em;top:59.5552em;"><span class="stl_365 stl_346 stl_78">48  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.9283em;top:59.5552em;"><span class="stl_365 stl_346 stl_23">25,325  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:60.7152em;"><span class="stl_362 stl_346 stl_111" style="word-spacing:-0.0025em;">Carrying amount at 31 December 2022  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:16.9842em;top:60.7152em;"><span class="stl_362 stl_346 stl_148">144,029  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.0142em;top:60.7152em;"><span class="stl_362 stl_346 stl_61">13,825  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4358em;top:60.7152em;"><span class="stl_362 stl_346 stl_148">157,854  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.2658em;top:60.7152em;"><span class="stl_362 stl_346 stl_78">117  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.1983em;top:60.7152em;"><span class="stl_362 stl_346 stl_61">13,942  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.6083em;top:60.7152em;"><span class="stl_362 stl_346 stl_148">157,971  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:61.8648em;"><span class="stl_365 stl_346 stl_285" style="word-spacing:-0.002em;">*The fair value of one of the plots has been transferred to inventories (work in progress) in connection with the commencement of a development project.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:62.8948em;"><span class="stl_366 stl_346 stl_60" style="word-spacing:0.0015em;">*Unrealised revaluation to marked value amounts to DKK’000 25,325.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:5.9768em;"><span class="stl_365 stl_346 stl_235" style="word-spacing:-0.0145em;">The Polish properties have an assessed value of DKK 196,368 thousand, of which DKK 170,894 thousand is the real estate in Warsaw, DKK 150 thousand is a land plot in Blichowo  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:6.7685em;"><span class="stl_365 stl_346 stl_131" style="word-spacing:-0.0161em;">and DKK 25,324 thousand is right of use resulting from the application of IFRS 16. The value of the real estate in Warsaw is supported by an external valuation report received in  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:7.5585em;"><span class="stl_365 stl_346 stl_103" style="word-spacing:0.0196em;">December 2023, prepared by a leading international estate agent in Warsaw. The value of the land plot in Blichowo has been assessed </span><span class="stl_366 stl_346 stl_58" style="word-spacing:0.0162em;">by the company’s management using a  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:8.3585em;"><span class="stl_365 stl_346 stl_103" style="word-spacing:-0.0042em;">comparative method.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:9.3785em;"><span class="stl_366 stl_346 stl_329" style="word-spacing:0.0096em;">The value of the real estate in Warsaw represents the estate agent’s assessment of the current fair value. In addition to the </span><span class="stl_365 stl_346 stl_257" style="word-spacing:0.0132em;">general price level in the market, the assessment is  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:10.1785em;"><span class="stl_365 stl_346 stl_329" style="word-spacing:-0.033em;">based on these main assumptions: the present use of the property, the state of the buildings, the percentage of ownership, the income generated by the property and the zoning  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:10.9685em;"><span class="stl_365 stl_346 stl_103" style="word-spacing:0.1218em;">of the area. Any changes to these, particularly the percentage of ownership (i.e. the positive or negative resolution of form</span><span class="stl_366 stl_346 stl_58" style="word-spacing:0.1193em;">er owners’ claims), changes in zo</span><span class="stl_365 stl_346 stl_113" style="word-spacing:0.1309em;">ning (e.g. to  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:11.7585em;"><span class="stl_365 stl_346 stl_329" style="word-spacing:0.0007em;">residential) and the general price development of similar properties in the area, could favourably or adversely impact the property valuation.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:12.7485em;"><span class="stl_365 stl_346 stl_316" style="word-spacing:0.0001em;">For the valuation purposes, the property was divided into four groups: internal roads, industrial schemes (buildings), development land and plots designated for external roads.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:14.5385em;"><span class="stl_365 stl_346 stl_185" style="word-spacing:0.0313em;">For the purpose of the valuation of internal roads, development land and external roads, a comparative approach has been used whereby recent sales are used to determine  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:15.2985em;"><span class="stl_365 stl_346 stl_103" style="word-spacing:-0.0313em;">the likely value of the subject. This approach assumes that the variation in prices between at least three comparable properties can be explained by differences in their individual  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:16.0685em;"><span class="stl_365 stl_346 stl_63" style="word-spacing:0.0482em;">attributes such as location, surroundings, accessibility, development potential, etc. The influence of each of these attributes on the value is assigned a percentage weighting,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:16.8285em;"><span class="stl_365 stl_346 stl_226" style="word-spacing:0.0089em;">and the characteristics of each comparable and the subject are then rated, typically from 1</span><span class="stl_366 stl_346 stl_243">–</span><span class="stl_365 stl_346 stl_257" style="word-spacing:0.0135em;">5, from very good to very poor. The price of each comparable is adjusted according  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:17.5885em;"><span class="stl_365 stl_346 stl_285" style="word-spacing:-0.0005em;">to how it differs from the subject, with the resulting adjusted av</span><span class="stl_366 stl_346 stl_111" style="word-spacing:-0.002em;">erage price from the comparables taken as providing a reasonable indication of the subject’s value.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:19.1185em;"><span class="stl_365 stl_346 stl_111" style="word-spacing:0.0271em;">Industrial buildings are valued using an earnings-based approach based on normal earnings. Income from each lessee is expected to be generated for as long as the lease is in  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:19.8785em;"><span class="stl_365 stl_346 stl_193" style="word-spacing:-0.0158em;">force or until the first time it may be terminated if considered advantageous. Thereafter, income is expected to continue to be generated at market rent. Adjustments are made  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:20.6385em;"><span class="stl_365 stl_346 stl_185" style="word-spacing:0.0012em;">for lost rental income, fitting-out deposits and unobtainable running costs. Market rents applied range from DKK 63.5 per sqm for ordinary warehouses (22,036 sqm), DKK 72.1  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:21.411em;"><span class="stl_365 stl_346 stl_285" style="word-spacing:-0.0015em;">per sqm for offices (4,081 sqm), small business units DKK 85,9 (3,340 sqm) and DKK 103.1 per sqm for self-storage boxes (1,447 sqm).  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:22.931em;"><span class="stl_365 stl_346 stl_111" style="word-spacing:0.0329em;">For the purpose of the valuation of the industrial buildings, an equivalent yield approach has been used. An equivalent yield is defined in the Glossary of Property Terms (2nd  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:23.701em;"><span class="stl_366 stl_346 stl_185" style="word-spacing:0.043em;">edition), published by Estates Gazette, as “the constant capitalisation rate app</span><span class="stl_365 stl_346 stl_329" style="word-spacing:0.0459em;">lied to all cash flows, that is, the internal rate of return from an investment property reflecting  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:24.461em;"><span class="stl_365 stl_346 stl_111" style="word-spacing:0.016em;">reversions to current market rent, and such items as voids and expenditures, but disregarding potential changes in market rents. Conventionally calculated on a nominal basis,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:25.221em;"><span class="stl_366 stl_346 stl_316" style="word-spacing:0.0026em;">assuming that rents are receivable/payable annually in arrears”.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:26.751em;"><span class="stl_365 stl_346 stl_160" style="word-spacing:0.0464em;">The required rates of return which have been set are an important factor in estimating the fair values. An equivalent yield of 12% was adopted (in 2022 between 10.9% and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:27.511em;"><span class="stl_365 stl_346 stl_113" style="word-spacing:-0.0374em;">11.55%), which reflects the risks associated with a normal ownership or usufruct interest property including open-ended lease agreements and the physical state of the particular  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:28.271em;"><span class="stl_365 stl_346 stl_347" style="word-spacing:0.0314em;">buildings. Using the equivalent yield mentioned above, a value of the subject was obtained reflecting an initial yield of 12.3% (in 2022 between 9.79% and 13.47%) and a final  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:29.041em;"><span class="stl_365 stl_346 stl_58" style="word-spacing:-0.0034em;">yield of 13.4% (in 2022 between 12.06% and 12.99%).  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:30.561em;"><span class="stl_365 stl_346 stl_329" style="word-spacing:0.0026em;">Other assumptions:  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:31.331em;"><span class="stl_365 stl_346 stl_329" style="word-spacing:0.0014em;">Short-term leases: assumed to expire after their notice periods  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:32.091em;"><span class="stl_365 stl_346 stl_316" style="word-spacing:0.0009em;">Letting voids: 24 months for offices / 12 for warehouse &amp; production space  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:32.851em;"><span class="stl_365 stl_346 stl_60" style="word-spacing:0.002em;">Reletting voids: 10 months for offices / 5 for warehouse &amp; production space and SBU units  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:33.611em;"><span class="stl_365 stl_346 stl_63" style="word-spacing:-0.0013em;">No fit-out contributions  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:34.381em;"><span class="stl_365 stl_346 stl_316" style="word-spacing:0.0065em;">Letting fees: 16.5%  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:35.141em;"><span class="stl_365 stl_346 stl_103" style="word-spacing:-0.0052em;">No rent-free periods and empty service charge  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:35.901em;"><span class="stl_365 stl_346 stl_113" style="word-spacing:0.0017em;">Irrecoverable operating costs DKK 6.4 million (including property tax, perpetual usufruct fee, security, insurance, cost of the utilities based on the operating cost budget, plus  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:36.6727em;"><span class="stl_365 stl_346 stl_226" style="word-spacing:-0.0008em;">management fee of 2% of market rent)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:37.4327em;"><span class="stl_365 stl_346 stl_111" style="word-spacing:0.0001em;">Capital expenditure of DKK 1.7 million  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:38.9527em;"><span class="stl_365 stl_346 stl_292" style="word-spacing:0.0031em;">In the case of properties for which the company is not entered in the land and mortgage register as a perpetual usufructuary or owner due to claims or protracted  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:39.7226em;"><span class="stl_365 stl_346 stl_111" style="word-spacing:-0.0007em;">administrative proceedings, the value is further reduced by 20% due to the risk that such claims will be accommodated and due to the expenses associated with the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:40.4827em;"><span class="stl_365 stl_346 stl_160" style="word-spacing:-0.0078em;">transitional phase.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:54.6852em;"><span class="stl_362 stl_346 stl_316" style="word-spacing:0.0032em;">Fair value hierarchy information  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.6958em;top:54.6852em;"><span class="stl_362 stl_346 stl_53" style="word-spacing:0.0112em;">Level 1  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.4158em;top:54.6852em;"><span class="stl_362 stl_346 stl_53" style="word-spacing:0.0112em;">Level 2  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.1483em;top:54.6852em;"><span class="stl_362 stl_346 stl_53" style="word-spacing:0.0112em;">Level 3  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.4683em;top:54.6852em;"><span class="stl_362 stl_346 stl_185" style="word-spacing:0.0014em;">at 31/12  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:56.8752em;"><span class="stl_362 stl_346 stl_78">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:57.9052em;"><span class="stl_365 stl_346 stl_226" style="word-spacing:-0.0016em;">Land / roads  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.2083em;top:57.9052em;"><span class="stl_365 stl_346 stl_23">50,130  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.9283em;top:57.9052em;"><span class="stl_365 stl_346 stl_23">50,130  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:58.9352em;"><span class="stl_365 stl_346 stl_103" style="word-spacing:0.0005em;">Plots of land with buildings  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.8883em;top:58.9352em;"><span class="stl_365 stl_346 stl_13">120,914  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.6083em;top:58.9352em;"><span class="stl_365 stl_346 stl_13">120,914  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:59.9652em;"><span class="stl_365 stl_346 stl_90" style="word-spacing:-0.0053em;">Right of use  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.2083em;top:59.9652em;"><span class="stl_365 stl_346 stl_23">25,324  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.9283em;top:59.9652em;"><span class="stl_365 stl_346 stl_23">25,324  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:60.9852em;"><span class="stl_362 stl_346 stl_112" style="word-spacing:0.0101em;">Total Investment property  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.3058em;top:60.9852em;"><span class="stl_362 stl_346 stl_20">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.0258em;top:60.9852em;"><span class="stl_362 stl_346 stl_20">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.8883em;top:60.9852em;"><span class="stl_362 stl_346 stl_148">196,368  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.6083em;top:60.9852em;"><span class="stl_362 stl_346 stl_148">196,368  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:63.0448em;"><span class="stl_362 stl_346 stl_78">2022  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:64.0748em;"><span class="stl_365 stl_346 stl_226" style="word-spacing:-0.0016em;">Land / roads  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.2083em;top:64.0748em;"><span class="stl_365 stl_346 stl_23">32,756  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.9283em;top:64.0748em;"><span class="stl_365 stl_346 stl_23">32,756  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:65.1048em;"><span class="stl_365 stl_346 stl_103" style="word-spacing:0em;">Plots of land with buildings  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.8883em;top:65.1048em;"><span class="stl_365 stl_346 stl_13">111,273  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.6083em;top:65.1048em;"><span class="stl_365 stl_346 stl_13">111,273  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:66.1368em;"><span class="stl_365 stl_346 stl_90" style="word-spacing:-0.0053em;">Right of use  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.2083em;top:66.1368em;"><span class="stl_365 stl_346 stl_23">13,942  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.9283em;top:66.1368em;"><span class="stl_365 stl_346 stl_23">13,942  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:67.1668em;"><span class="stl_362 stl_346 stl_112" style="word-spacing:0.0101em;">Total Investment property  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.3058em;top:67.1668em;"><span class="stl_362 stl_346 stl_20">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.0258em;top:67.1668em;"><span class="stl_362 stl_346 stl_20">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.8883em;top:67.1668em;"><span class="stl_362 stl_346 stl_148">157,971  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.6083em;top:67.1668em;"><span class="stl_362 stl_346 stl_148">157,971  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:7.8724em;"><span class="stl_363 stl_346 stl_364">9.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.682em;top:7.8724em;"><span class="stl_363 stl_346 stl_193" style="word-spacing:0.0022em;">PROPERTY, PLANT AND EQUIPMENT (CONTINUED)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:10.5185em;"><span class="stl_362 stl_346 stl_293" style="word-spacing:0.0031em;">Rental income from investment property  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.29em;top:12.5523em;"><span class="stl_375 stl_346 stl_88" style="word-spacing:-0.014em;">PARENT COMPANY  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.8683em;top:12.5523em;"><span class="stl_375 stl_346 stl_193">GROUP  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.01em;top:13.8923em;"><span class="stl_375 stl_346 stl_78">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:8.152em;top:13.8923em;"><span class="stl_375 stl_346 stl_20">2022  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.3617em;top:13.8923em;"><span class="stl_375 stl_346 stl_92">DKK'000  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.3283em;top:13.8923em;"><span class="stl_375 stl_346 stl_61">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.0483em;top:13.8923em;"><span class="stl_375 stl_346 stl_61">2022  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:5.132em;top:16.3385em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:9.2717em;top:16.3385em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.3617em;top:16.3385em;"><span class="stl_365 stl_346 stl_329" style="word-spacing:-0.0039em;">Rental income from investment property  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.0283em;top:16.3385em;"><span class="stl_365 stl_346 stl_23">23,202  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.7483em;top:16.3385em;"><span class="stl_365 stl_346 stl_23">18,639  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:5.132em;top:17.4885em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:9.2717em;top:17.4885em;"><span class="stl_362 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.3617em;top:17.4885em;"><span class="stl_362 stl_346 stl_293" style="word-spacing:0.0051em;">Rental income from investment property  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.0183em;top:17.4885em;"><span class="stl_362 stl_346 stl_61">23,202  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.7383em;top:17.4885em;"><span class="stl_362 stl_346 stl_61">18,639  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:43.1465em;"><span class="stl_363 stl_346 stl_156" style="word-spacing:0.8718em;">12. INVENTORIES  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:45.8365em;"><span class="stl_375 stl_346 stl_88" style="word-spacing:-0.014em;">PARENT COMPANY  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.8683em;top:45.8365em;"><span class="stl_375 stl_346 stl_193">GROUP  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.01em;top:47.1765em;"><span class="stl_375 stl_346 stl_78">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:8.152em;top:47.1765em;"><span class="stl_375 stl_346 stl_20">2022  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.3617em;top:47.1765em;"><span class="stl_375 stl_346 stl_92">DKK'000  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.3283em;top:47.1765em;"><span class="stl_375 stl_346 stl_61">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.0483em;top:47.1765em;"><span class="stl_375 stl_346 stl_61">2022  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:5.132em;top:49.6227em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:9.2717em;top:49.6227em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.3617em;top:49.6227em;"><span class="stl_365 stl_346 stl_329" style="word-spacing:0.0013em;">Property under construction </span><span class="stl_366 stl_346 stl_20" style="word-spacing:-0.0098em;">– </span><span class="stl_365 stl_346 stl_329" style="word-spacing:-0.0013em;">land plot transferred from the investment property  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.0283em;top:49.6227em;"><span class="stl_365 stl_346 stl_23">29,112  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.7483em;top:49.6227em;"><span class="stl_365 stl_346 stl_23">26,928  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:5.132em;top:50.6527em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:9.2717em;top:50.6527em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.3617em;top:50.6527em;"><span class="stl_365 stl_346 stl_60" style="word-spacing:0.0009em;">Other expenditures related to the development projects  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.0283em;top:50.6527em;"><span class="stl_365 stl_346 stl_23">16,692  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.0683em;top:50.6527em;"><span class="stl_365 stl_346 stl_148">6,432  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:5.132em;top:51.8151em;"><span class="stl_362 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:9.2717em;top:51.8151em;"><span class="stl_362 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.3617em;top:51.8151em;"><span class="stl_362 stl_346 stl_53">Total  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.0183em;top:51.8151em;"><span class="stl_362 stl_346 stl_61">45,804  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.7383em;top:51.8151em;"><span class="stl_362 stl_346 stl_61">33,360  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:54.5771em;"><span class="stl_371 stl_346 stl_193" style="word-spacing:0.0005em;">No inventories are carried at fair value less costs to sell. There was no write-down of inventories recognised as an expense in the period. There was no reversal of a  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:55.3971em;"><span class="stl_371 stl_346 stl_103" style="word-spacing:0.003em;">write-down to net realisable value. One of the land plots with a fair value of DKK 24,079 thousand is used as collateral for bank loan. There was no cost of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:56.2171em;"><span class="stl_371 stl_346 stl_131" style="word-spacing:0.0002em;">inventories recognised as an expense.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:20.7452em;"><span class="stl_362 stl_346 stl_29" style="word-spacing:0.0062em;">CASH FLOW STATEMENT  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:22.2752em;"><span class="stl_365 stl_346 stl_226" style="word-spacing:0.0308em;">The consolidated cash flow statement is presented according to the indirect  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:23.0377em;"><span class="stl_365 stl_346 stl_58" style="word-spacing:0.3001em;">method and shows cash flows from operating, investing and financing  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:23.7977em;"><span class="stl_365 stl_346 stl_293" style="word-spacing:-0.0174em;">activities as well as cash and cash equivalents at the beginning and the end of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:24.5677em;"><span class="stl_365 stl_346 stl_84" style="word-spacing:-0.0129em;">the year.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:26.0877em;"><span class="stl_365 stl_346 stl_292" style="word-spacing:-0.0485em;">The cash effect of acquisitions and divestments of entities is shown separately  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:26.8477em;"><span class="stl_365 stl_346 stl_60" style="word-spacing:0.0115em;">under cash flows from investing activities. Cash flows from the acquisition of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:27.6177em;"><span class="stl_365 stl_346 stl_316" style="word-spacing:0.3586em;">entities are recognised in the cash flow statement from the date of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:28.3777em;"><span class="stl_365 stl_346 stl_233" style="word-spacing:0.0085em;">acquisition. Cash flows from the disposal of entities are recognised up to the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:29.1377em;"><span class="stl_365 stl_346 stl_23" style="word-spacing:-0.0058em;">date of disposal.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:30.6677em;"><span class="stl_365 stl_346 stl_233" style="word-spacing:0.0462em;">Cash flows from operating activities are presented according to the indirect  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:31.4276em;"><span class="stl_365 stl_346 stl_60" style="word-spacing:-0.0279em;">method and stated as operating profit, adjusted for non-cash operating items  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:32.1877em;"><span class="stl_365 stl_346 stl_131" style="word-spacing:0.0608em;">and changes in working capital and financial income and expenses, less the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:32.9577em;"><span class="stl_365 stl_346 stl_63" style="word-spacing:-0.001em;">income tax paid during the financial year attributable to operating activities.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:34.4777em;"><span class="stl_365 stl_346 stl_285" style="word-spacing:0.3193em;">Cash flows from investing activities comprise payments related to the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:35.2477em;"><span class="stl_365 stl_346 stl_233" style="word-spacing:0.0141em;">purchase and sale of financial assets, including non-current prepayments for  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:36.0077em;"><span class="stl_365 stl_346 stl_111" style="word-spacing:-0.0395em;">goods, subsidiaries as well as the purchase, development, improvement, sale,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:36.7677em;"><span class="stl_365 stl_346 stl_316" style="word-spacing:0.0024em;">etc. of intangible assets and property, plant and equipment.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:38.2993em;"><span class="stl_365 stl_346 stl_112" style="word-spacing:0.2202em;">Cash flows from financing activities comprise changes in the size or the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:39.0593em;"><span class="stl_366 stl_346 stl_285" style="word-spacing:0.0307em;">composition of the parent company’s share capital and related costs as well  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:39.8193em;"><span class="stl_365 stl_346 stl_316" style="word-spacing:-0.0138em;">as the raising and repayment of loans, cash deposits, instalments on interest-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:40.5893em;"><span class="stl_365 stl_346 stl_368" style="word-spacing:0.2876em;">bearing debt, acquisition of treasury shares and payment of dividends.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:41.3493em;"><span class="stl_365 stl_346 stl_347" style="word-spacing:0.1298em;">Furthermore, cash flows regarding assets held under finance leases in the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:42.1093em;"><span class="stl_365 stl_346 stl_111" style="word-spacing:-0.0014em;">form of lease payments made are recognised.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:43.6393em;"><span class="stl_365 stl_346 stl_113" style="word-spacing:0.0012em;">Cash and cash equivalents comprise cash deposits.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:20.7452em;"><span class="stl_362 stl_346 stl_29" style="word-spacing:0.0062em;">CASH FLOW STATEMENT  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:22.2752em;"><span class="stl_365 stl_346 stl_226" style="word-spacing:0.0308em;">The consolidated cash flow statement is presented according to the indirect  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:23.0377em;"><span class="stl_365 stl_346 stl_58" style="word-spacing:0.3001em;">method and shows cash flows from operating, investing and financing  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:23.7977em;"><span class="stl_365 stl_346 stl_293" style="word-spacing:-0.0174em;">activities as well as cash and cash equivalents at the beginning and the end of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:24.5677em;"><span class="stl_365 stl_346 stl_84" style="word-spacing:-0.0129em;">the year.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:26.0877em;"><span class="stl_365 stl_346 stl_292" style="word-spacing:-0.0485em;">The cash effect of acquisitions and divestments of entities is shown separately  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:26.8477em;"><span class="stl_365 stl_346 stl_60" style="word-spacing:0.0115em;">under cash flows from investing activities. Cash flows from the acquisition of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:27.6177em;"><span class="stl_365 stl_346 stl_316" style="word-spacing:0.3586em;">entities are recognised in the cash flow statement from the date of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:28.3777em;"><span class="stl_365 stl_346 stl_233" style="word-spacing:0.0085em;">acquisition. Cash flows from the disposal of entities are recognised up to the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:29.1377em;"><span class="stl_365 stl_346 stl_23" style="word-spacing:-0.0058em;">date of disposal.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:30.6677em;"><span class="stl_365 stl_346 stl_233" style="word-spacing:0.0462em;">Cash flows from operating activities are presented according to the indirect  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:31.4276em;"><span class="stl_365 stl_346 stl_60" style="word-spacing:-0.0279em;">method and stated as operating profit, adjusted for non-cash operating items  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:32.1877em;"><span class="stl_365 stl_346 stl_131" style="word-spacing:0.0608em;">and changes in working capital and financial income and expenses, less the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:32.9577em;"><span class="stl_365 stl_346 stl_63" style="word-spacing:-0.001em;">income tax paid during the financial year attributable to operating activities.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:34.4777em;"><span class="stl_365 stl_346 stl_285" style="word-spacing:0.3193em;">Cash flows from investing activities comprise payments related to the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:35.2477em;"><span class="stl_365 stl_346 stl_233" style="word-spacing:0.0141em;">purchase and sale of financial assets, including non-current prepayments for  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:36.0077em;"><span class="stl_365 stl_346 stl_111" style="word-spacing:-0.0395em;">goods, subsidiaries as well as the purchase, development, improvement, sale,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:36.7677em;"><span class="stl_365 stl_346 stl_316" style="word-spacing:0.0024em;">etc. of intangible assets and property, plant and equipment.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:38.2993em;"><span class="stl_365 stl_346 stl_112" style="word-spacing:0.2202em;">Cash flows from financing activities comprise changes in the size or the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:39.0593em;"><span class="stl_366 stl_346 stl_285" style="word-spacing:0.0307em;">composition of the parent company’s share capital and related costs as well  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:39.8193em;"><span class="stl_365 stl_346 stl_316" style="word-spacing:-0.0138em;">as the raising and repayment of loans, cash deposits, instalments on interest-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:40.5893em;"><span class="stl_365 stl_346 stl_368" style="word-spacing:0.2876em;">bearing debt, acquisition of treasury shares and payment of dividends.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:41.3493em;"><span class="stl_365 stl_346 stl_347" style="word-spacing:0.1298em;">Furthermore, cash flows regarding assets held under finance leases in the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:42.1093em;"><span class="stl_365 stl_346 stl_111" style="word-spacing:-0.0014em;">form of lease payments made are recognised.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:43.6393em;"><span class="stl_365 stl_346 stl_113" style="word-spacing:0.0012em;">Cash and cash equivalents comprise cash deposits.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:26.0877em;"><span class="stl_362 stl_346 stl_329">Receivables  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:26.8477em;"><span class="stl_365 stl_346 stl_316" style="word-spacing:0.0477em;">Receivables comprise non-current deposits in connection with the purchase  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:27.6177em;"><span class="stl_365 stl_346 stl_368" style="word-spacing:-0.0493em;">and sale of goods and receivables from sale of goods and services. Receivables  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:28.3777em;"><span class="stl_365 stl_346 stl_292" style="word-spacing:-0.0185em;">are classified as loans and receivables, which are financial assets with fixed or  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:29.1377em;"><span class="stl_365 stl_346 stl_292" style="word-spacing:0.0276em;">determinable payments that are not quoted in an active market and are not  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:29.9077em;"><span class="stl_365 stl_346 stl_113" style="word-spacing:0.0019em;">derivative financial instruments.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:31.4276em;"><span class="stl_365 stl_346 stl_233" style="word-spacing:0.539em;">On initial recognition, receivables are measured at fair value and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:32.1877em;"><span class="stl_365 stl_346 stl_103" style="word-spacing:0.1079em;">subsequently at amortised cost, which usually corresponds to the nominal  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:32.9577em;"><span class="stl_365 stl_346 stl_58" style="word-spacing:-0.0024em;">value less write-downs for bad debts.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:34.4777em;"><span class="stl_365 stl_346 stl_292" style="word-spacing:0.1739em;">The Group applies the IFRS 9 simplified approach to measuring expected  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:35.2477em;"><span class="stl_365 stl_346 stl_112" style="word-spacing:0.2216em;">credit losses which uses a lifetime expected loss allowance for all trade  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:36.0077em;"><span class="stl_365 stl_346 stl_233" style="word-spacing:0.093em;">receivables. To measure the expected credit losses, trade receivables have  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:36.7677em;"><span class="stl_365 stl_346 stl_347" style="word-spacing:0.0808em;">been grouped based on shared credit risk characteristics and the days past  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:37.5377em;"><span class="stl_365 stl_346 stl_112" style="word-spacing:0.0136em;">due. The expected loss rates are based on the payment profiles of sales over  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:38.2993em;"><span class="stl_365 stl_346 stl_63" style="word-spacing:0.3198em;">a period of 12 months before 31 December 2022 or 1 January 2022  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:39.0593em;"><span class="stl_365 stl_346 stl_148" style="word-spacing:-0.0479em;">respectively and the corresponding historical credit losses experienced within  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:39.8193em;"><span class="stl_365 stl_346 stl_329" style="word-spacing:0.2344em;">this period. The historical loss rates are adjusted to reflect current and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:40.5893em;"><span class="stl_365 stl_346 stl_293" style="word-spacing:0.0674em;">forward-looking information on macroeconomic factors affecting the ability  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:41.3493em;"><span class="stl_365 stl_346 stl_63" style="word-spacing:0.0285em;">of the customers to settle the receivables. The group has identified the GDP  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:42.1093em;"><span class="stl_365 stl_346 stl_113" style="word-spacing:0.0804em;">and the unemployment rate of the countries in which it sells its goods and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:42.8793em;"><span class="stl_365 stl_346 stl_103" style="word-spacing:-0.0375em;">services to be the most relevant factors, and accordingly adjusts the historical  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:43.6393em;"><span class="stl_365 stl_346 stl_292" style="word-spacing:0.0037em;">loss rates based on expected changes in these factors.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:26.0877em;"><span class="stl_362 stl_346 stl_329">Receivables  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:26.8477em;"><span class="stl_365 stl_346 stl_316" style="word-spacing:0.0477em;">Receivables comprise non-current deposits in connection with the purchase  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:27.6177em;"><span class="stl_365 stl_346 stl_368" style="word-spacing:-0.0493em;">and sale of goods and receivables from sale of goods and services. Receivables  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:28.3777em;"><span class="stl_365 stl_346 stl_292" style="word-spacing:-0.0185em;">are classified as loans and receivables, which are financial assets with fixed or  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:29.1377em;"><span class="stl_365 stl_346 stl_292" style="word-spacing:0.0276em;">determinable payments that are not quoted in an active market and are not  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:29.9077em;"><span class="stl_365 stl_346 stl_113" style="word-spacing:0.0019em;">derivative financial instruments.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:31.4276em;"><span class="stl_365 stl_346 stl_233" style="word-spacing:0.539em;">On initial recognition, receivables are measured at fair value and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:32.1877em;"><span class="stl_365 stl_346 stl_103" style="word-spacing:0.1079em;">subsequently at amortised cost, which usually corresponds to the nominal  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:32.9577em;"><span class="stl_365 stl_346 stl_58" style="word-spacing:-0.0024em;">value less write-downs for bad debts.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:34.4777em;"><span class="stl_365 stl_346 stl_292" style="word-spacing:0.1739em;">The Group applies the IFRS 9 simplified approach to measuring expected  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:35.2477em;"><span class="stl_365 stl_346 stl_112" style="word-spacing:0.2216em;">credit losses which uses a lifetime expected loss allowance for all trade  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:36.0077em;"><span class="stl_365 stl_346 stl_233" style="word-spacing:0.093em;">receivables. To measure the expected credit losses, trade receivables have  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:36.7677em;"><span class="stl_365 stl_346 stl_347" style="word-spacing:0.0808em;">been grouped based on shared credit risk characteristics and the days past  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:37.5377em;"><span class="stl_365 stl_346 stl_112" style="word-spacing:0.0136em;">due. The expected loss rates are based on the payment profiles of sales over  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:38.2993em;"><span class="stl_365 stl_346 stl_63" style="word-spacing:0.3198em;">a period of 12 months before 31 December 2022 or 1 January 2022  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:39.0593em;"><span class="stl_365 stl_346 stl_148" style="word-spacing:-0.0479em;">respectively and the corresponding historical credit losses experienced within  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:39.8193em;"><span class="stl_365 stl_346 stl_329" style="word-spacing:0.2344em;">this period. The historical loss rates are adjusted to reflect current and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:40.5893em;"><span class="stl_365 stl_346 stl_293" style="word-spacing:0.0674em;">forward-looking information on macroeconomic factors affecting the ability  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:41.3493em;"><span class="stl_365 stl_346 stl_63" style="word-spacing:0.0285em;">of the customers to settle the receivables. The group has identified the GDP  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:42.1093em;"><span class="stl_365 stl_346 stl_113" style="word-spacing:0.0804em;">and the unemployment rate of the countries in which it sells its goods and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:42.8793em;"><span class="stl_365 stl_346 stl_103" style="word-spacing:-0.0375em;">services to be the most relevant factors, and accordingly adjusts the historical  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:43.6393em;"><span class="stl_365 stl_346 stl_292" style="word-spacing:0.0037em;">loss rates based on expected changes in these factors.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:26.0877em;"><span class="stl_362 stl_346 stl_329">Receivables  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:26.8477em;"><span class="stl_365 stl_346 stl_316" style="word-spacing:0.0477em;">Receivables comprise non-current deposits in connection with the purchase  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:27.6177em;"><span class="stl_365 stl_346 stl_368" style="word-spacing:-0.0493em;">and sale of goods and receivables from sale of goods and services. Receivables  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:28.3777em;"><span class="stl_365 stl_346 stl_292" style="word-spacing:-0.0185em;">are classified as loans and receivables, which are financial assets with fixed or  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:29.1377em;"><span class="stl_365 stl_346 stl_292" style="word-spacing:0.0276em;">determinable payments that are not quoted in an active market and are not  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:29.9077em;"><span class="stl_365 stl_346 stl_113" style="word-spacing:0.0019em;">derivative financial instruments.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:31.4276em;"><span class="stl_365 stl_346 stl_233" style="word-spacing:0.539em;">On initial recognition, receivables are measured at fair value and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:32.1877em;"><span class="stl_365 stl_346 stl_103" style="word-spacing:0.1079em;">subsequently at amortised cost, which usually corresponds to the nominal  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:32.9577em;"><span class="stl_365 stl_346 stl_58" style="word-spacing:-0.0024em;">value less write-downs for bad debts.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:34.4777em;"><span class="stl_365 stl_346 stl_292" style="word-spacing:0.1739em;">The Group applies the IFRS 9 simplified approach to measuring expected  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:35.2477em;"><span class="stl_365 stl_346 stl_112" style="word-spacing:0.2216em;">credit losses which uses a lifetime expected loss allowance for all trade  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:36.0077em;"><span class="stl_365 stl_346 stl_233" style="word-spacing:0.093em;">receivables. To measure the expected credit losses, trade receivables have  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:36.7677em;"><span class="stl_365 stl_346 stl_347" style="word-spacing:0.0808em;">been grouped based on shared credit risk characteristics and the days past  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:37.5377em;"><span class="stl_365 stl_346 stl_112" style="word-spacing:0.0136em;">due. The expected loss rates are based on the payment profiles of sales over  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:38.2993em;"><span class="stl_365 stl_346 stl_63" style="word-spacing:0.3198em;">a period of 12 months before 31 December 2022 or 1 January 2022  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:39.0593em;"><span class="stl_365 stl_346 stl_148" style="word-spacing:-0.0479em;">respectively and the corresponding historical credit losses experienced within  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:39.8193em;"><span class="stl_365 stl_346 stl_329" style="word-spacing:0.2344em;">this period. The historical loss rates are adjusted to reflect current and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:40.5893em;"><span class="stl_365 stl_346 stl_293" style="word-spacing:0.0674em;">forward-looking information on macroeconomic factors affecting the ability  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:41.3493em;"><span class="stl_365 stl_346 stl_63" style="word-spacing:0.0285em;">of the customers to settle the receivables. The group has identified the GDP  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:42.1093em;"><span class="stl_365 stl_346 stl_113" style="word-spacing:0.0804em;">and the unemployment rate of the countries in which it sells its goods and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:42.8793em;"><span class="stl_365 stl_346 stl_103" style="word-spacing:-0.0375em;">services to be the most relevant factors, and accordingly adjusts the historical  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:43.6393em;"><span class="stl_365 stl_346 stl_292" style="word-spacing:0.0037em;">loss rates based on expected changes in these factors.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:26.0877em;"><span class="stl_362 stl_346 stl_329">Receivables  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:26.8477em;"><span class="stl_365 stl_346 stl_316" style="word-spacing:0.0477em;">Receivables comprise non-current deposits in connection with the purchase  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:27.6177em;"><span class="stl_365 stl_346 stl_368" style="word-spacing:-0.0493em;">and sale of goods and receivables from sale of goods and services. Receivables  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:28.3777em;"><span class="stl_365 stl_346 stl_292" style="word-spacing:-0.0185em;">are classified as loans and receivables, which are financial assets with fixed or  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:29.1377em;"><span class="stl_365 stl_346 stl_292" style="word-spacing:0.0276em;">determinable payments that are not quoted in an active market and are not  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:29.9077em;"><span class="stl_365 stl_346 stl_113" style="word-spacing:0.0019em;">derivative financial instruments.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:31.4276em;"><span class="stl_365 stl_346 stl_233" style="word-spacing:0.539em;">On initial recognition, receivables are measured at fair value and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:32.1877em;"><span class="stl_365 stl_346 stl_103" style="word-spacing:0.1079em;">subsequently at amortised cost, which usually corresponds to the nominal  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:32.9577em;"><span class="stl_365 stl_346 stl_58" style="word-spacing:-0.0024em;">value less write-downs for bad debts.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:34.4777em;"><span class="stl_365 stl_346 stl_292" style="word-spacing:0.1739em;">The Group applies the IFRS 9 simplified approach to measuring expected  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:35.2477em;"><span class="stl_365 stl_346 stl_112" style="word-spacing:0.2216em;">credit losses which uses a lifetime expected loss allowance for all trade  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:36.0077em;"><span class="stl_365 stl_346 stl_233" style="word-spacing:0.093em;">receivables. To measure the expected credit losses, trade receivables have  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:36.7677em;"><span class="stl_365 stl_346 stl_347" style="word-spacing:0.0808em;">been grouped based on shared credit risk characteristics and the days past  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:37.5377em;"><span class="stl_365 stl_346 stl_112" style="word-spacing:0.0136em;">due. The expected loss rates are based on the payment profiles of sales over  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:38.2993em;"><span class="stl_365 stl_346 stl_63" style="word-spacing:0.3198em;">a period of 12 months before 31 December 2022 or 1 January 2022  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:39.0593em;"><span class="stl_365 stl_346 stl_148" style="word-spacing:-0.0479em;">respectively and the corresponding historical credit losses experienced within  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:39.8193em;"><span class="stl_365 stl_346 stl_329" style="word-spacing:0.2344em;">this period. The historical loss rates are adjusted to reflect current and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:40.5893em;"><span class="stl_365 stl_346 stl_293" style="word-spacing:0.0674em;">forward-looking information on macroeconomic factors affecting the ability  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:41.3493em;"><span class="stl_365 stl_346 stl_63" style="word-spacing:0.0285em;">of the customers to settle the receivables. The group has identified the GDP  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:42.1093em;"><span class="stl_365 stl_346 stl_113" style="word-spacing:0.0804em;">and the unemployment rate of the countries in which it sells its goods and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:42.8793em;"><span class="stl_365 stl_346 stl_103" style="word-spacing:-0.0375em;">services to be the most relevant factors, and accordingly adjusts the historical  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:43.6393em;"><span class="stl_365 stl_346 stl_292" style="word-spacing:0.0037em;">loss rates based on expected changes in these factors.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:24.2549em;"><span class="stl_363 stl_346 stl_364">9.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.682em;top:24.2549em;"><span class="stl_363 stl_346 stl_193" style="word-spacing:0.0036em;">PROPERTY, PLANT AND EQUIPMENT  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:26.9548em;"><span class="stl_375 stl_346 stl_193">GROUP  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:29.1548em;"><span class="stl_375 stl_346 stl_61">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:20.4142em;top:29.1548em;"><span class="stl_375 stl_346 stl_88">Investment  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.9958em;top:29.1548em;"><span class="stl_375 stl_346 stl_20">Total  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.4158em;top:29.1548em;"><span class="stl_375 stl_346 stl_116" style="word-spacing:0.0014em;">Plant and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.4283em;top:29.1548em;"><span class="stl_375 stl_346 stl_116" style="word-spacing:-0.0064em;">Total property  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:15.6942em;top:30.0148em;"><span class="stl_375 stl_346 stl_88">Investment  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:20.9942em;top:30.0148em;"><span class="stl_375 stl_346 stl_88">property,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.1458em;top:30.0148em;"><span class="stl_375 stl_346 stl_88">Investment  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.1158em;top:30.0148em;"><span class="stl_375 stl_346 stl_92">machinery  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.4483em;top:30.0148em;"><span class="stl_375 stl_346 stl_20">Total  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.8683em;top:30.0148em;"><span class="stl_375 stl_346 stl_35" style="word-spacing:0.0022em;">plant and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:30.8948em;"><span class="stl_376 stl_346 stl_86">DKK’000  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:16.4642em;top:30.8948em;"><span class="stl_375 stl_346 stl_35">property  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:20.4342em;top:30.8948em;"><span class="stl_375 stl_346 stl_70" style="word-spacing:0.0084em;">right of use  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.9158em;top:30.8948em;"><span class="stl_375 stl_346 stl_35">property  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.8858em;top:30.8948em;"><span class="stl_375 stl_346 stl_70" style="word-spacing:0.0084em;">right of use  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.6183em;top:30.8948em;"><span class="stl_375 stl_346 stl_70" style="word-spacing:0.0084em;">right of use  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.4383em;top:30.8948em;"><span class="stl_375 stl_346 stl_91">equipment  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:33.331em;"><span class="stl_365 stl_346 stl_293" style="word-spacing:0.005em;">Carrying amount at 1 January 2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:16.9842em;top:33.331em;"><span class="stl_365 stl_346 stl_13">144,029  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.0242em;top:33.331em;"><span class="stl_365 stl_346 stl_23">13,825  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4358em;top:33.331em;"><span class="stl_365 stl_346 stl_13">157,854  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.2658em;top:33.331em;"><span class="stl_365 stl_346 stl_78">117  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.2083em;top:33.331em;"><span class="stl_365 stl_346 stl_23">13,942  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.6083em;top:33.331em;"><span class="stl_365 stl_346 stl_13">157,971  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:34.351em;"><span class="stl_365 stl_346 stl_60" style="word-spacing:-0.0003em;">Foreign exchange adjustments  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:17.3042em;top:34.351em;"><span class="stl_365 stl_346 stl_23">11,886  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.3442em;top:34.351em;"><span class="stl_365 stl_346 stl_148">1,251  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.7558em;top:34.351em;"><span class="stl_365 stl_346 stl_23">13,117  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.8958em;top:34.351em;"><span class="stl_365 stl_346 stl_20">9</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.5283em;top:34.351em;"><span class="stl_365 stl_346 stl_148">1,260  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.9283em;top:34.351em;"><span class="stl_365 stl_346 stl_23">13,126  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:35.381em;"><span class="stl_365 stl_346 stl_329" style="word-spacing:0.0012em;">Right of use, depreciation  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:18.7242em;top:35.381em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.4442em;top:35.381em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.1758em;top:35.381em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.2058em;top:35.381em;"><span class="stl_365 stl_346 stl_20">(41)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.9383em;top:35.381em;"><span class="stl_365 stl_346 stl_20">(41)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.6583em;top:35.381em;"><span class="stl_365 stl_346 stl_20">(41)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:36.4127em;"><span class="stl_365 stl_346 stl_123">Additions  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:18.7242em;top:36.4127em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.0242em;top:36.4127em;"><span class="stl_365 stl_346 stl_23">10,275  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.7558em;top:36.4127em;"><span class="stl_365 stl_346 stl_23">10,275  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.8958em;top:36.4127em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.2083em;top:36.4127em;"><span class="stl_365 stl_346 stl_23">10,275  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.9283em;top:36.4127em;"><span class="stl_365 stl_346 stl_23">10,275  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:37.4427em;"><span class="stl_365 stl_346 stl_113">Disposals  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:18.7242em;top:37.4427em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.4442em;top:37.4427em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.1758em;top:37.4427em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.8958em;top:37.4427em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.6283em;top:37.4427em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3483em;top:37.4427em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:38.4726em;"><span class="stl_365 stl_346 stl_123" style="word-spacing:0.004em;">Transfer to inventories (work in progress)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:18.7242em;top:38.4726em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.4442em;top:38.4726em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.1758em;top:38.4726em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.8958em;top:38.4726em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.6283em;top:38.4726em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3483em;top:38.4726em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:39.5027em;"><span class="stl_365 stl_346 stl_113" style="word-spacing:0.0023em;">Shortening the leasing period  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:18.7242em;top:39.5027em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.4442em;top:39.5027em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.1758em;top:39.5027em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.8958em;top:39.5027em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.6283em;top:39.5027em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3483em;top:39.5027em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:40.5327em;"><span class="stl_365 stl_346 stl_226" style="word-spacing:-0.0012em;">Enhancement costs  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:17.6242em;top:40.5327em;"><span class="stl_365 stl_346 stl_148">3,608  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.4442em;top:40.5327em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.0758em;top:40.5327em;"><span class="stl_365 stl_346 stl_148">3,608  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.8958em;top:40.5327em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.6283em;top:40.5327em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.2483em;top:40.5327em;"><span class="stl_365 stl_346 stl_148">3,608  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:41.5627em;"><span class="stl_365 stl_346 stl_316" style="word-spacing:0.0002em;">Revaluation to market value  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:17.3042em;top:41.5627em;"><span class="stl_365 stl_346 stl_23">11,541  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.4342em;top:41.5627em;"><span class="stl_365 stl_346 stl_84">(112)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.7558em;top:41.5627em;"><span class="stl_365 stl_346 stl_23">11,429  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.8958em;top:41.5627em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.6183em;top:41.5627em;"><span class="stl_365 stl_346 stl_84">(112)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.9283em;top:41.5627em;"><span class="stl_365 stl_346 stl_23">11,429  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:42.7226em;"><span class="stl_362 stl_346 stl_111" style="word-spacing:-0.0025em;">Carrying amount at 31 December 2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:16.9842em;top:42.7226em;"><span class="stl_362 stl_346 stl_148">171,044  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.0142em;top:42.7226em;"><span class="stl_362 stl_346 stl_61">25,239  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4358em;top:42.7226em;"><span class="stl_362 stl_346 stl_58">196,283  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.5858em;top:42.7226em;"><span class="stl_362 stl_346 stl_78">85  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.1983em;top:42.7226em;"><span class="stl_362 stl_346 stl_61">25,324  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.6083em;top:42.7226em;"><span class="stl_362 stl_346 stl_148">196,368  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:43.8727em;"><span class="stl_366 stl_346 stl_60" style="word-spacing:0.0015em;">*Unrealised revaluation to marked value amounts to DKK’000 11,429.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:47.1465em;"><span class="stl_375 stl_346 stl_61">2022  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:20.4142em;top:47.1465em;"><span class="stl_375 stl_346 stl_88">Investment  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.9958em;top:47.1465em;"><span class="stl_375 stl_346 stl_20">Total  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.4158em;top:47.1465em;"><span class="stl_375 stl_346 stl_116" style="word-spacing:0.0014em;">Plant and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.4283em;top:47.1465em;"><span class="stl_375 stl_346 stl_116" style="word-spacing:-0.0064em;">Total property  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:15.6942em;top:48.0165em;"><span class="stl_375 stl_346 stl_88">Investment  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:20.9942em;top:48.0165em;"><span class="stl_375 stl_346 stl_88">property,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.1458em;top:48.0165em;"><span class="stl_375 stl_346 stl_88">Investment  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.1158em;top:48.0165em;"><span class="stl_375 stl_346 stl_92">machinery  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.4483em;top:48.0165em;"><span class="stl_375 stl_346 stl_20">Total  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.8683em;top:48.0165em;"><span class="stl_375 stl_346 stl_35" style="word-spacing:0.0022em;">plant and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:48.8865em;"><span class="stl_376 stl_346 stl_86">DKK’000  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:16.4642em;top:48.8865em;"><span class="stl_375 stl_346 stl_35">property  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:20.4342em;top:48.8865em;"><span class="stl_375 stl_346 stl_70" style="word-spacing:0.0084em;">right of use  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.9158em;top:48.8865em;"><span class="stl_375 stl_346 stl_35">property  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.8858em;top:48.8865em;"><span class="stl_375 stl_346 stl_70" style="word-spacing:0.0084em;">right of use  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.6183em;top:48.8865em;"><span class="stl_375 stl_346 stl_70" style="word-spacing:0.0084em;">right of use  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.4383em;top:48.8865em;"><span class="stl_375 stl_346 stl_91">equipment  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:51.3252em;"><span class="stl_365 stl_346 stl_293" style="word-spacing:0.005em;">Carrying amount at 1 January 2022  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:16.9842em;top:51.3252em;"><span class="stl_365 stl_346 stl_13">120,635  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.0242em;top:51.3252em;"><span class="stl_365 stl_346 stl_23">16,522  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4358em;top:51.3252em;"><span class="stl_365 stl_346 stl_13">137,157  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.2658em;top:51.3252em;"><span class="stl_365 stl_346 stl_78">165  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.2083em;top:51.3252em;"><span class="stl_365 stl_346 stl_23">16,687  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.6083em;top:51.3252em;"><span class="stl_365 stl_346 stl_13">137,322  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:52.3552em;"><span class="stl_365 stl_346 stl_60" style="word-spacing:-0.0003em;">Foreign exchange adjustments  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:17.2442em;top:52.3552em;"><span class="stl_365 stl_346 stl_23">(2,252)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.4342em;top:52.3552em;"><span class="stl_365 stl_346 stl_84">(299)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.6958em;top:52.3552em;"><span class="stl_365 stl_346 stl_23">(2,551)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.5158em;top:52.3552em;"><span class="stl_365 stl_346 stl_20">(3)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.6183em;top:52.3552em;"><span class="stl_365 stl_346 stl_84">(302)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.8683em;top:52.3552em;"><span class="stl_365 stl_346 stl_23">(2,554)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:53.3852em;"><span class="stl_365 stl_346 stl_329" style="word-spacing:0.0012em;">Right of use, depreciation  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:18.7242em;top:53.3852em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.4442em;top:53.3852em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.1758em;top:53.3852em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.2058em;top:53.3852em;"><span class="stl_365 stl_346 stl_20">(28)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.9383em;top:53.3852em;"><span class="stl_365 stl_346 stl_20">(28)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.6583em;top:53.3852em;"><span class="stl_365 stl_346 stl_20">(28)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:54.4152em;"><span class="stl_365 stl_346 stl_123">Additions  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:18.7242em;top:54.4152em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.4442em;top:54.4152em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.1758em;top:54.4152em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.8958em;top:54.4152em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.6283em;top:54.4152em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3483em;top:54.4152em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:55.4451em;"><span class="stl_365 stl_346 stl_113">Disposals  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:18.7242em;top:55.4451em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.4442em;top:55.4451em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.1758em;top:55.4451em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.2058em;top:55.4451em;"><span class="stl_365 stl_346 stl_20">(17)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.9383em;top:55.4451em;"><span class="stl_365 stl_346 stl_20">(17)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.6583em;top:55.4451em;"><span class="stl_365 stl_346 stl_20">(17)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:56.4752em;"><span class="stl_365 stl_346 stl_123" style="word-spacing:0.004em;">Transfer to inventories (work in progress)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:16.9342em;top:56.4752em;"><span class="stl_365 stl_346 stl_18">(4,655)*  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.4442em;top:56.4752em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.6958em;top:56.4752em;"><span class="stl_365 stl_346 stl_23">(4,655)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.8958em;top:56.4752em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.6283em;top:56.4752em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.8683em;top:56.4752em;"><span class="stl_365 stl_346 stl_23">(4,655)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:57.5052em;"><span class="stl_365 stl_346 stl_113" style="word-spacing:0.0023em;">Shortening the leasing period  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:18.7242em;top:57.5052em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.9642em;top:57.5052em;"><span class="stl_365 stl_346 stl_23">(2,446)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.6958em;top:57.5052em;"><span class="stl_365 stl_346 stl_23">(2,446)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.8958em;top:57.5052em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.1483em;top:57.5052em;"><span class="stl_365 stl_346 stl_23">(2,446)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.8683em;top:57.5052em;"><span class="stl_365 stl_346 stl_23">(2,446)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:58.5351em;"><span class="stl_365 stl_346 stl_226" style="word-spacing:-0.0012em;">Enhancement costs  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:17.6242em;top:58.5351em;"><span class="stl_365 stl_346 stl_148">5,024  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.4442em;top:58.5351em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.0758em;top:58.5351em;"><span class="stl_365 stl_346 stl_148">5,024  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.8958em;top:58.5351em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.6283em;top:58.5351em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.2483em;top:58.5351em;"><span class="stl_365 stl_346 stl_148">5,024  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:59.5552em;"><span class="stl_365 stl_346 stl_316" style="word-spacing:0.0002em;">Revaluation to market value  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:17.3042em;top:59.5552em;"><span class="stl_365 stl_346 stl_23">25,277  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.1342em;top:59.5552em;"><span class="stl_365 stl_346 stl_78">48  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.7558em;top:59.5552em;"><span class="stl_365 stl_346 stl_23">25,325  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.8958em;top:59.5552em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.3183em;top:59.5552em;"><span class="stl_365 stl_346 stl_78">48  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.9283em;top:59.5552em;"><span class="stl_365 stl_346 stl_23">25,325  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:60.7152em;"><span class="stl_362 stl_346 stl_111" style="word-spacing:-0.0025em;">Carrying amount at 31 December 2022  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:16.9842em;top:60.7152em;"><span class="stl_362 stl_346 stl_148">144,029  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.0142em;top:60.7152em;"><span class="stl_362 stl_346 stl_61">13,825  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4358em;top:60.7152em;"><span class="stl_362 stl_346 stl_148">157,854  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.2658em;top:60.7152em;"><span class="stl_362 stl_346 stl_78">117  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.1983em;top:60.7152em;"><span class="stl_362 stl_346 stl_61">13,942  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.6083em;top:60.7152em;"><span class="stl_362 stl_346 stl_148">157,971  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:61.8648em;"><span class="stl_365 stl_346 stl_285" style="word-spacing:-0.002em;">*The fair value of one of the plots has been transferred to inventories (work in progress) in connection with the commencement of a development project.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:62.8948em;"><span class="stl_366 stl_346 stl_60" style="word-spacing:0.0015em;">*Unrealised revaluation to marked value amounts to DKK’000 25,325.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:5.9768em;"><span class="stl_365 stl_346 stl_235" style="word-spacing:-0.0145em;">The Polish properties have an assessed value of DKK 196,368 thousand, of which DKK 170,894 thousand is the real estate in Warsaw, DKK 150 thousand is a land plot in Blichowo  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:6.7685em;"><span class="stl_365 stl_346 stl_131" style="word-spacing:-0.0161em;">and DKK 25,324 thousand is right of use resulting from the application of IFRS 16. The value of the real estate in Warsaw is supported by an external valuation report received in  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:7.5585em;"><span class="stl_365 stl_346 stl_103" style="word-spacing:0.0196em;">December 2023, prepared by a leading international estate agent in Warsaw. The value of the land plot in Blichowo has been assessed </span><span class="stl_366 stl_346 stl_58" style="word-spacing:0.0162em;">by the company’s management using a  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:8.3585em;"><span class="stl_365 stl_346 stl_103" style="word-spacing:-0.0042em;">comparative method.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:9.3785em;"><span class="stl_366 stl_346 stl_329" style="word-spacing:0.0096em;">The value of the real estate in Warsaw represents the estate agent’s assessment of the current fair value. In addition to the </span><span class="stl_365 stl_346 stl_257" style="word-spacing:0.0132em;">general price level in the market, the assessment is  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:10.1785em;"><span class="stl_365 stl_346 stl_329" style="word-spacing:-0.033em;">based on these main assumptions: the present use of the property, the state of the buildings, the percentage of ownership, the income generated by the property and the zoning  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:10.9685em;"><span class="stl_365 stl_346 stl_103" style="word-spacing:0.1218em;">of the area. Any changes to these, particularly the percentage of ownership (i.e. the positive or negative resolution of form</span><span class="stl_366 stl_346 stl_58" style="word-spacing:0.1193em;">er owners’ claims), changes in zo</span><span class="stl_365 stl_346 stl_113" style="word-spacing:0.1309em;">ning (e.g. to  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:11.7585em;"><span class="stl_365 stl_346 stl_329" style="word-spacing:0.0007em;">residential) and the general price development of similar properties in the area, could favourably or adversely impact the property valuation.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:12.7485em;"><span class="stl_365 stl_346 stl_316" style="word-spacing:0.0001em;">For the valuation purposes, the property was divided into four groups: internal roads, industrial schemes (buildings), development land and plots designated for external roads.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:14.5385em;"><span class="stl_365 stl_346 stl_185" style="word-spacing:0.0313em;">For the purpose of the valuation of internal roads, development land and external roads, a comparative approach has been used whereby recent sales are used to determine  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:15.2985em;"><span class="stl_365 stl_346 stl_103" style="word-spacing:-0.0313em;">the likely value of the subject. This approach assumes that the variation in prices between at least three comparable properties can be explained by differences in their individual  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:16.0685em;"><span class="stl_365 stl_346 stl_63" style="word-spacing:0.0482em;">attributes such as location, surroundings, accessibility, development potential, etc. The influence of each of these attributes on the value is assigned a percentage weighting,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:16.8285em;"><span class="stl_365 stl_346 stl_226" style="word-spacing:0.0089em;">and the characteristics of each comparable and the subject are then rated, typically from 1</span><span class="stl_366 stl_346 stl_243">–</span><span class="stl_365 stl_346 stl_257" style="word-spacing:0.0135em;">5, from very good to very poor. The price of each comparable is adjusted according  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:17.5885em;"><span class="stl_365 stl_346 stl_285" style="word-spacing:-0.0005em;">to how it differs from the subject, with the resulting adjusted av</span><span class="stl_366 stl_346 stl_111" style="word-spacing:-0.002em;">erage price from the comparables taken as providing a reasonable indication of the subject’s value.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:19.1185em;"><span class="stl_365 stl_346 stl_111" style="word-spacing:0.0271em;">Industrial buildings are valued using an earnings-based approach based on normal earnings. Income from each lessee is expected to be generated for as long as the lease is in  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:19.8785em;"><span class="stl_365 stl_346 stl_193" style="word-spacing:-0.0158em;">force or until the first time it may be terminated if considered advantageous. Thereafter, income is expected to continue to be generated at market rent. Adjustments are made  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:20.6385em;"><span class="stl_365 stl_346 stl_185" style="word-spacing:0.0012em;">for lost rental income, fitting-out deposits and unobtainable running costs. Market rents applied range from DKK 63.5 per sqm for ordinary warehouses (22,036 sqm), DKK 72.1  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:21.411em;"><span class="stl_365 stl_346 stl_285" style="word-spacing:-0.0015em;">per sqm for offices (4,081 sqm), small business units DKK 85,9 (3,340 sqm) and DKK 103.1 per sqm for self-storage boxes (1,447 sqm).  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:22.931em;"><span class="stl_365 stl_346 stl_111" style="word-spacing:0.0329em;">For the purpose of the valuation of the industrial buildings, an equivalent yield approach has been used. An equivalent yield is defined in the Glossary of Property Terms (2nd  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:23.701em;"><span class="stl_366 stl_346 stl_185" style="word-spacing:0.043em;">edition), published by Estates Gazette, as “the constant capitalisation rate app</span><span class="stl_365 stl_346 stl_329" style="word-spacing:0.0459em;">lied to all cash flows, that is, the internal rate of return from an investment property reflecting  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:24.461em;"><span class="stl_365 stl_346 stl_111" style="word-spacing:0.016em;">reversions to current market rent, and such items as voids and expenditures, but disregarding potential changes in market rents. Conventionally calculated on a nominal basis,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:25.221em;"><span class="stl_366 stl_346 stl_316" style="word-spacing:0.0026em;">assuming that rents are receivable/payable annually in arrears”.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:26.751em;"><span class="stl_365 stl_346 stl_160" style="word-spacing:0.0464em;">The required rates of return which have been set are an important factor in estimating the fair values. An equivalent yield of 12% was adopted (in 2022 between 10.9% and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:27.511em;"><span class="stl_365 stl_346 stl_113" style="word-spacing:-0.0374em;">11.55%), which reflects the risks associated with a normal ownership or usufruct interest property including open-ended lease agreements and the physical state of the particular  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:28.271em;"><span class="stl_365 stl_346 stl_347" style="word-spacing:0.0314em;">buildings. Using the equivalent yield mentioned above, a value of the subject was obtained reflecting an initial yield of 12.3% (in 2022 between 9.79% and 13.47%) and a final  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:29.041em;"><span class="stl_365 stl_346 stl_58" style="word-spacing:-0.0034em;">yield of 13.4% (in 2022 between 12.06% and 12.99%).  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:30.561em;"><span class="stl_365 stl_346 stl_329" style="word-spacing:0.0026em;">Other assumptions:  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:31.331em;"><span class="stl_365 stl_346 stl_329" style="word-spacing:0.0014em;">Short-term leases: assumed to expire after their notice periods  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:32.091em;"><span class="stl_365 stl_346 stl_316" style="word-spacing:0.0009em;">Letting voids: 24 months for offices / 12 for warehouse &amp; production space  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:32.851em;"><span class="stl_365 stl_346 stl_60" style="word-spacing:0.002em;">Reletting voids: 10 months for offices / 5 for warehouse &amp; production space and SBU units  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:33.611em;"><span class="stl_365 stl_346 stl_63" style="word-spacing:-0.0013em;">No fit-out contributions  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:34.381em;"><span class="stl_365 stl_346 stl_316" style="word-spacing:0.0065em;">Letting fees: 16.5%  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:35.141em;"><span class="stl_365 stl_346 stl_103" style="word-spacing:-0.0052em;">No rent-free periods and empty service charge  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:35.901em;"><span class="stl_365 stl_346 stl_113" style="word-spacing:0.0017em;">Irrecoverable operating costs DKK 6.4 million (including property tax, perpetual usufruct fee, security, insurance, cost of the utilities based on the operating cost budget, plus  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:36.6727em;"><span class="stl_365 stl_346 stl_226" style="word-spacing:-0.0008em;">management fee of 2% of market rent)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:37.4327em;"><span class="stl_365 stl_346 stl_111" style="word-spacing:0.0001em;">Capital expenditure of DKK 1.7 million  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:38.9527em;"><span class="stl_365 stl_346 stl_292" style="word-spacing:0.0031em;">In the case of properties for which the company is not entered in the land and mortgage register as a perpetual usufructuary or owner due to claims or protracted  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:39.7226em;"><span class="stl_365 stl_346 stl_111" style="word-spacing:-0.0007em;">administrative proceedings, the value is further reduced by 20% due to the risk that such claims will be accommodated and due to the expenses associated with the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:40.4827em;"><span class="stl_365 stl_346 stl_160" style="word-spacing:-0.0078em;">transitional phase.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:42.8127em;"><span class="stl_365 stl_346 stl_103" style="word-spacing:-0.0023em;">Valuation sensitivity to the main factors used:  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:43.8427em;"><span class="stl_365 stl_346 stl_111" style="word-spacing:-0.0005em;">+/- DKK 5,000 thousand for a change in the price of land by 10% (applied to internal roads, development land and external roads);  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:44.8727em;"><span class="stl_365 stl_346 stl_316" style="word-spacing:0.0005em;">+/- DKK 16,900 thousand for a change in market rent rate by 10%</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:19.327em;top:44.8727em;"><span class="stl_365 stl_346 stl_111" style="word-spacing:0.0018em;">(applied to plots of land with buildings i.e. perpetual usufruct right over plot 69/17 and possession right over  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:45.6627em;"><span class="stl_365 stl_346 stl_123" style="word-spacing:0.007em;">plots 69/18 );  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:46.6927em;"><span class="stl_365 stl_346 stl_111" style="word-spacing:0.0009em;">- DKK 10,300 thousand for an increase in equivalent yield by 10%; + DKK 12,100 thousand for a decrease in equivalent yield by 10% (applied to plots of land with buildings i.e.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:47.4827em;"><span class="stl_365 stl_346 stl_63" style="word-spacing:-0.0006em;">perpetual usufruct right over plot 59/17 and possession right over plots 69/18);  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:48.5127em;"><span class="stl_365 stl_346 stl_113" style="word-spacing:0.0015em;">+/- DKK 2,000 thousand for a change in the discount for legal title by 10% (applies to plots in possession, i.e. without a legal title).  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:54.6852em;"><span class="stl_362 stl_346 stl_316" style="word-spacing:0.0032em;">Fair value hierarchy information  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.6958em;top:54.6852em;"><span class="stl_362 stl_346 stl_53" style="word-spacing:0.0112em;">Level 1  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.4158em;top:54.6852em;"><span class="stl_362 stl_346 stl_53" style="word-spacing:0.0112em;">Level 2  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.1483em;top:54.6852em;"><span class="stl_362 stl_346 stl_53" style="word-spacing:0.0112em;">Level 3  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.4683em;top:54.6852em;"><span class="stl_362 stl_346 stl_185" style="word-spacing:0.0014em;">at 31/12  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:56.8752em;"><span class="stl_362 stl_346 stl_78">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:57.9052em;"><span class="stl_365 stl_346 stl_226" style="word-spacing:-0.0016em;">Land / roads  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.2083em;top:57.9052em;"><span class="stl_365 stl_346 stl_23">50,130  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.9283em;top:57.9052em;"><span class="stl_365 stl_346 stl_23">50,130  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:58.9352em;"><span class="stl_365 stl_346 stl_103" style="word-spacing:0.0005em;">Plots of land with buildings  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.8883em;top:58.9352em;"><span class="stl_365 stl_346 stl_13">120,914  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.6083em;top:58.9352em;"><span class="stl_365 stl_346 stl_13">120,914  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:59.9652em;"><span class="stl_365 stl_346 stl_90" style="word-spacing:-0.0053em;">Right of use  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.2083em;top:59.9652em;"><span class="stl_365 stl_346 stl_23">25,324  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.9283em;top:59.9652em;"><span class="stl_365 stl_346 stl_23">25,324  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:60.9852em;"><span class="stl_362 stl_346 stl_112" style="word-spacing:0.0101em;">Total Investment property  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.3058em;top:60.9852em;"><span class="stl_362 stl_346 stl_20">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.0258em;top:60.9852em;"><span class="stl_362 stl_346 stl_20">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.8883em;top:60.9852em;"><span class="stl_362 stl_346 stl_148">196,368  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.6083em;top:60.9852em;"><span class="stl_362 stl_346 stl_148">196,368  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:63.0448em;"><span class="stl_362 stl_346 stl_78">2022  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:64.0748em;"><span class="stl_365 stl_346 stl_226" style="word-spacing:-0.0016em;">Land / roads  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.2083em;top:64.0748em;"><span class="stl_365 stl_346 stl_23">32,756  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.9283em;top:64.0748em;"><span class="stl_365 stl_346 stl_23">32,756  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:65.1048em;"><span class="stl_365 stl_346 stl_103" style="word-spacing:0em;">Plots of land with buildings  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.8883em;top:65.1048em;"><span class="stl_365 stl_346 stl_13">111,273  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.6083em;top:65.1048em;"><span class="stl_365 stl_346 stl_13">111,273  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:66.1368em;"><span class="stl_365 stl_346 stl_90" style="word-spacing:-0.0053em;">Right of use  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.2083em;top:66.1368em;"><span class="stl_365 stl_346 stl_23">13,942  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.9283em;top:66.1368em;"><span class="stl_365 stl_346 stl_23">13,942  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:67.1668em;"><span class="stl_362 stl_346 stl_112" style="word-spacing:0.0101em;">Total Investment property  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.3058em;top:67.1668em;"><span class="stl_362 stl_346 stl_20">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.0258em;top:67.1668em;"><span class="stl_362 stl_346 stl_20">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.8883em;top:67.1668em;"><span class="stl_362 stl_346 stl_148">157,971  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.6083em;top:67.1668em;"><span class="stl_362 stl_346 stl_148">157,971  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:26.0877em;"><span class="stl_362 stl_346 stl_329">Receivables  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:26.8477em;"><span class="stl_365 stl_346 stl_316" style="word-spacing:0.0477em;">Receivables comprise non-current deposits in connection with the purchase  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:27.6177em;"><span class="stl_365 stl_346 stl_368" style="word-spacing:-0.0493em;">and sale of goods and receivables from sale of goods and services. Receivables  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:28.3777em;"><span class="stl_365 stl_346 stl_292" style="word-spacing:-0.0185em;">are classified as loans and receivables, which are financial assets with fixed or  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:29.1377em;"><span class="stl_365 stl_346 stl_292" style="word-spacing:0.0276em;">determinable payments that are not quoted in an active market and are not  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:29.9077em;"><span class="stl_365 stl_346 stl_113" style="word-spacing:0.0019em;">derivative financial instruments.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:31.4276em;"><span class="stl_365 stl_346 stl_233" style="word-spacing:0.539em;">On initial recognition, receivables are measured at fair value and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:32.1877em;"><span class="stl_365 stl_346 stl_103" style="word-spacing:0.1079em;">subsequently at amortised cost, which usually corresponds to the nominal  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:32.9577em;"><span class="stl_365 stl_346 stl_58" style="word-spacing:-0.0024em;">value less write-downs for bad debts.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:34.4777em;"><span class="stl_365 stl_346 stl_292" style="word-spacing:0.1739em;">The Group applies the IFRS 9 simplified approach to measuring expected  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:35.2477em;"><span class="stl_365 stl_346 stl_112" style="word-spacing:0.2216em;">credit losses which uses a lifetime expected loss allowance for all trade  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:36.0077em;"><span class="stl_365 stl_346 stl_233" style="word-spacing:0.093em;">receivables. To measure the expected credit losses, trade receivables have  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:36.7677em;"><span class="stl_365 stl_346 stl_347" style="word-spacing:0.0808em;">been grouped based on shared credit risk characteristics and the days past  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:37.5377em;"><span class="stl_365 stl_346 stl_112" style="word-spacing:0.0136em;">due. The expected loss rates are based on the payment profiles of sales over  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:38.2993em;"><span class="stl_365 stl_346 stl_63" style="word-spacing:0.3198em;">a period of 12 months before 31 December 2022 or 1 January 2022  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:39.0593em;"><span class="stl_365 stl_346 stl_148" style="word-spacing:-0.0479em;">respectively and the corresponding historical credit losses experienced within  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:39.8193em;"><span class="stl_365 stl_346 stl_329" style="word-spacing:0.2344em;">this period. The historical loss rates are adjusted to reflect current and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:40.5893em;"><span class="stl_365 stl_346 stl_293" style="word-spacing:0.0674em;">forward-looking information on macroeconomic factors affecting the ability  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:41.3493em;"><span class="stl_365 stl_346 stl_63" style="word-spacing:0.0285em;">of the customers to settle the receivables. The group has identified the GDP  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:42.1093em;"><span class="stl_365 stl_346 stl_113" style="word-spacing:0.0804em;">and the unemployment rate of the countries in which it sells its goods and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:42.8793em;"><span class="stl_365 stl_346 stl_103" style="word-spacing:-0.0375em;">services to be the most relevant factors, and accordingly adjusts the historical  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:43.6393em;"><span class="stl_365 stl_346 stl_292" style="word-spacing:0.0037em;">loss rates based on expected changes in these factors.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:7.8524em;"><span class="stl_363 stl_346 stl_35" style="word-spacing:0.8706em;">13. TRADE</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.435em;top:7.8524em;"><span class="stl_363 stl_346 stl_23">RECEIVABLES  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.29em;top:10.5523em;"><span class="stl_375 stl_346 stl_88" style="word-spacing:-0.014em;">PARENT COMPANY  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.8683em;top:10.5523em;"><span class="stl_375 stl_346 stl_193">GROUP  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.01em;top:11.8923em;"><span class="stl_375 stl_346 stl_78">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:8.152em;top:11.8923em;"><span class="stl_375 stl_346 stl_20">2022  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.3617em;top:11.8923em;"><span class="stl_375 stl_346 stl_92">DKK'000  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.3283em;top:11.8923em;"><span class="stl_375 stl_346 stl_61">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.0483em;top:11.8923em;"><span class="stl_375 stl_346 stl_61">2022  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:5.132em;top:14.3285em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:9.2717em;top:14.3285em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.3617em;top:14.3285em;"><span class="stl_365 stl_346 stl_285" style="word-spacing:-0.0041em;">Trade receivables  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.3483em;top:14.3285em;"><span class="stl_365 stl_346 stl_148">3,313  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.0683em;top:14.3285em;"><span class="stl_365 stl_346 stl_148">2,715  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.3617em;top:15.3585em;"><span class="stl_365 stl_346 stl_60" style="word-spacing:0.0027em;">Loss provisions included in the above receivables and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:5.132em;top:16.1485em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:9.2717em;top:16.1485em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.3617em;top:16.1485em;"><span class="stl_366 stl_346 stl_60" style="word-spacing:0.0007em;">recognised in “Other external expenses”  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.4383em;top:16.1485em;"><span class="stl_365 stl_346 stl_69">(789)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.1583em;top:16.1485em;"><span class="stl_365 stl_346 stl_84">(515)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:5.132em;top:17.3085em;"><span class="stl_362 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:9.2717em;top:17.3085em;"><span class="stl_362 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.5017em;top:17.3085em;"><span class="stl_362 stl_346 stl_61">Total  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.3383em;top:17.3085em;"><span class="stl_362 stl_346 stl_116">2,524  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.0583em;top:17.3085em;"><span class="stl_362 stl_346 stl_116">2,200  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:21.551em;"><span class="stl_365 stl_346 stl_123" style="word-spacing:0.0026em;">Overdue receivables for which provisions have not been made.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.29em;top:23.5848em;"><span class="stl_375 stl_346 stl_88" style="word-spacing:-0.014em;">PARENT COMPANY  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.8683em;top:23.5848em;"><span class="stl_375 stl_346 stl_193">GROUP  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.01em;top:24.9248em;"><span class="stl_375 stl_346 stl_78">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:8.152em;top:24.9248em;"><span class="stl_375 stl_346 stl_20">2022  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.3617em;top:24.9248em;"><span class="stl_375 stl_346 stl_92">DKK'000  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.3283em;top:24.9248em;"><span class="stl_375 stl_346 stl_61">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.0483em;top:24.9248em;"><span class="stl_375 stl_346 stl_61">2022  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:5.132em;top:27.361em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:9.2717em;top:27.361em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.3617em;top:27.361em;"><span class="stl_365 stl_346 stl_63" style="word-spacing:0.001em;">Overdue by up to 1 month  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.8183em;top:27.361em;"><span class="stl_365 stl_346 stl_78">808  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.5383em;top:27.361em;"><span class="stl_365 stl_346 stl_78">762  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:5.132em;top:28.391em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:9.2717em;top:28.391em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.3617em;top:28.391em;"><span class="stl_365 stl_346 stl_60" style="word-spacing:0.0005em;">Overdue by 1 to 3 months  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.1383em;top:28.391em;"><span class="stl_365 stl_346 stl_78">58  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.5383em;top:28.391em;"><span class="stl_365 stl_346 stl_78">264  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:5.132em;top:29.421em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:9.2717em;top:29.421em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.3617em;top:29.421em;"><span class="stl_365 stl_346 stl_53" style="word-spacing:0.003em;">Overdue by more than 3 months  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.4483em;top:29.421em;"><span class="stl_365 stl_346 stl_20">7</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.8583em;top:29.421em;"><span class="stl_365 stl_346 stl_78">59  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:5.132em;top:30.581em;"><span class="stl_362 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:9.2717em;top:30.581em;"><span class="stl_362 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.3617em;top:30.581em;"><span class="stl_362 stl_346 stl_53">Total  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.8183em;top:30.581em;"><span class="stl_362 stl_346 stl_78">872  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.0583em;top:30.581em;"><span class="stl_362 stl_346 stl_116">1,085  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:32.761em;"><span class="stl_365 stl_346 stl_60" style="word-spacing:0.001em;">Overdue receivables for which provisions have not been made, by geographical area:  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.29em;top:34.7848em;"><span class="stl_375 stl_346 stl_88" style="word-spacing:-0.014em;">PARENT COMPANY  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.8683em;top:34.7848em;"><span class="stl_375 stl_346 stl_193">GROUP  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.01em;top:36.1365em;"><span class="stl_375 stl_346 stl_78">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:8.152em;top:36.1365em;"><span class="stl_375 stl_346 stl_20">2022  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.3617em;top:36.1365em;"><span class="stl_375 stl_346 stl_92">DKK'000  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.3283em;top:36.1365em;"><span class="stl_375 stl_346 stl_61">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.0483em;top:36.1365em;"><span class="stl_375 stl_346 stl_61">2022  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:5.132em;top:38.5727em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:9.2717em;top:38.5727em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.3617em;top:38.5727em;"><span class="stl_365 stl_346 stl_92">Europe  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.8183em;top:38.5727em;"><span class="stl_365 stl_346 stl_78">872  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.0683em;top:38.5727em;"><span class="stl_365 stl_346 stl_148">1,085  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:5.132em;top:39.7327em;"><span class="stl_362 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:9.2717em;top:39.7327em;"><span class="stl_362 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.3617em;top:39.7327em;"><span class="stl_362 stl_346 stl_53">Total  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.8183em;top:39.7327em;"><span class="stl_362 stl_346 stl_78">872  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.0583em;top:39.7327em;"><span class="stl_362 stl_346 stl_116">1,085  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:41.9127em;"><span class="stl_365 stl_346 stl_329" style="word-spacing:-0.0005em;">With the implementation of IFRS 9, the company has applied the simplified expected credit loss model to measure the expected credit loss allowance for all trade receivables.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:42.7027em;"><span class="stl_365 stl_346 stl_316" style="word-spacing:0.0023em;">Based on the low realised losses on receivables historically, adjustments to reflect current and forward-looking information on macroeconomic factors affecting the ability of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:43.4927em;"><span class="stl_365 stl_346 stl_113" style="word-spacing:0.0002em;">clients to settle the receivable such as GDP and unemployment rates do not increase the risk of losses significantly.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:47.1765em;"><span class="stl_363 stl_346 stl_35" style="word-spacing:0.8706em;">13. TRADE</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.434em;top:47.1765em;"><span class="stl_363 stl_346 stl_70" style="word-spacing:0.0002em;">RECEIVABLES (CONTINUED)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:49.8227em;"><span class="stl_365 stl_346 stl_111" style="word-spacing:0.0006em;">Provision account for receivables:  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.29em;top:51.859em;"><span class="stl_375 stl_346 stl_88" style="word-spacing:-0.014em;">PARENT COMPANY  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.8683em;top:51.859em;"><span class="stl_375 stl_346 stl_193">GROUP  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.01em;top:53.199em;"><span class="stl_375 stl_346 stl_78">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:8.152em;top:53.199em;"><span class="stl_375 stl_346 stl_20">2022  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.3617em;top:53.199em;"><span class="stl_375 stl_346 stl_92">DKK'000  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.3283em;top:53.199em;"><span class="stl_375 stl_346 stl_61">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.0483em;top:53.199em;"><span class="stl_375 stl_346 stl_61">2022  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:5.132em;top:55.6352em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:9.2717em;top:55.6352em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.3617em;top:55.6352em;"><span class="stl_365 stl_346 stl_347" style="word-spacing:0.0017em;">Provision account at 1 January  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.8183em;top:55.6352em;"><span class="stl_365 stl_346 stl_78">515  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.5383em;top:55.6352em;"><span class="stl_365 stl_346 stl_78">424  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:5.132em;top:56.6652em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:9.2717em;top:56.6652em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.3617em;top:56.6652em;"><span class="stl_365 stl_346 stl_63" style="word-spacing:0.0005em;">Reversed provisions  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.4383em;top:56.6652em;"><span class="stl_365 stl_346 stl_84">(112)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.1583em;top:56.6652em;"><span class="stl_365 stl_346 stl_84">(149)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:5.132em;top:57.6951em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:9.2717em;top:57.6951em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.3617em;top:57.6951em;"><span class="stl_365 stl_346 stl_18" style="word-spacing:-0.0078em;">Provisions for the year  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.8183em;top:57.6951em;"><span class="stl_365 stl_346 stl_78">345  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.5383em;top:57.6951em;"><span class="stl_365 stl_346 stl_78">249  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:5.132em;top:58.7252em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:9.2717em;top:58.7252em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.3617em;top:58.7252em;"><span class="stl_365 stl_346 stl_329" style="word-spacing:0.0008em;">Translation differences  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.1383em;top:58.7252em;"><span class="stl_365 stl_346 stl_78">41  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.7883em;top:58.7252em;"><span class="stl_365 stl_346 stl_20">(9)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:5.132em;top:59.8852em;"><span class="stl_362 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:9.2717em;top:59.8852em;"><span class="stl_362 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.3617em;top:59.8852em;"><span class="stl_362 stl_346 stl_53" style="word-spacing:0.0072em;">Provision account at 31 December  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.8183em;top:59.8852em;"><span class="stl_362 stl_346 stl_78">789  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.5383em;top:59.8852em;"><span class="stl_362 stl_346 stl_78">515  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:40.6565em;"><span class="stl_363 stl_346 stl_70" style="word-spacing:0.8725em;">21. CHANGE</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:8.141em;top:40.6565em;"><span class="stl_363 stl_346 stl_58" style="word-spacing:0.0017em;">IN NET WORKING CAPITAL  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.29em;top:43.2765em;"><span class="stl_375 stl_346 stl_88" style="word-spacing:-0.014em;">PARENT COMPANY  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.8683em;top:43.2765em;"><span class="stl_375 stl_346 stl_193">GROUP  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.01em;top:44.6165em;"><span class="stl_375 stl_346 stl_78">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:8.152em;top:44.6165em;"><span class="stl_375 stl_346 stl_20">2022  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.3617em;top:44.6165em;"><span class="stl_375 stl_346 stl_92">DKK'000  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.3283em;top:44.6165em;"><span class="stl_375 stl_346 stl_61">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.0483em;top:44.6165em;"><span class="stl_375 stl_346 stl_61">2022  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:5.132em;top:48.0827em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:9.2717em;top:48.0827em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.3617em;top:48.0827em;"><span class="stl_365 stl_346 stl_60" style="word-spacing:-0.0004em;">Change in receivables  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.9683em;top:48.0827em;"><span class="stl_365 stl_346 stl_330">(4,243)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.1583em;top:48.0827em;"><span class="stl_365 stl_346 stl_84">(688)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:5.132em;top:49.1126em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:9.2717em;top:49.1126em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.3617em;top:49.1126em;"><span class="stl_365 stl_346 stl_53" style="word-spacing:0.0042em;">Change in inventories (work in progress)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.9683em;top:49.1126em;"><span class="stl_365 stl_346 stl_330">(9,435)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.6883em;top:49.1126em;"><span class="stl_365 stl_346 stl_23">(3,946)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.5em;top:50.1427em;"><span class="stl_365 stl_346 stl_163">312  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:8.6417em;top:50.1427em;"><span class="stl_365 stl_346 stl_78">320  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.3617em;top:50.1427em;"><span class="stl_365 stl_346 stl_293" style="word-spacing:0.0022em;">Change in trade payables and other payables  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.0283em;top:50.1427em;"><span class="stl_365 stl_346 stl_23">16,089  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.6883em;top:50.1427em;"><span class="stl_365 stl_346 stl_23">(1,800)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.5em;top:51.3052em;"><span class="stl_362 stl_346 stl_78">314  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:8.6417em;top:51.3052em;"><span class="stl_362 stl_346 stl_78">320  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.3617em;top:51.3052em;"><span class="stl_362 stl_346 stl_53">Total  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.3383em;top:51.3052em;"><span class="stl_362 stl_346 stl_88">2,411  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.6683em;top:51.3052em;"><span class="stl_362 stl_346 stl_160">(6,434)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:12.8524em;"><span class="stl_363 stl_346 stl_330" style="word-spacing:0.8715em;">24. FINANCIAL</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:8.982em;top:12.8524em;"><span class="stl_363 stl_346 stl_160" style="word-spacing:-0.0003em;">RISKS AND FINANCIAL INSTRUMENTS  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.29em;top:15.5423em;"><span class="stl_375 stl_346 stl_88" style="word-spacing:-0.014em;">PARENT COMPANY  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.8683em;top:15.5423em;"><span class="stl_375 stl_346 stl_193">GROUP  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.01em;top:16.8923em;"><span class="stl_375 stl_346 stl_78">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:8.152em;top:16.8923em;"><span class="stl_375 stl_346 stl_20">2022  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.3617em;top:16.8923em;"><span class="stl_375 stl_346 stl_92">DKK'000  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.3283em;top:16.8923em;"><span class="stl_375 stl_346 stl_61">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.0483em;top:16.8923em;"><span class="stl_375 stl_346 stl_61">2022  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:5.132em;top:19.3285em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:9.2717em;top:19.3285em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.3617em;top:19.3285em;"><span class="stl_365 stl_346 stl_285" style="word-spacing:-0.0041em;">Trade receivables  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.3483em;top:19.3285em;"><span class="stl_365 stl_346 stl_148">2,524  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.0683em;top:19.3285em;"><span class="stl_365 stl_346 stl_148">2,200  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.03em;top:20.3585em;"><span class="stl_365 stl_346 stl_70">1,508  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:8.172em;top:20.3585em;"><span class="stl_365 stl_346 stl_148">1,341  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.3617em;top:20.3585em;"><span class="stl_365 stl_346 stl_329" style="word-spacing:-0.0003em;">Intra-group receivables  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.4483em;top:20.3585em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.1683em;top:20.3585em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:5.132em;top:21.391em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:9.2717em;top:21.391em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.3617em;top:21.391em;"><span class="stl_365 stl_346 stl_316" style="word-spacing:0.0046em;">Other receivables, current  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.3483em;top:21.391em;"><span class="stl_365 stl_346 stl_148">4,391  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.5383em;top:21.391em;"><span class="stl_365 stl_346 stl_78">472  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:5.132em;top:22.421em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:9.2717em;top:22.421em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.3617em;top:22.421em;"><span class="stl_365 stl_346 stl_63" style="word-spacing:0.0038em;">Other receivables, non-current  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.8183em;top:22.421em;"><span class="stl_365 stl_346 stl_78">239  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.5383em;top:22.421em;"><span class="stl_365 stl_346 stl_78">366  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.5em;top:23.441em;"><span class="stl_365 stl_346 stl_78">199  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:8.6417em;top:23.441em;"><span class="stl_365 stl_346 stl_78">307  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.3617em;top:23.441em;"><span class="stl_365 stl_346 stl_316" style="word-spacing:0.0015em;">Cash and cash equivalents  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.0283em;top:23.441em;"><span class="stl_365 stl_346 stl_23">12,095  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.0683em;top:23.441em;"><span class="stl_365 stl_346 stl_148">7,139  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:24.601em;"><span class="stl_362 stl_346 stl_67">1,699  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:8.162em;top:24.601em;"><span class="stl_362 stl_346 stl_116">1,648  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.3617em;top:24.601em;"><span class="stl_362 stl_346 stl_347" style="word-spacing:0.0025em;">Loans, advances and receivables  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.0183em;top:24.601em;"><span class="stl_362 stl_346 stl_61">19,249  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.7383em;top:24.601em;"><span class="stl_362 stl_346 stl_61">10,177  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:3.71em;top:26.781em;"><span class="stl_365 stl_346 stl_23">38,339  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.852em;top:26.781em;"><span class="stl_365 stl_346 stl_23">30,635  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.3617em;top:26.781em;"><span class="stl_365 stl_346 stl_226" style="word-spacing:-0.0025em;">Debt to subsidiaries  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.4483em;top:26.781em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.1683em;top:26.781em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:5.132em;top:27.811em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:9.2717em;top:27.811em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.3617em;top:27.811em;"><span class="stl_365 stl_346 stl_185" style="word-spacing:-0.0013em;">Finance lease liabilities, current  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.3483em;top:27.811em;"><span class="stl_365 stl_346 stl_148">1,649  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.5383em;top:27.811em;"><span class="stl_365 stl_346 stl_78">815  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:5.132em;top:28.841em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:9.2717em;top:28.841em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.3617em;top:28.841em;"><span class="stl_365 stl_346 stl_58" style="word-spacing:-0.0019em;">Finance lease liabilities, non-current  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.0283em;top:28.841em;"><span class="stl_365 stl_346 stl_23">23,963  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.7483em;top:28.841em;"><span class="stl_365 stl_346 stl_23">13,128  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.822em;top:29.871em;"><span class="stl_365 stl_346 stl_78">16  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:8.172em;top:29.871em;"><span class="stl_365 stl_346 stl_148">1,033  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.3617em;top:29.871em;"><span class="stl_365 stl_346 stl_316" style="word-spacing:0.0071em;">Bank loans  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.3483em;top:29.871em;"><span class="stl_365 stl_346 stl_148">3,355  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.0683em;top:29.871em;"><span class="stl_365 stl_346 stl_148">1,033  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:5.132em;top:30.901em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:9.2717em;top:30.901em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.3617em;top:30.901em;"><span class="stl_365 stl_346 stl_292" style="word-spacing:0.002em;">Other non-current liabilities  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.3483em;top:30.901em;"><span class="stl_365 stl_346 stl_148">4,477  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.0683em;top:30.901em;"><span class="stl_365 stl_346 stl_148">3,263  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.5em;top:31.931em;"><span class="stl_365 stl_346 stl_78">455  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:8.6417em;top:31.931em;"><span class="stl_365 stl_346 stl_78">287  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.3617em;top:31.931em;"><span class="stl_365 stl_346 stl_226" style="word-spacing:-0.0038em;">Trade payables  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.0283em;top:31.931em;"><span class="stl_365 stl_346 stl_23">10,093  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.0683em;top:31.931em;"><span class="stl_365 stl_346 stl_148">1,715  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:5.132em;top:32.961em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:9.2717em;top:32.961em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.3617em;top:32.961em;"><span class="stl_365 stl_346 stl_185" style="word-spacing:-0.0038em;">Income tax payable  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.8183em;top:32.961em;"><span class="stl_365 stl_346 stl_78">237  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.5383em;top:32.961em;"><span class="stl_365 stl_346 stl_78">222  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.03em;top:33.991em;"><span class="stl_365 stl_346 stl_148">1,103  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:8.6417em;top:33.991em;"><span class="stl_365 stl_346 stl_78">901  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.3617em;top:33.991em;"><span class="stl_365 stl_346 stl_113" style="word-spacing:0.0029em;">Other payables  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.3483em;top:33.991em;"><span class="stl_365 stl_346 stl_148">8,147  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.5383em;top:33.991em;"><span class="stl_365 stl_346 stl_78">436  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:3.7em;top:35.151em;"><span class="stl_362 stl_346 stl_61">39,913  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.842em;top:35.151em;"><span class="stl_362 stl_346 stl_61">32,856  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.3617em;top:35.151em;"><span class="stl_362 stl_346 stl_148" style="word-spacing:-0.0101em;">Financial liabilities  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.0183em;top:35.151em;"><span class="stl_362 stl_346 stl_61">51,921  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.7383em;top:35.151em;"><span class="stl_362 stl_346 stl_61">20,612  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:38.3527em;"><span class="stl_365 stl_346 stl_111" style="word-spacing:0.0005em;">Finance lease liabilities are measured at fair value, while other remaining liabilities are measured at amortised cost.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:45.1593em;"><span class="stl_362 stl_346 stl_347">Prepayments  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:45.9293em;"><span class="stl_365 stl_346 stl_113" style="word-spacing:0.0238em;">Prepayments comprise incurred costs relating to subsequent financial years.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:46.6893em;"><span class="stl_365 stl_346 stl_103" style="word-spacing:-0.0044em;">Prepayments are measured at cost.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:32.7349em;"><span class="stl_363 stl_346 stl_91" style="word-spacing:0.8691em;">11. OTHER</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.501em;top:32.7349em;"><span class="stl_363 stl_346 stl_233" style="word-spacing:0.0118em;">NON-CURRENT RECEIVABLES  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.29em;top:35.4248em;"><span class="stl_375 stl_346 stl_88" style="word-spacing:-0.014em;">PARENT COMPANY  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.8683em;top:35.4248em;"><span class="stl_375 stl_346 stl_193">GROUP  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.01em;top:36.7765em;"><span class="stl_375 stl_346 stl_78">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:8.152em;top:36.7765em;"><span class="stl_375 stl_346 stl_20">2022  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.3617em;top:36.7765em;"><span class="stl_375 stl_346 stl_92">DKK'000  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.3283em;top:36.7765em;"><span class="stl_375 stl_346 stl_61">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.0483em;top:36.7765em;"><span class="stl_375 stl_346 stl_61">2022  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:5.132em;top:39.2127em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:9.2717em;top:39.2127em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.3617em;top:39.2127em;"><span class="stl_365 stl_346 stl_63" style="word-spacing:-0.0016em;">Prepayment, settlement of claim of title to land  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.8183em;top:39.2127em;"><span class="stl_365 stl_346 stl_78">239  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.5383em;top:39.2127em;"><span class="stl_365 stl_346 stl_78">366  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:5.132em;top:40.3727em;"><span class="stl_362 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:9.2717em;top:40.3727em;"><span class="stl_362 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.5017em;top:40.3727em;"><span class="stl_362 stl_346 stl_61">Total  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.8183em;top:40.3727em;"><span class="stl_362 stl_346 stl_78">239  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.5383em;top:40.3727em;"><span class="stl_362 stl_346 stl_78">366  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:45.1593em;"><span class="stl_362 stl_346 stl_60" style="word-spacing:0.0074em;">Segment information  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:45.9193em;"><span class="stl_365 stl_346 stl_53" style="word-spacing:0.0033em;">The Group is assessed as having two segments:  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.9042em;top:46.6812em;"><span class="stl_371 stl_346 stl_90" style="word-spacing:0.8338em;">(A) </span><span class="stl_365 stl_346 stl_60" style="word-spacing:0.0041em;">Property management division comprising letting of premises  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.4058em;top:47.5493em;"><span class="stl_365 stl_346 stl_316" style="word-spacing:0.0014em;">and land and the provision of utilities to tenants, including  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.4058em;top:48.3793em;"><span class="stl_365 stl_346 stl_226" style="word-spacing:0.0009em;">power, water, natural gas, facility services, etc.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.9042em;top:49.2226em;"><span class="stl_224 stl_08 stl_87" style="word-spacing:0.6325em;">(B) </span><span class="stl_365 stl_346 stl_123" style="word-spacing:0.0068em;">Property development </span><span class="stl_366 stl_346 stl_20" style="word-spacing:-0.0098em;">– </span><span class="stl_365 stl_346 stl_329" style="word-spacing:0em;">including the preparation and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.4058em;top:50.0493em;"><span class="stl_365 stl_346 stl_60" style="word-spacing:0.002em;">implementation of development projects, primarily in the field  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.4058em;top:50.8793em;"><span class="stl_365 stl_346 stl_193" style="word-spacing:-0.0068em;">of housing and commercial space.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:45.1593em;"><span class="stl_362 stl_346 stl_60" style="word-spacing:0.0074em;">Segment information  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:45.9193em;"><span class="stl_365 stl_346 stl_53" style="word-spacing:0.0033em;">The Group is assessed as having two segments:  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.9042em;top:46.6812em;"><span class="stl_371 stl_346 stl_90" style="word-spacing:0.8338em;">(A) </span><span class="stl_365 stl_346 stl_60" style="word-spacing:0.0041em;">Property management division comprising letting of premises  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.4058em;top:47.5493em;"><span class="stl_365 stl_346 stl_316" style="word-spacing:0.0014em;">and land and the provision of utilities to tenants, including  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.4058em;top:48.3793em;"><span class="stl_365 stl_346 stl_226" style="word-spacing:0.0009em;">power, water, natural gas, facility services, etc.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.9042em;top:49.2226em;"><span class="stl_224 stl_08 stl_87" style="word-spacing:0.6325em;">(B) </span><span class="stl_365 stl_346 stl_123" style="word-spacing:0.0068em;">Property development </span><span class="stl_366 stl_346 stl_20" style="word-spacing:-0.0098em;">– </span><span class="stl_365 stl_346 stl_329" style="word-spacing:0em;">including the preparation and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.4058em;top:50.0493em;"><span class="stl_365 stl_346 stl_60" style="word-spacing:0.002em;">implementation of development projects, primarily in the field  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.4058em;top:50.8793em;"><span class="stl_365 stl_346 stl_193" style="word-spacing:-0.0068em;">of housing and commercial space.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:4.8407em;"><span class="stl_363 stl_346 stl_364">3.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.682em;top:4.8407em;"><span class="stl_363 stl_346 stl_131" style="word-spacing:-0.0009em;">SEGMENT INFORMATION  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:7.4485em;"><span class="stl_365 stl_346 stl_53" style="word-spacing:0.0034em;">Based on IFRS 8 Operating Segments, the CeMat Group is assessed as having two segments:  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4em;top:8.2204em;"><span class="stl_371 stl_346 stl_90" style="word-spacing:0.8343em;">(A) </span><span class="stl_365 stl_346 stl_316" style="word-spacing:0.0016em;">Property management division comprising letting of premises and land and the provision of utilities to tenants, including power, water, natural gas, facility services,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:5.502em;top:9.0885em;"><span class="stl_365 stl_346 stl_89">etc.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4em;top:9.9004em;"><span class="stl_371 stl_346 stl_374" style="word-spacing:0.8877em;">(B) </span><span class="stl_365 stl_346 stl_123" style="word-spacing:0.0065em;">Property development </span><span class="stl_366 stl_346 stl_20" style="word-spacing:-0.0098em;">– </span><span class="stl_365 stl_346 stl_329" style="word-spacing:-0.0007em;">including the preparation and implementation of development projects, primarily in the field of housing and commercial space.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:12.3123em;"><span class="stl_375 stl_346 stl_61">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.6258em;top:12.3123em;"><span class="stl_375 stl_346 stl_115">Property  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:13.1823em;"><span class="stl_376 stl_346 stl_86">DKK’000  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.4958em;top:13.1823em;"><span class="stl_375 stl_346 stl_13" style="word-spacing:0.0057em;">Management &amp; Holding</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.984em;top:13.1823em;"><span class="stl_375 stl_346 stl_115" style="word-spacing:0.9029em;">Development* Total  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:15.6185em;"><span class="stl_365 stl_346 stl_316" style="word-spacing:0.0076em;">Sales revenue  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.4758em;top:15.6185em;"><span class="stl_365 stl_346 stl_23">33,596  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.6283em;top:15.6185em;"><span class="stl_365 stl_346 stl_20">4</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.9283em;top:15.6185em;"><span class="stl_365 stl_346 stl_23">33,600  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:16.7785em;"><span class="stl_362 stl_346 stl_185" style="word-spacing:0.0034em;">GROSS PROFIT  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.4658em;top:16.7785em;"><span class="stl_362 stl_346 stl_61">23,678  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.6283em;top:16.7785em;"><span class="stl_362 stl_346 stl_20">4</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.9183em;top:16.7785em;"><span class="stl_362 stl_346 stl_61">23,682  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:18.9585em;"><span class="stl_365 stl_346 stl_233">Overheads  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.0958em;top:18.9585em;"><span class="stl_365 stl_346 stl_68">(17,808)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.1483em;top:18.9585em;"><span class="stl_365 stl_346 stl_330">(1,392)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.5483em;top:18.9585em;"><span class="stl_365 stl_346 stl_68">(19,200)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:19.9885em;"><span class="stl_365 stl_346 stl_347" style="word-spacing:-0.0006em;">Other income / costs  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.2058em;top:19.9885em;"><span class="stl_365 stl_346 stl_61">(64)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.3183em;top:19.9885em;"><span class="stl_365 stl_346 stl_78">40  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.6583em;top:19.9885em;"><span class="stl_365 stl_346 stl_61">(24)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:21.1485em;"><span class="stl_362 stl_346 stl_233">EBITDA  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.7958em;top:21.1485em;"><span class="stl_365 stl_346 stl_70">5,806  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.1283em;top:21.1485em;"><span class="stl_362 stl_346 stl_156">(1,348)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.2383em;top:21.1485em;"><span class="stl_362 stl_346 stl_88">4,458  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:23.321em;"><span class="stl_365 stl_346 stl_58">Depreciation  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.2058em;top:23.321em;"><span class="stl_365 stl_346 stl_20">(41)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.6283em;top:23.321em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.6583em;top:23.321em;"><span class="stl_365 stl_346 stl_20">(41)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:24.481em;"><span class="stl_362 stl_346 stl_91">EBIT  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.7958em;top:24.481em;"><span class="stl_365 stl_346 stl_70">5,765  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.1283em;top:24.481em;"><span class="stl_362 stl_346 stl_156">(1,348)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.2383em;top:24.481em;"><span class="stl_362 stl_346 stl_88">4,417  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:26.661em;"><span class="stl_365 stl_346 stl_111" style="word-spacing:0.0002em;">Revaluation investment property  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.4758em;top:26.661em;"><span class="stl_365 stl_346 stl_23">11,429  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.6283em;top:26.661em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.9283em;top:26.661em;"><span class="stl_365 stl_346 stl_23">11,429  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:27.691em;"><span class="stl_365 stl_346 stl_285" style="word-spacing:-0.002em;">Net result on financial activities  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.8858em;top:27.691em;"><span class="stl_365 stl_346 stl_69">(271)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.6183em;top:27.691em;"><span class="stl_365 stl_346 stl_84">(613)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.3383em;top:27.691em;"><span class="stl_365 stl_346 stl_69">(884)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:28.851em;"><span class="stl_362 stl_346 stl_53" style="word-spacing:0.0055em;">PROFIT (LOSS) BEFORE TAX  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.4758em;top:28.851em;"><span class="stl_365 stl_346 stl_330">16,923  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.1283em;top:28.851em;"><span class="stl_362 stl_346 stl_156">(1,961)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.9183em;top:28.851em;"><span class="stl_362 stl_346 stl_61">14,962  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:31.031em;"><span class="stl_365 stl_346 stl_58" style="word-spacing:-0.0026em;">Tax on profit/(loss) for the year including deferred tax  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.4158em;top:31.031em;"><span class="stl_365 stl_346 stl_330">(3,982)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.9983em;top:31.031em;"><span class="stl_365 stl_346 stl_78">355  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.8683em;top:31.031em;"><span class="stl_365 stl_346 stl_330">(3,627)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:32.191em;"><span class="stl_362 stl_346 stl_377" style="word-spacing:0.0103em;">PROFIT (LOSS) FOR THE YEAR  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.4758em;top:32.191em;"><span class="stl_365 stl_346 stl_330">12,941  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.1283em;top:32.191em;"><span class="stl_362 stl_346 stl_156">(1,606)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.9183em;top:32.191em;"><span class="stl_362 stl_346 stl_84">11,335  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:33.341em;"><span class="stl_365 stl_346 stl_226" style="word-spacing:-0.002em;">*The Development segment has been separated in terms of functionality. According to the accounting policy, revenues and profits from the sale of real estate (residential  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:34.131em;"><span class="stl_365 stl_346 stl_103" style="word-spacing:-0.0019em;">units, commercial space, etc.) will be recognised when the real estate purchaser takes over control of the real estate acquired and receives significant risks and rewards of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:34.921em;"><span class="stl_365 stl_346 stl_184">ownership.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:39.4565em;"><span class="stl_375 stl_346 stl_61">2022  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.6258em;top:39.4565em;"><span class="stl_375 stl_346 stl_115">Property  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:40.3265em;"><span class="stl_376 stl_346 stl_86">DKK’000  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.2658em;top:40.3265em;"><span class="stl_375 stl_346 stl_90" style="word-spacing:0.001em;">Management &amp; Holding Development*</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.130em;top:40.3265em;"><span class="stl_375 stl_346 stl_20">Total  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:42.7627em;"><span class="stl_365 stl_346 stl_316" style="word-spacing:0.0076em;">Sales revenue  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.4758em;top:42.7627em;"><span class="stl_365 stl_346 stl_23">26,557  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.3183em;top:42.7627em;"><span class="stl_365 stl_346 stl_78">17  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.9283em;top:42.7627em;"><span class="stl_365 stl_346 stl_23">26,574  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:43.9127em;"><span class="stl_362 stl_346 stl_185" style="word-spacing:0.0034em;">GROSS PROFIT  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.4658em;top:43.9127em;"><span class="stl_362 stl_346 stl_61">12,281  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.3183em;top:43.9127em;"><span class="stl_362 stl_346 stl_78">17  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.9183em;top:43.9127em;"><span class="stl_362 stl_346 stl_61">12,298  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:46.0927em;"><span class="stl_365 stl_346 stl_233">Overheads  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.4158em;top:46.0927em;"><span class="stl_365 stl_346 stl_23">(8,512)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.6183em;top:46.0927em;"><span class="stl_365 stl_346 stl_84">(427)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.8683em;top:46.0927em;"><span class="stl_365 stl_346 stl_23">(8,939)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:47.1227em;"><span class="stl_365 stl_346 stl_347" style="word-spacing:-0.0006em;">Other income / costs  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.5858em;top:47.1227em;"><span class="stl_365 stl_346 stl_78">56  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.3183em;top:47.1227em;"><span class="stl_365 stl_346 stl_78">73  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.7183em;top:47.1227em;"><span class="stl_365 stl_346 stl_78">129  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:48.2826em;"><span class="stl_362 stl_346 stl_233">EBITDA  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.7958em;top:48.2826em;"><span class="stl_365 stl_346 stl_148">3,825  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.6083em;top:48.2826em;"><span class="stl_362 stl_346 stl_70">(337)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.2383em;top:48.2826em;"><span class="stl_362 stl_346 stl_116">3,488  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:50.4627em;"><span class="stl_365 stl_346 stl_58">Depreciation  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.2058em;top:50.4627em;"><span class="stl_365 stl_346 stl_20">(28)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.6283em;top:50.4627em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.6583em;top:50.4627em;"><span class="stl_365 stl_346 stl_20">(28)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:51.6252em;"><span class="stl_362 stl_346 stl_91">EBIT  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.7958em;top:51.6252em;"><span class="stl_365 stl_346 stl_148">3,797  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.6083em;top:51.6252em;"><span class="stl_362 stl_346 stl_70">(337)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.2383em;top:51.6252em;"><span class="stl_362 stl_346 stl_116">3,460  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:53.8052em;"><span class="stl_365 stl_346 stl_111" style="word-spacing:0.0002em;">Revaluation investment property  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.4758em;top:53.8052em;"><span class="stl_365 stl_346 stl_23">25,325  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.6283em;top:53.8052em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.9283em;top:53.8052em;"><span class="stl_365 stl_346 stl_23">25,325  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:54.8351em;"><span class="stl_365 stl_346 stl_285" style="word-spacing:-0.002em;">Net result on financial activities  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.8858em;top:54.8351em;"><span class="stl_365 stl_346 stl_69">(632)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.6183em;top:54.8351em;"><span class="stl_365 stl_346 stl_84">(341)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.3383em;top:54.8351em;"><span class="stl_365 stl_346 stl_84">(973)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:55.9952em;"><span class="stl_362 stl_346 stl_53" style="word-spacing:0.0055em;">PROFIT (LOSS) BEFORE TAX  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.4758em;top:55.9952em;"><span class="stl_365 stl_346 stl_23">28,490  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.6083em;top:55.9952em;"><span class="stl_362 stl_346 stl_70">(678)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.9183em;top:55.9952em;"><span class="stl_362 stl_346 stl_61">27,812  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:58.1652em;"><span class="stl_365 stl_346 stl_58" style="word-spacing:-0.0033em;">Tax on profit/(loss) for the year including deferred tax  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.4158em;top:58.1652em;"><span class="stl_365 stl_346 stl_184">(5,794)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.3183em;top:58.1652em;"><span class="stl_365 stl_346 stl_78">64  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.8683em;top:58.1652em;"><span class="stl_365 stl_346 stl_23">(5,730)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:59.3252em;"><span class="stl_362 stl_346 stl_377" style="word-spacing:0.0103em;">PROFIT (LOSS) FOR THE YEAR  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.4758em;top:59.3252em;"><span class="stl_365 stl_346 stl_23">22,696  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.6083em;top:59.3252em;"><span class="stl_362 stl_346 stl_70">(614)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.9183em;top:59.3252em;"><span class="stl_362 stl_346 stl_61">22,082  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:60.4752em;"><span class="stl_365 stl_346 stl_226" style="word-spacing:-0.0024em;">* The Development segment has been separated in terms of functionality. According to the accounting policy, revenues and profits from the sale of real estate (residential  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:61.2648em;"><span class="stl_365 stl_346 stl_103" style="word-spacing:-0.0019em;">units, commercial space, etc.) will be recognised when the real estate purchaser takes over control of the real estate acquired and receives significant risks and rewards of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:62.0648em;"><span class="stl_365 stl_346 stl_184">ownership.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:1.8568em;"><span class="stl_362 stl_346 stl_226" style="word-spacing:-0.0074em;">Other segment information:  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:3.9168em;"><span class="stl_365 stl_346 stl_329" style="word-spacing:0.0002em;">Property management revenue can be broken down into the letting of premises and land and the provision of utilities to tenants, including power, water, natural gas, facility  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:4.7068em;"><span class="stl_365 stl_346 stl_233" style="word-spacing:0.0044em;">services, etc:  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.29em;top:6.7423em;"><span class="stl_375 stl_346 stl_88" style="word-spacing:-0.014em;">PARENT COMPANY  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.8683em;top:6.7423em;"><span class="stl_375 stl_346 stl_193">GROUP  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.01em;top:8.0823em;"><span class="stl_375 stl_346 stl_61">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:8.152em;top:8.0823em;"><span class="stl_375 stl_346 stl_61">2022  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.3617em;top:8.0823em;"><span class="stl_375 stl_346 stl_92">DKK'000  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.3283em;top:8.0823em;"><span class="stl_375 stl_346 stl_61">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.0483em;top:8.0823em;"><span class="stl_375 stl_346 stl_61">2022  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:5.132em;top:10.5285em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:9.2717em;top:10.5285em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.3617em;top:10.5285em;"><span class="stl_365 stl_346 stl_18">Letting  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.0283em;top:10.5285em;"><span class="stl_365 stl_346 stl_23">23,202  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.7483em;top:10.5285em;"><span class="stl_365 stl_346 stl_23">18,639  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:5.132em;top:11.5585em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:9.2717em;top:11.5585em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.3617em;top:11.5585em;"><span class="stl_365 stl_346 stl_264">Utilities  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.0283em;top:11.5585em;"><span class="stl_365 stl_346 stl_23">10,398  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.0683em;top:11.5585em;"><span class="stl_365 stl_346 stl_148">7,935  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:5.132em;top:12.6985em;"><span class="stl_362 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:9.2717em;top:12.6985em;"><span class="stl_362 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.5017em;top:12.6985em;"><span class="stl_362 stl_346 stl_61">Total  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.0183em;top:12.6985em;"><span class="stl_362 stl_346 stl_61">33,600  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.7383em;top:12.6985em;"><span class="stl_362 stl_346 stl_61">26,574  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:14.9585em;"><span class="stl_365 stl_346 stl_329" style="word-spacing:0.0007em;">Revenue is generated by the Polish subsidiaries CeMat Real Estate, CeMat '70 S.A. and W133, and the Group derives all of its revenue from Poland.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:48.2193em;"><span class="stl_362 stl_346 stl_63">Provisions  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:48.9793em;"><span class="stl_365 stl_346 stl_329" style="word-spacing:0.3118em;">Provisions are recognised when the Group has a legal or constructive  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:49.7393em;"><span class="stl_365 stl_346 stl_347" style="word-spacing:0.0317em;">obligation as a consequence of past events during the financial year or prior  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:50.5093em;"><span class="stl_365 stl_346 stl_347" style="word-spacing:0.0765em;">years, and when it is likely that settlement of the obligation will require an  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:51.2693em;"><span class="stl_366 stl_346 stl_148" style="word-spacing:0.1726em;">outflow of the Group’s financi</span><span class="stl_365 stl_346 stl_60" style="word-spacing:0.1732em;">al resources. Warranty commitments cover  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:52.0293em;"><span class="stl_365 stl_346 stl_60" style="word-spacing:0.0126em;">commitments to repair faulty or defective products sold within the warranty  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:52.7893em;"><span class="stl_365 stl_346 stl_63">period.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:53.5593em;"><span class="stl_365 stl_346 stl_60" style="word-spacing:0.0422em;">Provisions are measured as the best estimate of the costs required to settle  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:54.3218em;"><span class="stl_365 stl_346 stl_63" style="word-spacing:0.0264em;">the liabilities at the balance sheet date. Provisions with an expected term of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:55.0818em;"><span class="stl_365 stl_346 stl_148" style="word-spacing:-0.0351em;">more than a year after the balance sheet date are measured at present value.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:48.2193em;"><span class="stl_362 stl_346 stl_63">Provisions  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:48.9793em;"><span class="stl_365 stl_346 stl_329" style="word-spacing:0.3118em;">Provisions are recognised when the Group has a legal or constructive  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:49.7393em;"><span class="stl_365 stl_346 stl_347" style="word-spacing:0.0317em;">obligation as a consequence of past events during the financial year or prior  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:50.5093em;"><span class="stl_365 stl_346 stl_347" style="word-spacing:0.0765em;">years, and when it is likely that settlement of the obligation will require an  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:51.2693em;"><span class="stl_366 stl_346 stl_148" style="word-spacing:0.1726em;">outflow of the Group’s financi</span><span class="stl_365 stl_346 stl_60" style="word-spacing:0.1732em;">al resources. Warranty commitments cover  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:52.0293em;"><span class="stl_365 stl_346 stl_60" style="word-spacing:0.0126em;">commitments to repair faulty or defective products sold within the warranty  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:52.7893em;"><span class="stl_365 stl_346 stl_63">period.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:53.5593em;"><span class="stl_365 stl_346 stl_60" style="word-spacing:0.0422em;">Provisions are measured as the best estimate of the costs required to settle  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:54.3218em;"><span class="stl_365 stl_346 stl_63" style="word-spacing:0.0264em;">the liabilities at the balance sheet date. Provisions with an expected term of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:55.0818em;"><span class="stl_365 stl_346 stl_148" style="word-spacing:-0.0351em;">more than a year after the balance sheet date are measured at present value.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:56.6118em;"><span class="stl_362 stl_346 stl_185" style="word-spacing:0.0046em;">Lease liabilities  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:57.3718em;"><span class="stl_365 stl_346 stl_285" style="word-spacing:0.1112em;">IFRS 16 eliminates the classification of leases as either operating leases or  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:58.1318em;"><span class="stl_365 stl_346 stl_185" style="word-spacing:0.1385em;">finance leases. Lease liabilities for all leases with a term of more than 12  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:58.9018em;"><span class="stl_365 stl_346 stl_123" style="word-spacing:0.0037em;">months are recognised, unless the underlying asset is of low value.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:60.4218em;"><span class="stl_365 stl_346 stl_293" style="word-spacing:-0.0141em;">At the commencement date, a lease liability is measured at the present value  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:61.1915em;"><span class="stl_365 stl_346 stl_103" style="word-spacing:0.2183em;">of future lease payments. The lease payments are discounted using the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:7.0151em;"><span class="stl_365 stl_346 stl_285" style="word-spacing:-0.0458em;">interest rate implicit in the lease, if that rate can be readily determined. If that  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:7.7751em;"><span class="stl_365 stl_346 stl_111" style="word-spacing:0.0007em;">rate cannot be readily determined, the incremental borrowing rate is used.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:9.3051em;"><span class="stl_365 stl_346 stl_370" style="word-spacing:0.0681em;">After the commencement date, the lease liability is measured by increasing  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:10.0651em;"><span class="stl_365 stl_346 stl_58" style="word-spacing:0.1409em;">the carrying amount to reflect interest on the lease liability, reducing the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:10.8251em;"><span class="stl_365 stl_346 stl_193" style="word-spacing:0.1081em;">carrying amount to reflect the lease payments made and remeasuring the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:11.5952em;"><span class="stl_365 stl_346 stl_329" style="word-spacing:0.2069em;">carrying amount to reflect any reassessment or lease modification or to  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:12.3552em;"><span class="stl_365 stl_346 stl_226" style="word-spacing:-0.0013em;">reflect revised in-substance fixed lease payments.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:56.6118em;"><span class="stl_362 stl_346 stl_185" style="word-spacing:0.0046em;">Lease liabilities  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:57.3718em;"><span class="stl_365 stl_346 stl_285" style="word-spacing:0.1112em;">IFRS 16 eliminates the classification of leases as either operating leases or  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:58.1318em;"><span class="stl_365 stl_346 stl_185" style="word-spacing:0.1385em;">finance leases. Lease liabilities for all leases with a term of more than 12  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:58.9018em;"><span class="stl_365 stl_346 stl_123" style="word-spacing:0.0037em;">months are recognised, unless the underlying asset is of low value.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:60.4218em;"><span class="stl_365 stl_346 stl_293" style="word-spacing:-0.0141em;">At the commencement date, a lease liability is measured at the present value  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:61.1915em;"><span class="stl_365 stl_346 stl_103" style="word-spacing:0.2183em;">of future lease payments. The lease payments are discounted using the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:7.0151em;"><span class="stl_365 stl_346 stl_285" style="word-spacing:-0.0458em;">interest rate implicit in the lease, if that rate can be readily determined. If that  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:7.7751em;"><span class="stl_365 stl_346 stl_111" style="word-spacing:0.0007em;">rate cannot be readily determined, the incremental borrowing rate is used.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:9.3051em;"><span class="stl_365 stl_346 stl_370" style="word-spacing:0.0681em;">After the commencement date, the lease liability is measured by increasing  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:10.0651em;"><span class="stl_365 stl_346 stl_58" style="word-spacing:0.1409em;">the carrying amount to reflect interest on the lease liability, reducing the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:10.8251em;"><span class="stl_365 stl_346 stl_193" style="word-spacing:0.1081em;">carrying amount to reflect the lease payments made and remeasuring the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:11.5952em;"><span class="stl_365 stl_346 stl_329" style="word-spacing:0.2069em;">carrying amount to reflect any reassessment or lease modification or to  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:12.3552em;"><span class="stl_365 stl_346 stl_226" style="word-spacing:-0.0013em;">reflect revised in-substance fixed lease payments.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:13.8752em;"><span class="stl_362 stl_346 stl_285" style="word-spacing:0.0019em;">Other financial liabilities  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:14.6452em;"><span class="stl_365 stl_346 stl_185" style="word-spacing:0.2531em;">Other financial liabilities comprise bank debt, trade payables and other  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:15.4052em;"><span class="stl_365 stl_346 stl_113" style="word-spacing:-0.0042em;">payables to public authorities. On initial recognition, other financial liabilities  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:16.1652em;"><span class="stl_365 stl_346 stl_111" style="word-spacing:0.1905em;">are measured at fair value less transaction costs. In subsequent periods,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:16.9351em;"><span class="stl_365 stl_346 stl_193" style="word-spacing:0.157em;">financial liabilities are measured at amortised cost, applying the effective  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:17.6951em;"><span class="stl_365 stl_346 stl_131" style="word-spacing:-0.0001em;">interest method, to the effect that the difference between the proceeds and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:18.4551em;"><span class="stl_365 stl_346 stl_58" style="word-spacing:0.2357em;">the nominal value is recognised in the income statement as a financial  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:19.2152em;"><span class="stl_365 stl_346 stl_103" style="word-spacing:-0.0038em;">expense over the term of the loan.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:56.6118em;"><span class="stl_362 stl_346 stl_185" style="word-spacing:0.0046em;">Lease liabilities  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:57.3718em;"><span class="stl_365 stl_346 stl_285" style="word-spacing:0.1112em;">IFRS 16 eliminates the classification of leases as either operating leases or  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:58.1318em;"><span class="stl_365 stl_346 stl_185" style="word-spacing:0.1385em;">finance leases. Lease liabilities for all leases with a term of more than 12  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:58.9018em;"><span class="stl_365 stl_346 stl_123" style="word-spacing:0.0037em;">months are recognised, unless the underlying asset is of low value.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:60.4218em;"><span class="stl_365 stl_346 stl_293" style="word-spacing:-0.0141em;">At the commencement date, a lease liability is measured at the present value  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:61.1915em;"><span class="stl_365 stl_346 stl_103" style="word-spacing:0.2183em;">of future lease payments. The lease payments are discounted using the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:7.0151em;"><span class="stl_365 stl_346 stl_285" style="word-spacing:-0.0458em;">interest rate implicit in the lease, if that rate can be readily determined. If that  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:7.7751em;"><span class="stl_365 stl_346 stl_111" style="word-spacing:0.0007em;">rate cannot be readily determined, the incremental borrowing rate is used.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:9.3051em;"><span class="stl_365 stl_346 stl_370" style="word-spacing:0.0681em;">After the commencement date, the lease liability is measured by increasing  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:10.0651em;"><span class="stl_365 stl_346 stl_58" style="word-spacing:0.1409em;">the carrying amount to reflect interest on the lease liability, reducing the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:10.8251em;"><span class="stl_365 stl_346 stl_193" style="word-spacing:0.1081em;">carrying amount to reflect the lease payments made and remeasuring the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:11.5952em;"><span class="stl_365 stl_346 stl_329" style="word-spacing:0.2069em;">carrying amount to reflect any reassessment or lease modification or to  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:12.3552em;"><span class="stl_365 stl_346 stl_226" style="word-spacing:-0.0013em;">reflect revised in-substance fixed lease payments.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:24.2549em;"><span class="stl_363 stl_346 stl_364">9.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.682em;top:24.2549em;"><span class="stl_363 stl_346 stl_193" style="word-spacing:0.0036em;">PROPERTY, PLANT AND EQUIPMENT  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:26.9548em;"><span class="stl_375 stl_346 stl_193">GROUP  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:29.1548em;"><span class="stl_375 stl_346 stl_61">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:20.4142em;top:29.1548em;"><span class="stl_375 stl_346 stl_88">Investment  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.9958em;top:29.1548em;"><span class="stl_375 stl_346 stl_20">Total  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.4158em;top:29.1548em;"><span class="stl_375 stl_346 stl_116" style="word-spacing:0.0014em;">Plant and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.4283em;top:29.1548em;"><span class="stl_375 stl_346 stl_116" style="word-spacing:-0.0064em;">Total property  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:15.6942em;top:30.0148em;"><span class="stl_375 stl_346 stl_88">Investment  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:20.9942em;top:30.0148em;"><span class="stl_375 stl_346 stl_88">property,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.1458em;top:30.0148em;"><span class="stl_375 stl_346 stl_88">Investment  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.1158em;top:30.0148em;"><span class="stl_375 stl_346 stl_92">machinery  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.4483em;top:30.0148em;"><span class="stl_375 stl_346 stl_20">Total  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.8683em;top:30.0148em;"><span class="stl_375 stl_346 stl_35" style="word-spacing:0.0022em;">plant and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:30.8948em;"><span class="stl_376 stl_346 stl_86">DKK’000  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:16.4642em;top:30.8948em;"><span class="stl_375 stl_346 stl_35">property  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:20.4342em;top:30.8948em;"><span class="stl_375 stl_346 stl_70" style="word-spacing:0.0084em;">right of use  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.9158em;top:30.8948em;"><span class="stl_375 stl_346 stl_35">property  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.8858em;top:30.8948em;"><span class="stl_375 stl_346 stl_70" style="word-spacing:0.0084em;">right of use  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.6183em;top:30.8948em;"><span class="stl_375 stl_346 stl_70" style="word-spacing:0.0084em;">right of use  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.4383em;top:30.8948em;"><span class="stl_375 stl_346 stl_91">equipment  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:33.331em;"><span class="stl_365 stl_346 stl_293" style="word-spacing:0.005em;">Carrying amount at 1 January 2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:16.9842em;top:33.331em;"><span class="stl_365 stl_346 stl_13">144,029  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.0242em;top:33.331em;"><span class="stl_365 stl_346 stl_23">13,825  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4358em;top:33.331em;"><span class="stl_365 stl_346 stl_13">157,854  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.2658em;top:33.331em;"><span class="stl_365 stl_346 stl_78">117  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.2083em;top:33.331em;"><span class="stl_365 stl_346 stl_23">13,942  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.6083em;top:33.331em;"><span class="stl_365 stl_346 stl_13">157,971  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:34.351em;"><span class="stl_365 stl_346 stl_60" style="word-spacing:-0.0003em;">Foreign exchange adjustments  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:17.3042em;top:34.351em;"><span class="stl_365 stl_346 stl_23">11,886  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.3442em;top:34.351em;"><span class="stl_365 stl_346 stl_148">1,251  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.7558em;top:34.351em;"><span class="stl_365 stl_346 stl_23">13,117  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.8958em;top:34.351em;"><span class="stl_365 stl_346 stl_20">9</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.5283em;top:34.351em;"><span class="stl_365 stl_346 stl_148">1,260  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.9283em;top:34.351em;"><span class="stl_365 stl_346 stl_23">13,126  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:35.381em;"><span class="stl_365 stl_346 stl_329" style="word-spacing:0.0012em;">Right of use, depreciation  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:18.7242em;top:35.381em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.4442em;top:35.381em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.1758em;top:35.381em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.2058em;top:35.381em;"><span class="stl_365 stl_346 stl_20">(41)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.9383em;top:35.381em;"><span class="stl_365 stl_346 stl_20">(41)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.6583em;top:35.381em;"><span class="stl_365 stl_346 stl_20">(41)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:36.4127em;"><span class="stl_365 stl_346 stl_123">Additions  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:18.7242em;top:36.4127em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.0242em;top:36.4127em;"><span class="stl_365 stl_346 stl_23">10,275  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.7558em;top:36.4127em;"><span class="stl_365 stl_346 stl_23">10,275  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.8958em;top:36.4127em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.2083em;top:36.4127em;"><span class="stl_365 stl_346 stl_23">10,275  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.9283em;top:36.4127em;"><span class="stl_365 stl_346 stl_23">10,275  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:37.4427em;"><span class="stl_365 stl_346 stl_113">Disposals  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:18.7242em;top:37.4427em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.4442em;top:37.4427em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.1758em;top:37.4427em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.8958em;top:37.4427em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.6283em;top:37.4427em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3483em;top:37.4427em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:38.4726em;"><span class="stl_365 stl_346 stl_123" style="word-spacing:0.004em;">Transfer to inventories (work in progress)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:18.7242em;top:38.4726em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.4442em;top:38.4726em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.1758em;top:38.4726em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.8958em;top:38.4726em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.6283em;top:38.4726em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3483em;top:38.4726em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:39.5027em;"><span class="stl_365 stl_346 stl_113" style="word-spacing:0.0023em;">Shortening the leasing period  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:18.7242em;top:39.5027em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.4442em;top:39.5027em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.1758em;top:39.5027em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.8958em;top:39.5027em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.6283em;top:39.5027em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3483em;top:39.5027em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:40.5327em;"><span class="stl_365 stl_346 stl_226" style="word-spacing:-0.0012em;">Enhancement costs  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:17.6242em;top:40.5327em;"><span class="stl_365 stl_346 stl_148">3,608  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.4442em;top:40.5327em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.0758em;top:40.5327em;"><span class="stl_365 stl_346 stl_148">3,608  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.8958em;top:40.5327em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.6283em;top:40.5327em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.2483em;top:40.5327em;"><span class="stl_365 stl_346 stl_148">3,608  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:41.5627em;"><span class="stl_365 stl_346 stl_316" style="word-spacing:0.0002em;">Revaluation to market value  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:17.3042em;top:41.5627em;"><span class="stl_365 stl_346 stl_23">11,541  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.4342em;top:41.5627em;"><span class="stl_365 stl_346 stl_84">(112)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.7558em;top:41.5627em;"><span class="stl_365 stl_346 stl_23">11,429  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.8958em;top:41.5627em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.6183em;top:41.5627em;"><span class="stl_365 stl_346 stl_84">(112)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.9283em;top:41.5627em;"><span class="stl_365 stl_346 stl_23">11,429  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:42.7226em;"><span class="stl_362 stl_346 stl_111" style="word-spacing:-0.0025em;">Carrying amount at 31 December 2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:16.9842em;top:42.7226em;"><span class="stl_362 stl_346 stl_148">171,044  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.0142em;top:42.7226em;"><span class="stl_362 stl_346 stl_61">25,239  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4358em;top:42.7226em;"><span class="stl_362 stl_346 stl_58">196,283  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.5858em;top:42.7226em;"><span class="stl_362 stl_346 stl_78">85  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.1983em;top:42.7226em;"><span class="stl_362 stl_346 stl_61">25,324  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.6083em;top:42.7226em;"><span class="stl_362 stl_346 stl_148">196,368  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:43.8727em;"><span class="stl_366 stl_346 stl_60" style="word-spacing:0.0015em;">*Unrealised revaluation to marked value amounts to DKK’000 11,429.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:47.1465em;"><span class="stl_375 stl_346 stl_61">2022  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:20.4142em;top:47.1465em;"><span class="stl_375 stl_346 stl_88">Investment  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.9958em;top:47.1465em;"><span class="stl_375 stl_346 stl_20">Total  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.4158em;top:47.1465em;"><span class="stl_375 stl_346 stl_116" style="word-spacing:0.0014em;">Plant and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.4283em;top:47.1465em;"><span class="stl_375 stl_346 stl_116" style="word-spacing:-0.0064em;">Total property  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:15.6942em;top:48.0165em;"><span class="stl_375 stl_346 stl_88">Investment  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:20.9942em;top:48.0165em;"><span class="stl_375 stl_346 stl_88">property,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.1458em;top:48.0165em;"><span class="stl_375 stl_346 stl_88">Investment  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.1158em;top:48.0165em;"><span class="stl_375 stl_346 stl_92">machinery  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.4483em;top:48.0165em;"><span class="stl_375 stl_346 stl_20">Total  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.8683em;top:48.0165em;"><span class="stl_375 stl_346 stl_35" style="word-spacing:0.0022em;">plant and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:48.8865em;"><span class="stl_376 stl_346 stl_86">DKK’000  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:16.4642em;top:48.8865em;"><span class="stl_375 stl_346 stl_35">property  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:20.4342em;top:48.8865em;"><span class="stl_375 stl_346 stl_70" style="word-spacing:0.0084em;">right of use  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.9158em;top:48.8865em;"><span class="stl_375 stl_346 stl_35">property  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.8858em;top:48.8865em;"><span class="stl_375 stl_346 stl_70" style="word-spacing:0.0084em;">right of use  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.6183em;top:48.8865em;"><span class="stl_375 stl_346 stl_70" style="word-spacing:0.0084em;">right of use  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.4383em;top:48.8865em;"><span class="stl_375 stl_346 stl_91">equipment  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:51.3252em;"><span class="stl_365 stl_346 stl_293" style="word-spacing:0.005em;">Carrying amount at 1 January 2022  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:16.9842em;top:51.3252em;"><span class="stl_365 stl_346 stl_13">120,635  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.0242em;top:51.3252em;"><span class="stl_365 stl_346 stl_23">16,522  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4358em;top:51.3252em;"><span class="stl_365 stl_346 stl_13">137,157  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.2658em;top:51.3252em;"><span class="stl_365 stl_346 stl_78">165  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.2083em;top:51.3252em;"><span class="stl_365 stl_346 stl_23">16,687  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.6083em;top:51.3252em;"><span class="stl_365 stl_346 stl_13">137,322  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:52.3552em;"><span class="stl_365 stl_346 stl_60" style="word-spacing:-0.0003em;">Foreign exchange adjustments  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:17.2442em;top:52.3552em;"><span class="stl_365 stl_346 stl_23">(2,252)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.4342em;top:52.3552em;"><span class="stl_365 stl_346 stl_84">(299)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.6958em;top:52.3552em;"><span class="stl_365 stl_346 stl_23">(2,551)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.5158em;top:52.3552em;"><span class="stl_365 stl_346 stl_20">(3)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.6183em;top:52.3552em;"><span class="stl_365 stl_346 stl_84">(302)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.8683em;top:52.3552em;"><span class="stl_365 stl_346 stl_23">(2,554)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:53.3852em;"><span class="stl_365 stl_346 stl_329" style="word-spacing:0.0012em;">Right of use, depreciation  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:18.7242em;top:53.3852em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.4442em;top:53.3852em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.1758em;top:53.3852em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.2058em;top:53.3852em;"><span class="stl_365 stl_346 stl_20">(28)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.9383em;top:53.3852em;"><span class="stl_365 stl_346 stl_20">(28)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.6583em;top:53.3852em;"><span class="stl_365 stl_346 stl_20">(28)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:54.4152em;"><span class="stl_365 stl_346 stl_123">Additions  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:18.7242em;top:54.4152em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.4442em;top:54.4152em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.1758em;top:54.4152em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.8958em;top:54.4152em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.6283em;top:54.4152em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3483em;top:54.4152em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:55.4451em;"><span class="stl_365 stl_346 stl_113">Disposals  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:18.7242em;top:55.4451em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.4442em;top:55.4451em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.1758em;top:55.4451em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.2058em;top:55.4451em;"><span class="stl_365 stl_346 stl_20">(17)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.9383em;top:55.4451em;"><span class="stl_365 stl_346 stl_20">(17)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.6583em;top:55.4451em;"><span class="stl_365 stl_346 stl_20">(17)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:56.4752em;"><span class="stl_365 stl_346 stl_123" style="word-spacing:0.004em;">Transfer to inventories (work in progress)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:16.9342em;top:56.4752em;"><span class="stl_365 stl_346 stl_18">(4,655)*  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.4442em;top:56.4752em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.6958em;top:56.4752em;"><span class="stl_365 stl_346 stl_23">(4,655)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.8958em;top:56.4752em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.6283em;top:56.4752em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.8683em;top:56.4752em;"><span class="stl_365 stl_346 stl_23">(4,655)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:57.5052em;"><span class="stl_365 stl_346 stl_113" style="word-spacing:0.0023em;">Shortening the leasing period  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:18.7242em;top:57.5052em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.9642em;top:57.5052em;"><span class="stl_365 stl_346 stl_23">(2,446)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.6958em;top:57.5052em;"><span class="stl_365 stl_346 stl_23">(2,446)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.8958em;top:57.5052em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.1483em;top:57.5052em;"><span class="stl_365 stl_346 stl_23">(2,446)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.8683em;top:57.5052em;"><span class="stl_365 stl_346 stl_23">(2,446)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:58.5351em;"><span class="stl_365 stl_346 stl_226" style="word-spacing:-0.0012em;">Enhancement costs  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:17.6242em;top:58.5351em;"><span class="stl_365 stl_346 stl_148">5,024  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.4442em;top:58.5351em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.0758em;top:58.5351em;"><span class="stl_365 stl_346 stl_148">5,024  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.8958em;top:58.5351em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.6283em;top:58.5351em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.2483em;top:58.5351em;"><span class="stl_365 stl_346 stl_148">5,024  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:59.5552em;"><span class="stl_365 stl_346 stl_316" style="word-spacing:0.0002em;">Revaluation to market value  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:17.3042em;top:59.5552em;"><span class="stl_365 stl_346 stl_23">25,277  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.1342em;top:59.5552em;"><span class="stl_365 stl_346 stl_78">48  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.7558em;top:59.5552em;"><span class="stl_365 stl_346 stl_23">25,325  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.8958em;top:59.5552em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.3183em;top:59.5552em;"><span class="stl_365 stl_346 stl_78">48  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.9283em;top:59.5552em;"><span class="stl_365 stl_346 stl_23">25,325  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:60.7152em;"><span class="stl_362 stl_346 stl_111" style="word-spacing:-0.0025em;">Carrying amount at 31 December 2022  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:16.9842em;top:60.7152em;"><span class="stl_362 stl_346 stl_148">144,029  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.0142em;top:60.7152em;"><span class="stl_362 stl_346 stl_61">13,825  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4358em;top:60.7152em;"><span class="stl_362 stl_346 stl_148">157,854  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.2658em;top:60.7152em;"><span class="stl_362 stl_346 stl_78">117  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.1983em;top:60.7152em;"><span class="stl_362 stl_346 stl_61">13,942  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.6083em;top:60.7152em;"><span class="stl_362 stl_346 stl_148">157,971  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:61.8648em;"><span class="stl_365 stl_346 stl_285" style="word-spacing:-0.002em;">*The fair value of one of the plots has been transferred to inventories (work in progress) in connection with the commencement of a development project.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:62.8948em;"><span class="stl_366 stl_346 stl_60" style="word-spacing:0.0015em;">*Unrealised revaluation to marked value amounts to DKK’000 25,325.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:5.9768em;"><span class="stl_365 stl_346 stl_235" style="word-spacing:-0.0145em;">The Polish properties have an assessed value of DKK 196,368 thousand, of which DKK 170,894 thousand is the real estate in Warsaw, DKK 150 thousand is a land plot in Blichowo  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:6.7685em;"><span class="stl_365 stl_346 stl_131" style="word-spacing:-0.0161em;">and DKK 25,324 thousand is right of use resulting from the application of IFRS 16. The value of the real estate in Warsaw is supported by an external valuation report received in  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:7.5585em;"><span class="stl_365 stl_346 stl_103" style="word-spacing:0.0196em;">December 2023, prepared by a leading international estate agent in Warsaw. The value of the land plot in Blichowo has been assessed </span><span class="stl_366 stl_346 stl_58" style="word-spacing:0.0162em;">by the company’s management using a  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:8.3585em;"><span class="stl_365 stl_346 stl_103" style="word-spacing:-0.0042em;">comparative method.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:9.3785em;"><span class="stl_366 stl_346 stl_329" style="word-spacing:0.0096em;">The value of the real estate in Warsaw represents the estate agent’s assessment of the current fair value. In addition to the </span><span class="stl_365 stl_346 stl_257" style="word-spacing:0.0132em;">general price level in the market, the assessment is  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:10.1785em;"><span class="stl_365 stl_346 stl_329" style="word-spacing:-0.033em;">based on these main assumptions: the present use of the property, the state of the buildings, the percentage of ownership, the income generated by the property and the zoning  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:10.9685em;"><span class="stl_365 stl_346 stl_103" style="word-spacing:0.1218em;">of the area. Any changes to these, particularly the percentage of ownership (i.e. the positive or negative resolution of form</span><span class="stl_366 stl_346 stl_58" style="word-spacing:0.1193em;">er owners’ claims), changes in zo</span><span class="stl_365 stl_346 stl_113" style="word-spacing:0.1309em;">ning (e.g. to  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:11.7585em;"><span class="stl_365 stl_346 stl_329" style="word-spacing:0.0007em;">residential) and the general price development of similar properties in the area, could favourably or adversely impact the property valuation.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:12.7485em;"><span class="stl_365 stl_346 stl_316" style="word-spacing:0.0001em;">For the valuation purposes, the property was divided into four groups: internal roads, industrial schemes (buildings), development land and plots designated for external roads.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:14.5385em;"><span class="stl_365 stl_346 stl_185" style="word-spacing:0.0313em;">For the purpose of the valuation of internal roads, development land and external roads, a comparative approach has been used whereby recent sales are used to determine  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:15.2985em;"><span class="stl_365 stl_346 stl_103" style="word-spacing:-0.0313em;">the likely value of the subject. This approach assumes that the variation in prices between at least three comparable properties can be explained by differences in their individual  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:16.0685em;"><span class="stl_365 stl_346 stl_63" style="word-spacing:0.0482em;">attributes such as location, surroundings, accessibility, development potential, etc. The influence of each of these attributes on the value is assigned a percentage weighting,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:16.8285em;"><span class="stl_365 stl_346 stl_226" style="word-spacing:0.0089em;">and the characteristics of each comparable and the subject are then rated, typically from 1</span><span class="stl_366 stl_346 stl_243">–</span><span class="stl_365 stl_346 stl_257" style="word-spacing:0.0135em;">5, from very good to very poor. The price of each comparable is adjusted according  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:17.5885em;"><span class="stl_365 stl_346 stl_285" style="word-spacing:-0.0005em;">to how it differs from the subject, with the resulting adjusted av</span><span class="stl_366 stl_346 stl_111" style="word-spacing:-0.002em;">erage price from the comparables taken as providing a reasonable indication of the subject’s value.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:19.1185em;"><span class="stl_365 stl_346 stl_111" style="word-spacing:0.0271em;">Industrial buildings are valued using an earnings-based approach based on normal earnings. Income from each lessee is expected to be generated for as long as the lease is in  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:19.8785em;"><span class="stl_365 stl_346 stl_193" style="word-spacing:-0.0158em;">force or until the first time it may be terminated if considered advantageous. Thereafter, income is expected to continue to be generated at market rent. Adjustments are made  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:20.6385em;"><span class="stl_365 stl_346 stl_185" style="word-spacing:0.0012em;">for lost rental income, fitting-out deposits and unobtainable running costs. Market rents applied range from DKK 63.5 per sqm for ordinary warehouses (22,036 sqm), DKK 72.1  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:21.411em;"><span class="stl_365 stl_346 stl_285" style="word-spacing:-0.0015em;">per sqm for offices (4,081 sqm), small business units DKK 85,9 (3,340 sqm) and DKK 103.1 per sqm for self-storage boxes (1,447 sqm).  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:22.931em;"><span class="stl_365 stl_346 stl_111" style="word-spacing:0.0329em;">For the purpose of the valuation of the industrial buildings, an equivalent yield approach has been used. An equivalent yield is defined in the Glossary of Property Terms (2nd  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:23.701em;"><span class="stl_366 stl_346 stl_185" style="word-spacing:0.043em;">edition), published by Estates Gazette, as “the constant capitalisation rate app</span><span class="stl_365 stl_346 stl_329" style="word-spacing:0.0459em;">lied to all cash flows, that is, the internal rate of return from an investment property reflecting  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:24.461em;"><span class="stl_365 stl_346 stl_111" style="word-spacing:0.016em;">reversions to current market rent, and such items as voids and expenditures, but disregarding potential changes in market rents. Conventionally calculated on a nominal basis,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:25.221em;"><span class="stl_366 stl_346 stl_316" style="word-spacing:0.0026em;">assuming that rents are receivable/payable annually in arrears”.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:26.751em;"><span class="stl_365 stl_346 stl_160" style="word-spacing:0.0464em;">The required rates of return which have been set are an important factor in estimating the fair values. An equivalent yield of 12% was adopted (in 2022 between 10.9% and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:27.511em;"><span class="stl_365 stl_346 stl_113" style="word-spacing:-0.0374em;">11.55%), which reflects the risks associated with a normal ownership or usufruct interest property including open-ended lease agreements and the physical state of the particular  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:28.271em;"><span class="stl_365 stl_346 stl_347" style="word-spacing:0.0314em;">buildings. Using the equivalent yield mentioned above, a value of the subject was obtained reflecting an initial yield of 12.3% (in 2022 between 9.79% and 13.47%) and a final  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:29.041em;"><span class="stl_365 stl_346 stl_58" style="word-spacing:-0.0034em;">yield of 13.4% (in 2022 between 12.06% and 12.99%).  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:30.561em;"><span class="stl_365 stl_346 stl_329" style="word-spacing:0.0026em;">Other assumptions:  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:31.331em;"><span class="stl_365 stl_346 stl_329" style="word-spacing:0.0014em;">Short-term leases: assumed to expire after their notice periods  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:32.091em;"><span class="stl_365 stl_346 stl_316" style="word-spacing:0.0009em;">Letting voids: 24 months for offices / 12 for warehouse &amp; production space  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:32.851em;"><span class="stl_365 stl_346 stl_60" style="word-spacing:0.002em;">Reletting voids: 10 months for offices / 5 for warehouse &amp; production space and SBU units  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:33.611em;"><span class="stl_365 stl_346 stl_63" style="word-spacing:-0.0013em;">No fit-out contributions  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:34.381em;"><span class="stl_365 stl_346 stl_316" style="word-spacing:0.0065em;">Letting fees: 16.5%  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:35.141em;"><span class="stl_365 stl_346 stl_103" style="word-spacing:-0.0052em;">No rent-free periods and empty service charge  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:35.901em;"><span class="stl_365 stl_346 stl_113" style="word-spacing:0.0017em;">Irrecoverable operating costs DKK 6.4 million (including property tax, perpetual usufruct fee, security, insurance, cost of the utilities based on the operating cost budget, plus  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:36.6727em;"><span class="stl_365 stl_346 stl_226" style="word-spacing:-0.0008em;">management fee of 2% of market rent)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:37.4327em;"><span class="stl_365 stl_346 stl_111" style="word-spacing:0.0001em;">Capital expenditure of DKK 1.7 million  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:38.9527em;"><span class="stl_365 stl_346 stl_292" style="word-spacing:0.0031em;">In the case of properties for which the company is not entered in the land and mortgage register as a perpetual usufructuary or owner due to claims or protracted  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:39.7226em;"><span class="stl_365 stl_346 stl_111" style="word-spacing:-0.0007em;">administrative proceedings, the value is further reduced by 20% due to the risk that such claims will be accommodated and due to the expenses associated with the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:40.4827em;"><span class="stl_365 stl_346 stl_160" style="word-spacing:-0.0078em;">transitional phase.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:54.6852em;"><span class="stl_362 stl_346 stl_316" style="word-spacing:0.0032em;">Fair value hierarchy information  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.6958em;top:54.6852em;"><span class="stl_362 stl_346 stl_53" style="word-spacing:0.0112em;">Level 1  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.4158em;top:54.6852em;"><span class="stl_362 stl_346 stl_53" style="word-spacing:0.0112em;">Level 2  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.1483em;top:54.6852em;"><span class="stl_362 stl_346 stl_53" style="word-spacing:0.0112em;">Level 3  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.4683em;top:54.6852em;"><span class="stl_362 stl_346 stl_185" style="word-spacing:0.0014em;">at 31/12  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:56.8752em;"><span class="stl_362 stl_346 stl_78">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:57.9052em;"><span class="stl_365 stl_346 stl_226" style="word-spacing:-0.0016em;">Land / roads  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.2083em;top:57.9052em;"><span class="stl_365 stl_346 stl_23">50,130  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.9283em;top:57.9052em;"><span class="stl_365 stl_346 stl_23">50,130  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:58.9352em;"><span class="stl_365 stl_346 stl_103" style="word-spacing:0.0005em;">Plots of land with buildings  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.8883em;top:58.9352em;"><span class="stl_365 stl_346 stl_13">120,914  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.6083em;top:58.9352em;"><span class="stl_365 stl_346 stl_13">120,914  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:59.9652em;"><span class="stl_365 stl_346 stl_90" style="word-spacing:-0.0053em;">Right of use  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.2083em;top:59.9652em;"><span class="stl_365 stl_346 stl_23">25,324  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.9283em;top:59.9652em;"><span class="stl_365 stl_346 stl_23">25,324  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:60.9852em;"><span class="stl_362 stl_346 stl_112" style="word-spacing:0.0101em;">Total Investment property  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.3058em;top:60.9852em;"><span class="stl_362 stl_346 stl_20">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.0258em;top:60.9852em;"><span class="stl_362 stl_346 stl_20">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.8883em;top:60.9852em;"><span class="stl_362 stl_346 stl_148">196,368  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.6083em;top:60.9852em;"><span class="stl_362 stl_346 stl_148">196,368  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:63.0448em;"><span class="stl_362 stl_346 stl_78">2022  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:64.0748em;"><span class="stl_365 stl_346 stl_226" style="word-spacing:-0.0016em;">Land / roads  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.2083em;top:64.0748em;"><span class="stl_365 stl_346 stl_23">32,756  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.9283em;top:64.0748em;"><span class="stl_365 stl_346 stl_23">32,756  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:65.1048em;"><span class="stl_365 stl_346 stl_103" style="word-spacing:0em;">Plots of land with buildings  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.8883em;top:65.1048em;"><span class="stl_365 stl_346 stl_13">111,273  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.6083em;top:65.1048em;"><span class="stl_365 stl_346 stl_13">111,273  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:66.1368em;"><span class="stl_365 stl_346 stl_90" style="word-spacing:-0.0053em;">Right of use  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.2083em;top:66.1368em;"><span class="stl_365 stl_346 stl_23">13,942  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.9283em;top:66.1368em;"><span class="stl_365 stl_346 stl_23">13,942  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:67.1668em;"><span class="stl_362 stl_346 stl_112" style="word-spacing:0.0101em;">Total Investment property  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.3058em;top:67.1668em;"><span class="stl_362 stl_346 stl_20">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.0258em;top:67.1668em;"><span class="stl_362 stl_346 stl_20">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.8883em;top:67.1668em;"><span class="stl_362 stl_346 stl_148">157,971  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.6083em;top:67.1668em;"><span class="stl_362 stl_346 stl_148">157,971  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:38.1265em;"><span class="stl_363 stl_346 stl_89" style="word-spacing:0.8702em;">17. LEASE</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.163em;top:38.1265em;"><span class="stl_363 stl_346 stl_111">LIABILITIES  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:39.7165em;"><span class="stl_375 stl_346 stl_193">GROUP  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:40.8146em;"><span class="stl_371 stl_346 stl_148" style="word-spacing:0.1327em;">Lease liabilities arise from the application of IFRS 16 and relate to the right of perpetual usufruct and the leasing of a company car. Disclosures regarding the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:41.6346em;"><span class="stl_371 stl_346 stl_23" style="word-spacing:0.0041em;">depreciation charge for right-of-use assets and the carrying amount of right-of-use assets at the end of the reporting period are included in Note 9. Interest expense  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:42.4446em;"><span class="stl_371 stl_346 stl_58" style="word-spacing:0.0151em;">on lease liabilities is presented in Note 6. The total cash outflow for leases was DKK 1,051 thousand in 2023. The expense relating to short-term operating leases for  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:43.2546em;"><span class="stl_371 stl_346 stl_23" style="word-spacing:-0.0151em;">which no lease liability was recognised at the end of the reporting period was DKK 9 thousand. The fixed incremental borrowing rate applied for first time recognition  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:44.0746em;"><span class="stl_371 stl_346 stl_233" style="word-spacing:0.0035em;">of lease liability was 6%. The total lease obligation was discounted using the incremental borrowing rate over the total lease period, which is 66 years.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.3958em;top:47.4465em;"><span class="stl_375 stl_346 stl_160" style="word-spacing:0.0032em;">Minimum lease  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.2483em;top:47.4465em;"><span class="stl_375 stl_346 stl_18" style="word-spacing:0.0058em;">Present value of minimum  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.8058em;top:48.3065em;"><span class="stl_376 stl_346 stl_92" style="word-spacing:-0.0031em;">payments, DKK’000  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.4183em;top:48.3065em;"><span class="stl_376 stl_346 stl_90" style="word-spacing:0.0011em;">lease payments, DKK‘000  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.0558em;top:49.6465em;"><span class="stl_375 stl_346 stl_61">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.7758em;top:49.6465em;"><span class="stl_375 stl_346 stl_61">2022  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.5083em;top:49.6465em;"><span class="stl_375 stl_346 stl_61">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.2283em;top:49.6465em;"><span class="stl_375 stl_346 stl_61">2022  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:52.0851em;"><span class="stl_365 stl_346 stl_58" style="word-spacing:-0.0025em;">Finance lease liabilities fall due as follows:  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:53.1152em;"><span class="stl_365 stl_346 stl_329" style="word-spacing:-0.001em;">Within 1 year from the balance sheet date  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.0758em;top:53.1152em;"><span class="stl_365 stl_346 stl_148">1,807  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.2658em;top:53.1152em;"><span class="stl_365 stl_346 stl_78">867  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.5283em;top:53.1152em;"><span class="stl_365 stl_346 stl_148">1,705  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.7183em;top:53.1152em;"><span class="stl_365 stl_346 stl_78">818  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:54.1452em;"><span class="stl_365 stl_346 stl_60" style="word-spacing:0.0016em;">Between 1 and 5 years from the balance sheet date  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.0758em;top:54.1452em;"><span class="stl_365 stl_346 stl_148">6,587  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.7958em;top:54.1452em;"><span class="stl_365 stl_346 stl_148">3,473  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.5283em;top:54.1452em;"><span class="stl_365 stl_346 stl_148">5,401  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.2483em;top:54.1452em;"><span class="stl_365 stl_346 stl_148">2,843  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:55.1751em;"><span class="stl_365 stl_346 stl_226" style="word-spacing:-0.0034em;">More than 5 years from the balance sheet date  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.7558em;top:55.1751em;"><span class="stl_365 stl_346 stl_23">96,700  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.4758em;top:55.1751em;"><span class="stl_365 stl_346 stl_23">52,619  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.2083em;top:55.1751em;"><span class="stl_365 stl_346 stl_23">19,178  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.9283em;top:55.1751em;"><span class="stl_365 stl_346 stl_23">10,285  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:56.3351em;"><span class="stl_362 stl_346 stl_103" style="word-spacing:0.0035em;">At 31 December  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4358em;top:56.3351em;"><span class="stl_362 stl_346 stl_148">105,094  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.4658em;top:56.3351em;"><span class="stl_362 stl_346 stl_61">56,959  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.1983em;top:56.3351em;"><span class="stl_362 stl_346 stl_61">26,284  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.9183em;top:56.3351em;"><span class="stl_362 stl_346 stl_61">13,946  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.4558em;top:59.749em;"><span class="stl_375 stl_346 stl_115" style="word-spacing:0.0027em;">Present value  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.7258em;top:60.609em;"><span class="stl_375 stl_346 stl_61" style="word-spacing:-0.0001em;">Fixed or  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.4558em;top:60.609em;"><span class="stl_375 stl_346 stl_13" style="word-spacing:0.0061em;">of minimum  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.7258em;top:61.4786em;"><span class="stl_375 stl_346 stl_74">floating  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.4558em;top:61.4786em;"><span class="stl_375 stl_346 stl_58">lease  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.8083em;top:61.4786em;"><span class="stl_375 stl_346 stl_116" style="word-spacing:-0.0033em;">Fair value  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:62.3486em;"><span class="stl_375 stl_346 stl_61">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.6858em;top:62.3486em;"><span class="stl_375 stl_346 stl_91" style="word-spacing:0.0465em;">Expiry interest rate  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.4558em;top:62.3486em;"><span class="stl_376 stl_346 stl_92" style="word-spacing:-0.0031em;">payments, DKK‘000</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.670em;top:62.3486em;"><span class="stl_376 stl_346 stl_86">DKK‘000  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:64.7848em;"><span class="stl_365 stl_346 stl_63" style="word-spacing:-0.0008em;">Lease liability, right of use investment property  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.2258em;top:64.7848em;"><span class="stl_365 stl_346 stl_78">2089  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.8758em;top:64.7848em;"><span class="stl_365 stl_346 stl_293">Fixed  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.2083em;top:64.7848em;"><span class="stl_365 stl_346 stl_23">56,828  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.9283em;top:64.7848em;"><span class="stl_365 stl_346 stl_23">56,828  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:65.8168em;"><span class="stl_365 stl_346 stl_63" style="word-spacing:-0.0003em;">Lease liability, right of use plant and machinery  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.2258em;top:65.8168em;"><span class="stl_365 stl_346 stl_78">2025  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.1758em;top:65.8168em;"><span class="stl_365 stl_346 stl_63">Floating  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.9983em;top:65.8168em;"><span class="stl_365 stl_346 stl_78">131  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.7183em;top:65.8168em;"><span class="stl_365 stl_346 stl_78">131  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:66.9768em;"><span class="stl_362 stl_346 stl_53">Total  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.1983em;top:66.9768em;"><span class="stl_362 stl_346 stl_61">56,959  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.9183em;top:66.9768em;"><span class="stl_362 stl_346 stl_61">56,959  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.4558em;top:8.2523em;"><span class="stl_375 stl_346 stl_115" style="word-spacing:0.0027em;">Present value  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.7258em;top:9.1123em;"><span class="stl_375 stl_346 stl_61" style="word-spacing:-0.0001em;">Fixed or  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.4558em;top:9.1123em;"><span class="stl_375 stl_346 stl_13" style="word-spacing:0.0061em;">of minimum  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.7258em;top:9.9723em;"><span class="stl_375 stl_346 stl_74">floating  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.4558em;top:9.9723em;"><span class="stl_375 stl_346 stl_58">lease  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.8083em;top:9.9723em;"><span class="stl_375 stl_346 stl_116" style="word-spacing:-0.0033em;">Fair value  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:10.8523em;"><span class="stl_375 stl_346 stl_61">2022  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.6858em;top:10.8523em;"><span class="stl_375 stl_346 stl_91" style="word-spacing:0.0465em;">Expiry interest rate  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.4558em;top:10.8523em;"><span class="stl_376 stl_346 stl_92" style="word-spacing:-0.0031em;">payments, DKK‘000</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.670em;top:10.8523em;"><span class="stl_376 stl_346 stl_86">DKK‘000  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:13.2785em;"><span class="stl_365 stl_346 stl_63" style="word-spacing:-0.0008em;">Lease liability, right of use investment property  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.2258em;top:13.2785em;"><span class="stl_365 stl_346 stl_78">2089  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.8758em;top:13.2785em;"><span class="stl_365 stl_346 stl_293">Fixed  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.2083em;top:13.2785em;"><span class="stl_365 stl_346 stl_23">13,825  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.9283em;top:13.2785em;"><span class="stl_365 stl_346 stl_23">13,824  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:14.3085em;"><span class="stl_365 stl_346 stl_63" style="word-spacing:-0.0003em;">Lease liability, right of use plant and machinery  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.2258em;top:14.3085em;"><span class="stl_365 stl_346 stl_78">2025  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.1758em;top:14.3085em;"><span class="stl_365 stl_346 stl_63">Floating  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.9983em;top:14.3085em;"><span class="stl_365 stl_346 stl_78">121  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.7183em;top:14.3085em;"><span class="stl_365 stl_346 stl_78">121  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:15.4685em;"><span class="stl_362 stl_346 stl_53">Total  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.1983em;top:15.4685em;"><span class="stl_362 stl_346 stl_61">13,946  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.9183em;top:15.4685em;"><span class="stl_362 stl_346 stl_61">13,946  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:20.2124em;"><span class="stl_363 stl_346 stl_184" style="word-spacing:0.8719em;">18. CHANGES</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:8.570em;top:20.2124em;"><span class="stl_363 stl_346 stl_70" style="word-spacing:0.0003em;">IN LIABILITIES ARISING FROM FINANCING ACTIVITIES  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:22.9048em;"><span class="stl_375 stl_346 stl_193">GROUP  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:24.2448em;"><span class="stl_375 stl_346 stl_61">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:20.9142em;top:24.2448em;"><span class="stl_375 stl_346 stl_92" style="word-spacing:0.0011em;">Cash flow  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.6458em;top:24.2448em;"><span class="stl_375 stl_346 stl_92" style="word-spacing:0.0011em;">Cash flow  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.1983em;top:24.2448em;"><span class="stl_375 stl_346 stl_61">Non-cash  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:16.1342em;top:25.1048em;"><span class="stl_375 stl_346 stl_90">Beginning  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.0742em;top:25.1048em;"><span class="stl_375 stl_346 stl_67">Proceeds  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.1158em;top:25.1048em;"><span class="stl_375 stl_346 stl_115">Repayment  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.4658em;top:25.1048em;"><span class="stl_375 stl_346 stl_61">Non-cash  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.1783em;top:25.1048em;"><span class="stl_375 stl_346 stl_115">Exchange  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:25.9848em;"><span class="stl_376 stl_346 stl_86">DKK’000  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:16.9842em;top:25.9848em;"><span class="stl_375 stl_346 stl_52" style="word-spacing:0.0002em;">of year  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:20.6042em;top:25.9848em;"><span class="stl_375 stl_346 stl_13" style="word-spacing:0.005em;">from loans  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.1658em;top:25.9848em;"><span class="stl_375 stl_346 stl_23" style="word-spacing:0.0071em;">of loans  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.5058em;top:25.9848em;"><span class="stl_375 stl_346 stl_114">Other  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.5783em;top:25.9848em;"><span class="stl_375 stl_346 stl_116" style="word-spacing:0.0038em;">rate adjust.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.3483em;top:25.9848em;"><span class="stl_375 stl_346 stl_89" style="word-spacing:0.003em;">End of year  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:28.421em;"><span class="stl_365 stl_346 stl_292" style="word-spacing:-0.0022em;">Lease liabilities  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:18.0942em;top:28.421em;"><span class="stl_365 stl_346 stl_78">118  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.4442em;top:28.421em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.4858em;top:28.421em;"><span class="stl_365 stl_346 stl_20">(57)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.5858em;top:28.421em;"><span class="stl_365 stl_346 stl_78">14  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.6283em;top:28.421em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.0383em;top:28.421em;"><span class="stl_365 stl_346 stl_78">75  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:29.451em;"><span class="stl_365 stl_346 stl_226" style="word-spacing:0.0064em;">Bank loans (overdraft)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:17.6242em;top:29.451em;"><span class="stl_365 stl_346 stl_148">1,033  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.8142em;top:29.451em;"><span class="stl_365 stl_346 stl_78">860  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.6958em;top:29.451em;"><span class="stl_365 stl_346 stl_23">(1,915)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.5858em;top:29.451em;"><span class="stl_365 stl_346 stl_78">38  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.6283em;top:29.451em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.0383em;top:29.451em;"><span class="stl_365 stl_346 stl_78">16  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:30.481em;"><span class="stl_365 stl_346 stl_292" style="word-spacing:0.0079em;">Bank loans (development)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:18.7242em;top:30.481em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.3442em;top:30.481em;"><span class="stl_365 stl_346 stl_148">2,187  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.1758em;top:30.481em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.7958em;top:30.481em;"><span class="stl_365 stl_346 stl_148">1,005  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.9983em;top:30.481em;"><span class="stl_365 stl_346 stl_78">147  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.2483em;top:30.481em;"><span class="stl_365 stl_346 stl_148">3,339  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:31.631em;"><span class="stl_362 stl_346 stl_316" style="word-spacing:0.0108em;">Total financial liabilities  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:17.6142em;top:31.631em;"><span class="stl_362 stl_346 stl_116">1,151  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.3342em;top:31.631em;"><span class="stl_362 stl_346 stl_116">3,047  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.6758em;top:31.631em;"><span class="stl_362 stl_346 stl_160">(1,972)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.7858em;top:31.631em;"><span class="stl_362 stl_346 stl_116">1,057  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.9983em;top:31.631em;"><span class="stl_362 stl_346 stl_78">147  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.2383em;top:31.631em;"><span class="stl_362 stl_346 stl_116">3,430  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:35.0348em;"><span class="stl_375 stl_346 stl_61">2022  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:20.9142em;top:35.0348em;"><span class="stl_375 stl_346 stl_92" style="word-spacing:0.0011em;">Cash flow  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.6458em;top:35.0348em;"><span class="stl_375 stl_346 stl_92" style="word-spacing:0.0011em;">Cash flow  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.1983em;top:35.0348em;"><span class="stl_375 stl_346 stl_61">Non-cash  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:16.1342em;top:35.9065em;"><span class="stl_375 stl_346 stl_90">Beginning  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.0742em;top:35.9065em;"><span class="stl_375 stl_346 stl_67">Proceeds  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.1158em;top:35.9065em;"><span class="stl_375 stl_346 stl_115">Repayment  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.4658em;top:35.9065em;"><span class="stl_375 stl_346 stl_61">Non-cash  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.1783em;top:35.9065em;"><span class="stl_375 stl_346 stl_115">Exchange  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:36.7765em;"><span class="stl_376 stl_346 stl_86">DKK’000  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:16.9842em;top:36.7765em;"><span class="stl_375 stl_346 stl_52" style="word-spacing:0.0002em;">of year  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:20.6042em;top:36.7765em;"><span class="stl_375 stl_346 stl_13" style="word-spacing:0.005em;">from loans  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.1658em;top:36.7765em;"><span class="stl_375 stl_346 stl_23" style="word-spacing:0.0071em;">of loans  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.5058em;top:36.7765em;"><span class="stl_375 stl_346 stl_114">Other  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.5783em;top:36.7765em;"><span class="stl_375 stl_346 stl_116" style="word-spacing:0.0038em;">rate adjust.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.3483em;top:36.7765em;"><span class="stl_375 stl_346 stl_89" style="word-spacing:0.003em;">End of year  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:39.2127em;"><span class="stl_365 stl_346 stl_292" style="word-spacing:-0.0022em;">Lease liabilities  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:18.0942em;top:39.2127em;"><span class="stl_365 stl_346 stl_78">172  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.4442em;top:39.2127em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.4858em;top:39.2127em;"><span class="stl_365 stl_346 stl_20">(32)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.2058em;top:39.2127em;"><span class="stl_365 stl_346 stl_20">(22)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.6283em;top:39.2127em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.7183em;top:39.2127em;"><span class="stl_365 stl_346 stl_78">118  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:40.2427em;"><span class="stl_365 stl_346 stl_316" style="word-spacing:0.0071em;">Bank loans  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:18.0942em;top:40.2427em;"><span class="stl_365 stl_346 stl_78">976  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.4442em;top:40.2427em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.1758em;top:40.2427em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.5858em;top:40.2427em;"><span class="stl_365 stl_346 stl_78">57  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.6283em;top:40.2427em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.2483em;top:40.2427em;"><span class="stl_365 stl_346 stl_148">1,033  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:41.4027em;"><span class="stl_362 stl_346 stl_316" style="word-spacing:0.0101em;">Total financial liabilities  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:17.6142em;top:41.4027em;"><span class="stl_362 stl_346 stl_116">1,148  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.4442em;top:41.4027em;"><span class="stl_362 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.4758em;top:41.4027em;"><span class="stl_362 stl_346 stl_329">(32)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.5858em;top:41.4027em;"><span class="stl_362 stl_346 stl_78">35  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.6283em;top:41.4027em;"><span class="stl_362 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.2383em;top:41.4027em;"><span class="stl_362 stl_346 stl_116">1,151  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:26.3077em;"><span class="stl_362 stl_346 stl_293" style="word-spacing:0.7569em;">New standards, interpretations and amendments effective from  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:27.0777em;"><span class="stl_362 stl_346 stl_53" style="word-spacing:0.0081em;">1 January 2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:28.5877em;"><span class="stl_365 stl_346 stl_293" style="word-spacing:0.0303em;">The following new standards, amendments and interpretations are effective  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:29.3577em;"><span class="stl_365 stl_346 stl_347" style="word-spacing:0.0031em;">for the first time for periods beginning on or after 1 January 2023:  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:6.222em;top:30.1241em;"><span class="stl_373 stl_322 stl_20">•</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.672em;top:30.1277em;"><span class="stl_365 stl_346 stl_60" style="word-spacing:-0.0457em;">Amendments to IFRS 17, the amendments are effective for annual  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.722em;top:30.8877em;"><span class="stl_365 stl_346 stl_60" style="word-spacing:0.0036em;">periods beginning on or after 1 January 2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:6.222em;top:31.6541em;"><span class="stl_373 stl_322 stl_20">•</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.672em;top:31.6577em;"><span class="stl_365 stl_346 stl_111" style="word-spacing:0.1553em;">Definition of Accounting Estimates (Amendments to IAS 8, the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.722em;top:32.4176em;"><span class="stl_365 stl_346 stl_111" style="word-spacing:0.1729em;">amendments are effective for annual periods beginning on or  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.722em;top:33.1777em;"><span class="stl_365 stl_346 stl_235" style="word-spacing:0.0079em;">after 1 January 2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:6.222em;top:33.9441em;"><span class="stl_373 stl_322 stl_20">•</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.672em;top:33.9477em;"><span class="stl_365 stl_346 stl_63" style="word-spacing:-0.0075em;">Deferred Tax related to Assets and Liabilities arising from a Single  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.722em;top:34.7077em;"><span class="stl_365 stl_346 stl_285" style="word-spacing:0.3495em;">Transaction (Amendments to IAS 12), the amendments are  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.722em;top:35.4677em;"><span class="stl_365 stl_346 stl_292" style="word-spacing:0.0037em;">effective for annual periods beginning on or after 1 January 2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:36.9977em;"><span class="stl_365 stl_346 stl_148" style="word-spacing:-0.0021em;">The new standards, interpretations and amendments do not have significant  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:37.7577em;"><span class="stl_366 stl_346 stl_329" style="word-spacing:-0.0012em;">impact on the Group’s financial statements.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:39.2893em;"><span class="stl_362 stl_346 stl_60" style="word-spacing:0.0019em;">New standards, interpretations and amendments not yet effective  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:40.0393em;"><span class="stl_365 stl_346 stl_113" style="word-spacing:-0.0152em;">There are a number of standards and interpretations which have been issued  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:40.7993em;"><span class="stl_365 stl_346 stl_233" style="word-spacing:0.0309em;">by the International Accounting Standards Board that are effective in future  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:41.5693em;"><span class="stl_365 stl_346 stl_131" style="word-spacing:0.0286em;">accounting periods that the group has decided not to adopt early. The most  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:42.3293em;"><span class="stl_365 stl_346 stl_185" style="word-spacing:-0.002em;">significant of these are:  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:6.222em;top:43.8558em;"><span class="stl_373 stl_322 stl_20">•</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.722em;top:43.8893em;"><span class="stl_365 stl_346 stl_60" style="word-spacing:0.0611em;">Amendment to IFRS 16 </span><span class="stl_366 stl_346 stl_20" style="word-spacing:0.0378em;">– </span><span class="stl_365 stl_346 stl_293" style="word-spacing:0.0627em;">Leases on sale and leaseback effective  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.722em;top:44.6493em;"><span class="stl_365 stl_346 stl_63" style="word-spacing:-0.0007em;">for annual periods beginning on or after 1 January 2024  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:6.222em;top:45.4158em;"><span class="stl_373 stl_322 stl_20">•</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.722em;top:45.4493em;"><span class="stl_365 stl_346 stl_347" style="word-spacing:-0.0142em;">Amendment to IAS 1 </span><span class="stl_366 stl_346 stl_20" style="word-spacing:-0.0098em;">– </span><span class="stl_365 stl_346 stl_233" style="word-spacing:-0.0138em;">Non-current liabilities with covenants, the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.722em;top:46.2093em;"><span class="stl_365 stl_346 stl_112" style="word-spacing:0.0169em;">amendments are effective for annual periods beginning on or af-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.722em;top:46.9693em;"><span class="stl_365 stl_346 stl_368" style="word-spacing:0.0082em;">ter 1 January 2024  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:6.222em;top:47.7358em;"><span class="stl_373 stl_322 stl_20">•</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.722em;top:47.7693em;"><span class="stl_365 stl_346 stl_60" style="word-spacing:0.077em;">Amendment to IAS 7 and IFRS 7 </span><span class="stl_366 stl_346 stl_20" style="word-spacing:0.0735em;">– </span><span class="stl_365 stl_346 stl_113" style="word-spacing:0.0801em;">Supplier finance, the amend-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.722em;top:48.5293em;"><span class="stl_365 stl_346 stl_148" style="word-spacing:0.0162em;">ments are effective for annual reporting periods beginning on or  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.722em;top:49.2993em;"><span class="stl_365 stl_346 stl_235" style="word-spacing:0.0079em;">after 1 January 2024  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:6.222em;top:50.0658em;"><span class="stl_373 stl_322 stl_20">•</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.722em;top:50.0993em;"><span class="stl_365 stl_346 stl_112" style="word-spacing:0.1749em;">Amendments to IAS 21 </span><span class="stl_366 stl_346 stl_20" style="word-spacing:0.1489em;">– </span><span class="stl_365 stl_346 stl_70" style="word-spacing:0.165em;">Lack of Exchangeability, the amend-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.722em;top:50.8593em;"><span class="stl_365 stl_346 stl_148" style="word-spacing:0.0162em;">ments are effective for annual reporting periods beginning on or  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.722em;top:51.6193em;"><span class="stl_365 stl_346 stl_112" style="word-spacing:0.0077em;">after 1 January 2024  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:53.1532em;"><span class="stl_363 stl_346 stl_364">2.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:6.902em;top:53.1532em;"><span class="stl_363 stl_346 stl_185" style="word-spacing:1.2485em;">SIGNIFICANT ACCOUNTING ESTIMATES,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:6.902em;top:54.2757em;"><span class="stl_363 stl_346 stl_148" style="word-spacing:0.0015em;">ASSUMPTIONS AND UNCERTAINTIES  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:55.8618em;"><span class="stl_366 stl_346 stl_293" style="word-spacing:0.4589em;">In applying the Group’s accounting policies, as outlined in Note 1,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:56.6318em;"><span class="stl_365 stl_346 stl_53" style="word-spacing:0.1305em;">Management is required to make judgements, estimates and assumptions  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:57.3918em;"><span class="stl_365 stl_346 stl_58" style="word-spacing:0.3486em;">about the carrying amounts of assets and liabilities which cannot be  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:58.1518em;"><span class="stl_365 stl_346 stl_292" style="word-spacing:0.0027em;">immediately inferred from other sources.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:59.6818em;"><span class="stl_365 stl_346 stl_63" style="word-spacing:0.1094em;">The estimates and assumptions applied are based on historical experience  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:60.4418em;"><span class="stl_365 stl_346 stl_233" style="word-spacing:0.4264em;">and other factors that Management considers reasonable under the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:61.2015em;"><span class="stl_365 stl_346 stl_316" style="word-spacing:0.0943em;">circumstances, but which are inherently uncertain and unpredictable. Such  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:61.9715em;"><span class="stl_365 stl_346 stl_183" style="word-spacing:0.1656em;">assumptions may be incomplete or inaccurate, and unexpected events or  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:7.0151em;"><span class="stl_365 stl_346 stl_112" style="word-spacing:0.2377em;">circumstances may occur. In addition, the Group is subject to risks and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:7.7751em;"><span class="stl_365 stl_346 stl_316" style="word-spacing:0.4252em;">uncertainties that may cause actual outcomes to deviate from such  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:8.5351em;"><span class="stl_366 stl_346 stl_113" style="word-spacing:-0.0162em;">estimates. CeMat’s risks are described in “Risks and risk management” </span><span class="stl_365 stl_346 stl_372" style="word-spacing:-0.0029em;">and in  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:9.3051em;"><span class="stl_366 stl_346 stl_148" style="word-spacing:-0.0012em;">Note 24 “Financ</span><span class="stl_365 stl_346 stl_292" style="word-spacing:-0.0062em;">ial </span><span class="stl_366 stl_346 stl_103" style="word-spacing:-0.001em;">risks and financial instruments”.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:10.8251em;"><span class="stl_365 stl_346 stl_368" style="word-spacing:0.1736em;">Estimates and underlying assumptions are reviewed on an ongoing basis.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:11.5952em;"><span class="stl_365 stl_346 stl_113" style="word-spacing:0.0947em;">Changes to accounting estimates are recognised in the reference period in  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:12.3552em;"><span class="stl_365 stl_346 stl_316" style="word-spacing:-0.0191em;">which the change occurs and in future reference periods if the change affects  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:13.1152em;"><span class="stl_365 stl_346 stl_63" style="word-spacing:0.0003em;">the period in which it is made as well as subsequent reference periods.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:14.6452em;"><span class="stl_362 stl_346 stl_293" style="word-spacing:0.0018em;">Measurement of investment property  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:16.1652em;"><span class="stl_366 stl_346 stl_29" style="word-spacing:0.0978em;">The Group’s investment property is measured at its estimated fair value in  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:16.9351em;"><span class="stl_365 stl_346 stl_113" style="word-spacing:0.3494em;">accordance with IAS 40 and IFRS 13, and any value adjustments are  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:17.6951em;"><span class="stl_365 stl_346 stl_285" style="word-spacing:-0.0331em;">recognised in the income statement. Management has reviewed the updated  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:18.4551em;"><span class="stl_365 stl_346 stl_60" style="word-spacing:0.0167em;">valuation report received in December 2023 and its underlying assumptions.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:19.2152em;"><span class="stl_366 stl_346 stl_329" style="word-spacing:0.0154em;">Management’s valuation estimate is in line with that indicated in the report,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:19.9852em;"><span class="stl_365 stl_346 stl_103" style="word-spacing:-0.0029em;">and the fair value consequently reflects the value stated in the report.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:21.5052em;"><span class="stl_365 stl_346 stl_293" style="word-spacing:0.1298em;">As the property market is not in all respects as efficient and liquid as, for  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:22.2752em;"><span class="stl_365 stl_346 stl_23" style="word-spacing:-0.034em;">example, the equity market, there can be no assurance that a buyer willing to  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:23.0377em;"><span class="stl_365 stl_346 stl_226" style="word-spacing:0.029em;">pay the fair value at which the property is stated in the financial statements  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:23.7977em;"><span class="stl_365 stl_346 stl_156" style="word-spacing:0.0617em;">can be found at any given time. In other words, properties are subject to a  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:24.5677em;"><span class="stl_365 stl_346 stl_63" style="word-spacing:0.0041em;">liquidity risk in a sales situation.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:26.0877em;"><span class="stl_362 stl_346 stl_60" style="word-spacing:0.0053em;">Investments in subsidiaries  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:27.6177em;"><span class="stl_365 stl_346 stl_316" style="word-spacing:0.0307em;">Investments in subsidiaries are recognised in the parent company's financial  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:28.3777em;"><span class="stl_365 stl_346 stl_226" style="word-spacing:-0.0018em;">statements at cost less any write-downs to the recoverable amount.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:29.9077em;"><span class="stl_362 stl_346 stl_113" style="word-spacing:0.0064em;">Forward-looking statements  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:31.4276em;"><span class="stl_365 stl_346 stl_63" style="word-spacing:0.1137em;">All forward-looking statements in this annual report </span><span class="stl_366 stl_346 stl_29" style="word-spacing:0.1144em;">reflect Management’s  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:32.1877em;"><span class="stl_365 stl_346 stl_70" style="word-spacing:-0.0013em;">current expectations for certain future events and financial results. Forward-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:32.9577em;"><span class="stl_365 stl_346 stl_329" style="word-spacing:0.0692em;">looking statements are inherently subject to uncertainty, and actual results  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:33.7177em;"><span class="stl_365 stl_346 stl_226" style="word-spacing:0.0012em;">may therefore differ materially from expectations.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:35.2477em;"><span class="stl_365 stl_346 stl_148" style="word-spacing:-0.0171em;">Factors that may cause actual results to deviate materially from expectations  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:36.0077em;"><span class="stl_365 stl_346 stl_103" style="word-spacing:0.6198em;">include, but are not limited to, general economic developments,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:36.7677em;"><span class="stl_365 stl_346 stl_58" style="word-spacing:0.0447em;">developments in the financial markets and changes in the Polish real estate  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:37.5377em;"><span class="stl_365 stl_346 stl_185" style="word-spacing:0.1871em;">rental market. Changes in the political climate in Poland may also affect  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:38.2993em;"><span class="stl_365 stl_346 stl_226" style="word-spacing:0.0035em;">forecasts and results.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:39.8193em;"><span class="stl_362 stl_346 stl_148" style="word-spacing:-0.0041em;">Tax asset utilisation  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:41.3493em;"><span class="stl_365 stl_346 stl_226" style="word-spacing:-0.0319em;">Deferred tax assets are recognised for all unutilised tax losses and differences  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:42.1093em;"><span class="stl_365 stl_346 stl_233" style="word-spacing:0.0318em;">to the extent it is considered likely that they can be utilised through taxable  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:42.8793em;"><span class="stl_365 stl_346 stl_63" style="word-spacing:-0.0029em;">income within a foreseeable number of years.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4042em;top:44.3993em;"><span class="stl_365 stl_346 stl_329" style="word-spacing:0.0013em;">The annual report is published only in English.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:1.8568em;"><span class="stl_362 stl_346 stl_226" style="word-spacing:-0.0074em;">Other segment information:  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:3.9168em;"><span class="stl_365 stl_346 stl_329" style="word-spacing:0.0002em;">Property management revenue can be broken down into the letting of premises and land and the provision of utilities to tenants, including power, water, natural gas, facility  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:4.7068em;"><span class="stl_365 stl_346 stl_233" style="word-spacing:0.0044em;">services, etc:  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.29em;top:6.7423em;"><span class="stl_375 stl_346 stl_88" style="word-spacing:-0.014em;">PARENT COMPANY  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.8683em;top:6.7423em;"><span class="stl_375 stl_346 stl_193">GROUP  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.01em;top:8.0823em;"><span class="stl_375 stl_346 stl_61">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:8.152em;top:8.0823em;"><span class="stl_375 stl_346 stl_61">2022  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.3617em;top:8.0823em;"><span class="stl_375 stl_346 stl_92">DKK'000  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.3283em;top:8.0823em;"><span class="stl_375 stl_346 stl_61">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.0483em;top:8.0823em;"><span class="stl_375 stl_346 stl_61">2022  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:5.132em;top:10.5285em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:9.2717em;top:10.5285em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.3617em;top:10.5285em;"><span class="stl_365 stl_346 stl_18">Letting  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.0283em;top:10.5285em;"><span class="stl_365 stl_346 stl_23">23,202  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.7483em;top:10.5285em;"><span class="stl_365 stl_346 stl_23">18,639  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:5.132em;top:11.5585em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:9.2717em;top:11.5585em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.3617em;top:11.5585em;"><span class="stl_365 stl_346 stl_264">Utilities  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.0283em;top:11.5585em;"><span class="stl_365 stl_346 stl_23">10,398  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.0683em;top:11.5585em;"><span class="stl_365 stl_346 stl_148">7,935  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:5.132em;top:12.6985em;"><span class="stl_362 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:9.2717em;top:12.6985em;"><span class="stl_362 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.5017em;top:12.6985em;"><span class="stl_362 stl_346 stl_61">Total  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.0183em;top:12.6985em;"><span class="stl_362 stl_346 stl_61">33,600  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.7383em;top:12.6985em;"><span class="stl_362 stl_346 stl_61">26,574  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:14.9585em;"><span class="stl_365 stl_346 stl_329" style="word-spacing:0.0007em;">Revenue is generated by the Polish subsidiaries CeMat Real Estate, CeMat '70 S.A. and W133, and the Group derives all of its revenue from Poland.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:24.2549em;"><span class="stl_363 stl_346 stl_364">9.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.682em;top:24.2549em;"><span class="stl_363 stl_346 stl_193" style="word-spacing:0.0036em;">PROPERTY, PLANT AND EQUIPMENT  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:26.9548em;"><span class="stl_375 stl_346 stl_193">GROUP  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:29.1548em;"><span class="stl_375 stl_346 stl_61">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:20.4142em;top:29.1548em;"><span class="stl_375 stl_346 stl_88">Investment  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.9958em;top:29.1548em;"><span class="stl_375 stl_346 stl_20">Total  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.4158em;top:29.1548em;"><span class="stl_375 stl_346 stl_116" style="word-spacing:0.0014em;">Plant and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.4283em;top:29.1548em;"><span class="stl_375 stl_346 stl_116" style="word-spacing:-0.0064em;">Total property  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:15.6942em;top:30.0148em;"><span class="stl_375 stl_346 stl_88">Investment  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:20.9942em;top:30.0148em;"><span class="stl_375 stl_346 stl_88">property,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.1458em;top:30.0148em;"><span class="stl_375 stl_346 stl_88">Investment  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.1158em;top:30.0148em;"><span class="stl_375 stl_346 stl_92">machinery  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.4483em;top:30.0148em;"><span class="stl_375 stl_346 stl_20">Total  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.8683em;top:30.0148em;"><span class="stl_375 stl_346 stl_35" style="word-spacing:0.0022em;">plant and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:30.8948em;"><span class="stl_376 stl_346 stl_86">DKK’000  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:16.4642em;top:30.8948em;"><span class="stl_375 stl_346 stl_35">property  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:20.4342em;top:30.8948em;"><span class="stl_375 stl_346 stl_70" style="word-spacing:0.0084em;">right of use  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.9158em;top:30.8948em;"><span class="stl_375 stl_346 stl_35">property  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.8858em;top:30.8948em;"><span class="stl_375 stl_346 stl_70" style="word-spacing:0.0084em;">right of use  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.6183em;top:30.8948em;"><span class="stl_375 stl_346 stl_70" style="word-spacing:0.0084em;">right of use  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.4383em;top:30.8948em;"><span class="stl_375 stl_346 stl_91">equipment  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:33.331em;"><span class="stl_365 stl_346 stl_293" style="word-spacing:0.005em;">Carrying amount at 1 January 2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:16.9842em;top:33.331em;"><span class="stl_365 stl_346 stl_13">144,029  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.0242em;top:33.331em;"><span class="stl_365 stl_346 stl_23">13,825  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4358em;top:33.331em;"><span class="stl_365 stl_346 stl_13">157,854  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.2658em;top:33.331em;"><span class="stl_365 stl_346 stl_78">117  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.2083em;top:33.331em;"><span class="stl_365 stl_346 stl_23">13,942  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.6083em;top:33.331em;"><span class="stl_365 stl_346 stl_13">157,971  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:34.351em;"><span class="stl_365 stl_346 stl_60" style="word-spacing:-0.0003em;">Foreign exchange adjustments  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:17.3042em;top:34.351em;"><span class="stl_365 stl_346 stl_23">11,886  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.3442em;top:34.351em;"><span class="stl_365 stl_346 stl_148">1,251  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.7558em;top:34.351em;"><span class="stl_365 stl_346 stl_23">13,117  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.8958em;top:34.351em;"><span class="stl_365 stl_346 stl_20">9</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.5283em;top:34.351em;"><span class="stl_365 stl_346 stl_148">1,260  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.9283em;top:34.351em;"><span class="stl_365 stl_346 stl_23">13,126  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:35.381em;"><span class="stl_365 stl_346 stl_329" style="word-spacing:0.0012em;">Right of use, depreciation  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:18.7242em;top:35.381em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.4442em;top:35.381em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.1758em;top:35.381em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.2058em;top:35.381em;"><span class="stl_365 stl_346 stl_20">(41)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.9383em;top:35.381em;"><span class="stl_365 stl_346 stl_20">(41)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.6583em;top:35.381em;"><span class="stl_365 stl_346 stl_20">(41)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:36.4127em;"><span class="stl_365 stl_346 stl_123">Additions  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:18.7242em;top:36.4127em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.0242em;top:36.4127em;"><span class="stl_365 stl_346 stl_23">10,275  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.7558em;top:36.4127em;"><span class="stl_365 stl_346 stl_23">10,275  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.8958em;top:36.4127em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.2083em;top:36.4127em;"><span class="stl_365 stl_346 stl_23">10,275  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.9283em;top:36.4127em;"><span class="stl_365 stl_346 stl_23">10,275  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:37.4427em;"><span class="stl_365 stl_346 stl_113">Disposals  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:18.7242em;top:37.4427em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.4442em;top:37.4427em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.1758em;top:37.4427em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.8958em;top:37.4427em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.6283em;top:37.4427em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3483em;top:37.4427em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:38.4726em;"><span class="stl_365 stl_346 stl_123" style="word-spacing:0.004em;">Transfer to inventories (work in progress)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:18.7242em;top:38.4726em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.4442em;top:38.4726em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.1758em;top:38.4726em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.8958em;top:38.4726em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.6283em;top:38.4726em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3483em;top:38.4726em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:39.5027em;"><span class="stl_365 stl_346 stl_113" style="word-spacing:0.0023em;">Shortening the leasing period  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:18.7242em;top:39.5027em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.4442em;top:39.5027em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.1758em;top:39.5027em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.8958em;top:39.5027em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.6283em;top:39.5027em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3483em;top:39.5027em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:40.5327em;"><span class="stl_365 stl_346 stl_226" style="word-spacing:-0.0012em;">Enhancement costs  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:17.6242em;top:40.5327em;"><span class="stl_365 stl_346 stl_148">3,608  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.4442em;top:40.5327em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.0758em;top:40.5327em;"><span class="stl_365 stl_346 stl_148">3,608  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.8958em;top:40.5327em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.6283em;top:40.5327em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.2483em;top:40.5327em;"><span class="stl_365 stl_346 stl_148">3,608  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:41.5627em;"><span class="stl_365 stl_346 stl_316" style="word-spacing:0.0002em;">Revaluation to market value  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:17.3042em;top:41.5627em;"><span class="stl_365 stl_346 stl_23">11,541  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.4342em;top:41.5627em;"><span class="stl_365 stl_346 stl_84">(112)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.7558em;top:41.5627em;"><span class="stl_365 stl_346 stl_23">11,429  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.8958em;top:41.5627em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.6183em;top:41.5627em;"><span class="stl_365 stl_346 stl_84">(112)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.9283em;top:41.5627em;"><span class="stl_365 stl_346 stl_23">11,429  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:42.7226em;"><span class="stl_362 stl_346 stl_111" style="word-spacing:-0.0025em;">Carrying amount at 31 December 2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:16.9842em;top:42.7226em;"><span class="stl_362 stl_346 stl_148">171,044  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.0142em;top:42.7226em;"><span class="stl_362 stl_346 stl_61">25,239  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4358em;top:42.7226em;"><span class="stl_362 stl_346 stl_58">196,283  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.5858em;top:42.7226em;"><span class="stl_362 stl_346 stl_78">85  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.1983em;top:42.7226em;"><span class="stl_362 stl_346 stl_61">25,324  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.6083em;top:42.7226em;"><span class="stl_362 stl_346 stl_148">196,368  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:43.8727em;"><span class="stl_366 stl_346 stl_60" style="word-spacing:0.0015em;">*Unrealised revaluation to marked value amounts to DKK’000 11,429.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:47.1465em;"><span class="stl_375 stl_346 stl_61">2022  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:20.4142em;top:47.1465em;"><span class="stl_375 stl_346 stl_88">Investment  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.9958em;top:47.1465em;"><span class="stl_375 stl_346 stl_20">Total  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.4158em;top:47.1465em;"><span class="stl_375 stl_346 stl_116" style="word-spacing:0.0014em;">Plant and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.4283em;top:47.1465em;"><span class="stl_375 stl_346 stl_116" style="word-spacing:-0.0064em;">Total property  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:15.6942em;top:48.0165em;"><span class="stl_375 stl_346 stl_88">Investment  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:20.9942em;top:48.0165em;"><span class="stl_375 stl_346 stl_88">property,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.1458em;top:48.0165em;"><span class="stl_375 stl_346 stl_88">Investment  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.1158em;top:48.0165em;"><span class="stl_375 stl_346 stl_92">machinery  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.4483em;top:48.0165em;"><span class="stl_375 stl_346 stl_20">Total  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.8683em;top:48.0165em;"><span class="stl_375 stl_346 stl_35" style="word-spacing:0.0022em;">plant and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:48.8865em;"><span class="stl_376 stl_346 stl_86">DKK’000  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:16.4642em;top:48.8865em;"><span class="stl_375 stl_346 stl_35">property  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:20.4342em;top:48.8865em;"><span class="stl_375 stl_346 stl_70" style="word-spacing:0.0084em;">right of use  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.9158em;top:48.8865em;"><span class="stl_375 stl_346 stl_35">property  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.8858em;top:48.8865em;"><span class="stl_375 stl_346 stl_70" style="word-spacing:0.0084em;">right of use  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.6183em;top:48.8865em;"><span class="stl_375 stl_346 stl_70" style="word-spacing:0.0084em;">right of use  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.4383em;top:48.8865em;"><span class="stl_375 stl_346 stl_91">equipment  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:51.3252em;"><span class="stl_365 stl_346 stl_293" style="word-spacing:0.005em;">Carrying amount at 1 January 2022  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:16.9842em;top:51.3252em;"><span class="stl_365 stl_346 stl_13">120,635  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.0242em;top:51.3252em;"><span class="stl_365 stl_346 stl_23">16,522  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4358em;top:51.3252em;"><span class="stl_365 stl_346 stl_13">137,157  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.2658em;top:51.3252em;"><span class="stl_365 stl_346 stl_78">165  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.2083em;top:51.3252em;"><span class="stl_365 stl_346 stl_23">16,687  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.6083em;top:51.3252em;"><span class="stl_365 stl_346 stl_13">137,322  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:52.3552em;"><span class="stl_365 stl_346 stl_60" style="word-spacing:-0.0003em;">Foreign exchange adjustments  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:17.2442em;top:52.3552em;"><span class="stl_365 stl_346 stl_23">(2,252)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.4342em;top:52.3552em;"><span class="stl_365 stl_346 stl_84">(299)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.6958em;top:52.3552em;"><span class="stl_365 stl_346 stl_23">(2,551)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.5158em;top:52.3552em;"><span class="stl_365 stl_346 stl_20">(3)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.6183em;top:52.3552em;"><span class="stl_365 stl_346 stl_84">(302)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.8683em;top:52.3552em;"><span class="stl_365 stl_346 stl_23">(2,554)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:53.3852em;"><span class="stl_365 stl_346 stl_329" style="word-spacing:0.0012em;">Right of use, depreciation  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:18.7242em;top:53.3852em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.4442em;top:53.3852em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.1758em;top:53.3852em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.2058em;top:53.3852em;"><span class="stl_365 stl_346 stl_20">(28)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.9383em;top:53.3852em;"><span class="stl_365 stl_346 stl_20">(28)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.6583em;top:53.3852em;"><span class="stl_365 stl_346 stl_20">(28)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:54.4152em;"><span class="stl_365 stl_346 stl_123">Additions  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:18.7242em;top:54.4152em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.4442em;top:54.4152em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.1758em;top:54.4152em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.8958em;top:54.4152em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.6283em;top:54.4152em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3483em;top:54.4152em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:55.4451em;"><span class="stl_365 stl_346 stl_113">Disposals  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:18.7242em;top:55.4451em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.4442em;top:55.4451em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.1758em;top:55.4451em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.2058em;top:55.4451em;"><span class="stl_365 stl_346 stl_20">(17)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.9383em;top:55.4451em;"><span class="stl_365 stl_346 stl_20">(17)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.6583em;top:55.4451em;"><span class="stl_365 stl_346 stl_20">(17)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:56.4752em;"><span class="stl_365 stl_346 stl_123" style="word-spacing:0.004em;">Transfer to inventories (work in progress)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:16.9342em;top:56.4752em;"><span class="stl_365 stl_346 stl_18">(4,655)*  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.4442em;top:56.4752em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.6958em;top:56.4752em;"><span class="stl_365 stl_346 stl_23">(4,655)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.8958em;top:56.4752em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.6283em;top:56.4752em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.8683em;top:56.4752em;"><span class="stl_365 stl_346 stl_23">(4,655)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:57.5052em;"><span class="stl_365 stl_346 stl_113" style="word-spacing:0.0023em;">Shortening the leasing period  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:18.7242em;top:57.5052em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.9642em;top:57.5052em;"><span class="stl_365 stl_346 stl_23">(2,446)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.6958em;top:57.5052em;"><span class="stl_365 stl_346 stl_23">(2,446)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.8958em;top:57.5052em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.1483em;top:57.5052em;"><span class="stl_365 stl_346 stl_23">(2,446)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.8683em;top:57.5052em;"><span class="stl_365 stl_346 stl_23">(2,446)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:58.5351em;"><span class="stl_365 stl_346 stl_226" style="word-spacing:-0.0012em;">Enhancement costs  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:17.6242em;top:58.5351em;"><span class="stl_365 stl_346 stl_148">5,024  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.4442em;top:58.5351em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.0758em;top:58.5351em;"><span class="stl_365 stl_346 stl_148">5,024  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.8958em;top:58.5351em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.6283em;top:58.5351em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.2483em;top:58.5351em;"><span class="stl_365 stl_346 stl_148">5,024  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:59.5552em;"><span class="stl_365 stl_346 stl_316" style="word-spacing:0.0002em;">Revaluation to market value  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:17.3042em;top:59.5552em;"><span class="stl_365 stl_346 stl_23">25,277  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.1342em;top:59.5552em;"><span class="stl_365 stl_346 stl_78">48  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.7558em;top:59.5552em;"><span class="stl_365 stl_346 stl_23">25,325  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.8958em;top:59.5552em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.3183em;top:59.5552em;"><span class="stl_365 stl_346 stl_78">48  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.9283em;top:59.5552em;"><span class="stl_365 stl_346 stl_23">25,325  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:60.7152em;"><span class="stl_362 stl_346 stl_111" style="word-spacing:-0.0025em;">Carrying amount at 31 December 2022  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:16.9842em;top:60.7152em;"><span class="stl_362 stl_346 stl_148">144,029  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.0142em;top:60.7152em;"><span class="stl_362 stl_346 stl_61">13,825  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4358em;top:60.7152em;"><span class="stl_362 stl_346 stl_148">157,854  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.2658em;top:60.7152em;"><span class="stl_362 stl_346 stl_78">117  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.1983em;top:60.7152em;"><span class="stl_362 stl_346 stl_61">13,942  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.6083em;top:60.7152em;"><span class="stl_362 stl_346 stl_148">157,971  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:61.8648em;"><span class="stl_365 stl_346 stl_285" style="word-spacing:-0.002em;">*The fair value of one of the plots has been transferred to inventories (work in progress) in connection with the commencement of a development project.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:62.8948em;"><span class="stl_366 stl_346 stl_60" style="word-spacing:0.0015em;">*Unrealised revaluation to marked value amounts to DKK’000 25,325.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:5.9768em;"><span class="stl_365 stl_346 stl_235" style="word-spacing:-0.0145em;">The Polish properties have an assessed value of DKK 196,368 thousand, of which DKK 170,894 thousand is the real estate in Warsaw, DKK 150 thousand is a land plot in Blichowo  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:6.7685em;"><span class="stl_365 stl_346 stl_131" style="word-spacing:-0.0161em;">and DKK 25,324 thousand is right of use resulting from the application of IFRS 16. The value of the real estate in Warsaw is supported by an external valuation report received in  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:7.5585em;"><span class="stl_365 stl_346 stl_103" style="word-spacing:0.0196em;">December 2023, prepared by a leading international estate agent in Warsaw. The value of the land plot in Blichowo has been assessed </span><span class="stl_366 stl_346 stl_58" style="word-spacing:0.0162em;">by the company’s management using a  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:8.3585em;"><span class="stl_365 stl_346 stl_103" style="word-spacing:-0.0042em;">comparative method.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:9.3785em;"><span class="stl_366 stl_346 stl_329" style="word-spacing:0.0096em;">The value of the real estate in Warsaw represents the estate agent’s assessment of the current fair value. In addition to the </span><span class="stl_365 stl_346 stl_257" style="word-spacing:0.0132em;">general price level in the market, the assessment is  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:10.1785em;"><span class="stl_365 stl_346 stl_329" style="word-spacing:-0.033em;">based on these main assumptions: the present use of the property, the state of the buildings, the percentage of ownership, the income generated by the property and the zoning  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:10.9685em;"><span class="stl_365 stl_346 stl_103" style="word-spacing:0.1218em;">of the area. Any changes to these, particularly the percentage of ownership (i.e. the positive or negative resolution of form</span><span class="stl_366 stl_346 stl_58" style="word-spacing:0.1193em;">er owners’ claims), changes in zo</span><span class="stl_365 stl_346 stl_113" style="word-spacing:0.1309em;">ning (e.g. to  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:11.7585em;"><span class="stl_365 stl_346 stl_329" style="word-spacing:0.0007em;">residential) and the general price development of similar properties in the area, could favourably or adversely impact the property valuation.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:12.7485em;"><span class="stl_365 stl_346 stl_316" style="word-spacing:0.0001em;">For the valuation purposes, the property was divided into four groups: internal roads, industrial schemes (buildings), development land and plots designated for external roads.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:14.5385em;"><span class="stl_365 stl_346 stl_185" style="word-spacing:0.0313em;">For the purpose of the valuation of internal roads, development land and external roads, a comparative approach has been used whereby recent sales are used to determine  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:15.2985em;"><span class="stl_365 stl_346 stl_103" style="word-spacing:-0.0313em;">the likely value of the subject. This approach assumes that the variation in prices between at least three comparable properties can be explained by differences in their individual  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:16.0685em;"><span class="stl_365 stl_346 stl_63" style="word-spacing:0.0482em;">attributes such as location, surroundings, accessibility, development potential, etc. The influence of each of these attributes on the value is assigned a percentage weighting,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:16.8285em;"><span class="stl_365 stl_346 stl_226" style="word-spacing:0.0089em;">and the characteristics of each comparable and the subject are then rated, typically from 1</span><span class="stl_366 stl_346 stl_243">–</span><span class="stl_365 stl_346 stl_257" style="word-spacing:0.0135em;">5, from very good to very poor. The price of each comparable is adjusted according  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:17.5885em;"><span class="stl_365 stl_346 stl_285" style="word-spacing:-0.0005em;">to how it differs from the subject, with the resulting adjusted av</span><span class="stl_366 stl_346 stl_111" style="word-spacing:-0.002em;">erage price from the comparables taken as providing a reasonable indication of the subject’s value.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:19.1185em;"><span class="stl_365 stl_346 stl_111" style="word-spacing:0.0271em;">Industrial buildings are valued using an earnings-based approach based on normal earnings. Income from each lessee is expected to be generated for as long as the lease is in  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:19.8785em;"><span class="stl_365 stl_346 stl_193" style="word-spacing:-0.0158em;">force or until the first time it may be terminated if considered advantageous. Thereafter, income is expected to continue to be generated at market rent. Adjustments are made  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:20.6385em;"><span class="stl_365 stl_346 stl_185" style="word-spacing:0.0012em;">for lost rental income, fitting-out deposits and unobtainable running costs. Market rents applied range from DKK 63.5 per sqm for ordinary warehouses (22,036 sqm), DKK 72.1  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:21.411em;"><span class="stl_365 stl_346 stl_285" style="word-spacing:-0.0015em;">per sqm for offices (4,081 sqm), small business units DKK 85,9 (3,340 sqm) and DKK 103.1 per sqm for self-storage boxes (1,447 sqm).  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:22.931em;"><span class="stl_365 stl_346 stl_111" style="word-spacing:0.0329em;">For the purpose of the valuation of the industrial buildings, an equivalent yield approach has been used. An equivalent yield is defined in the Glossary of Property Terms (2nd  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:23.701em;"><span class="stl_366 stl_346 stl_185" style="word-spacing:0.043em;">edition), published by Estates Gazette, as “the constant capitalisation rate app</span><span class="stl_365 stl_346 stl_329" style="word-spacing:0.0459em;">lied to all cash flows, that is, the internal rate of return from an investment property reflecting  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:24.461em;"><span class="stl_365 stl_346 stl_111" style="word-spacing:0.016em;">reversions to current market rent, and such items as voids and expenditures, but disregarding potential changes in market rents. Conventionally calculated on a nominal basis,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:25.221em;"><span class="stl_366 stl_346 stl_316" style="word-spacing:0.0026em;">assuming that rents are receivable/payable annually in arrears”.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:26.751em;"><span class="stl_365 stl_346 stl_160" style="word-spacing:0.0464em;">The required rates of return which have been set are an important factor in estimating the fair values. An equivalent yield of 12% was adopted (in 2022 between 10.9% and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:27.511em;"><span class="stl_365 stl_346 stl_113" style="word-spacing:-0.0374em;">11.55%), which reflects the risks associated with a normal ownership or usufruct interest property including open-ended lease agreements and the physical state of the particular  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:28.271em;"><span class="stl_365 stl_346 stl_347" style="word-spacing:0.0314em;">buildings. Using the equivalent yield mentioned above, a value of the subject was obtained reflecting an initial yield of 12.3% (in 2022 between 9.79% and 13.47%) and a final  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:29.041em;"><span class="stl_365 stl_346 stl_58" style="word-spacing:-0.0034em;">yield of 13.4% (in 2022 between 12.06% and 12.99%).  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:30.561em;"><span class="stl_365 stl_346 stl_329" style="word-spacing:0.0026em;">Other assumptions:  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:31.331em;"><span class="stl_365 stl_346 stl_329" style="word-spacing:0.0014em;">Short-term leases: assumed to expire after their notice periods  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:32.091em;"><span class="stl_365 stl_346 stl_316" style="word-spacing:0.0009em;">Letting voids: 24 months for offices / 12 for warehouse &amp; production space  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:32.851em;"><span class="stl_365 stl_346 stl_60" style="word-spacing:0.002em;">Reletting voids: 10 months for offices / 5 for warehouse &amp; production space and SBU units  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:33.611em;"><span class="stl_365 stl_346 stl_63" style="word-spacing:-0.0013em;">No fit-out contributions  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:34.381em;"><span class="stl_365 stl_346 stl_316" style="word-spacing:0.0065em;">Letting fees: 16.5%  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:35.141em;"><span class="stl_365 stl_346 stl_103" style="word-spacing:-0.0052em;">No rent-free periods and empty service charge  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:35.901em;"><span class="stl_365 stl_346 stl_113" style="word-spacing:0.0017em;">Irrecoverable operating costs DKK 6.4 million (including property tax, perpetual usufruct fee, security, insurance, cost of the utilities based on the operating cost budget, plus  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:36.6727em;"><span class="stl_365 stl_346 stl_226" style="word-spacing:-0.0008em;">management fee of 2% of market rent)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:37.4327em;"><span class="stl_365 stl_346 stl_111" style="word-spacing:0.0001em;">Capital expenditure of DKK 1.7 million  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:38.9527em;"><span class="stl_365 stl_346 stl_292" style="word-spacing:0.0031em;">In the case of properties for which the company is not entered in the land and mortgage register as a perpetual usufructuary or owner due to claims or protracted  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:39.7226em;"><span class="stl_365 stl_346 stl_111" style="word-spacing:-0.0007em;">administrative proceedings, the value is further reduced by 20% due to the risk that such claims will be accommodated and due to the expenses associated with the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:40.4827em;"><span class="stl_365 stl_346 stl_160" style="word-spacing:-0.0078em;">transitional phase.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:54.6852em;"><span class="stl_362 stl_346 stl_316" style="word-spacing:0.0032em;">Fair value hierarchy information  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.6958em;top:54.6852em;"><span class="stl_362 stl_346 stl_53" style="word-spacing:0.0112em;">Level 1  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.4158em;top:54.6852em;"><span class="stl_362 stl_346 stl_53" style="word-spacing:0.0112em;">Level 2  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.1483em;top:54.6852em;"><span class="stl_362 stl_346 stl_53" style="word-spacing:0.0112em;">Level 3  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.4683em;top:54.6852em;"><span class="stl_362 stl_346 stl_185" style="word-spacing:0.0014em;">at 31/12  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:56.8752em;"><span class="stl_362 stl_346 stl_78">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:57.9052em;"><span class="stl_365 stl_346 stl_226" style="word-spacing:-0.0016em;">Land / roads  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.2083em;top:57.9052em;"><span class="stl_365 stl_346 stl_23">50,130  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.9283em;top:57.9052em;"><span class="stl_365 stl_346 stl_23">50,130  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:58.9352em;"><span class="stl_365 stl_346 stl_103" style="word-spacing:0.0005em;">Plots of land with buildings  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.8883em;top:58.9352em;"><span class="stl_365 stl_346 stl_13">120,914  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.6083em;top:58.9352em;"><span class="stl_365 stl_346 stl_13">120,914  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:59.9652em;"><span class="stl_365 stl_346 stl_90" style="word-spacing:-0.0053em;">Right of use  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.2083em;top:59.9652em;"><span class="stl_365 stl_346 stl_23">25,324  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.9283em;top:59.9652em;"><span class="stl_365 stl_346 stl_23">25,324  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:60.9852em;"><span class="stl_362 stl_346 stl_112" style="word-spacing:0.0101em;">Total Investment property  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.3058em;top:60.9852em;"><span class="stl_362 stl_346 stl_20">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.0258em;top:60.9852em;"><span class="stl_362 stl_346 stl_20">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.8883em;top:60.9852em;"><span class="stl_362 stl_346 stl_148">196,368  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.6083em;top:60.9852em;"><span class="stl_362 stl_346 stl_148">196,368  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:63.0448em;"><span class="stl_362 stl_346 stl_78">2022  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:64.0748em;"><span class="stl_365 stl_346 stl_226" style="word-spacing:-0.0016em;">Land / roads  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.2083em;top:64.0748em;"><span class="stl_365 stl_346 stl_23">32,756  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.9283em;top:64.0748em;"><span class="stl_365 stl_346 stl_23">32,756  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:65.1048em;"><span class="stl_365 stl_346 stl_103" style="word-spacing:0em;">Plots of land with buildings  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.8883em;top:65.1048em;"><span class="stl_365 stl_346 stl_13">111,273  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.6083em;top:65.1048em;"><span class="stl_365 stl_346 stl_13">111,273  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:66.1368em;"><span class="stl_365 stl_346 stl_90" style="word-spacing:-0.0053em;">Right of use  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.2083em;top:66.1368em;"><span class="stl_365 stl_346 stl_23">13,942  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.9283em;top:66.1368em;"><span class="stl_365 stl_346 stl_23">13,942  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:67.1668em;"><span class="stl_362 stl_346 stl_112" style="word-spacing:0.0101em;">Total Investment property  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.3058em;top:67.1668em;"><span class="stl_362 stl_346 stl_20">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.0258em;top:67.1668em;"><span class="stl_362 stl_346 stl_20">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.8883em;top:67.1668em;"><span class="stl_362 stl_346 stl_148">157,971  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.6083em;top:67.1668em;"><span class="stl_362 stl_346 stl_148">157,971  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:7.8724em;"><span class="stl_363 stl_346 stl_364">9.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.682em;top:7.8724em;"><span class="stl_363 stl_346 stl_193" style="word-spacing:0.0022em;">PROPERTY, PLANT AND EQUIPMENT (CONTINUED)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:10.5185em;"><span class="stl_362 stl_346 stl_293" style="word-spacing:0.0031em;">Rental income from investment property  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.29em;top:12.5523em;"><span class="stl_375 stl_346 stl_88" style="word-spacing:-0.014em;">PARENT COMPANY  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.8683em;top:12.5523em;"><span class="stl_375 stl_346 stl_193">GROUP  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.01em;top:13.8923em;"><span class="stl_375 stl_346 stl_78">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:8.152em;top:13.8923em;"><span class="stl_375 stl_346 stl_20">2022  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.3617em;top:13.8923em;"><span class="stl_375 stl_346 stl_92">DKK'000  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.3283em;top:13.8923em;"><span class="stl_375 stl_346 stl_61">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.0483em;top:13.8923em;"><span class="stl_375 stl_346 stl_61">2022  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:5.132em;top:16.3385em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:9.2717em;top:16.3385em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.3617em;top:16.3385em;"><span class="stl_365 stl_346 stl_329" style="word-spacing:-0.0039em;">Rental income from investment property  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.0283em;top:16.3385em;"><span class="stl_365 stl_346 stl_23">23,202  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.7483em;top:16.3385em;"><span class="stl_365 stl_346 stl_23">18,639  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:5.132em;top:17.4885em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:9.2717em;top:17.4885em;"><span class="stl_362 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.3617em;top:17.4885em;"><span class="stl_362 stl_346 stl_293" style="word-spacing:0.0051em;">Rental income from investment property  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.0183em;top:17.4885em;"><span class="stl_362 stl_346 stl_61">23,202  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.7383em;top:17.4885em;"><span class="stl_362 stl_346 stl_61">18,639  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:21.2949em;"><span class="stl_363 stl_346 stl_364">9.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.682em;top:21.2949em;"><span class="stl_363 stl_346 stl_193" style="word-spacing:0.0022em;">PROPERTY, PLANT AND EQUIPMENT (CONTINUED)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:23.951em;"><span class="stl_362 stl_346 stl_123" style="word-spacing:0.0031em;">Direct operating expenses arising from investment property  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.29em;top:25.9748em;"><span class="stl_375 stl_346 stl_88" style="word-spacing:-0.014em;">PARENT COMPANY  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.8683em;top:25.9748em;"><span class="stl_375 stl_346 stl_193">GROUP  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.01em;top:27.3248em;"><span class="stl_375 stl_346 stl_78">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:8.152em;top:27.3248em;"><span class="stl_375 stl_346 stl_20">2022  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.3617em;top:27.3248em;"><span class="stl_375 stl_346 stl_92">DKK'000  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.3283em;top:27.3248em;"><span class="stl_375 stl_346 stl_61">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.0483em;top:27.3248em;"><span class="stl_375 stl_346 stl_61">2022  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:5.132em;top:29.761em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:9.2717em;top:29.761em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.3617em;top:29.761em;"><span class="stl_365 stl_346 stl_347" style="word-spacing:0.0051em;">Direct operating expenses (including repairs and maintenance) arising from  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.3483em;top:29.761em;"><span class="stl_365 stl_346 stl_148">6,397  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.0683em;top:29.761em;"><span class="stl_365 stl_346 stl_148">6,946  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.3617em;top:30.791em;"><span class="stl_365 stl_346 stl_316" style="word-spacing:0.0005em;">investment property that generated rental income during the period  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:5.132em;top:31.821em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:9.2717em;top:31.821em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.3617em;top:31.821em;"><span class="stl_365 stl_346 stl_292" style="word-spacing:0.0044em;">Direct operating expenses (including repairs and maintenance) arising from investment  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.8183em;top:31.821em;"><span class="stl_365 stl_346 stl_78">233  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.5383em;top:31.821em;"><span class="stl_365 stl_346 stl_78">671  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.3617em;top:32.851em;"><span class="stl_365 stl_346 stl_113" style="word-spacing:-0.0003em;">property that did not generate rental income during the period  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:5.132em;top:34.001em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:9.2717em;top:34.001em;"><span class="stl_362 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.3617em;top:34.001em;"><span class="stl_362 stl_346 stl_123" style="word-spacing:0.0031em;">Direct operating expenses arising from investment property  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.3383em;top:34.001em;"><span class="stl_362 stl_346 stl_116">6,630  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.0583em;top:34.001em;"><span class="stl_362 stl_346 stl_116">7,617  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:38.8365em;"><span class="stl_363 stl_346 stl_364">9.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.682em;top:38.8365em;"><span class="stl_363 stl_346 stl_193" style="word-spacing:0.0022em;">PROPERTY, PLANT AND EQUIPMENT (CONTINUED)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:40.4627em;"><span class="stl_362 stl_346 stl_185" style="word-spacing:-0.0059em;">Amounts of minimum lease payments at balance sheet date under non-cancellable operating leases</span><span class="stl_365 stl_346 stl_185" style="word-spacing:-0.0059em;">.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.29em;top:42.4965em;"><span class="stl_375 stl_346 stl_88" style="word-spacing:-0.014em;">PARENT COMPANY  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.8683em;top:42.4965em;"><span class="stl_375 stl_346 stl_193">GROUP  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.01em;top:43.8365em;"><span class="stl_375 stl_346 stl_78">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:8.152em;top:43.8365em;"><span class="stl_375 stl_346 stl_20">2022  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.3617em;top:43.8365em;"><span class="stl_375 stl_346 stl_92">DKK'000  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.3283em;top:43.8365em;"><span class="stl_375 stl_346 stl_61">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.0483em;top:43.8365em;"><span class="stl_375 stl_346 stl_61">2022  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.3617em;top:46.2726em;"><span class="stl_365 stl_346 stl_53" style="word-spacing:0.0043em;">Operating lease payments may be specified as follows:  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:5.132em;top:47.3026em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:9.2717em;top:47.3026em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.3617em;top:47.3026em;"><span class="stl_365 stl_346 stl_185" style="word-spacing:0.0026em;">Within 1 year  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.3483em;top:47.3026em;"><span class="stl_365 stl_346 stl_70">6,217  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.0683em;top:47.3026em;"><span class="stl_365 stl_346 stl_148">6,063  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:5.132em;top:48.3327em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:9.2717em;top:48.3327em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.3617em;top:48.3327em;"><span class="stl_365 stl_346 stl_112" style="word-spacing:0.0053em;">Between 1 and 5 years  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.1383em;top:48.3327em;"><span class="stl_365 stl_346 stl_78">80  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.5383em;top:48.3327em;"><span class="stl_365 stl_346 stl_78">895  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:5.132em;top:49.4927em;"><span class="stl_362 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:9.2717em;top:49.4927em;"><span class="stl_362 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.3617em;top:49.4927em;"><span class="stl_362 stl_346 stl_53">Total  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.3383em;top:49.4927em;"><span class="stl_362 stl_346 stl_88">6,297  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.0583em;top:49.4927em;"><span class="stl_362 stl_346 stl_116">6,958  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:51.6751em;"><span class="stl_365 stl_346 stl_329" style="word-spacing:0.0004em;">For agreements with tenants for an indefinite period, the above figures represent the aggregate rental income from leasing agreements within their notice periods. For  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:52.4652em;"><span class="stl_365 stl_346 stl_185" style="word-spacing:-0.0029em;">agreements with tenants for a definite period, the above figures represent the aggregate rental until the end of the agreement.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:17.6024em;"><span class="stl_363 stl_346 stl_364">4.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.682em;top:17.6024em;"><span class="stl_363 stl_346 stl_23" style="word-spacing:0.0035em;">STAFF COSTS  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.29em;top:19.2023em;"><span class="stl_375 stl_346 stl_88" style="word-spacing:-0.014em;">PARENT COMPANY  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.8683em;top:19.2023em;"><span class="stl_375 stl_346 stl_193">GROUP  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.01em;top:20.5423em;"><span class="stl_375 stl_346 stl_61">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:8.152em;top:20.5423em;"><span class="stl_375 stl_346 stl_61">2022  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.3617em;top:20.5423em;"><span class="stl_375 stl_346 stl_92">DKK'000  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.3283em;top:20.5423em;"><span class="stl_375 stl_346 stl_61">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.0483em;top:20.5423em;"><span class="stl_375 stl_346 stl_61">2022  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.03em;top:22.981em;"><span class="stl_365 stl_346 stl_148">1,250  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:8.172em;top:22.981em;"><span class="stl_365 stl_346 stl_148">1,050  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.3617em;top:22.981em;"><span class="stl_365 stl_346 stl_111" style="word-spacing:0.0066em;">Directors' fees  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.3483em;top:22.981em;"><span class="stl_365 stl_346 stl_148">1,250  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.0683em;top:22.981em;"><span class="stl_365 stl_346 stl_148">1,050  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.822em;top:24.011em;"><span class="stl_365 stl_346 stl_78">44  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:8.9617em;top:24.011em;"><span class="stl_365 stl_346 stl_78">36  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.3617em;top:24.011em;"><span class="stl_365 stl_346 stl_316" style="word-spacing:0.004em;">Wages and salaries  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.3483em;top:24.011em;"><span class="stl_365 stl_346 stl_148">3,911  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.0683em;top:24.011em;"><span class="stl_365 stl_346 stl_148">3,134  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:5.132em;top:25.041em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:9.2717em;top:25.041em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.3617em;top:25.041em;"><span class="stl_365 stl_346 stl_285" style="word-spacing:-0.0027em;">Bonuses for Management Board  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.8183em;top:25.041em;"><span class="stl_365 stl_346 stl_78">377  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.5383em;top:25.041em;"><span class="stl_365 stl_346 stl_78">324  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:5.132em;top:26.071em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:9.2717em;top:26.071em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.3617em;top:26.071em;"><span class="stl_365 stl_346 stl_316" style="word-spacing:-0.0015em;">Pension contributions, defined contribution plans  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.8183em;top:26.071em;"><span class="stl_365 stl_346 stl_78">768  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.5383em;top:26.071em;"><span class="stl_365 stl_346 stl_78">550  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:5.132em;top:27.101em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:9.2717em;top:27.101em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.3617em;top:27.101em;"><span class="stl_365 stl_346 stl_316" style="word-spacing:0.0011em;">Other social security costs  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.8183em;top:27.101em;"><span class="stl_365 stl_346 stl_78">212  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.5383em;top:27.101em;"><span class="stl_365 stl_346 stl_78">169  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:28.261em;"><span class="stl_362 stl_346 stl_116">1,294  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:8.162em;top:28.261em;"><span class="stl_362 stl_346 stl_116">1,086  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.5017em;top:28.261em;"><span class="stl_362 stl_346 stl_61">Total  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.3383em;top:28.261em;"><span class="stl_362 stl_346 stl_116">6,518  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.0583em;top:28.261em;"><span class="stl_362 stl_346 stl_116">5,227  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:5.132em;top:30.441em;"><span class="stl_362 stl_346 stl_20">1</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:9.2717em;top:30.441em;"><span class="stl_362 stl_346 stl_20">1</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.5017em;top:30.441em;"><span class="stl_362 stl_346 stl_316" style="word-spacing:-0.0006em;">Average number of full-time employees  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.1383em;top:30.441em;"><span class="stl_362 stl_346 stl_78">20  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.8583em;top:30.441em;"><span class="stl_362 stl_346 stl_78">22  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:32.621em;"><span class="stl_365 stl_346 stl_378" style="word-spacing:0.0257em;">The calculation of the average number of full-time employees (FTE) is based on the number of employees at the end of each month, not including members of the Board of Directors. For  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:33.411em;"><span class="stl_365 stl_346 stl_379" style="word-spacing:0.0385em;">the purpose of the above table, the Management Board is understood as the CEO of CeMat A/S and the CEO and CFO of the subsidiary companies CeMat '70, CeMat Real Estate, W131,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:34.201em;"><span class="stl_365 stl_346 stl_380" style="word-spacing:0.0916em;">W133 and Arkuszowa 56. Additional remuneration of the Management Board Members (including appointed in 2023 the new Management Board Member in CeMat Real Estate) for  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:35.001em;"><span class="stl_365 stl_346 stl_381">consultanc</span><span class="stl_365 stl_346 stl_382">y</span><span class="stl_365 stl_346 stl_383">s</span><span class="stl_365 stl_346 stl_384">ervice</span><span class="stl_365 stl_346 stl_385">s</span><span class="stl_365 stl_346 stl_386">o</span><span class="stl_365 stl_346 stl_387">f</span><span class="stl_365 stl_346 stl_388">D</span><span class="stl_365 stl_346 stl_389">K</span><span class="stl_365 stl_346 stl_390">K</span><span class="stl_365 stl_346 stl_391">1</span><span class="stl_365 stl_346 stl_392">,86</span><span class="stl_365 stl_346 stl_393">7</span><span class="stl_365 stl_346 stl_302">t</span><span class="stl_365 stl_346 stl_394">housan</span><span class="stl_365 stl_346 stl_395">d</span><span class="stl_365 stl_346 stl_396">(</span><span class="stl_365 stl_346 stl_391">2022</span><span class="stl_365 stl_346 stl_397">:</span><span class="stl_365 stl_346 stl_388">D</span><span class="stl_365 stl_346 stl_389">K</span><span class="stl_365 stl_346 stl_398">K</span><span class="stl_365 stl_346 stl_391">8</span><span class="stl_365 stl_346 stl_391">5</span><span class="stl_365 stl_346 stl_399">9</span><span class="stl_365 stl_346 stl_400">t</span><span class="stl_365 stl_346 stl_401">housand</span><span class="stl_365 stl_346 stl_402">)</span><span class="stl_365 stl_346 stl_246">r</span><span class="stl_365 stl_346 stl_394">elate</span><span class="stl_365 stl_346 stl_403">d</span><span class="stl_365 stl_346 stl_400">t</span><span class="stl_365 stl_346 stl_404">o</span><span class="stl_365 stl_346 stl_405">d</span><span class="stl_365 stl_346 stl_406">evelopmen</span><span class="stl_365 stl_346 stl_407">t</span><span class="stl_365 stl_346 stl_405">p</span><span class="stl_365 stl_346 stl_408">rojec</span><span class="stl_365 stl_346 stl_407">t</span><span class="stl_365 stl_346 stl_409">o</span><span class="stl_365 stl_346 stl_410">r</span><span class="stl_365 stl_346 stl_405">p</span><span class="stl_365 stl_346 stl_411">reparatio</span><span class="stl_365 stl_346 stl_403">n</span><span class="stl_365 stl_346 stl_386">o</span><span class="stl_365 stl_346 stl_401" style="word-spacing:-0.027em;">f lan</span><span class="stl_365 stl_346 stl_395">d</span><span class="stl_365 stl_346 stl_412">p</span><span class="stl_365 stl_346 stl_413">lot</span><span class="stl_365 stl_346 stl_414">s</span><span class="stl_365 stl_346 stl_415">f</span><span class="stl_365 stl_346 stl_409">o</span><span class="stl_365 stl_346 stl_410">r</span><span class="stl_365 stl_346 stl_412">d</span><span class="stl_365 stl_346 stl_406">ivestmen</span><span class="stl_365 stl_346 stl_407">t</span><span class="stl_365 stl_346 stl_409">o</span><span class="stl_365 stl_346 stl_410">r</span><span class="stl_365 stl_346 stl_412">d</span><span class="stl_365 stl_346 stl_406">evelopmen</span><span class="stl_365 stl_346 stl_407">t</span><span class="stl_365 stl_346 stl_416">i</span><span class="stl_365 stl_346 stl_385">s</span><span class="stl_365 stl_346 stl_417">r</span><span class="stl_365 stl_346 stl_418">ecognise</span><span class="stl_365 stl_346 stl_395">d</span><span class="stl_365 stl_346 stl_419">a</span><span class="stl_365 stl_346 stl_420" style="word-spacing:-0.0149em;">s inventories  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:35.791em;"><span class="stl_365 stl_346 stl_421" style="word-spacing:0.0112em;">(work in progress) or investment property and is not included in the table above.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:36.7827em;"><span class="stl_365 stl_346 stl_379" style="word-spacing:-0.0008em;">CeMat has signed an annex which intends to a new performance-based remuneration system for CEO, contribute to business strategy, long-term interests and sustainability through the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:37.5426em;"><span class="stl_365 stl_346 stl_422" style="word-spacing:-0.0039em;">application of the long-term performance and development targets of the company. An additional bonus will be paid if the companies obtain a profit from the sale of the properties in an  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:38.3027em;"><span class="stl_365 stl_346 stl_423" style="word-spacing:0.0018em;">amount exceeding the limit of PLN 103,500,000. This limit is based on the sale of undeveloped real estate and profits from the sale of developed real estate.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:39.8727em;"><span class="stl_362 stl_346 stl_316" style="word-spacing:0.0018em;">Group and parent company  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:40.9027em;"><span class="stl_365 stl_346 stl_329" style="word-spacing:-0.0019em;">Remuneration of Board of Directors and Management Board  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.8958em;top:41.9327em;"><span class="stl_362 stl_346 stl_70" style="word-spacing:-0.0051em;">Board of Directors  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.1283em;top:41.9327em;"><span class="stl_362 stl_346 stl_112" style="word-spacing:0.0084em;">Management Board  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.66em;top:43.1765em;"><span class="stl_376 stl_346 stl_86">DKK’000  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.6458em;top:43.1765em;"><span class="stl_375 stl_346 stl_61">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.7758em;top:43.1765em;"><span class="stl_375 stl_346 stl_61">2022  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.9183em;top:43.1765em;"><span class="stl_375 stl_346 stl_61">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.0483em;top:43.1765em;"><span class="stl_375 stl_346 stl_61">2022  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:45.6126em;"><span class="stl_365 stl_346 stl_111" style="word-spacing:0.0066em;">Directors' fees  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.6658em;top:45.6126em;"><span class="stl_365 stl_346 stl_148">1,250  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.7958em;top:45.6126em;"><span class="stl_365 stl_346 stl_148">1,050  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.0383em;top:45.6126em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.1683em;top:45.6126em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:46.6427em;"><span class="stl_365 stl_346 stl_316">Salaries  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.7658em;top:46.6427em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.8958em;top:46.6427em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.9383em;top:46.6427em;"><span class="stl_365 stl_346 stl_148">2,540  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.0683em;top:46.6427em;"><span class="stl_365 stl_346 stl_148">1,468  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:47.6727em;"><span class="stl_365 stl_346 stl_70">Bonuses  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.7658em;top:47.6727em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.8958em;top:47.6727em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.4083em;top:47.6727em;"><span class="stl_365 stl_346 stl_78">377  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.5383em;top:47.6727em;"><span class="stl_365 stl_346 stl_78">324  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:48.7027em;"><span class="stl_365 stl_346 stl_185" style="word-spacing:-0.0162em;">Pension contributions  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.7658em;top:48.7027em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.8958em;top:48.7027em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.4083em;top:48.7027em;"><span class="stl_365 stl_346 stl_78">210  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.5383em;top:48.7027em;"><span class="stl_365 stl_346 stl_78">132  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:49.8527em;"><span class="stl_362 stl_346 stl_53">Total  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.6558em;top:49.8527em;"><span class="stl_362 stl_346 stl_116">1,250  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.7858em;top:49.8527em;"><span class="stl_362 stl_346 stl_116">1,050  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.9283em;top:49.8527em;"><span class="stl_362 stl_346 stl_116">3,127  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.0583em;top:49.8527em;"><span class="stl_362 stl_346 stl_88">1,924  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:52.0351em;"><span class="stl_365 stl_346 stl_316" style="word-spacing:0.0474em;">The fee to the Chairman of the Board of Directors for the current term amounts to DKK 500 thousand (2022: DKK 500 thousand), to the Deputy Chairman DKK 350 thousand  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:52.8252em;"><span class="stl_365 stl_346 stl_58" style="word-spacing:0.0004em;">(2022: DKK 350 thousand) and to an ordinary member DKK 200 thousand (2022: DKK 200 thousand). For the purpose of the above table, the Management Board is understood  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:53.6252em;"><span class="stl_365 stl_346 stl_298" style="word-spacing:0.1008em;">as the CEO of CeMat A/S and the CEO and CFO of the subsidiary companies CeMat '70, CeMat Real Estate, W131, W133 and Arkuszowa 56. Additional remuneration of the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:54.4152em;"><span class="stl_365 stl_346 stl_380" style="word-spacing:-0.0216em;">Management Board Members for consultanc</span><span class="stl_365 stl_346 stl_424">y</span><span class="stl_365 stl_346 stl_383">s</span><span class="stl_365 stl_346 stl_401" style="word-spacing:-0.016em;">ervices o</span><span class="stl_365 stl_346 stl_425">f</span><span class="stl_365 stl_346 stl_388">D</span><span class="stl_365 stl_346 stl_426" style="word-spacing:-0.0185em;">KK 1,867 thousand mainly related to development project or preparation of land plots for divestment or development recognised  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:55.2052em;"><span class="stl_365 stl_346 stl_427" style="word-spacing:0.0156em;">as inventories (work in progress) or investment property </span><span class="stl_366 stl_346 stl_233" style="word-spacing:-0.0029em;">is included in the line “Salaries” in the table above.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:4.8407em;"><span class="stl_363 stl_346 stl_364">5.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.682em;top:4.8407em;"><span class="stl_363 stl_346 stl_330" style="word-spacing:-0.0032em;">FINANCIAL INCOME  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.29em;top:6.4323em;"><span class="stl_375 stl_346 stl_88" style="word-spacing:-0.014em;">PARENT COMPANY  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.8683em;top:6.4323em;"><span class="stl_375 stl_346 stl_193">GROUP  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.01em;top:7.7823em;"><span class="stl_375 stl_346 stl_61">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:8.152em;top:7.7823em;"><span class="stl_375 stl_346 stl_61">2022  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.3617em;top:7.7823em;"><span class="stl_375 stl_346 stl_92">DKK'000  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.3283em;top:7.7823em;"><span class="stl_375 stl_346 stl_61">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.0483em;top:7.7823em;"><span class="stl_375 stl_346 stl_61">2022  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.822em;top:10.2185em;"><span class="stl_365 stl_346 stl_78">57  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:8.9617em;top:10.2185em;"><span class="stl_365 stl_346 stl_78">53  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.3617em;top:10.2185em;"><span class="stl_365 stl_346 stl_160" style="word-spacing:-0.0089em;">Interest from group entities  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.4483em;top:10.2185em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.1683em;top:10.2185em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:5.132em;top:11.2485em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:9.2717em;top:11.2485em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.3617em;top:11.2485em;"><span class="stl_365 stl_346 stl_111" style="word-spacing:0.004em;">Interest on bank deposits, etc.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.8183em;top:11.2485em;"><span class="stl_365 stl_346 stl_78">124  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.5383em;top:11.2485em;"><span class="stl_365 stl_346 stl_78">184  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.822em;top:12.4085em;"><span class="stl_362 stl_346 stl_78">57  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:8.9617em;top:12.4085em;"><span class="stl_362 stl_346 stl_78">53  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.3617em;top:12.4085em;"><span class="stl_362 stl_346 stl_18" style="word-spacing:-0.0168em;">Interest income  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.8183em;top:12.4085em;"><span class="stl_362 stl_346 stl_78">124  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.5383em;top:12.4085em;"><span class="stl_362 stl_346 stl_78">184  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:5.132em;top:14.5785em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:8.6417em;top:14.5785em;"><span class="stl_365 stl_346 stl_78">468  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.3617em;top:14.5785em;"><span class="stl_365 stl_346 stl_60" style="word-spacing:0.0034em;">Foreign exchange adjustments  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.4483em;top:14.5785em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.1683em;top:14.5785em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.822em;top:15.7385em;"><span class="stl_362 stl_346 stl_78">57  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:8.6417em;top:15.7385em;"><span class="stl_362 stl_346 stl_78">521  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.3617em;top:15.7385em;"><span class="stl_362 stl_346 stl_53">Total  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.8183em;top:15.7385em;"><span class="stl_362 stl_346 stl_78">124  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.5383em;top:15.7385em;"><span class="stl_362 stl_346 stl_78">184  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:22.5649em;"><span class="stl_363 stl_346 stl_364">6.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.682em;top:22.5649em;"><span class="stl_363 stl_346 stl_58" style="word-spacing:0.0079em;">FINANCIAL EXPENSES  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.29em;top:25.1848em;"><span class="stl_375 stl_346 stl_88" style="word-spacing:-0.014em;">PARENT COMPANY  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.8683em;top:25.1848em;"><span class="stl_375 stl_346 stl_193">GROUP  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.01em;top:26.5248em;"><span class="stl_375 stl_346 stl_61">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:8.152em;top:26.5248em;"><span class="stl_375 stl_346 stl_61">2022  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.3617em;top:26.5248em;"><span class="stl_375 stl_346 stl_92">DKK'000  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.3283em;top:26.5248em;"><span class="stl_375 stl_346 stl_61">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.0483em;top:26.5248em;"><span class="stl_375 stl_346 stl_61">2022  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.03em;top:28.961em;"><span class="stl_365 stl_346 stl_148">1,394  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:8.172em;top:28.961em;"><span class="stl_365 stl_346 stl_148">1,146  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.3617em;top:28.961em;"><span class="stl_365 stl_346 stl_70" style="word-spacing:-0.008em;">Interest to group entities  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.4483em;top:28.961em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.1683em;top:28.961em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:5.132em;top:29.991em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:9.2717em;top:29.991em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.3617em;top:29.991em;"><span class="stl_365 stl_346 stl_316" style="word-spacing:0.0006em;">Interest relating to lease liabilities  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.8183em;top:29.991em;"><span class="stl_365 stl_346 stl_78">889  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.5383em;top:29.991em;"><span class="stl_365 stl_346 stl_78">978  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.822em;top:31.021em;"><span class="stl_365 stl_346 stl_78">34  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:8.9617em;top:31.021em;"><span class="stl_365 stl_346 stl_78">56  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.3617em;top:31.021em;"><span class="stl_365 stl_346 stl_111" style="word-spacing:0.0029em;">Interest on bank loans  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.1383em;top:31.021em;"><span class="stl_365 stl_346 stl_78">34  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.8583em;top:31.021em;"><span class="stl_365 stl_346 stl_78">56  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:5.132em;top:32.051em;"><span class="stl_365 stl_346 stl_20">3</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:8.9617em;top:32.051em;"><span class="stl_365 stl_346 stl_78">18  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.3617em;top:32.051em;"><span class="stl_365 stl_346 stl_70" style="word-spacing:0.0002em;">Other interest  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.1383em;top:32.051em;"><span class="stl_365 stl_346 stl_78">85  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.5383em;top:32.051em;"><span class="stl_365 stl_346 stl_78">126  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:33.211em;"><span class="stl_362 stl_346 stl_116">1,431  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:8.162em;top:33.211em;"><span class="stl_362 stl_346 stl_116">1,220  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.3617em;top:33.211em;"><span class="stl_362 stl_346 stl_156" style="word-spacing:-0.0165em;">Interest expenses  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.3383em;top:33.211em;"><span class="stl_362 stl_346 stl_116">1,008  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.0583em;top:33.211em;"><span class="stl_362 stl_346 stl_116">1,160  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.03em;top:35.301em;"><span class="stl_365 stl_346 stl_148">2,662  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:9.2717em;top:35.301em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.3617em;top:35.301em;"><span class="stl_365 stl_346 stl_60" style="word-spacing:-0.0003em;">Foreign exchange adjustments  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.4483em;top:35.301em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.7883em;top:35.301em;"><span class="stl_365 stl_346 stl_20">(3)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:36.4627em;"><span class="stl_362 stl_346 stl_116">4,093  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:8.162em;top:36.4627em;"><span class="stl_362 stl_346 stl_116">1,220  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.3617em;top:36.4627em;"><span class="stl_362 stl_346 stl_53">Total  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.3383em;top:36.4627em;"><span class="stl_362 stl_346 stl_116">1,008  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.0583em;top:36.4627em;"><span class="stl_362 stl_346 stl_116">1,157  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:4.8407em;"><span class="stl_363 stl_346 stl_364">5.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.682em;top:4.8407em;"><span class="stl_363 stl_346 stl_330" style="word-spacing:-0.0032em;">FINANCIAL INCOME  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.29em;top:6.4323em;"><span class="stl_375 stl_346 stl_88" style="word-spacing:-0.014em;">PARENT COMPANY  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.8683em;top:6.4323em;"><span class="stl_375 stl_346 stl_193">GROUP  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.01em;top:7.7823em;"><span class="stl_375 stl_346 stl_61">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:8.152em;top:7.7823em;"><span class="stl_375 stl_346 stl_61">2022  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.3617em;top:7.7823em;"><span class="stl_375 stl_346 stl_92">DKK'000  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.3283em;top:7.7823em;"><span class="stl_375 stl_346 stl_61">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.0483em;top:7.7823em;"><span class="stl_375 stl_346 stl_61">2022  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.822em;top:10.2185em;"><span class="stl_365 stl_346 stl_78">57  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:8.9617em;top:10.2185em;"><span class="stl_365 stl_346 stl_78">53  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.3617em;top:10.2185em;"><span class="stl_365 stl_346 stl_160" style="word-spacing:-0.0089em;">Interest from group entities  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.4483em;top:10.2185em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.1683em;top:10.2185em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:5.132em;top:11.2485em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:9.2717em;top:11.2485em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.3617em;top:11.2485em;"><span class="stl_365 stl_346 stl_111" style="word-spacing:0.004em;">Interest on bank deposits, etc.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.8183em;top:11.2485em;"><span class="stl_365 stl_346 stl_78">124  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.5383em;top:11.2485em;"><span class="stl_365 stl_346 stl_78">184  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.822em;top:12.4085em;"><span class="stl_362 stl_346 stl_78">57  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:8.9617em;top:12.4085em;"><span class="stl_362 stl_346 stl_78">53  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.3617em;top:12.4085em;"><span class="stl_362 stl_346 stl_18" style="word-spacing:-0.0168em;">Interest income  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.8183em;top:12.4085em;"><span class="stl_362 stl_346 stl_78">124  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.5383em;top:12.4085em;"><span class="stl_362 stl_346 stl_78">184  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:5.132em;top:14.5785em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:8.6417em;top:14.5785em;"><span class="stl_365 stl_346 stl_78">468  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.3617em;top:14.5785em;"><span class="stl_365 stl_346 stl_60" style="word-spacing:0.0034em;">Foreign exchange adjustments  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.4483em;top:14.5785em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.1683em;top:14.5785em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.822em;top:15.7385em;"><span class="stl_362 stl_346 stl_78">57  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:8.6417em;top:15.7385em;"><span class="stl_362 stl_346 stl_78">521  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.3617em;top:15.7385em;"><span class="stl_362 stl_346 stl_53">Total  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.8183em;top:15.7385em;"><span class="stl_362 stl_346 stl_78">124  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.5383em;top:15.7385em;"><span class="stl_362 stl_346 stl_78">184  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:22.5649em;"><span class="stl_363 stl_346 stl_364">6.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.682em;top:22.5649em;"><span class="stl_363 stl_346 stl_58" style="word-spacing:0.0079em;">FINANCIAL EXPENSES  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.29em;top:25.1848em;"><span class="stl_375 stl_346 stl_88" style="word-spacing:-0.014em;">PARENT COMPANY  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.8683em;top:25.1848em;"><span class="stl_375 stl_346 stl_193">GROUP  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.01em;top:26.5248em;"><span class="stl_375 stl_346 stl_61">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:8.152em;top:26.5248em;"><span class="stl_375 stl_346 stl_61">2022  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.3617em;top:26.5248em;"><span class="stl_375 stl_346 stl_92">DKK'000  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.3283em;top:26.5248em;"><span class="stl_375 stl_346 stl_61">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.0483em;top:26.5248em;"><span class="stl_375 stl_346 stl_61">2022  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.03em;top:28.961em;"><span class="stl_365 stl_346 stl_148">1,394  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:8.172em;top:28.961em;"><span class="stl_365 stl_346 stl_148">1,146  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.3617em;top:28.961em;"><span class="stl_365 stl_346 stl_70" style="word-spacing:-0.008em;">Interest to group entities  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.4483em;top:28.961em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.1683em;top:28.961em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:5.132em;top:29.991em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:9.2717em;top:29.991em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.3617em;top:29.991em;"><span class="stl_365 stl_346 stl_316" style="word-spacing:0.0006em;">Interest relating to lease liabilities  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.8183em;top:29.991em;"><span class="stl_365 stl_346 stl_78">889  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.5383em;top:29.991em;"><span class="stl_365 stl_346 stl_78">978  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.822em;top:31.021em;"><span class="stl_365 stl_346 stl_78">34  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:8.9617em;top:31.021em;"><span class="stl_365 stl_346 stl_78">56  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.3617em;top:31.021em;"><span class="stl_365 stl_346 stl_111" style="word-spacing:0.0029em;">Interest on bank loans  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.1383em;top:31.021em;"><span class="stl_365 stl_346 stl_78">34  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.8583em;top:31.021em;"><span class="stl_365 stl_346 stl_78">56  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:5.132em;top:32.051em;"><span class="stl_365 stl_346 stl_20">3</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:8.9617em;top:32.051em;"><span class="stl_365 stl_346 stl_78">18  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.3617em;top:32.051em;"><span class="stl_365 stl_346 stl_70" style="word-spacing:0.0002em;">Other interest  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.1383em;top:32.051em;"><span class="stl_365 stl_346 stl_78">85  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.5383em;top:32.051em;"><span class="stl_365 stl_346 stl_78">126  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:33.211em;"><span class="stl_362 stl_346 stl_116">1,431  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:8.162em;top:33.211em;"><span class="stl_362 stl_346 stl_116">1,220  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.3617em;top:33.211em;"><span class="stl_362 stl_346 stl_156" style="word-spacing:-0.0165em;">Interest expenses  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.3383em;top:33.211em;"><span class="stl_362 stl_346 stl_116">1,008  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.0583em;top:33.211em;"><span class="stl_362 stl_346 stl_116">1,160  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.03em;top:35.301em;"><span class="stl_365 stl_346 stl_148">2,662  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:9.2717em;top:35.301em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.3617em;top:35.301em;"><span class="stl_365 stl_346 stl_60" style="word-spacing:-0.0003em;">Foreign exchange adjustments  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.4483em;top:35.301em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.7883em;top:35.301em;"><span class="stl_365 stl_346 stl_20">(3)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:36.4627em;"><span class="stl_362 stl_346 stl_116">4,093  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:8.162em;top:36.4627em;"><span class="stl_362 stl_346 stl_116">1,220  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.3617em;top:36.4627em;"><span class="stl_362 stl_346 stl_53">Total  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.3383em;top:36.4627em;"><span class="stl_362 stl_346 stl_116">1,008  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.0583em;top:36.4627em;"><span class="stl_362 stl_346 stl_116">1,157  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:4.8407em;"><span class="stl_363 stl_346 stl_87" style="word-spacing:0.8696em;">28. RELATED</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:8.270em;top:4.8407em;"><span class="stl_363 stl_346 stl_70" style="word-spacing:-0.0025em;">PARTY TRANSACTIONS  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.29em;top:7.0723em;"><span class="stl_375 stl_346 stl_88" style="word-spacing:-0.014em;">PARENT COMPANY  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.8683em;top:7.0723em;"><span class="stl_375 stl_346 stl_193">GROUP  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.01em;top:8.4123em;"><span class="stl_375 stl_346 stl_78">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:8.152em;top:8.4123em;"><span class="stl_375 stl_346 stl_20">2022  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.3617em;top:8.4123em;"><span class="stl_375 stl_346 stl_92">DKK'000  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.3283em;top:8.4123em;"><span class="stl_375 stl_346 stl_61">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.0483em;top:8.4123em;"><span class="stl_375 stl_346 stl_61">2022  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.822em;top:10.8485em;"><span class="stl_365 stl_346 stl_78">56  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:8.9617em;top:10.8485em;"><span class="stl_365 stl_346 stl_78">54  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.3617em;top:10.8485em;"><span class="stl_365 stl_346 stl_226" style="word-spacing:0.003em;">Subsidiaries, interest income  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.4483em;top:10.8485em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.1683em;top:10.8485em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.03em;top:11.8785em;"><span class="stl_365 stl_346 stl_70">1,348  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:8.172em;top:11.8785em;"><span class="stl_365 stl_346 stl_148">1,147  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.3617em;top:11.8785em;"><span class="stl_365 stl_346 stl_347" style="word-spacing:0.0042em;">Subsidiaries, interest expenses  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.4483em;top:11.8785em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.1683em;top:11.8785em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:13.0385em;"><span class="stl_362 stl_346 stl_88">1,404  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:8.162em;top:13.0385em;"><span class="stl_362 stl_346 stl_116">1,201  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.3617em;top:13.0385em;"><span class="stl_362 stl_346 stl_63" style="word-spacing:0.0107em;">Total transactions  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.4483em;top:13.0385em;"><span class="stl_362 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.1683em;top:13.0385em;"><span class="stl_362 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:15.1904em;"><span class="stl_431 stl_346 stl_148" style="word-spacing:-0.0005em;">Other management remuneration etc. is stated separately in connection with note 4 “Staff costs”.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:22.5649em;"><span class="stl_363 stl_346 stl_364">6.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.682em;top:22.5649em;"><span class="stl_363 stl_346 stl_58" style="word-spacing:0.0079em;">FINANCIAL EXPENSES  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.29em;top:25.1848em;"><span class="stl_375 stl_346 stl_88" style="word-spacing:-0.014em;">PARENT COMPANY  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.8683em;top:25.1848em;"><span class="stl_375 stl_346 stl_193">GROUP  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.01em;top:26.5248em;"><span class="stl_375 stl_346 stl_61">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:8.152em;top:26.5248em;"><span class="stl_375 stl_346 stl_61">2022  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.3617em;top:26.5248em;"><span class="stl_375 stl_346 stl_92">DKK'000  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.3283em;top:26.5248em;"><span class="stl_375 stl_346 stl_61">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.0483em;top:26.5248em;"><span class="stl_375 stl_346 stl_61">2022  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.03em;top:28.961em;"><span class="stl_365 stl_346 stl_148">1,394  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:8.172em;top:28.961em;"><span class="stl_365 stl_346 stl_148">1,146  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.3617em;top:28.961em;"><span class="stl_365 stl_346 stl_70" style="word-spacing:-0.008em;">Interest to group entities  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.4483em;top:28.961em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.1683em;top:28.961em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:5.132em;top:29.991em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:9.2717em;top:29.991em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.3617em;top:29.991em;"><span class="stl_365 stl_346 stl_316" style="word-spacing:0.0006em;">Interest relating to lease liabilities  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.8183em;top:29.991em;"><span class="stl_365 stl_346 stl_78">889  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.5383em;top:29.991em;"><span class="stl_365 stl_346 stl_78">978  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.822em;top:31.021em;"><span class="stl_365 stl_346 stl_78">34  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:8.9617em;top:31.021em;"><span class="stl_365 stl_346 stl_78">56  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.3617em;top:31.021em;"><span class="stl_365 stl_346 stl_111" style="word-spacing:0.0029em;">Interest on bank loans  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.1383em;top:31.021em;"><span class="stl_365 stl_346 stl_78">34  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.8583em;top:31.021em;"><span class="stl_365 stl_346 stl_78">56  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:5.132em;top:32.051em;"><span class="stl_365 stl_346 stl_20">3</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:8.9617em;top:32.051em;"><span class="stl_365 stl_346 stl_78">18  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.3617em;top:32.051em;"><span class="stl_365 stl_346 stl_70" style="word-spacing:0.0002em;">Other interest  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.1383em;top:32.051em;"><span class="stl_365 stl_346 stl_78">85  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.5383em;top:32.051em;"><span class="stl_365 stl_346 stl_78">126  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:33.211em;"><span class="stl_362 stl_346 stl_116">1,431  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:8.162em;top:33.211em;"><span class="stl_362 stl_346 stl_116">1,220  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.3617em;top:33.211em;"><span class="stl_362 stl_346 stl_156" style="word-spacing:-0.0165em;">Interest expenses  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.3383em;top:33.211em;"><span class="stl_362 stl_346 stl_116">1,008  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.0583em;top:33.211em;"><span class="stl_362 stl_346 stl_116">1,160  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.03em;top:35.301em;"><span class="stl_365 stl_346 stl_148">2,662  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:9.2717em;top:35.301em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.3617em;top:35.301em;"><span class="stl_365 stl_346 stl_60" style="word-spacing:-0.0003em;">Foreign exchange adjustments  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.4483em;top:35.301em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.7883em;top:35.301em;"><span class="stl_365 stl_346 stl_20">(3)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:36.4627em;"><span class="stl_362 stl_346 stl_116">4,093  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:8.162em;top:36.4627em;"><span class="stl_362 stl_346 stl_116">1,220  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.3617em;top:36.4627em;"><span class="stl_362 stl_346 stl_53">Total  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.3383em;top:36.4627em;"><span class="stl_362 stl_346 stl_116">1,008  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.0583em;top:36.4627em;"><span class="stl_362 stl_346 stl_116">1,157  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:5.5407em;"><span class="stl_363 stl_346 stl_364">7.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.682em;top:5.5407em;"><span class="stl_363 stl_346 stl_131" style="word-spacing:0.0023em;">TAX ON THE PROFIT/LOSS FOR THE YEAR AND DEFERRED TAX (CONTINUED)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:8.2423em;"><span class="stl_375 stl_346 stl_193">GROUP  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:9.5823em;"><span class="stl_375 stl_346 stl_90" style="word-spacing:-0.0018em;">Breakdown of deferred tax for the Group stated in the balance sheet:  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.5083em;top:9.5823em;"><span class="stl_375 stl_346 stl_61">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.2283em;top:9.5823em;"><span class="stl_375 stl_346 stl_61">2022  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:12.0185em;"><span class="stl_365 stl_346 stl_113" style="word-spacing:0em;">Deferred tax liabilities, see balance sheet  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.8283em;top:12.0185em;"><span class="stl_365 stl_346 stl_68">(34,760)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.5483em;top:12.0185em;"><span class="stl_365 stl_346 stl_156">(30,000)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:13.1785em;"><span class="stl_362 stl_346 stl_23" style="word-spacing:-0.0077em;">Deferred tax, net  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.8183em;top:13.1785em;"><span class="stl_362 stl_346 stl_316">(34,760)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.5383em;top:13.1785em;"><span class="stl_362 stl_346 stl_60">(30,000)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.5358em;top:15.5723em;"><span class="stl_375 stl_346 stl_87">Recognise  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.2058em;top:15.5723em;"><span class="stl_375 stl_346 stl_233" style="word-spacing:0em;">Loss of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.7483em;top:15.5723em;"><span class="stl_375 stl_346 stl_115">Foreign  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:16.4323em;"><span class="stl_375 stl_346 stl_61">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.6058em;top:16.4323em;"><span class="stl_375 stl_346 stl_68" style="word-spacing:0.0024em;">in Income  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.7158em;top:16.4323em;"><span class="stl_375 stl_346 stl_285">usability  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.1583em;top:16.4323em;"><span class="stl_375 stl_346 stl_87">exchange  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:20.0442em;top:17.2923em;"><span class="stl_375 stl_346 stl_91" style="word-spacing:0.0008em;">Deferred tax  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4058em;top:17.2923em;"><span class="stl_375 stl_346 stl_35">Statement  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.6058em;top:17.2923em;"><span class="stl_375 stl_346 stl_330" style="word-spacing:0.0063em;">of tax losses  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.5683em;top:17.2923em;"><span class="stl_375 stl_346 stl_88" style="word-spacing:1.1886em;">adjustment Deferred</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.708em;top:17.2923em;"><span class="stl_375 stl_346 stl_16">tax  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:18.1723em;"><span class="stl_376 stl_346 stl_86">DKK’000  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:20.5142em;top:18.1723em;"><span class="stl_375 stl_346 stl_61">01.01.2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.0558em;top:18.1723em;"><span class="stl_375 stl_346 stl_61">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.7758em;top:18.1723em;"><span class="stl_375 stl_346 stl_61">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.5083em;top:18.1723em;"><span class="stl_375 stl_346 stl_61">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.4183em;top:18.1723em;"><span class="stl_375 stl_346 stl_61">31.12.2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:20.6085em;"><span class="stl_365 stl_346 stl_347" style="word-spacing:0.0033em;">Property, plant and equipment  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.6442em;top:20.6085em;"><span class="stl_365 stl_346 stl_156">(29,287)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.6958em;top:20.6085em;"><span class="stl_365 stl_346 stl_330">(1,723)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.8958em;top:20.6085em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.1483em;top:20.6085em;"><span class="stl_365 stl_346 stl_330">(3,176)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.5483em;top:20.6085em;"><span class="stl_365 stl_346 stl_156">(34,186)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:21.641em;"><span class="stl_365 stl_346 stl_285" style="word-spacing:-0.0041em;">Trade receivables  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.9642em;top:21.641em;"><span class="stl_365 stl_346 stl_23">(1,507)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.1658em;top:21.641em;"><span class="stl_365 stl_346 stl_69">(599)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.8958em;top:21.641em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.6283em;top:21.641em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.8683em;top:21.641em;"><span class="stl_365 stl_346 stl_330">(2,106)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:22.661em;"><span class="stl_365 stl_346 stl_316" style="word-spacing:0.0053em;">Other payables, etc  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.8142em;top:22.661em;"><span class="stl_365 stl_346 stl_78">232  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.8658em;top:22.661em;"><span class="stl_365 stl_346 stl_78">11  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.8958em;top:22.661em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.6283em;top:22.661em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.7183em;top:22.661em;"><span class="stl_365 stl_346 stl_78">243  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:23.821em;"><span class="stl_362 stl_346 stl_347" style="word-spacing:0.0073em;">Temporary differences  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.6342em;top:23.821em;"><span class="stl_362 stl_346 stl_60">(30,562)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.6758em;top:23.821em;"><span class="stl_362 stl_346 stl_156">(2,311)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.8958em;top:23.821em;"><span class="stl_362 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.1283em;top:23.821em;"><span class="stl_362 stl_346 stl_156">(3,176)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.5383em;top:23.821em;"><span class="stl_362 stl_346 stl_316">(36,049)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:26.001em;"><span class="stl_365 stl_346 stl_184" style="word-spacing:-0.0092em;">Tax loss carry-forwards  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.0242em;top:26.001em;"><span class="stl_365 stl_346 stl_23">24,888  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.0758em;top:26.001em;"><span class="stl_365 stl_346 stl_148">1,739  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.8958em;top:26.001em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.6283em;top:26.001em;"><span class="stl_365 stl_346 stl_20">3</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.9283em;top:26.001em;"><span class="stl_365 stl_346 stl_23">26,631  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:27.161em;"><span class="stl_362 stl_346 stl_18" style="word-spacing:-0.0145em;">Unutilised tax losses  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.0142em;top:27.161em;"><span class="stl_362 stl_346 stl_61">24,888  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.0658em;top:27.161em;"><span class="stl_362 stl_346 stl_116">1,739  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.8958em;top:27.161em;"><span class="stl_362 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.6283em;top:27.161em;"><span class="stl_362 stl_346 stl_20">3</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.9183em;top:27.161em;"><span class="stl_362 stl_346 stl_61">26,631  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:29.341em;"><span class="stl_365 stl_346 stl_23" style="word-spacing:-0.0071em;">Value adjustment  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.6442em;top:29.341em;"><span class="stl_365 stl_346 stl_156">(24,325)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.6958em;top:29.341em;"><span class="stl_365 stl_346 stl_330">(1,835)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.2658em;top:29.341em;"><span class="stl_365 stl_346 stl_78">114  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.9983em;top:29.341em;"><span class="stl_365 stl_346 stl_78">706  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.5483em;top:29.341em;"><span class="stl_365 stl_346 stl_156">(25,342)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:30.501em;"><span class="stl_362 stl_346 stl_53">Total  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.6342em;top:30.501em;"><span class="stl_362 stl_346 stl_60">(30,000)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.6758em;top:30.501em;"><span class="stl_362 stl_346 stl_156">(2,407)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.2658em;top:30.501em;"><span class="stl_362 stl_346 stl_78">114  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.1283em;top:30.501em;"><span class="stl_362 stl_346 stl_156">(2,467)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.5383em;top:30.501em;"><span class="stl_362 stl_346 stl_316">(34,760)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:31.651em;"><span class="stl_365 stl_346 stl_428" style="word-spacing:-0.0012em;">The Group does not expect to be able to utilise part of the tax losses within 3-5 years. Accordingly, no tax asset has been recognised in the consolidated balance sheet.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.5358em;top:34.9448em;"><span class="stl_375 stl_346 stl_87">Recognise  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.2058em;top:34.9448em;"><span class="stl_375 stl_346 stl_233" style="word-spacing:0em;">Loss of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.7483em;top:34.9448em;"><span class="stl_375 stl_346 stl_115">Foreign  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:35.8048em;"><span class="stl_375 stl_346 stl_61">2022  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.6058em;top:35.8048em;"><span class="stl_375 stl_346 stl_68" style="word-spacing:0.0024em;">in Income  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.7158em;top:35.8048em;"><span class="stl_375 stl_346 stl_285">usability  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.1583em;top:35.8048em;"><span class="stl_375 stl_346 stl_87">exchange  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:20.0442em;top:36.6765em;"><span class="stl_375 stl_346 stl_91" style="word-spacing:0.0008em;">Deferred tax  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4058em;top:36.6765em;"><span class="stl_375 stl_346 stl_35">Statement  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.6058em;top:36.6765em;"><span class="stl_375 stl_346 stl_330" style="word-spacing:0.0063em;">of tax losses  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.5683em;top:36.6765em;"><span class="stl_375 stl_346 stl_88" style="word-spacing:1.1886em;">adjustment Deferred</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.708em;top:36.6765em;"><span class="stl_375 stl_346 stl_16">tax  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:37.5465em;"><span class="stl_376 stl_346 stl_86">DKK’000  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:20.5142em;top:37.5465em;"><span class="stl_375 stl_346 stl_61">01.01.2022  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.0558em;top:37.5465em;"><span class="stl_375 stl_346 stl_61">2022  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.7758em;top:37.5465em;"><span class="stl_375 stl_346 stl_61">2022  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.5083em;top:37.5465em;"><span class="stl_375 stl_346 stl_61">2022  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.4183em;top:37.5465em;"><span class="stl_375 stl_346 stl_61">31.12.2022  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:39.9827em;"><span class="stl_365 stl_346 stl_347" style="word-spacing:0.0033em;">Property, plant and equipment  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.6442em;top:39.9827em;"><span class="stl_365 stl_346 stl_156">(24,715)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.6958em;top:39.9827em;"><span class="stl_365 stl_346 stl_23">(4,469)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.8958em;top:39.9827em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.6183em;top:39.9827em;"><span class="stl_365 stl_346 stl_84">(103)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.5483em;top:39.9827em;"><span class="stl_365 stl_346 stl_156">(29,287)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:41.0127em;"><span class="stl_365 stl_346 stl_285" style="word-spacing:-0.0041em;">Trade receivables  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.9642em;top:41.0127em;"><span class="stl_365 stl_346 stl_23">(1,186)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.1658em;top:41.0127em;"><span class="stl_365 stl_346 stl_84">(321)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.8958em;top:41.0127em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.6283em;top:41.0127em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.8683em;top:41.0127em;"><span class="stl_365 stl_346 stl_23">(1,507)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:42.0426em;"><span class="stl_365 stl_346 stl_316" style="word-spacing:0.0053em;">Other payables, etc  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.8142em;top:42.0426em;"><span class="stl_365 stl_346 stl_78">265  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.4858em;top:42.0426em;"><span class="stl_365 stl_346 stl_20">(33)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.8958em;top:42.0426em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.6283em;top:42.0426em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.7183em;top:42.0426em;"><span class="stl_365 stl_346 stl_78">232  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:43.2027em;"><span class="stl_362 stl_346 stl_347" style="word-spacing:0.0073em;">Temporary differences  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.6342em;top:43.2027em;"><span class="stl_362 stl_346 stl_60">(25,636)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.6758em;top:43.2027em;"><span class="stl_362 stl_346 stl_160">(4,823)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.8958em;top:43.2027em;"><span class="stl_362 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.6083em;top:43.2027em;"><span class="stl_362 stl_346 stl_70">(103)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.5383em;top:43.2027em;"><span class="stl_362 stl_346 stl_60">(30,562)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:45.3827em;"><span class="stl_365 stl_346 stl_184" style="word-spacing:-0.0099em;">Tax loss carry-forwards  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.0242em;top:45.3827em;"><span class="stl_365 stl_346 stl_23">24,140  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.5458em;top:45.3827em;"><span class="stl_365 stl_346 stl_78">750  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.8958em;top:45.3827em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.2483em;top:45.3827em;"><span class="stl_365 stl_346 stl_20">(2)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.9283em;top:45.3827em;"><span class="stl_365 stl_346 stl_23">24,888  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:46.5426em;"><span class="stl_362 stl_346 stl_18" style="word-spacing:-0.0145em;">Unutilised tax losses  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.0142em;top:46.5426em;"><span class="stl_362 stl_346 stl_61">24,140  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.5458em;top:46.5426em;"><span class="stl_362 stl_346 stl_78">750  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.8958em;top:46.5426em;"><span class="stl_362 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.2383em;top:46.5426em;"><span class="stl_362 stl_346 stl_164">(2)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.9183em;top:46.5426em;"><span class="stl_362 stl_346 stl_61">24,888  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:48.7127em;"><span class="stl_365 stl_346 stl_23" style="word-spacing:-0.0071em;">Value adjustment  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.6442em;top:48.7127em;"><span class="stl_365 stl_346 stl_156">(24,140)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.1658em;top:48.7127em;"><span class="stl_365 stl_346 stl_84">(756)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.2658em;top:48.7127em;"><span class="stl_365 stl_346 stl_78">568  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.6283em;top:48.7127em;"><span class="stl_365 stl_346 stl_20">2</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.5483em;top:48.7127em;"><span class="stl_365 stl_346 stl_156">(24,325)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:49.8727em;"><span class="stl_362 stl_346 stl_53">Total  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.6342em;top:49.8727em;"><span class="stl_362 stl_346 stl_60">(25,636)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.6758em;top:49.8727em;"><span class="stl_362 stl_346 stl_160">(4,829)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.2658em;top:49.8727em;"><span class="stl_362 stl_346 stl_78">568  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.6083em;top:49.8727em;"><span class="stl_362 stl_346 stl_70">(103)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.5383em;top:49.8727em;"><span class="stl_362 stl_346 stl_60">(30,000)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:51.0252em;"><span class="stl_365 stl_346 stl_429" style="word-spacing:-0.0003em;">The Group does not expect to be able to utilise part of the tax losses within 3-5 years. Accordingly, no tax asset has been recognised in the consolidated balance sheet.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:20.2124em;"><span class="stl_363 stl_346 stl_184" style="word-spacing:0.8719em;">18. CHANGES</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:8.570em;top:20.2124em;"><span class="stl_363 stl_346 stl_70" style="word-spacing:0.0003em;">IN LIABILITIES ARISING FROM FINANCING ACTIVITIES  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:22.9048em;"><span class="stl_375 stl_346 stl_193">GROUP  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:24.2448em;"><span class="stl_375 stl_346 stl_61">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:20.9142em;top:24.2448em;"><span class="stl_375 stl_346 stl_92" style="word-spacing:0.0011em;">Cash flow  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.6458em;top:24.2448em;"><span class="stl_375 stl_346 stl_92" style="word-spacing:0.0011em;">Cash flow  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.1983em;top:24.2448em;"><span class="stl_375 stl_346 stl_61">Non-cash  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:16.1342em;top:25.1048em;"><span class="stl_375 stl_346 stl_90">Beginning  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.0742em;top:25.1048em;"><span class="stl_375 stl_346 stl_67">Proceeds  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.1158em;top:25.1048em;"><span class="stl_375 stl_346 stl_115">Repayment  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.4658em;top:25.1048em;"><span class="stl_375 stl_346 stl_61">Non-cash  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.1783em;top:25.1048em;"><span class="stl_375 stl_346 stl_115">Exchange  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:25.9848em;"><span class="stl_376 stl_346 stl_86">DKK’000  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:16.9842em;top:25.9848em;"><span class="stl_375 stl_346 stl_52" style="word-spacing:0.0002em;">of year  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:20.6042em;top:25.9848em;"><span class="stl_375 stl_346 stl_13" style="word-spacing:0.005em;">from loans  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.1658em;top:25.9848em;"><span class="stl_375 stl_346 stl_23" style="word-spacing:0.0071em;">of loans  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.5058em;top:25.9848em;"><span class="stl_375 stl_346 stl_114">Other  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.5783em;top:25.9848em;"><span class="stl_375 stl_346 stl_116" style="word-spacing:0.0038em;">rate adjust.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.3483em;top:25.9848em;"><span class="stl_375 stl_346 stl_89" style="word-spacing:0.003em;">End of year  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:28.421em;"><span class="stl_365 stl_346 stl_292" style="word-spacing:-0.0022em;">Lease liabilities  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:18.0942em;top:28.421em;"><span class="stl_365 stl_346 stl_78">118  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.4442em;top:28.421em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.4858em;top:28.421em;"><span class="stl_365 stl_346 stl_20">(57)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.5858em;top:28.421em;"><span class="stl_365 stl_346 stl_78">14  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.6283em;top:28.421em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.0383em;top:28.421em;"><span class="stl_365 stl_346 stl_78">75  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:29.451em;"><span class="stl_365 stl_346 stl_226" style="word-spacing:0.0064em;">Bank loans (overdraft)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:17.6242em;top:29.451em;"><span class="stl_365 stl_346 stl_148">1,033  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.8142em;top:29.451em;"><span class="stl_365 stl_346 stl_78">860  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.6958em;top:29.451em;"><span class="stl_365 stl_346 stl_23">(1,915)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.5858em;top:29.451em;"><span class="stl_365 stl_346 stl_78">38  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.6283em;top:29.451em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.0383em;top:29.451em;"><span class="stl_365 stl_346 stl_78">16  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:30.481em;"><span class="stl_365 stl_346 stl_292" style="word-spacing:0.0079em;">Bank loans (development)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:18.7242em;top:30.481em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.3442em;top:30.481em;"><span class="stl_365 stl_346 stl_148">2,187  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.1758em;top:30.481em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.7958em;top:30.481em;"><span class="stl_365 stl_346 stl_148">1,005  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.9983em;top:30.481em;"><span class="stl_365 stl_346 stl_78">147  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.2483em;top:30.481em;"><span class="stl_365 stl_346 stl_148">3,339  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:31.631em;"><span class="stl_362 stl_346 stl_316" style="word-spacing:0.0108em;">Total financial liabilities  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:17.6142em;top:31.631em;"><span class="stl_362 stl_346 stl_116">1,151  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.3342em;top:31.631em;"><span class="stl_362 stl_346 stl_116">3,047  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.6758em;top:31.631em;"><span class="stl_362 stl_346 stl_160">(1,972)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.7858em;top:31.631em;"><span class="stl_362 stl_346 stl_116">1,057  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.9983em;top:31.631em;"><span class="stl_362 stl_346 stl_78">147  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.2383em;top:31.631em;"><span class="stl_362 stl_346 stl_116">3,430  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:35.0348em;"><span class="stl_375 stl_346 stl_61">2022  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:20.9142em;top:35.0348em;"><span class="stl_375 stl_346 stl_92" style="word-spacing:0.0011em;">Cash flow  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.6458em;top:35.0348em;"><span class="stl_375 stl_346 stl_92" style="word-spacing:0.0011em;">Cash flow  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.1983em;top:35.0348em;"><span class="stl_375 stl_346 stl_61">Non-cash  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:16.1342em;top:35.9065em;"><span class="stl_375 stl_346 stl_90">Beginning  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.0742em;top:35.9065em;"><span class="stl_375 stl_346 stl_67">Proceeds  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.1158em;top:35.9065em;"><span class="stl_375 stl_346 stl_115">Repayment  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.4658em;top:35.9065em;"><span class="stl_375 stl_346 stl_61">Non-cash  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.1783em;top:35.9065em;"><span class="stl_375 stl_346 stl_115">Exchange  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:36.7765em;"><span class="stl_376 stl_346 stl_86">DKK’000  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:16.9842em;top:36.7765em;"><span class="stl_375 stl_346 stl_52" style="word-spacing:0.0002em;">of year  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:20.6042em;top:36.7765em;"><span class="stl_375 stl_346 stl_13" style="word-spacing:0.005em;">from loans  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.1658em;top:36.7765em;"><span class="stl_375 stl_346 stl_23" style="word-spacing:0.0071em;">of loans  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.5058em;top:36.7765em;"><span class="stl_375 stl_346 stl_114">Other  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.5783em;top:36.7765em;"><span class="stl_375 stl_346 stl_116" style="word-spacing:0.0038em;">rate adjust.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.3483em;top:36.7765em;"><span class="stl_375 stl_346 stl_89" style="word-spacing:0.003em;">End of year  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:39.2127em;"><span class="stl_365 stl_346 stl_292" style="word-spacing:-0.0022em;">Lease liabilities  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:18.0942em;top:39.2127em;"><span class="stl_365 stl_346 stl_78">172  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.4442em;top:39.2127em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.4858em;top:39.2127em;"><span class="stl_365 stl_346 stl_20">(32)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.2058em;top:39.2127em;"><span class="stl_365 stl_346 stl_20">(22)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.6283em;top:39.2127em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.7183em;top:39.2127em;"><span class="stl_365 stl_346 stl_78">118  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:40.2427em;"><span class="stl_365 stl_346 stl_316" style="word-spacing:0.0071em;">Bank loans  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:18.0942em;top:40.2427em;"><span class="stl_365 stl_346 stl_78">976  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.4442em;top:40.2427em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.1758em;top:40.2427em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.5858em;top:40.2427em;"><span class="stl_365 stl_346 stl_78">57  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.6283em;top:40.2427em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.2483em;top:40.2427em;"><span class="stl_365 stl_346 stl_148">1,033  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:41.4027em;"><span class="stl_362 stl_346 stl_316" style="word-spacing:0.0101em;">Total financial liabilities  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:17.6142em;top:41.4027em;"><span class="stl_362 stl_346 stl_116">1,148  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.4442em;top:41.4027em;"><span class="stl_362 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.4758em;top:41.4027em;"><span class="stl_362 stl_346 stl_329">(32)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.5858em;top:41.4027em;"><span class="stl_362 stl_346 stl_78">35  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.6283em;top:41.4027em;"><span class="stl_362 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.2383em;top:41.4027em;"><span class="stl_362 stl_346 stl_116">1,151  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:44.7265em;"><span class="stl_375 stl_346 stl_88" style="word-spacing:-0.014em;">PARENT COMPANY  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:46.0665em;"><span class="stl_375 stl_346 stl_61">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:20.9142em;top:46.0665em;"><span class="stl_375 stl_346 stl_92" style="word-spacing:0.0011em;">Cash flow  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.6458em;top:46.0665em;"><span class="stl_375 stl_346 stl_92" style="word-spacing:0.0011em;">Cash flow  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.1983em;top:46.0665em;"><span class="stl_375 stl_346 stl_61">Non-cash  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:16.1342em;top:46.9265em;"><span class="stl_375 stl_346 stl_90">Beginning  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.0742em;top:46.9265em;"><span class="stl_375 stl_346 stl_67">Proceeds  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.1158em;top:46.9265em;"><span class="stl_375 stl_346 stl_115">Repayment  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.4658em;top:46.9265em;"><span class="stl_375 stl_346 stl_61">Non-cash  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.1783em;top:46.9265em;"><span class="stl_375 stl_346 stl_115">Exchange  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:47.8065em;"><span class="stl_376 stl_346 stl_86">DKK’000  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:16.9842em;top:47.8065em;"><span class="stl_375 stl_346 stl_52" style="word-spacing:0.0002em;">of year  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:20.6042em;top:47.8065em;"><span class="stl_375 stl_346 stl_13" style="word-spacing:0.005em;">from loans  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.1658em;top:47.8065em;"><span class="stl_375 stl_346 stl_23" style="word-spacing:0.0071em;">of loans  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.5058em;top:47.8065em;"><span class="stl_375 stl_346 stl_114">Other  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.5783em;top:47.8065em;"><span class="stl_375 stl_346 stl_116" style="word-spacing:0.0038em;">rate adjust.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.3483em;top:47.8065em;"><span class="stl_375 stl_346 stl_89" style="word-spacing:0.003em;">End of year  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:50.2327em;"><span class="stl_365 stl_346 stl_113" style="word-spacing:0.0011em;">Loans from subsidiaries  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:17.3042em;top:50.2327em;"><span class="stl_365 stl_346 stl_23">30,559  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.3442em;top:50.2327em;"><span class="stl_365 stl_346 stl_148">3,578  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.1758em;top:50.2327em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.7958em;top:50.2327em;"><span class="stl_365 stl_346 stl_148">1,394  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.5283em;top:50.2327em;"><span class="stl_365 stl_346 stl_148">2,773  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.9283em;top:50.2327em;"><span class="stl_365 stl_346 stl_23">38,304  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:51.2652em;"><span class="stl_365 stl_346 stl_226" style="word-spacing:0.0091em;">Bank loans (overdraft)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:17.6242em;top:51.2652em;"><span class="stl_365 stl_346 stl_148">1,033  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.8142em;top:51.2652em;"><span class="stl_365 stl_346 stl_78">860  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.6958em;top:51.2652em;"><span class="stl_365 stl_346 stl_23">(1,915)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.5858em;top:51.2652em;"><span class="stl_365 stl_346 stl_78">38  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.6283em;top:51.2652em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.0383em;top:51.2652em;"><span class="stl_365 stl_346 stl_78">16  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:52.4251em;"><span class="stl_362 stl_346 stl_58">Loans  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:17.2942em;top:52.4251em;"><span class="stl_362 stl_346 stl_61">31,592  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.3342em;top:52.4251em;"><span class="stl_362 stl_346 stl_116">4,438  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.6758em;top:52.4251em;"><span class="stl_362 stl_346 stl_160">(1,915)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.7858em;top:52.4251em;"><span class="stl_362 stl_346 stl_116">1,432  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.5183em;top:52.4251em;"><span class="stl_362 stl_346 stl_116">2,773  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.9183em;top:52.4251em;"><span class="stl_362 stl_346 stl_61">38,320  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:55.829em;"><span class="stl_375 stl_346 stl_61">2022  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:20.9142em;top:55.829em;"><span class="stl_375 stl_346 stl_92" style="word-spacing:0.0011em;">Cash flow  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.6458em;top:55.829em;"><span class="stl_375 stl_346 stl_92" style="word-spacing:0.0011em;">Cash flow  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.1983em;top:55.829em;"><span class="stl_375 stl_346 stl_61">Non-cash  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:16.1342em;top:56.689em;"><span class="stl_375 stl_346 stl_90">Beginning  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.0742em;top:56.689em;"><span class="stl_375 stl_346 stl_67">Proceeds  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.1158em;top:56.689em;"><span class="stl_375 stl_346 stl_115">Repayment  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.4658em;top:56.689em;"><span class="stl_375 stl_346 stl_61">Non-cash  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.1783em;top:56.689em;"><span class="stl_375 stl_346 stl_115">Exchange  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:57.569em;"><span class="stl_376 stl_346 stl_86">DKK’000  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:16.9842em;top:57.569em;"><span class="stl_375 stl_346 stl_52" style="word-spacing:0.0002em;">of year  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:20.6042em;top:57.569em;"><span class="stl_375 stl_346 stl_13" style="word-spacing:0.005em;">from loans  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.1658em;top:57.569em;"><span class="stl_375 stl_346 stl_23" style="word-spacing:0.0071em;">of loans  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.5058em;top:57.569em;"><span class="stl_375 stl_346 stl_114">Other  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.5783em;top:57.569em;"><span class="stl_375 stl_346 stl_116" style="word-spacing:0.0038em;">rate adjust.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.3483em;top:57.569em;"><span class="stl_375 stl_346 stl_89" style="word-spacing:0.003em;">End of year  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:60.0052em;"><span class="stl_365 stl_346 stl_113" style="word-spacing:0.0011em;">Loans from subsidiaries  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:17.3042em;top:60.0052em;"><span class="stl_365 stl_346 stl_23">27,367  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.3442em;top:60.0052em;"><span class="stl_365 stl_346 stl_148">2,536  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.1758em;top:60.0052em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.7958em;top:60.0052em;"><span class="stl_365 stl_346 stl_148">1,146  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.6183em;top:60.0052em;"><span class="stl_365 stl_346 stl_84">(490)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.9283em;top:60.0052em;"><span class="stl_365 stl_346 stl_23">30,559  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:61.0351em;"><span class="stl_365 stl_346 stl_316" style="word-spacing:0.0071em;">Bank loans  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:18.0942em;top:61.0351em;"><span class="stl_365 stl_346 stl_78">976  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.4442em;top:61.0351em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.1758em;top:61.0351em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.5858em;top:61.0351em;"><span class="stl_365 stl_346 stl_78">57  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.6283em;top:61.0351em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.2483em;top:61.0351em;"><span class="stl_365 stl_346 stl_148">1,033  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:62.1948em;"><span class="stl_362 stl_346 stl_58">Loans  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:17.2942em;top:62.1948em;"><span class="stl_362 stl_346 stl_61">28,343  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.3342em;top:62.1948em;"><span class="stl_362 stl_346 stl_116">2,536  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.1758em;top:62.1948em;"><span class="stl_362 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.7858em;top:62.1948em;"><span class="stl_362 stl_346 stl_116">1,203  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.6083em;top:62.1948em;"><span class="stl_362 stl_346 stl_70">(490)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.9183em;top:62.1948em;"><span class="stl_362 stl_346 stl_61">31,592  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:4.5907em;"><span class="stl_363 stl_346 stl_364">8.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.682em;top:4.5907em;"><span class="stl_363 stl_346 stl_156" style="word-spacing:-0.0026em;">EARNINGS PER SHARE  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:7.2385em;"><span class="stl_365 stl_346 stl_233" style="word-spacing:-0.0026em;">The calculation of earnings per share is based on the following:  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.29em;top:9.2723em;"><span class="stl_375 stl_346 stl_88" style="word-spacing:-0.014em;">PARENT COMPANY  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.8683em;top:9.2723em;"><span class="stl_375 stl_346 stl_193">GROUP  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.01em;top:10.6123em;"><span class="stl_375 stl_346 stl_61">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:8.152em;top:10.6123em;"><span class="stl_375 stl_346 stl_61">2022  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.3617em;top:10.6123em;"><span class="stl_375 stl_346 stl_119">DKK  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.3283em;top:10.6123em;"><span class="stl_375 stl_346 stl_61">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.0483em;top:10.6123em;"><span class="stl_375 stl_346 stl_61">2022  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:3.96em;top:13.0485em;"><span class="stl_365 stl_346 stl_69">(0.03)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:8.102em;top:13.0485em;"><span class="stl_365 stl_346 stl_69">(0.01)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.3617em;top:13.0485em;"><span class="stl_365 stl_346 stl_226" style="word-spacing:0.0015em;">Earnings per share (DKK)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.6583em;top:13.0485em;"><span class="stl_365 stl_346 stl_80">0.04  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.3783em;top:13.0485em;"><span class="stl_365 stl_346 stl_80">0.08  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:3.96em;top:14.0785em;"><span class="stl_365 stl_346 stl_69">(0.03)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:8.102em;top:14.0785em;"><span class="stl_365 stl_346 stl_69">(0.01)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.3617em;top:14.0785em;"><span class="stl_365 stl_346 stl_285" style="word-spacing:-0.0027em;">Diluted earnings per share (DKK)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.6583em;top:14.0785em;"><span class="stl_365 stl_346 stl_80">0.04  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.3783em;top:14.0785em;"><span class="stl_365 stl_346 stl_80">0.08  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:3.65em;top:15.1085em;"><span class="stl_365 stl_346 stl_23">(7,004)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.792em;top:15.1085em;"><span class="stl_365 stl_346 stl_23">(3,383)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.3617em;top:15.1085em;"><span class="stl_365 stl_346 stl_233" style="word-spacing:-0.0002em;">Earnings used in the calculation of earnings per share </span><span class="stl_366 stl_346 stl_123">(DKK’000):  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.0283em;top:15.1085em;"><span class="stl_365 stl_346 stl_156">10,276  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.7483em;top:15.1085em;"><span class="stl_365 stl_346 stl_23">20,326  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:3.39em;top:16.1385em;"><span class="stl_365 stl_346 stl_13">249,850  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.532em;top:16.1385em;"><span class="stl_365 stl_346 stl_13">249,850  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.3617em;top:16.1385em;"><span class="stl_366 stl_346 stl_113" style="word-spacing:0.0011em;">Average number of shares used to calculate earnings per share (‘000)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.7083em;top:16.1385em;"><span class="stl_365 stl_346 stl_13">249,850  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.4283em;top:16.1385em;"><span class="stl_365 stl_346 stl_13">249,850  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.3617em;top:17.1685em;"><span class="stl_365 stl_346 stl_292" style="word-spacing:0.0021em;">Average number of shares used to calculate  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:3.39em;top:17.9585em;"><span class="stl_365 stl_346 stl_13">249,850  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.532em;top:17.9585em;"><span class="stl_365 stl_346 stl_13">249,850  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.3617em;top:17.9585em;"><span class="stl_365 stl_346 stl_235" style="word-spacing:0.0035em;">diluted </span><span class="stl_366 stl_346 stl_185" style="word-spacing:0.001em;">earnings per share (‘000)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.7083em;top:17.9585em;"><span class="stl_365 stl_346 stl_13">249,850  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.4283em;top:17.9585em;"><span class="stl_365 stl_346 stl_13">249,850  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:20.0185em;"><span class="stl_365 stl_346 stl_329" style="word-spacing:-0.0004em;">The average number of outstanding shares is calculated as the number of days prior to a capital increase multiplied by the number of shares in circulation. If several capital  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:20.8085em;"><span class="stl_365 stl_346 stl_329" style="word-spacing:-0.0007em;">increases are made, the number of days between the capital increases multiplied by the number of shares in circulation during the relevant period is added together. The sum  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:21.601em;"><span class="stl_365 stl_346 stl_347" style="word-spacing:0.0059em;">is divided by 365.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:24.2549em;"><span class="stl_363 stl_346 stl_364">9.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.682em;top:24.2549em;"><span class="stl_363 stl_346 stl_193" style="word-spacing:0.0036em;">PROPERTY, PLANT AND EQUIPMENT  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:26.9548em;"><span class="stl_375 stl_346 stl_193">GROUP  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:29.1548em;"><span class="stl_375 stl_346 stl_61">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:20.4142em;top:29.1548em;"><span class="stl_375 stl_346 stl_88">Investment  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.9958em;top:29.1548em;"><span class="stl_375 stl_346 stl_20">Total  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.4158em;top:29.1548em;"><span class="stl_375 stl_346 stl_116" style="word-spacing:0.0014em;">Plant and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.4283em;top:29.1548em;"><span class="stl_375 stl_346 stl_116" style="word-spacing:-0.0064em;">Total property  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:15.6942em;top:30.0148em;"><span class="stl_375 stl_346 stl_88">Investment  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:20.9942em;top:30.0148em;"><span class="stl_375 stl_346 stl_88">property,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.1458em;top:30.0148em;"><span class="stl_375 stl_346 stl_88">Investment  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.1158em;top:30.0148em;"><span class="stl_375 stl_346 stl_92">machinery  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.4483em;top:30.0148em;"><span class="stl_375 stl_346 stl_20">Total  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.8683em;top:30.0148em;"><span class="stl_375 stl_346 stl_35" style="word-spacing:0.0022em;">plant and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:30.8948em;"><span class="stl_376 stl_346 stl_86">DKK’000  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:16.4642em;top:30.8948em;"><span class="stl_375 stl_346 stl_35">property  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:20.4342em;top:30.8948em;"><span class="stl_375 stl_346 stl_70" style="word-spacing:0.0084em;">right of use  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.9158em;top:30.8948em;"><span class="stl_375 stl_346 stl_35">property  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.8858em;top:30.8948em;"><span class="stl_375 stl_346 stl_70" style="word-spacing:0.0084em;">right of use  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.6183em;top:30.8948em;"><span class="stl_375 stl_346 stl_70" style="word-spacing:0.0084em;">right of use  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.4383em;top:30.8948em;"><span class="stl_375 stl_346 stl_91">equipment  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:33.331em;"><span class="stl_365 stl_346 stl_293" style="word-spacing:0.005em;">Carrying amount at 1 January 2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:16.9842em;top:33.331em;"><span class="stl_365 stl_346 stl_13">144,029  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.0242em;top:33.331em;"><span class="stl_365 stl_346 stl_23">13,825  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4358em;top:33.331em;"><span class="stl_365 stl_346 stl_13">157,854  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.2658em;top:33.331em;"><span class="stl_365 stl_346 stl_78">117  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.2083em;top:33.331em;"><span class="stl_365 stl_346 stl_23">13,942  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.6083em;top:33.331em;"><span class="stl_365 stl_346 stl_13">157,971  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:34.351em;"><span class="stl_365 stl_346 stl_60" style="word-spacing:-0.0003em;">Foreign exchange adjustments  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:17.3042em;top:34.351em;"><span class="stl_365 stl_346 stl_23">11,886  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.3442em;top:34.351em;"><span class="stl_365 stl_346 stl_148">1,251  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.7558em;top:34.351em;"><span class="stl_365 stl_346 stl_23">13,117  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.8958em;top:34.351em;"><span class="stl_365 stl_346 stl_20">9</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.5283em;top:34.351em;"><span class="stl_365 stl_346 stl_148">1,260  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.9283em;top:34.351em;"><span class="stl_365 stl_346 stl_23">13,126  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:35.381em;"><span class="stl_365 stl_346 stl_329" style="word-spacing:0.0012em;">Right of use, depreciation  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:18.7242em;top:35.381em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.4442em;top:35.381em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.1758em;top:35.381em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.2058em;top:35.381em;"><span class="stl_365 stl_346 stl_20">(41)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.9383em;top:35.381em;"><span class="stl_365 stl_346 stl_20">(41)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.6583em;top:35.381em;"><span class="stl_365 stl_346 stl_20">(41)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:36.4127em;"><span class="stl_365 stl_346 stl_123">Additions  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:18.7242em;top:36.4127em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.0242em;top:36.4127em;"><span class="stl_365 stl_346 stl_23">10,275  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.7558em;top:36.4127em;"><span class="stl_365 stl_346 stl_23">10,275  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.8958em;top:36.4127em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.2083em;top:36.4127em;"><span class="stl_365 stl_346 stl_23">10,275  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.9283em;top:36.4127em;"><span class="stl_365 stl_346 stl_23">10,275  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:37.4427em;"><span class="stl_365 stl_346 stl_113">Disposals  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:18.7242em;top:37.4427em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.4442em;top:37.4427em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.1758em;top:37.4427em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.8958em;top:37.4427em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.6283em;top:37.4427em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3483em;top:37.4427em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:38.4726em;"><span class="stl_365 stl_346 stl_123" style="word-spacing:0.004em;">Transfer to inventories (work in progress)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:18.7242em;top:38.4726em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.4442em;top:38.4726em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.1758em;top:38.4726em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.8958em;top:38.4726em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.6283em;top:38.4726em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3483em;top:38.4726em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:39.5027em;"><span class="stl_365 stl_346 stl_113" style="word-spacing:0.0023em;">Shortening the leasing period  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:18.7242em;top:39.5027em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.4442em;top:39.5027em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.1758em;top:39.5027em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.8958em;top:39.5027em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.6283em;top:39.5027em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3483em;top:39.5027em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:40.5327em;"><span class="stl_365 stl_346 stl_226" style="word-spacing:-0.0012em;">Enhancement costs  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:17.6242em;top:40.5327em;"><span class="stl_365 stl_346 stl_148">3,608  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.4442em;top:40.5327em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.0758em;top:40.5327em;"><span class="stl_365 stl_346 stl_148">3,608  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.8958em;top:40.5327em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.6283em;top:40.5327em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.2483em;top:40.5327em;"><span class="stl_365 stl_346 stl_148">3,608  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:41.5627em;"><span class="stl_365 stl_346 stl_316" style="word-spacing:0.0002em;">Revaluation to market value  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:17.3042em;top:41.5627em;"><span class="stl_365 stl_346 stl_23">11,541  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.4342em;top:41.5627em;"><span class="stl_365 stl_346 stl_84">(112)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.7558em;top:41.5627em;"><span class="stl_365 stl_346 stl_23">11,429  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.8958em;top:41.5627em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.6183em;top:41.5627em;"><span class="stl_365 stl_346 stl_84">(112)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.9283em;top:41.5627em;"><span class="stl_365 stl_346 stl_23">11,429  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:42.7226em;"><span class="stl_362 stl_346 stl_111" style="word-spacing:-0.0025em;">Carrying amount at 31 December 2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:16.9842em;top:42.7226em;"><span class="stl_362 stl_346 stl_148">171,044  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.0142em;top:42.7226em;"><span class="stl_362 stl_346 stl_61">25,239  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4358em;top:42.7226em;"><span class="stl_362 stl_346 stl_58">196,283  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.5858em;top:42.7226em;"><span class="stl_362 stl_346 stl_78">85  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.1983em;top:42.7226em;"><span class="stl_362 stl_346 stl_61">25,324  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.6083em;top:42.7226em;"><span class="stl_362 stl_346 stl_148">196,368  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:43.8727em;"><span class="stl_366 stl_346 stl_60" style="word-spacing:0.0015em;">*Unrealised revaluation to marked value amounts to DKK’000 11,429.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:47.1465em;"><span class="stl_375 stl_346 stl_61">2022  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:20.4142em;top:47.1465em;"><span class="stl_375 stl_346 stl_88">Investment  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.9958em;top:47.1465em;"><span class="stl_375 stl_346 stl_20">Total  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.4158em;top:47.1465em;"><span class="stl_375 stl_346 stl_116" style="word-spacing:0.0014em;">Plant and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.4283em;top:47.1465em;"><span class="stl_375 stl_346 stl_116" style="word-spacing:-0.0064em;">Total property  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:15.6942em;top:48.0165em;"><span class="stl_375 stl_346 stl_88">Investment  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:20.9942em;top:48.0165em;"><span class="stl_375 stl_346 stl_88">property,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.1458em;top:48.0165em;"><span class="stl_375 stl_346 stl_88">Investment  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.1158em;top:48.0165em;"><span class="stl_375 stl_346 stl_92">machinery  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.4483em;top:48.0165em;"><span class="stl_375 stl_346 stl_20">Total  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.8683em;top:48.0165em;"><span class="stl_375 stl_346 stl_35" style="word-spacing:0.0022em;">plant and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:48.8865em;"><span class="stl_376 stl_346 stl_86">DKK’000  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:16.4642em;top:48.8865em;"><span class="stl_375 stl_346 stl_35">property  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:20.4342em;top:48.8865em;"><span class="stl_375 stl_346 stl_70" style="word-spacing:0.0084em;">right of use  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.9158em;top:48.8865em;"><span class="stl_375 stl_346 stl_35">property  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.8858em;top:48.8865em;"><span class="stl_375 stl_346 stl_70" style="word-spacing:0.0084em;">right of use  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.6183em;top:48.8865em;"><span class="stl_375 stl_346 stl_70" style="word-spacing:0.0084em;">right of use  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.4383em;top:48.8865em;"><span class="stl_375 stl_346 stl_91">equipment  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:51.3252em;"><span class="stl_365 stl_346 stl_293" style="word-spacing:0.005em;">Carrying amount at 1 January 2022  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:16.9842em;top:51.3252em;"><span class="stl_365 stl_346 stl_13">120,635  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.0242em;top:51.3252em;"><span class="stl_365 stl_346 stl_23">16,522  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4358em;top:51.3252em;"><span class="stl_365 stl_346 stl_13">137,157  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.2658em;top:51.3252em;"><span class="stl_365 stl_346 stl_78">165  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.2083em;top:51.3252em;"><span class="stl_365 stl_346 stl_23">16,687  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.6083em;top:51.3252em;"><span class="stl_365 stl_346 stl_13">137,322  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:52.3552em;"><span class="stl_365 stl_346 stl_60" style="word-spacing:-0.0003em;">Foreign exchange adjustments  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:17.2442em;top:52.3552em;"><span class="stl_365 stl_346 stl_23">(2,252)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.4342em;top:52.3552em;"><span class="stl_365 stl_346 stl_84">(299)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.6958em;top:52.3552em;"><span class="stl_365 stl_346 stl_23">(2,551)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.5158em;top:52.3552em;"><span class="stl_365 stl_346 stl_20">(3)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.6183em;top:52.3552em;"><span class="stl_365 stl_346 stl_84">(302)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.8683em;top:52.3552em;"><span class="stl_365 stl_346 stl_23">(2,554)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:53.3852em;"><span class="stl_365 stl_346 stl_329" style="word-spacing:0.0012em;">Right of use, depreciation  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:18.7242em;top:53.3852em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.4442em;top:53.3852em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.1758em;top:53.3852em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.2058em;top:53.3852em;"><span class="stl_365 stl_346 stl_20">(28)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.9383em;top:53.3852em;"><span class="stl_365 stl_346 stl_20">(28)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.6583em;top:53.3852em;"><span class="stl_365 stl_346 stl_20">(28)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:54.4152em;"><span class="stl_365 stl_346 stl_123">Additions  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:18.7242em;top:54.4152em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.4442em;top:54.4152em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.1758em;top:54.4152em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.8958em;top:54.4152em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.6283em;top:54.4152em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3483em;top:54.4152em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:55.4451em;"><span class="stl_365 stl_346 stl_113">Disposals  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:18.7242em;top:55.4451em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.4442em;top:55.4451em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.1758em;top:55.4451em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.2058em;top:55.4451em;"><span class="stl_365 stl_346 stl_20">(17)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.9383em;top:55.4451em;"><span class="stl_365 stl_346 stl_20">(17)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.6583em;top:55.4451em;"><span class="stl_365 stl_346 stl_20">(17)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:56.4752em;"><span class="stl_365 stl_346 stl_123" style="word-spacing:0.004em;">Transfer to inventories (work in progress)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:16.9342em;top:56.4752em;"><span class="stl_365 stl_346 stl_18">(4,655)*  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.4442em;top:56.4752em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.6958em;top:56.4752em;"><span class="stl_365 stl_346 stl_23">(4,655)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.8958em;top:56.4752em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.6283em;top:56.4752em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.8683em;top:56.4752em;"><span class="stl_365 stl_346 stl_23">(4,655)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:57.5052em;"><span class="stl_365 stl_346 stl_113" style="word-spacing:0.0023em;">Shortening the leasing period  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:18.7242em;top:57.5052em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.9642em;top:57.5052em;"><span class="stl_365 stl_346 stl_23">(2,446)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.6958em;top:57.5052em;"><span class="stl_365 stl_346 stl_23">(2,446)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.8958em;top:57.5052em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.1483em;top:57.5052em;"><span class="stl_365 stl_346 stl_23">(2,446)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.8683em;top:57.5052em;"><span class="stl_365 stl_346 stl_23">(2,446)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:58.5351em;"><span class="stl_365 stl_346 stl_226" style="word-spacing:-0.0012em;">Enhancement costs  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:17.6242em;top:58.5351em;"><span class="stl_365 stl_346 stl_148">5,024  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.4442em;top:58.5351em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.0758em;top:58.5351em;"><span class="stl_365 stl_346 stl_148">5,024  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.8958em;top:58.5351em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.6283em;top:58.5351em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.2483em;top:58.5351em;"><span class="stl_365 stl_346 stl_148">5,024  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:59.5552em;"><span class="stl_365 stl_346 stl_316" style="word-spacing:0.0002em;">Revaluation to market value  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:17.3042em;top:59.5552em;"><span class="stl_365 stl_346 stl_23">25,277  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.1342em;top:59.5552em;"><span class="stl_365 stl_346 stl_78">48  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.7558em;top:59.5552em;"><span class="stl_365 stl_346 stl_23">25,325  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.8958em;top:59.5552em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.3183em;top:59.5552em;"><span class="stl_365 stl_346 stl_78">48  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.9283em;top:59.5552em;"><span class="stl_365 stl_346 stl_23">25,325  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:60.7152em;"><span class="stl_362 stl_346 stl_111" style="word-spacing:-0.0025em;">Carrying amount at 31 December 2022  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:16.9842em;top:60.7152em;"><span class="stl_362 stl_346 stl_148">144,029  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.0142em;top:60.7152em;"><span class="stl_362 stl_346 stl_61">13,825  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4358em;top:60.7152em;"><span class="stl_362 stl_346 stl_148">157,854  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.2658em;top:60.7152em;"><span class="stl_362 stl_346 stl_78">117  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.1983em;top:60.7152em;"><span class="stl_362 stl_346 stl_61">13,942  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.6083em;top:60.7152em;"><span class="stl_362 stl_346 stl_148">157,971  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:61.8648em;"><span class="stl_365 stl_346 stl_285" style="word-spacing:-0.002em;">*The fair value of one of the plots has been transferred to inventories (work in progress) in connection with the commencement of a development project.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:62.8948em;"><span class="stl_366 stl_346 stl_60" style="word-spacing:0.0015em;">*Unrealised revaluation to marked value amounts to DKK’000 25,325.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:5.9768em;"><span class="stl_365 stl_346 stl_235" style="word-spacing:-0.0145em;">The Polish properties have an assessed value of DKK 196,368 thousand, of which DKK 170,894 thousand is the real estate in Warsaw, DKK 150 thousand is a land plot in Blichowo  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:6.7685em;"><span class="stl_365 stl_346 stl_131" style="word-spacing:-0.0161em;">and DKK 25,324 thousand is right of use resulting from the application of IFRS 16. The value of the real estate in Warsaw is supported by an external valuation report received in  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:7.5585em;"><span class="stl_365 stl_346 stl_103" style="word-spacing:0.0196em;">December 2023, prepared by a leading international estate agent in Warsaw. The value of the land plot in Blichowo has been assessed </span><span class="stl_366 stl_346 stl_58" style="word-spacing:0.0162em;">by the company’s management using a  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:8.3585em;"><span class="stl_365 stl_346 stl_103" style="word-spacing:-0.0042em;">comparative method.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:9.3785em;"><span class="stl_366 stl_346 stl_329" style="word-spacing:0.0096em;">The value of the real estate in Warsaw represents the estate agent’s assessment of the current fair value. In addition to the </span><span class="stl_365 stl_346 stl_257" style="word-spacing:0.0132em;">general price level in the market, the assessment is  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:10.1785em;"><span class="stl_365 stl_346 stl_329" style="word-spacing:-0.033em;">based on these main assumptions: the present use of the property, the state of the buildings, the percentage of ownership, the income generated by the property and the zoning  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:10.9685em;"><span class="stl_365 stl_346 stl_103" style="word-spacing:0.1218em;">of the area. Any changes to these, particularly the percentage of ownership (i.e. the positive or negative resolution of form</span><span class="stl_366 stl_346 stl_58" style="word-spacing:0.1193em;">er owners’ claims), changes in zo</span><span class="stl_365 stl_346 stl_113" style="word-spacing:0.1309em;">ning (e.g. to  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:11.7585em;"><span class="stl_365 stl_346 stl_329" style="word-spacing:0.0007em;">residential) and the general price development of similar properties in the area, could favourably or adversely impact the property valuation.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:12.7485em;"><span class="stl_365 stl_346 stl_316" style="word-spacing:0.0001em;">For the valuation purposes, the property was divided into four groups: internal roads, industrial schemes (buildings), development land and plots designated for external roads.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:14.5385em;"><span class="stl_365 stl_346 stl_185" style="word-spacing:0.0313em;">For the purpose of the valuation of internal roads, development land and external roads, a comparative approach has been used whereby recent sales are used to determine  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:15.2985em;"><span class="stl_365 stl_346 stl_103" style="word-spacing:-0.0313em;">the likely value of the subject. This approach assumes that the variation in prices between at least three comparable properties can be explained by differences in their individual  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:16.0685em;"><span class="stl_365 stl_346 stl_63" style="word-spacing:0.0482em;">attributes such as location, surroundings, accessibility, development potential, etc. The influence of each of these attributes on the value is assigned a percentage weighting,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:16.8285em;"><span class="stl_365 stl_346 stl_226" style="word-spacing:0.0089em;">and the characteristics of each comparable and the subject are then rated, typically from 1</span><span class="stl_366 stl_346 stl_243">–</span><span class="stl_365 stl_346 stl_257" style="word-spacing:0.0135em;">5, from very good to very poor. The price of each comparable is adjusted according  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:17.5885em;"><span class="stl_365 stl_346 stl_285" style="word-spacing:-0.0005em;">to how it differs from the subject, with the resulting adjusted av</span><span class="stl_366 stl_346 stl_111" style="word-spacing:-0.002em;">erage price from the comparables taken as providing a reasonable indication of the subject’s value.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:19.1185em;"><span class="stl_365 stl_346 stl_111" style="word-spacing:0.0271em;">Industrial buildings are valued using an earnings-based approach based on normal earnings. Income from each lessee is expected to be generated for as long as the lease is in  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:19.8785em;"><span class="stl_365 stl_346 stl_193" style="word-spacing:-0.0158em;">force or until the first time it may be terminated if considered advantageous. Thereafter, income is expected to continue to be generated at market rent. Adjustments are made  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:20.6385em;"><span class="stl_365 stl_346 stl_185" style="word-spacing:0.0012em;">for lost rental income, fitting-out deposits and unobtainable running costs. Market rents applied range from DKK 63.5 per sqm for ordinary warehouses (22,036 sqm), DKK 72.1  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:21.411em;"><span class="stl_365 stl_346 stl_285" style="word-spacing:-0.0015em;">per sqm for offices (4,081 sqm), small business units DKK 85,9 (3,340 sqm) and DKK 103.1 per sqm for self-storage boxes (1,447 sqm).  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:22.931em;"><span class="stl_365 stl_346 stl_111" style="word-spacing:0.0329em;">For the purpose of the valuation of the industrial buildings, an equivalent yield approach has been used. An equivalent yield is defined in the Glossary of Property Terms (2nd  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:23.701em;"><span class="stl_366 stl_346 stl_185" style="word-spacing:0.043em;">edition), published by Estates Gazette, as “the constant capitalisation rate app</span><span class="stl_365 stl_346 stl_329" style="word-spacing:0.0459em;">lied to all cash flows, that is, the internal rate of return from an investment property reflecting  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:24.461em;"><span class="stl_365 stl_346 stl_111" style="word-spacing:0.016em;">reversions to current market rent, and such items as voids and expenditures, but disregarding potential changes in market rents. Conventionally calculated on a nominal basis,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:25.221em;"><span class="stl_366 stl_346 stl_316" style="word-spacing:0.0026em;">assuming that rents are receivable/payable annually in arrears”.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:26.751em;"><span class="stl_365 stl_346 stl_160" style="word-spacing:0.0464em;">The required rates of return which have been set are an important factor in estimating the fair values. An equivalent yield of 12% was adopted (in 2022 between 10.9% and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:27.511em;"><span class="stl_365 stl_346 stl_113" style="word-spacing:-0.0374em;">11.55%), which reflects the risks associated with a normal ownership or usufruct interest property including open-ended lease agreements and the physical state of the particular  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:28.271em;"><span class="stl_365 stl_346 stl_347" style="word-spacing:0.0314em;">buildings. Using the equivalent yield mentioned above, a value of the subject was obtained reflecting an initial yield of 12.3% (in 2022 between 9.79% and 13.47%) and a final  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:29.041em;"><span class="stl_365 stl_346 stl_58" style="word-spacing:-0.0034em;">yield of 13.4% (in 2022 between 12.06% and 12.99%).  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:30.561em;"><span class="stl_365 stl_346 stl_329" style="word-spacing:0.0026em;">Other assumptions:  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:31.331em;"><span class="stl_365 stl_346 stl_329" style="word-spacing:0.0014em;">Short-term leases: assumed to expire after their notice periods  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:32.091em;"><span class="stl_365 stl_346 stl_316" style="word-spacing:0.0009em;">Letting voids: 24 months for offices / 12 for warehouse &amp; production space  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:32.851em;"><span class="stl_365 stl_346 stl_60" style="word-spacing:0.002em;">Reletting voids: 10 months for offices / 5 for warehouse &amp; production space and SBU units  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:33.611em;"><span class="stl_365 stl_346 stl_63" style="word-spacing:-0.0013em;">No fit-out contributions  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:34.381em;"><span class="stl_365 stl_346 stl_316" style="word-spacing:0.0065em;">Letting fees: 16.5%  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:35.141em;"><span class="stl_365 stl_346 stl_103" style="word-spacing:-0.0052em;">No rent-free periods and empty service charge  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:35.901em;"><span class="stl_365 stl_346 stl_113" style="word-spacing:0.0017em;">Irrecoverable operating costs DKK 6.4 million (including property tax, perpetual usufruct fee, security, insurance, cost of the utilities based on the operating cost budget, plus  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:36.6727em;"><span class="stl_365 stl_346 stl_226" style="word-spacing:-0.0008em;">management fee of 2% of market rent)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:37.4327em;"><span class="stl_365 stl_346 stl_111" style="word-spacing:0.0001em;">Capital expenditure of DKK 1.7 million  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:38.9527em;"><span class="stl_365 stl_346 stl_292" style="word-spacing:0.0031em;">In the case of properties for which the company is not entered in the land and mortgage register as a perpetual usufructuary or owner due to claims or protracted  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:39.7226em;"><span class="stl_365 stl_346 stl_111" style="word-spacing:-0.0007em;">administrative proceedings, the value is further reduced by 20% due to the risk that such claims will be accommodated and due to the expenses associated with the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:40.4827em;"><span class="stl_365 stl_346 stl_160" style="word-spacing:-0.0078em;">transitional phase.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:21.2949em;"><span class="stl_363 stl_346 stl_364">9.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.682em;top:21.2949em;"><span class="stl_363 stl_346 stl_193" style="word-spacing:0.0022em;">PROPERTY, PLANT AND EQUIPMENT (CONTINUED)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:23.951em;"><span class="stl_362 stl_346 stl_123" style="word-spacing:0.0031em;">Direct operating expenses arising from investment property  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.29em;top:25.9748em;"><span class="stl_375 stl_346 stl_88" style="word-spacing:-0.014em;">PARENT COMPANY  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.8683em;top:25.9748em;"><span class="stl_375 stl_346 stl_193">GROUP  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.01em;top:27.3248em;"><span class="stl_375 stl_346 stl_78">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:8.152em;top:27.3248em;"><span class="stl_375 stl_346 stl_20">2022  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.3617em;top:27.3248em;"><span class="stl_375 stl_346 stl_92">DKK'000  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.3283em;top:27.3248em;"><span class="stl_375 stl_346 stl_61">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.0483em;top:27.3248em;"><span class="stl_375 stl_346 stl_61">2022  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:5.132em;top:29.761em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:9.2717em;top:29.761em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.3617em;top:29.761em;"><span class="stl_365 stl_346 stl_347" style="word-spacing:0.0051em;">Direct operating expenses (including repairs and maintenance) arising from  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.3483em;top:29.761em;"><span class="stl_365 stl_346 stl_148">6,397  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.0683em;top:29.761em;"><span class="stl_365 stl_346 stl_148">6,946  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.3617em;top:30.791em;"><span class="stl_365 stl_346 stl_316" style="word-spacing:0.0005em;">investment property that generated rental income during the period  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:5.132em;top:31.821em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:9.2717em;top:31.821em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.3617em;top:31.821em;"><span class="stl_365 stl_346 stl_292" style="word-spacing:0.0044em;">Direct operating expenses (including repairs and maintenance) arising from investment  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.8183em;top:31.821em;"><span class="stl_365 stl_346 stl_78">233  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.5383em;top:31.821em;"><span class="stl_365 stl_346 stl_78">671  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.3617em;top:32.851em;"><span class="stl_365 stl_346 stl_113" style="word-spacing:-0.0003em;">property that did not generate rental income during the period  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:5.132em;top:34.001em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:9.2717em;top:34.001em;"><span class="stl_362 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.3617em;top:34.001em;"><span class="stl_362 stl_346 stl_123" style="word-spacing:0.0031em;">Direct operating expenses arising from investment property  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.3383em;top:34.001em;"><span class="stl_362 stl_346 stl_116">6,630  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.0583em;top:34.001em;"><span class="stl_362 stl_346 stl_116">7,617  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:38.8365em;"><span class="stl_363 stl_346 stl_364">9.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.682em;top:38.8365em;"><span class="stl_363 stl_346 stl_193" style="word-spacing:0.0022em;">PROPERTY, PLANT AND EQUIPMENT (CONTINUED)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:40.4627em;"><span class="stl_362 stl_346 stl_185" style="word-spacing:-0.0059em;">Amounts of minimum lease payments at balance sheet date under non-cancellable operating leases</span><span class="stl_365 stl_346 stl_185" style="word-spacing:-0.0059em;">.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.29em;top:42.4965em;"><span class="stl_375 stl_346 stl_88" style="word-spacing:-0.014em;">PARENT COMPANY  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.8683em;top:42.4965em;"><span class="stl_375 stl_346 stl_193">GROUP  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.01em;top:43.8365em;"><span class="stl_375 stl_346 stl_78">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:8.152em;top:43.8365em;"><span class="stl_375 stl_346 stl_20">2022  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.3617em;top:43.8365em;"><span class="stl_375 stl_346 stl_92">DKK'000  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.3283em;top:43.8365em;"><span class="stl_375 stl_346 stl_61">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.0483em;top:43.8365em;"><span class="stl_375 stl_346 stl_61">2022  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.3617em;top:46.2726em;"><span class="stl_365 stl_346 stl_53" style="word-spacing:0.0043em;">Operating lease payments may be specified as follows:  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:5.132em;top:47.3026em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:9.2717em;top:47.3026em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.3617em;top:47.3026em;"><span class="stl_365 stl_346 stl_185" style="word-spacing:0.0026em;">Within 1 year  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.3483em;top:47.3026em;"><span class="stl_365 stl_346 stl_70">6,217  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.0683em;top:47.3026em;"><span class="stl_365 stl_346 stl_148">6,063  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:5.132em;top:48.3327em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:9.2717em;top:48.3327em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.3617em;top:48.3327em;"><span class="stl_365 stl_346 stl_112" style="word-spacing:0.0053em;">Between 1 and 5 years  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.1383em;top:48.3327em;"><span class="stl_365 stl_346 stl_78">80  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.5383em;top:48.3327em;"><span class="stl_365 stl_346 stl_78">895  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:5.132em;top:49.4927em;"><span class="stl_362 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:9.2717em;top:49.4927em;"><span class="stl_362 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.3617em;top:49.4927em;"><span class="stl_362 stl_346 stl_53">Total  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.3383em;top:49.4927em;"><span class="stl_362 stl_346 stl_88">6,297  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.0583em;top:49.4927em;"><span class="stl_362 stl_346 stl_116">6,958  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:51.6751em;"><span class="stl_365 stl_346 stl_329" style="word-spacing:0.0004em;">For agreements with tenants for an indefinite period, the above figures represent the aggregate rental income from leasing agreements within their notice periods. For  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:52.4652em;"><span class="stl_365 stl_346 stl_185" style="word-spacing:-0.0029em;">agreements with tenants for a definite period, the above figures represent the aggregate rental until the end of the agreement.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:63.7087em;"><span class="stl_363 stl_346 stl_90" style="word-spacing:0.8704em;">14. CASH</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:6.942em;top:63.7087em;"><span class="stl_363 stl_346 stl_160" style="word-spacing:-0.0014em;">AND CASH EQUIVALENTS AS PER THE CASH FLOW STATEMENT  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:66.1087em;"><span class="stl_371 stl_346 stl_70" style="word-spacing:0.0505em;">The Group's cash and cash equivalents primarily consist of bank deposits. No credit risk is deemed to be associated with cash and cash equivalents. Bank deposits  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:66.9187em;"><span class="stl_371 stl_346 stl_226" style="word-spacing:0.005em;">carry floating rates of interest. The carrying amount equals the fair value of the assets.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:6.8404em;"><span class="stl_371 stl_346 stl_18" style="word-spacing:0.0281em;">The Company has limited access to the funds in question by releasing the funds as the construction work on the Project progresses. In addition, the funds released  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:7.6604em;"><span class="stl_371 stl_346 stl_23" style="word-spacing:-0.0007em;">may only be used to repay the development loan as long as the loan has not been repaid.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:8.7104em;"><span class="stl_371 stl_346 stl_148" style="word-spacing:0.0016em;">As at 31.12.2023 the cash and cash equivalents for the Group was DKK 12.1 million, out of which DKK 6.0 million was in an escrow account related to advance  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:9.5204em;"><span class="stl_371 stl_346 stl_193" style="word-spacing:0.0001em;">payments made by the buyers of apartments to which the Group had no access as at 31.12.2023.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:20.2124em;"><span class="stl_363 stl_346 stl_184" style="word-spacing:0.8719em;">18. CHANGES</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:8.570em;top:20.2124em;"><span class="stl_363 stl_346 stl_70" style="word-spacing:0.0003em;">IN LIABILITIES ARISING FROM FINANCING ACTIVITIES  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:22.9048em;"><span class="stl_375 stl_346 stl_193">GROUP  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:24.2448em;"><span class="stl_375 stl_346 stl_61">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:20.9142em;top:24.2448em;"><span class="stl_375 stl_346 stl_92" style="word-spacing:0.0011em;">Cash flow  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.6458em;top:24.2448em;"><span class="stl_375 stl_346 stl_92" style="word-spacing:0.0011em;">Cash flow  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.1983em;top:24.2448em;"><span class="stl_375 stl_346 stl_61">Non-cash  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:16.1342em;top:25.1048em;"><span class="stl_375 stl_346 stl_90">Beginning  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.0742em;top:25.1048em;"><span class="stl_375 stl_346 stl_67">Proceeds  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.1158em;top:25.1048em;"><span class="stl_375 stl_346 stl_115">Repayment  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.4658em;top:25.1048em;"><span class="stl_375 stl_346 stl_61">Non-cash  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.1783em;top:25.1048em;"><span class="stl_375 stl_346 stl_115">Exchange  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:25.9848em;"><span class="stl_376 stl_346 stl_86">DKK’000  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:16.9842em;top:25.9848em;"><span class="stl_375 stl_346 stl_52" style="word-spacing:0.0002em;">of year  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:20.6042em;top:25.9848em;"><span class="stl_375 stl_346 stl_13" style="word-spacing:0.005em;">from loans  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.1658em;top:25.9848em;"><span class="stl_375 stl_346 stl_23" style="word-spacing:0.0071em;">of loans  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.5058em;top:25.9848em;"><span class="stl_375 stl_346 stl_114">Other  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.5783em;top:25.9848em;"><span class="stl_375 stl_346 stl_116" style="word-spacing:0.0038em;">rate adjust.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.3483em;top:25.9848em;"><span class="stl_375 stl_346 stl_89" style="word-spacing:0.003em;">End of year  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:28.421em;"><span class="stl_365 stl_346 stl_292" style="word-spacing:-0.0022em;">Lease liabilities  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:18.0942em;top:28.421em;"><span class="stl_365 stl_346 stl_78">118  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.4442em;top:28.421em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.4858em;top:28.421em;"><span class="stl_365 stl_346 stl_20">(57)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.5858em;top:28.421em;"><span class="stl_365 stl_346 stl_78">14  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.6283em;top:28.421em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.0383em;top:28.421em;"><span class="stl_365 stl_346 stl_78">75  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:29.451em;"><span class="stl_365 stl_346 stl_226" style="word-spacing:0.0064em;">Bank loans (overdraft)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:17.6242em;top:29.451em;"><span class="stl_365 stl_346 stl_148">1,033  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.8142em;top:29.451em;"><span class="stl_365 stl_346 stl_78">860  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.6958em;top:29.451em;"><span class="stl_365 stl_346 stl_23">(1,915)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.5858em;top:29.451em;"><span class="stl_365 stl_346 stl_78">38  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.6283em;top:29.451em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.0383em;top:29.451em;"><span class="stl_365 stl_346 stl_78">16  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:30.481em;"><span class="stl_365 stl_346 stl_292" style="word-spacing:0.0079em;">Bank loans (development)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:18.7242em;top:30.481em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.3442em;top:30.481em;"><span class="stl_365 stl_346 stl_148">2,187  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.1758em;top:30.481em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.7958em;top:30.481em;"><span class="stl_365 stl_346 stl_148">1,005  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.9983em;top:30.481em;"><span class="stl_365 stl_346 stl_78">147  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.2483em;top:30.481em;"><span class="stl_365 stl_346 stl_148">3,339  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:31.631em;"><span class="stl_362 stl_346 stl_316" style="word-spacing:0.0108em;">Total financial liabilities  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:17.6142em;top:31.631em;"><span class="stl_362 stl_346 stl_116">1,151  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.3342em;top:31.631em;"><span class="stl_362 stl_346 stl_116">3,047  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.6758em;top:31.631em;"><span class="stl_362 stl_346 stl_160">(1,972)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.7858em;top:31.631em;"><span class="stl_362 stl_346 stl_116">1,057  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.9983em;top:31.631em;"><span class="stl_362 stl_346 stl_78">147  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.2383em;top:31.631em;"><span class="stl_362 stl_346 stl_116">3,430  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:35.0348em;"><span class="stl_375 stl_346 stl_61">2022  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:20.9142em;top:35.0348em;"><span class="stl_375 stl_346 stl_92" style="word-spacing:0.0011em;">Cash flow  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.6458em;top:35.0348em;"><span class="stl_375 stl_346 stl_92" style="word-spacing:0.0011em;">Cash flow  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.1983em;top:35.0348em;"><span class="stl_375 stl_346 stl_61">Non-cash  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:16.1342em;top:35.9065em;"><span class="stl_375 stl_346 stl_90">Beginning  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.0742em;top:35.9065em;"><span class="stl_375 stl_346 stl_67">Proceeds  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.1158em;top:35.9065em;"><span class="stl_375 stl_346 stl_115">Repayment  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.4658em;top:35.9065em;"><span class="stl_375 stl_346 stl_61">Non-cash  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.1783em;top:35.9065em;"><span class="stl_375 stl_346 stl_115">Exchange  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:36.7765em;"><span class="stl_376 stl_346 stl_86">DKK’000  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:16.9842em;top:36.7765em;"><span class="stl_375 stl_346 stl_52" style="word-spacing:0.0002em;">of year  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:20.6042em;top:36.7765em;"><span class="stl_375 stl_346 stl_13" style="word-spacing:0.005em;">from loans  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.1658em;top:36.7765em;"><span class="stl_375 stl_346 stl_23" style="word-spacing:0.0071em;">of loans  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.5058em;top:36.7765em;"><span class="stl_375 stl_346 stl_114">Other  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.5783em;top:36.7765em;"><span class="stl_375 stl_346 stl_116" style="word-spacing:0.0038em;">rate adjust.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.3483em;top:36.7765em;"><span class="stl_375 stl_346 stl_89" style="word-spacing:0.003em;">End of year  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:39.2127em;"><span class="stl_365 stl_346 stl_292" style="word-spacing:-0.0022em;">Lease liabilities  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:18.0942em;top:39.2127em;"><span class="stl_365 stl_346 stl_78">172  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.4442em;top:39.2127em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.4858em;top:39.2127em;"><span class="stl_365 stl_346 stl_20">(32)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.2058em;top:39.2127em;"><span class="stl_365 stl_346 stl_20">(22)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.6283em;top:39.2127em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.7183em;top:39.2127em;"><span class="stl_365 stl_346 stl_78">118  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:40.2427em;"><span class="stl_365 stl_346 stl_316" style="word-spacing:0.0071em;">Bank loans  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:18.0942em;top:40.2427em;"><span class="stl_365 stl_346 stl_78">976  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.4442em;top:40.2427em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.1758em;top:40.2427em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.5858em;top:40.2427em;"><span class="stl_365 stl_346 stl_78">57  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.6283em;top:40.2427em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.2483em;top:40.2427em;"><span class="stl_365 stl_346 stl_148">1,033  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:41.4027em;"><span class="stl_362 stl_346 stl_316" style="word-spacing:0.0101em;">Total financial liabilities  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:17.6142em;top:41.4027em;"><span class="stl_362 stl_346 stl_116">1,148  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.4442em;top:41.4027em;"><span class="stl_362 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.4758em;top:41.4027em;"><span class="stl_362 stl_346 stl_329">(32)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.5858em;top:41.4027em;"><span class="stl_362 stl_346 stl_78">35  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.6283em;top:41.4027em;"><span class="stl_362 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.2383em;top:41.4027em;"><span class="stl_362 stl_346 stl_116">1,151  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:44.7265em;"><span class="stl_375 stl_346 stl_88" style="word-spacing:-0.014em;">PARENT COMPANY  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:46.0665em;"><span class="stl_375 stl_346 stl_61">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:20.9142em;top:46.0665em;"><span class="stl_375 stl_346 stl_92" style="word-spacing:0.0011em;">Cash flow  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.6458em;top:46.0665em;"><span class="stl_375 stl_346 stl_92" style="word-spacing:0.0011em;">Cash flow  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.1983em;top:46.0665em;"><span class="stl_375 stl_346 stl_61">Non-cash  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:16.1342em;top:46.9265em;"><span class="stl_375 stl_346 stl_90">Beginning  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.0742em;top:46.9265em;"><span class="stl_375 stl_346 stl_67">Proceeds  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.1158em;top:46.9265em;"><span class="stl_375 stl_346 stl_115">Repayment  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.4658em;top:46.9265em;"><span class="stl_375 stl_346 stl_61">Non-cash  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.1783em;top:46.9265em;"><span class="stl_375 stl_346 stl_115">Exchange  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:47.8065em;"><span class="stl_376 stl_346 stl_86">DKK’000  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:16.9842em;top:47.8065em;"><span class="stl_375 stl_346 stl_52" style="word-spacing:0.0002em;">of year  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:20.6042em;top:47.8065em;"><span class="stl_375 stl_346 stl_13" style="word-spacing:0.005em;">from loans  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.1658em;top:47.8065em;"><span class="stl_375 stl_346 stl_23" style="word-spacing:0.0071em;">of loans  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.5058em;top:47.8065em;"><span class="stl_375 stl_346 stl_114">Other  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.5783em;top:47.8065em;"><span class="stl_375 stl_346 stl_116" style="word-spacing:0.0038em;">rate adjust.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.3483em;top:47.8065em;"><span class="stl_375 stl_346 stl_89" style="word-spacing:0.003em;">End of year  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:50.2327em;"><span class="stl_365 stl_346 stl_113" style="word-spacing:0.0011em;">Loans from subsidiaries  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:17.3042em;top:50.2327em;"><span class="stl_365 stl_346 stl_23">30,559  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.3442em;top:50.2327em;"><span class="stl_365 stl_346 stl_148">3,578  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.1758em;top:50.2327em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.7958em;top:50.2327em;"><span class="stl_365 stl_346 stl_148">1,394  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.5283em;top:50.2327em;"><span class="stl_365 stl_346 stl_148">2,773  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.9283em;top:50.2327em;"><span class="stl_365 stl_346 stl_23">38,304  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:51.2652em;"><span class="stl_365 stl_346 stl_226" style="word-spacing:0.0091em;">Bank loans (overdraft)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:17.6242em;top:51.2652em;"><span class="stl_365 stl_346 stl_148">1,033  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.8142em;top:51.2652em;"><span class="stl_365 stl_346 stl_78">860  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.6958em;top:51.2652em;"><span class="stl_365 stl_346 stl_23">(1,915)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.5858em;top:51.2652em;"><span class="stl_365 stl_346 stl_78">38  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.6283em;top:51.2652em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.0383em;top:51.2652em;"><span class="stl_365 stl_346 stl_78">16  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:52.4251em;"><span class="stl_362 stl_346 stl_58">Loans  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:17.2942em;top:52.4251em;"><span class="stl_362 stl_346 stl_61">31,592  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.3342em;top:52.4251em;"><span class="stl_362 stl_346 stl_116">4,438  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.6758em;top:52.4251em;"><span class="stl_362 stl_346 stl_160">(1,915)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.7858em;top:52.4251em;"><span class="stl_362 stl_346 stl_116">1,432  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.5183em;top:52.4251em;"><span class="stl_362 stl_346 stl_116">2,773  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.9183em;top:52.4251em;"><span class="stl_362 stl_346 stl_61">38,320  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:55.829em;"><span class="stl_375 stl_346 stl_61">2022  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:20.9142em;top:55.829em;"><span class="stl_375 stl_346 stl_92" style="word-spacing:0.0011em;">Cash flow  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.6458em;top:55.829em;"><span class="stl_375 stl_346 stl_92" style="word-spacing:0.0011em;">Cash flow  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.1983em;top:55.829em;"><span class="stl_375 stl_346 stl_61">Non-cash  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:16.1342em;top:56.689em;"><span class="stl_375 stl_346 stl_90">Beginning  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.0742em;top:56.689em;"><span class="stl_375 stl_346 stl_67">Proceeds  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.1158em;top:56.689em;"><span class="stl_375 stl_346 stl_115">Repayment  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.4658em;top:56.689em;"><span class="stl_375 stl_346 stl_61">Non-cash  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.1783em;top:56.689em;"><span class="stl_375 stl_346 stl_115">Exchange  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:57.569em;"><span class="stl_376 stl_346 stl_86">DKK’000  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:16.9842em;top:57.569em;"><span class="stl_375 stl_346 stl_52" style="word-spacing:0.0002em;">of year  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:20.6042em;top:57.569em;"><span class="stl_375 stl_346 stl_13" style="word-spacing:0.005em;">from loans  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.1658em;top:57.569em;"><span class="stl_375 stl_346 stl_23" style="word-spacing:0.0071em;">of loans  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.5058em;top:57.569em;"><span class="stl_375 stl_346 stl_114">Other  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.5783em;top:57.569em;"><span class="stl_375 stl_346 stl_116" style="word-spacing:0.0038em;">rate adjust.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.3483em;top:57.569em;"><span class="stl_375 stl_346 stl_89" style="word-spacing:0.003em;">End of year  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:60.0052em;"><span class="stl_365 stl_346 stl_113" style="word-spacing:0.0011em;">Loans from subsidiaries  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:17.3042em;top:60.0052em;"><span class="stl_365 stl_346 stl_23">27,367  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.3442em;top:60.0052em;"><span class="stl_365 stl_346 stl_148">2,536  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.1758em;top:60.0052em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.7958em;top:60.0052em;"><span class="stl_365 stl_346 stl_148">1,146  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.6183em;top:60.0052em;"><span class="stl_365 stl_346 stl_84">(490)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.9283em;top:60.0052em;"><span class="stl_365 stl_346 stl_23">30,559  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:61.0351em;"><span class="stl_365 stl_346 stl_316" style="word-spacing:0.0071em;">Bank loans  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:18.0942em;top:61.0351em;"><span class="stl_365 stl_346 stl_78">976  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.4442em;top:61.0351em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.1758em;top:61.0351em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.5858em;top:61.0351em;"><span class="stl_365 stl_346 stl_78">57  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.6283em;top:61.0351em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.2483em;top:61.0351em;"><span class="stl_365 stl_346 stl_148">1,033  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:62.1948em;"><span class="stl_362 stl_346 stl_58">Loans  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:17.2942em;top:62.1948em;"><span class="stl_362 stl_346 stl_61">28,343  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.3342em;top:62.1948em;"><span class="stl_362 stl_346 stl_116">2,536  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.1758em;top:62.1948em;"><span class="stl_362 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.7858em;top:62.1948em;"><span class="stl_362 stl_346 stl_116">1,203  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.6083em;top:62.1948em;"><span class="stl_362 stl_346 stl_70">(490)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.9183em;top:62.1948em;"><span class="stl_362 stl_346 stl_61">31,592  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:25.7029em;"><span class="stl_431 stl_346 stl_185" style="word-spacing:0.0032em;">The Group’s financial gearing at the balance sheet date is calculated as follows:  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.29em;top:27.7848em;"><span class="stl_375 stl_346 stl_88" style="word-spacing:-0.014em;">PARENT COMPANY  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.8683em;top:27.7848em;"><span class="stl_375 stl_346 stl_193">GROUP  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.01em;top:29.1248em;"><span class="stl_375 stl_346 stl_78">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:8.152em;top:29.1248em;"><span class="stl_375 stl_346 stl_20">2022  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.3617em;top:29.1248em;"><span class="stl_375 stl_346 stl_92">DKK'000  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.3283em;top:29.1248em;"><span class="stl_375 stl_346 stl_61">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.0483em;top:29.1248em;"><span class="stl_375 stl_346 stl_61">2022  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.822em;top:32.591em;"><span class="stl_365 stl_346 stl_78">16  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:8.4117em;top:32.591em;"><span class="stl_365 stl_346 stl_64">1,033  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.3917em;top:32.591em;"><span class="stl_365 stl_346 stl_185" style="word-spacing:0.0056em;">Bank debt  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.3483em;top:32.591em;"><span class="stl_365 stl_346 stl_148">3,355  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.0683em;top:32.591em;"><span class="stl_365 stl_346 stl_148">1,033  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.12em;top:33.621em;"><span class="stl_365 stl_346 stl_84">(191)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:8.262em;top:33.621em;"><span class="stl_365 stl_346 stl_84">(307)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.3617em;top:33.621em;"><span class="stl_365 stl_346 stl_316" style="word-spacing:0.0009em;">Cash and cash equivalents  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.6483em;top:33.621em;"><span class="stl_365 stl_346 stl_156">(12,095)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.6883em;top:33.621em;"><span class="stl_365 stl_346 stl_23">(7,139)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.11em;top:34.781em;"><span class="stl_362 stl_346 stl_70">(175)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:8.6417em;top:34.781em;"><span class="stl_362 stl_346 stl_78">726  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.3617em;top:34.781em;"><span class="stl_362 stl_346 stl_316" style="word-spacing:0.0068em;">Net interest-bearing debt  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.9483em;top:34.781em;"><span class="stl_362 stl_346 stl_160">(8,740)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.6683em;top:34.781em;"><span class="stl_362 stl_346 stl_160">(6,106)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:3.7em;top:36.9627em;"><span class="stl_362 stl_346 stl_61">55,125  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.842em;top:36.9627em;"><span class="stl_362 stl_346 stl_61">62,131  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.3617em;top:36.9627em;"><span class="stl_362 stl_346 stl_103">Equity  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.7083em;top:36.9627em;"><span class="stl_362 stl_346 stl_58">174,740  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.4283em;top:36.9627em;"><span class="stl_362 stl_346 stl_148">150,896  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:3.95em;top:39.1427em;"><span class="stl_365 stl_346 stl_156">(</span><span class="stl_362 stl_346 stl_185">0.00)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:8.4717em;top:39.1427em;"><span class="stl_362 stl_346 stl_78">0.01  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.3617em;top:39.1427em;"><span class="stl_362 stl_346 stl_160" style="word-spacing:-0.0108em;">Financial gearing  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.2583em;top:39.1427em;"><span class="stl_362 stl_346 stl_330">(0.05)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.9783em;top:39.1427em;"><span class="stl_362 stl_346 stl_89">(0.04)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:13.8624em;"><span class="stl_363 stl_346 stl_330" style="word-spacing:0.8713em;">15. SHARE</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.412em;top:13.8624em;"><span class="stl_363 stl_346 stl_239">CAPITAL  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:15.4504em;"><span class="stl_371 stl_346 stl_233" style="word-spacing:0.0022em;">The share capital consists of 249,850,303 shares of DKK 0.02 each. The shares have not been divided into classes and carry no special rights.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:17.7723em;"><span class="stl_376 stl_346 stl_239">‘000  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.5083em;top:17.7723em;"><span class="stl_375 stl_346 stl_61">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.2283em;top:17.7723em;"><span class="stl_375 stl_346 stl_61">2022  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:20.2185em;"><span class="stl_365 stl_346 stl_368" style="word-spacing:0.0049em;">Number of shares at 1 January  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.8883em;top:20.2185em;"><span class="stl_365 stl_346 stl_13">249,850  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.6083em;top:20.2185em;"><span class="stl_365 stl_346 stl_13">249,850  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:21.251em;"><span class="stl_365 stl_346 stl_226" style="word-spacing:-0.0005em;">Cancellation of own shares  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.7583em;top:21.251em;"><span class="stl_365 stl_346 stl_20">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.4783em;top:21.251em;"><span class="stl_365 stl_346 stl_20">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:22.411em;"><span class="stl_362 stl_346 stl_63" style="word-spacing:-0.0017em;">Number of shares at 31 December  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.8883em;top:22.411em;"><span class="stl_362 stl_346 stl_148">249,850  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.6083em;top:22.411em;"><span class="stl_362 stl_346 stl_148">249,850  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:24.7948em;"><span class="stl_376 stl_346 stl_86">DKK’000  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:27.241em;"><span class="stl_365 stl_346 stl_148" style="word-spacing:-0.0031em;">Share capital at 1 January  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.5283em;top:27.241em;"><span class="stl_365 stl_346 stl_148">4,997  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.2483em;top:27.241em;"><span class="stl_365 stl_346 stl_148">4,997  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:28.261em;"><span class="stl_365 stl_346 stl_226" style="word-spacing:-0.0005em;">Cancellation of own shares  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.7583em;top:28.261em;"><span class="stl_365 stl_346 stl_20">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.4783em;top:28.261em;"><span class="stl_365 stl_346 stl_20">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:29.421em;"><span class="stl_362 stl_346 stl_292" style="word-spacing:0.0034em;">Share capital at 31 December  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.5183em;top:29.421em;"><span class="stl_362 stl_346 stl_116">4,997  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.2383em;top:29.421em;"><span class="stl_362 stl_346 stl_116">4,997  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:32.1949em;"><span class="stl_363 stl_346 stl_91" style="word-spacing:0.8691em;">16. OTHER</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.501em;top:32.1949em;"><span class="stl_363 stl_346 stl_23">RESERVES  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:33.7929em;"><span class="stl_371 stl_346 stl_160" style="word-spacing:-0.0288em;">The translation reserve comprises all foreign exchange adjustments arising from the translation of the financial statements of entities with other functional currencies  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:34.6029em;"><span class="stl_371 stl_346 stl_148" style="word-spacing:-0.0243em;">than DKK and the foreign exchange adjustments of receivables from or payables to subsidiaries which are considered part of th</span><span class="stl_431 stl_346 stl_58" style="word-spacing:-0.0224em;">e parent company’s overall investment  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:35.4129em;"><span class="stl_371 stl_346 stl_63" style="word-spacing:-0.0006em;">in the subsidiary.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:27.0449em;"><span class="stl_363 stl_346 stl_156" style="word-spacing:0.8718em;">29. SHAREHOLDER</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:10.537em;top:27.0449em;"><span class="stl_363 stl_346 stl_23">INFORMATION  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:29.6829em;"><span class="stl_371 stl_346 stl_131" style="word-spacing:0.0017em;">The parent company has registered the following shareholders holding more than 5% of the voting rights or nominal value of the share capital as at 31.12.2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:30.9748em;"><span class="stl_375 stl_346 stl_18" style="word-spacing:0.0039em;">Composition of shareholders  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.9758em;top:30.9748em;"><span class="stl_375 stl_346 stl_74" style="word-spacing:0.0044em;">Number of shares  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.5158em;top:30.9748em;"><span class="stl_375 stl_346 stl_69" style="word-spacing:-0.0085em;">Capital DKK  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.9483em;top:30.9748em;"><span class="stl_375 stl_346 stl_61" style="word-spacing:-0.0082em;">Capital %  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:33.421em;"><span class="stl_365 stl_346 stl_60" style="word-spacing:0.0006em;">EDJ-Gruppen Havnegade 19 6700 Esbjerg, Denmark  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.3658em;top:33.421em;"><span class="stl_365 stl_346 stl_70">81,234,585  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.6283em;top:33.421em;"><span class="stl_365 stl_346 stl_285">1,624,691.70  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.2483em;top:33.421em;"><span class="stl_365 stl_346 stl_63">32.51  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:34.451em;"><span class="stl_365 stl_346 stl_233" style="word-spacing:-0.0034em;">Gist Holding ApS C.F Richs Vej 31  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.8583em;top:34.451em;"><span class="stl_365 stl_346 stl_80" style="word-spacing:-0.0035em;">10.0 </span><span class="stl_366 stl_346 stl_20" style="word-spacing:-0.0098em;">– </span><span class="stl_365 stl_346 stl_29">15.0  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:38.1265em;"><span class="stl_363 stl_346 stl_89" style="word-spacing:0.8702em;">17. LEASE</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.163em;top:38.1265em;"><span class="stl_363 stl_346 stl_111">LIABILITIES  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:39.7165em;"><span class="stl_375 stl_346 stl_193">GROUP  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:40.8146em;"><span class="stl_371 stl_346 stl_148" style="word-spacing:0.1327em;">Lease liabilities arise from the application of IFRS 16 and relate to the right of perpetual usufruct and the leasing of a company car. Disclosures regarding the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:41.6346em;"><span class="stl_371 stl_346 stl_23" style="word-spacing:0.0041em;">depreciation charge for right-of-use assets and the carrying amount of right-of-use assets at the end of the reporting period are included in Note 9. Interest expense  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:42.4446em;"><span class="stl_371 stl_346 stl_58" style="word-spacing:0.0151em;">on lease liabilities is presented in Note 6. The total cash outflow for leases was DKK 1,051 thousand in 2023. The expense relating to short-term operating leases for  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:43.2546em;"><span class="stl_371 stl_346 stl_23" style="word-spacing:-0.0151em;">which no lease liability was recognised at the end of the reporting period was DKK 9 thousand. The fixed incremental borrowing rate applied for first time recognition  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:44.0746em;"><span class="stl_371 stl_346 stl_233" style="word-spacing:0.0035em;">of lease liability was 6%. The total lease obligation was discounted using the incremental borrowing rate over the total lease period, which is 66 years.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.3958em;top:47.4465em;"><span class="stl_375 stl_346 stl_160" style="word-spacing:0.0032em;">Minimum lease  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.2483em;top:47.4465em;"><span class="stl_375 stl_346 stl_18" style="word-spacing:0.0058em;">Present value of minimum  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.8058em;top:48.3065em;"><span class="stl_376 stl_346 stl_92" style="word-spacing:-0.0031em;">payments, DKK’000  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.4183em;top:48.3065em;"><span class="stl_376 stl_346 stl_90" style="word-spacing:0.0011em;">lease payments, DKK‘000  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.0558em;top:49.6465em;"><span class="stl_375 stl_346 stl_61">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.7758em;top:49.6465em;"><span class="stl_375 stl_346 stl_61">2022  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.5083em;top:49.6465em;"><span class="stl_375 stl_346 stl_61">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.2283em;top:49.6465em;"><span class="stl_375 stl_346 stl_61">2022  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:52.0851em;"><span class="stl_365 stl_346 stl_58" style="word-spacing:-0.0025em;">Finance lease liabilities fall due as follows:  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:53.1152em;"><span class="stl_365 stl_346 stl_329" style="word-spacing:-0.001em;">Within 1 year from the balance sheet date  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.0758em;top:53.1152em;"><span class="stl_365 stl_346 stl_148">1,807  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.2658em;top:53.1152em;"><span class="stl_365 stl_346 stl_78">867  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.5283em;top:53.1152em;"><span class="stl_365 stl_346 stl_148">1,705  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.7183em;top:53.1152em;"><span class="stl_365 stl_346 stl_78">818  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:54.1452em;"><span class="stl_365 stl_346 stl_60" style="word-spacing:0.0016em;">Between 1 and 5 years from the balance sheet date  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.0758em;top:54.1452em;"><span class="stl_365 stl_346 stl_148">6,587  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.7958em;top:54.1452em;"><span class="stl_365 stl_346 stl_148">3,473  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.5283em;top:54.1452em;"><span class="stl_365 stl_346 stl_148">5,401  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.2483em;top:54.1452em;"><span class="stl_365 stl_346 stl_148">2,843  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:55.1751em;"><span class="stl_365 stl_346 stl_226" style="word-spacing:-0.0034em;">More than 5 years from the balance sheet date  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.7558em;top:55.1751em;"><span class="stl_365 stl_346 stl_23">96,700  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.4758em;top:55.1751em;"><span class="stl_365 stl_346 stl_23">52,619  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.2083em;top:55.1751em;"><span class="stl_365 stl_346 stl_23">19,178  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.9283em;top:55.1751em;"><span class="stl_365 stl_346 stl_23">10,285  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:56.3351em;"><span class="stl_362 stl_346 stl_103" style="word-spacing:0.0035em;">At 31 December  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4358em;top:56.3351em;"><span class="stl_362 stl_346 stl_148">105,094  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.4658em;top:56.3351em;"><span class="stl_362 stl_346 stl_61">56,959  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.1983em;top:56.3351em;"><span class="stl_362 stl_346 stl_61">26,284  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.9183em;top:56.3351em;"><span class="stl_362 stl_346 stl_61">13,946  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.4558em;top:59.749em;"><span class="stl_375 stl_346 stl_115" style="word-spacing:0.0027em;">Present value  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.7258em;top:60.609em;"><span class="stl_375 stl_346 stl_61" style="word-spacing:-0.0001em;">Fixed or  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.4558em;top:60.609em;"><span class="stl_375 stl_346 stl_13" style="word-spacing:0.0061em;">of minimum  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.7258em;top:61.4786em;"><span class="stl_375 stl_346 stl_74">floating  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.4558em;top:61.4786em;"><span class="stl_375 stl_346 stl_58">lease  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.8083em;top:61.4786em;"><span class="stl_375 stl_346 stl_116" style="word-spacing:-0.0033em;">Fair value  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:62.3486em;"><span class="stl_375 stl_346 stl_61">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.6858em;top:62.3486em;"><span class="stl_375 stl_346 stl_91" style="word-spacing:0.0465em;">Expiry interest rate  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.4558em;top:62.3486em;"><span class="stl_376 stl_346 stl_92" style="word-spacing:-0.0031em;">payments, DKK‘000</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.670em;top:62.3486em;"><span class="stl_376 stl_346 stl_86">DKK‘000  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:64.7848em;"><span class="stl_365 stl_346 stl_63" style="word-spacing:-0.0008em;">Lease liability, right of use investment property  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.2258em;top:64.7848em;"><span class="stl_365 stl_346 stl_78">2089  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.8758em;top:64.7848em;"><span class="stl_365 stl_346 stl_293">Fixed  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.2083em;top:64.7848em;"><span class="stl_365 stl_346 stl_23">56,828  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.9283em;top:64.7848em;"><span class="stl_365 stl_346 stl_23">56,828  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:65.8168em;"><span class="stl_365 stl_346 stl_63" style="word-spacing:-0.0003em;">Lease liability, right of use plant and machinery  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.2258em;top:65.8168em;"><span class="stl_365 stl_346 stl_78">2025  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.1758em;top:65.8168em;"><span class="stl_365 stl_346 stl_63">Floating  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.9983em;top:65.8168em;"><span class="stl_365 stl_346 stl_78">131  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.7183em;top:65.8168em;"><span class="stl_365 stl_346 stl_78">131  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:66.9768em;"><span class="stl_362 stl_346 stl_53">Total  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.1983em;top:66.9768em;"><span class="stl_362 stl_346 stl_61">56,959  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.9183em;top:66.9768em;"><span class="stl_362 stl_346 stl_61">56,959  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.4558em;top:8.2523em;"><span class="stl_375 stl_346 stl_115" style="word-spacing:0.0027em;">Present value  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.7258em;top:9.1123em;"><span class="stl_375 stl_346 stl_61" style="word-spacing:-0.0001em;">Fixed or  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.4558em;top:9.1123em;"><span class="stl_375 stl_346 stl_13" style="word-spacing:0.0061em;">of minimum  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.7258em;top:9.9723em;"><span class="stl_375 stl_346 stl_74">floating  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.4558em;top:9.9723em;"><span class="stl_375 stl_346 stl_58">lease  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.8083em;top:9.9723em;"><span class="stl_375 stl_346 stl_116" style="word-spacing:-0.0033em;">Fair value  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:10.8523em;"><span class="stl_375 stl_346 stl_61">2022  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.6858em;top:10.8523em;"><span class="stl_375 stl_346 stl_91" style="word-spacing:0.0465em;">Expiry interest rate  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.4558em;top:10.8523em;"><span class="stl_376 stl_346 stl_92" style="word-spacing:-0.0031em;">payments, DKK‘000</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.670em;top:10.8523em;"><span class="stl_376 stl_346 stl_86">DKK‘000  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:13.2785em;"><span class="stl_365 stl_346 stl_63" style="word-spacing:-0.0008em;">Lease liability, right of use investment property  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.2258em;top:13.2785em;"><span class="stl_365 stl_346 stl_78">2089  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.8758em;top:13.2785em;"><span class="stl_365 stl_346 stl_293">Fixed  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.2083em;top:13.2785em;"><span class="stl_365 stl_346 stl_23">13,825  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.9283em;top:13.2785em;"><span class="stl_365 stl_346 stl_23">13,824  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:14.3085em;"><span class="stl_365 stl_346 stl_63" style="word-spacing:-0.0003em;">Lease liability, right of use plant and machinery  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.2258em;top:14.3085em;"><span class="stl_365 stl_346 stl_78">2025  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.1758em;top:14.3085em;"><span class="stl_365 stl_346 stl_63">Floating  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.9983em;top:14.3085em;"><span class="stl_365 stl_346 stl_78">121  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.7183em;top:14.3085em;"><span class="stl_365 stl_346 stl_78">121  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:15.4685em;"><span class="stl_362 stl_346 stl_53">Total  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.1983em;top:15.4685em;"><span class="stl_362 stl_346 stl_61">13,946  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.9183em;top:15.4685em;"><span class="stl_362 stl_346 stl_61">13,946  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:20.2124em;"><span class="stl_363 stl_346 stl_184" style="word-spacing:0.8719em;">18. CHANGES</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:8.570em;top:20.2124em;"><span class="stl_363 stl_346 stl_70" style="word-spacing:0.0003em;">IN LIABILITIES ARISING FROM FINANCING ACTIVITIES  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:22.9048em;"><span class="stl_375 stl_346 stl_193">GROUP  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:24.2448em;"><span class="stl_375 stl_346 stl_61">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:20.9142em;top:24.2448em;"><span class="stl_375 stl_346 stl_92" style="word-spacing:0.0011em;">Cash flow  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.6458em;top:24.2448em;"><span class="stl_375 stl_346 stl_92" style="word-spacing:0.0011em;">Cash flow  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.1983em;top:24.2448em;"><span class="stl_375 stl_346 stl_61">Non-cash  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:16.1342em;top:25.1048em;"><span class="stl_375 stl_346 stl_90">Beginning  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.0742em;top:25.1048em;"><span class="stl_375 stl_346 stl_67">Proceeds  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.1158em;top:25.1048em;"><span class="stl_375 stl_346 stl_115">Repayment  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.4658em;top:25.1048em;"><span class="stl_375 stl_346 stl_61">Non-cash  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.1783em;top:25.1048em;"><span class="stl_375 stl_346 stl_115">Exchange  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:25.9848em;"><span class="stl_376 stl_346 stl_86">DKK’000  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:16.9842em;top:25.9848em;"><span class="stl_375 stl_346 stl_52" style="word-spacing:0.0002em;">of year  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:20.6042em;top:25.9848em;"><span class="stl_375 stl_346 stl_13" style="word-spacing:0.005em;">from loans  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.1658em;top:25.9848em;"><span class="stl_375 stl_346 stl_23" style="word-spacing:0.0071em;">of loans  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.5058em;top:25.9848em;"><span class="stl_375 stl_346 stl_114">Other  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.5783em;top:25.9848em;"><span class="stl_375 stl_346 stl_116" style="word-spacing:0.0038em;">rate adjust.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.3483em;top:25.9848em;"><span class="stl_375 stl_346 stl_89" style="word-spacing:0.003em;">End of year  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:28.421em;"><span class="stl_365 stl_346 stl_292" style="word-spacing:-0.0022em;">Lease liabilities  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:18.0942em;top:28.421em;"><span class="stl_365 stl_346 stl_78">118  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.4442em;top:28.421em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.4858em;top:28.421em;"><span class="stl_365 stl_346 stl_20">(57)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.5858em;top:28.421em;"><span class="stl_365 stl_346 stl_78">14  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.6283em;top:28.421em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.0383em;top:28.421em;"><span class="stl_365 stl_346 stl_78">75  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:29.451em;"><span class="stl_365 stl_346 stl_226" style="word-spacing:0.0064em;">Bank loans (overdraft)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:17.6242em;top:29.451em;"><span class="stl_365 stl_346 stl_148">1,033  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.8142em;top:29.451em;"><span class="stl_365 stl_346 stl_78">860  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.6958em;top:29.451em;"><span class="stl_365 stl_346 stl_23">(1,915)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.5858em;top:29.451em;"><span class="stl_365 stl_346 stl_78">38  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.6283em;top:29.451em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.0383em;top:29.451em;"><span class="stl_365 stl_346 stl_78">16  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:30.481em;"><span class="stl_365 stl_346 stl_292" style="word-spacing:0.0079em;">Bank loans (development)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:18.7242em;top:30.481em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.3442em;top:30.481em;"><span class="stl_365 stl_346 stl_148">2,187  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.1758em;top:30.481em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.7958em;top:30.481em;"><span class="stl_365 stl_346 stl_148">1,005  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.9983em;top:30.481em;"><span class="stl_365 stl_346 stl_78">147  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.2483em;top:30.481em;"><span class="stl_365 stl_346 stl_148">3,339  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:31.631em;"><span class="stl_362 stl_346 stl_316" style="word-spacing:0.0108em;">Total financial liabilities  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:17.6142em;top:31.631em;"><span class="stl_362 stl_346 stl_116">1,151  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.3342em;top:31.631em;"><span class="stl_362 stl_346 stl_116">3,047  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.6758em;top:31.631em;"><span class="stl_362 stl_346 stl_160">(1,972)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.7858em;top:31.631em;"><span class="stl_362 stl_346 stl_116">1,057  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.9983em;top:31.631em;"><span class="stl_362 stl_346 stl_78">147  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.2383em;top:31.631em;"><span class="stl_362 stl_346 stl_116">3,430  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:44.7265em;"><span class="stl_375 stl_346 stl_88" style="word-spacing:-0.014em;">PARENT COMPANY  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:46.0665em;"><span class="stl_375 stl_346 stl_61">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:20.9142em;top:46.0665em;"><span class="stl_375 stl_346 stl_92" style="word-spacing:0.0011em;">Cash flow  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.6458em;top:46.0665em;"><span class="stl_375 stl_346 stl_92" style="word-spacing:0.0011em;">Cash flow  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.1983em;top:46.0665em;"><span class="stl_375 stl_346 stl_61">Non-cash  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:16.1342em;top:46.9265em;"><span class="stl_375 stl_346 stl_90">Beginning  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.0742em;top:46.9265em;"><span class="stl_375 stl_346 stl_67">Proceeds  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.1158em;top:46.9265em;"><span class="stl_375 stl_346 stl_115">Repayment  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.4658em;top:46.9265em;"><span class="stl_375 stl_346 stl_61">Non-cash  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.1783em;top:46.9265em;"><span class="stl_375 stl_346 stl_115">Exchange  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:47.8065em;"><span class="stl_376 stl_346 stl_86">DKK’000  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:16.9842em;top:47.8065em;"><span class="stl_375 stl_346 stl_52" style="word-spacing:0.0002em;">of year  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:20.6042em;top:47.8065em;"><span class="stl_375 stl_346 stl_13" style="word-spacing:0.005em;">from loans  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.1658em;top:47.8065em;"><span class="stl_375 stl_346 stl_23" style="word-spacing:0.0071em;">of loans  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.5058em;top:47.8065em;"><span class="stl_375 stl_346 stl_114">Other  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.5783em;top:47.8065em;"><span class="stl_375 stl_346 stl_116" style="word-spacing:0.0038em;">rate adjust.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.3483em;top:47.8065em;"><span class="stl_375 stl_346 stl_89" style="word-spacing:0.003em;">End of year  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:50.2327em;"><span class="stl_365 stl_346 stl_113" style="word-spacing:0.0011em;">Loans from subsidiaries  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:17.3042em;top:50.2327em;"><span class="stl_365 stl_346 stl_23">30,559  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.3442em;top:50.2327em;"><span class="stl_365 stl_346 stl_148">3,578  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.1758em;top:50.2327em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.7958em;top:50.2327em;"><span class="stl_365 stl_346 stl_148">1,394  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.5283em;top:50.2327em;"><span class="stl_365 stl_346 stl_148">2,773  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.9283em;top:50.2327em;"><span class="stl_365 stl_346 stl_23">38,304  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:51.2652em;"><span class="stl_365 stl_346 stl_226" style="word-spacing:0.0091em;">Bank loans (overdraft)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:17.6242em;top:51.2652em;"><span class="stl_365 stl_346 stl_148">1,033  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.8142em;top:51.2652em;"><span class="stl_365 stl_346 stl_78">860  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.6958em;top:51.2652em;"><span class="stl_365 stl_346 stl_23">(1,915)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.5858em;top:51.2652em;"><span class="stl_365 stl_346 stl_78">38  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.6283em;top:51.2652em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.0383em;top:51.2652em;"><span class="stl_365 stl_346 stl_78">16  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:52.4251em;"><span class="stl_362 stl_346 stl_58">Loans  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:17.2942em;top:52.4251em;"><span class="stl_362 stl_346 stl_61">31,592  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.3342em;top:52.4251em;"><span class="stl_362 stl_346 stl_116">4,438  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.6758em;top:52.4251em;"><span class="stl_362 stl_346 stl_160">(1,915)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.7858em;top:52.4251em;"><span class="stl_362 stl_346 stl_116">1,432  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.5183em;top:52.4251em;"><span class="stl_362 stl_346 stl_116">2,773  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.9183em;top:52.4251em;"><span class="stl_362 stl_346 stl_61">38,320  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:55.829em;"><span class="stl_375 stl_346 stl_61">2022  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:20.9142em;top:55.829em;"><span class="stl_375 stl_346 stl_92" style="word-spacing:0.0011em;">Cash flow  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.6458em;top:55.829em;"><span class="stl_375 stl_346 stl_92" style="word-spacing:0.0011em;">Cash flow  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.1983em;top:55.829em;"><span class="stl_375 stl_346 stl_61">Non-cash  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:16.1342em;top:56.689em;"><span class="stl_375 stl_346 stl_90">Beginning  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.0742em;top:56.689em;"><span class="stl_375 stl_346 stl_67">Proceeds  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.1158em;top:56.689em;"><span class="stl_375 stl_346 stl_115">Repayment  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.4658em;top:56.689em;"><span class="stl_375 stl_346 stl_61">Non-cash  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.1783em;top:56.689em;"><span class="stl_375 stl_346 stl_115">Exchange  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:57.569em;"><span class="stl_376 stl_346 stl_86">DKK’000  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:16.9842em;top:57.569em;"><span class="stl_375 stl_346 stl_52" style="word-spacing:0.0002em;">of year  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:20.6042em;top:57.569em;"><span class="stl_375 stl_346 stl_13" style="word-spacing:0.005em;">from loans  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.1658em;top:57.569em;"><span class="stl_375 stl_346 stl_23" style="word-spacing:0.0071em;">of loans  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.5058em;top:57.569em;"><span class="stl_375 stl_346 stl_114">Other  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.5783em;top:57.569em;"><span class="stl_375 stl_346 stl_116" style="word-spacing:0.0038em;">rate adjust.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.3483em;top:57.569em;"><span class="stl_375 stl_346 stl_89" style="word-spacing:0.003em;">End of year  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:60.0052em;"><span class="stl_365 stl_346 stl_113" style="word-spacing:0.0011em;">Loans from subsidiaries  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:17.3042em;top:60.0052em;"><span class="stl_365 stl_346 stl_23">27,367  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.3442em;top:60.0052em;"><span class="stl_365 stl_346 stl_148">2,536  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.1758em;top:60.0052em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.7958em;top:60.0052em;"><span class="stl_365 stl_346 stl_148">1,146  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.6183em;top:60.0052em;"><span class="stl_365 stl_346 stl_84">(490)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.9283em;top:60.0052em;"><span class="stl_365 stl_346 stl_23">30,559  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:61.0351em;"><span class="stl_365 stl_346 stl_316" style="word-spacing:0.0071em;">Bank loans  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:18.0942em;top:61.0351em;"><span class="stl_365 stl_346 stl_78">976  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.4442em;top:61.0351em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.1758em;top:61.0351em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.5858em;top:61.0351em;"><span class="stl_365 stl_346 stl_78">57  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.6283em;top:61.0351em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.2483em;top:61.0351em;"><span class="stl_365 stl_346 stl_148">1,033  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:62.1948em;"><span class="stl_362 stl_346 stl_58">Loans  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:17.2942em;top:62.1948em;"><span class="stl_362 stl_346 stl_61">28,343  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.3342em;top:62.1948em;"><span class="stl_362 stl_346 stl_116">2,536  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.1758em;top:62.1948em;"><span class="stl_362 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.7858em;top:62.1948em;"><span class="stl_362 stl_346 stl_116">1,203  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.6083em;top:62.1948em;"><span class="stl_362 stl_346 stl_70">(490)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.9183em;top:62.1948em;"><span class="stl_362 stl_346 stl_61">31,592  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:6.4324em;"><span class="stl_363 stl_346 stl_35" style="word-spacing:0.8706em;">19. TRADE</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.443em;top:6.4324em;"><span class="stl_363 stl_346 stl_103">PAYABLES  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.29em;top:9.0523em;"><span class="stl_375 stl_346 stl_88" style="word-spacing:-0.014em;">PARENT COMPANY  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.8683em;top:9.0523em;"><span class="stl_375 stl_346 stl_193">GROUP  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.01em;top:10.3923em;"><span class="stl_375 stl_346 stl_61">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:8.152em;top:10.3923em;"><span class="stl_375 stl_346 stl_61">2022  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.3617em;top:10.3923em;"><span class="stl_375 stl_346 stl_92">DKK'000  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.3283em;top:10.3923em;"><span class="stl_375 stl_346 stl_61">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.0483em;top:10.3923em;"><span class="stl_375 stl_346 stl_61">2022  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.3617em;top:12.8385em;"><span class="stl_365 stl_346 stl_233" style="word-spacing:-0.0046em;">Amounts owed to suppliers for goods  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.5em;top:13.6285em;"><span class="stl_365 stl_346 stl_78">455  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:8.6417em;top:13.6285em;"><span class="stl_365 stl_346 stl_78">287  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.3617em;top:13.6285em;"><span class="stl_365 stl_346 stl_347" style="word-spacing:0.0047em;">and services delivered  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.0283em;top:13.6285em;"><span class="stl_365 stl_346 stl_156">10,093  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.0683em;top:13.6285em;"><span class="stl_365 stl_346 stl_148">1,715  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.5em;top:14.7885em;"><span class="stl_362 stl_346 stl_78">455  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:8.6417em;top:14.7885em;"><span class="stl_362 stl_346 stl_78">287  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.3617em;top:14.7885em;"><span class="stl_362 stl_346 stl_53">Total  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.0183em;top:14.7885em;"><span class="stl_362 stl_346 stl_61">10,093  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.0583em;top:14.7885em;"><span class="stl_362 stl_346 stl_116">1,715  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:19.0185em;"><span class="stl_365 stl_346 stl_63" style="word-spacing:0.0007em;">The carrying amount equals the fair value of the liabilities. Amounts owed to suppliers fall due within one year.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:21.6749em;"><span class="stl_363 stl_346 stl_91" style="word-spacing:0.8691em;">20. OTHER</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.501em;top:21.6749em;"><span class="stl_363 stl_346 stl_148">PAYABLES  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.29em;top:24.3048em;"><span class="stl_375 stl_346 stl_88" style="word-spacing:-0.014em;">PARENT COMPANY  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.8683em;top:24.3048em;"><span class="stl_375 stl_346 stl_193">GROUP  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.01em;top:25.6448em;"><span class="stl_375 stl_346 stl_78">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:8.152em;top:25.6448em;"><span class="stl_375 stl_346 stl_20">2022  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.3617em;top:25.6448em;"><span class="stl_375 stl_346 stl_92">DKK'000  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.3283em;top:25.6448em;"><span class="stl_375 stl_346 stl_61">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.0483em;top:25.6448em;"><span class="stl_375 stl_346 stl_61">2022  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.03em;top:28.081em;"><span class="stl_365 stl_346 stl_148">1,103  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:8.6417em;top:28.081em;"><span class="stl_365 stl_346 stl_78">901  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.3617em;top:28.081em;"><span class="stl_365 stl_346 stl_292" style="word-spacing:0.0031em;">Wages and salaries, BoD fee, social security contributions, etc. payable  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.3483em;top:28.081em;"><span class="stl_365 stl_346 stl_148">1,919  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.0683em;top:28.081em;"><span class="stl_365 stl_346 stl_148">1,587  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:5.132em;top:29.111em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:9.2717em;top:29.111em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.3617em;top:29.111em;"><span class="stl_365 stl_346 stl_293" style="word-spacing:0.0076em;">Holiday pay obligation etc.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.8183em;top:29.111em;"><span class="stl_365 stl_346 stl_78">180  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.5383em;top:29.111em;"><span class="stl_365 stl_346 stl_78">230  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:5.132em;top:30.141em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:9.2717em;top:30.141em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.3617em;top:30.141em;"><span class="stl_365 stl_346 stl_123" style="word-spacing:0.0064em;">VAT and other indirect taxes payable  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.4383em;top:30.141em;"><span class="stl_365 stl_346 stl_69">(715)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.6883em;top:30.141em;"><span class="stl_365 stl_346 stl_23">(1,754)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:5.132em;top:31.171em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:9.2717em;top:31.171em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.3617em;top:31.171em;"><span class="stl_365 stl_346 stl_347" style="word-spacing:0.0003em;">Advance payments received from apartment buyers  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.3483em;top:31.171em;"><span class="stl_365 stl_346 stl_148">5,965  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.1683em;top:31.171em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:5.132em;top:32.201em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:9.2717em;top:32.201em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.3617em;top:32.201em;"><span class="stl_365 stl_346 stl_113" style="word-spacing:-0.0007em;">Cost provisions and other payables  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.8183em;top:32.201em;"><span class="stl_365 stl_346 stl_78">798  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.5383em;top:32.201em;"><span class="stl_365 stl_346 stl_78">373  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:33.361em;"><span class="stl_362 stl_346 stl_116">1,103  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:8.6417em;top:33.361em;"><span class="stl_362 stl_346 stl_78">901  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.3617em;top:33.361em;"><span class="stl_362 stl_346 stl_53">Total  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.3383em;top:33.361em;"><span class="stl_362 stl_346 stl_116">8,147  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.5383em;top:33.361em;"><span class="stl_362 stl_346 stl_78">436  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:35.5129em;"><span class="stl_371 stl_346 stl_329" style="word-spacing:0.0311em;">The carrying amount of payables in respect of payroll, Board of Directors fees, tax deducted at source, social security contributions, holiday pay etc., VAT and other  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:36.3246em;"><span class="stl_371 stl_346 stl_13" style="word-spacing:0.0602em;">indirect taxes and other payables corresponds to the fair value of these liabilities. Hol</span><span class="stl_431 stl_346 stl_193" style="word-spacing:0.0645em;">iday pay obligations etc. represent the Group’s obligation to pay wages and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:37.1346em;"><span class="stl_371 stl_346 stl_18" style="word-spacing:0.0149em;">salaries during holidays in the next financial year, to which the employees have earned entitlement as at the balance sheet date. All items under other payables are  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:37.9546em;"><span class="stl_371 stl_346 stl_148" style="word-spacing:0.0016em;">expected to be settled within one year.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:40.6565em;"><span class="stl_363 stl_346 stl_70" style="word-spacing:0.8725em;">21. CHANGE</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:8.141em;top:40.6565em;"><span class="stl_363 stl_346 stl_58" style="word-spacing:0.0017em;">IN NET WORKING CAPITAL  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.29em;top:43.2765em;"><span class="stl_375 stl_346 stl_88" style="word-spacing:-0.014em;">PARENT COMPANY  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.8683em;top:43.2765em;"><span class="stl_375 stl_346 stl_193">GROUP  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.01em;top:44.6165em;"><span class="stl_375 stl_346 stl_78">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:8.152em;top:44.6165em;"><span class="stl_375 stl_346 stl_20">2022  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.3617em;top:44.6165em;"><span class="stl_375 stl_346 stl_92">DKK'000  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.3283em;top:44.6165em;"><span class="stl_375 stl_346 stl_61">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.0483em;top:44.6165em;"><span class="stl_375 stl_346 stl_61">2022  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:5.132em;top:48.0827em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:9.2717em;top:48.0827em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.3617em;top:48.0827em;"><span class="stl_365 stl_346 stl_60" style="word-spacing:-0.0004em;">Change in receivables  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.9683em;top:48.0827em;"><span class="stl_365 stl_346 stl_330">(4,243)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.1583em;top:48.0827em;"><span class="stl_365 stl_346 stl_84">(688)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:5.132em;top:49.1126em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:9.2717em;top:49.1126em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.3617em;top:49.1126em;"><span class="stl_365 stl_346 stl_53" style="word-spacing:0.0042em;">Change in inventories (work in progress)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.9683em;top:49.1126em;"><span class="stl_365 stl_346 stl_330">(9,435)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.6883em;top:49.1126em;"><span class="stl_365 stl_346 stl_23">(3,946)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.5em;top:50.1427em;"><span class="stl_365 stl_346 stl_163">312  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:8.6417em;top:50.1427em;"><span class="stl_365 stl_346 stl_78">320  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.3617em;top:50.1427em;"><span class="stl_365 stl_346 stl_293" style="word-spacing:0.0022em;">Change in trade payables and other payables  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.0283em;top:50.1427em;"><span class="stl_365 stl_346 stl_23">16,089  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.6883em;top:50.1427em;"><span class="stl_365 stl_346 stl_23">(1,800)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.5em;top:51.3052em;"><span class="stl_362 stl_346 stl_78">314  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:8.6417em;top:51.3052em;"><span class="stl_362 stl_346 stl_78">320  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.3617em;top:51.3052em;"><span class="stl_362 stl_346 stl_53">Total  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.3383em;top:51.3052em;"><span class="stl_362 stl_346 stl_88">2,411  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.6683em;top:51.3052em;"><span class="stl_362 stl_346 stl_160">(6,434)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:12.8524em;"><span class="stl_363 stl_346 stl_330" style="word-spacing:0.8715em;">24. FINANCIAL</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:8.982em;top:12.8524em;"><span class="stl_363 stl_346 stl_160" style="word-spacing:-0.0003em;">RISKS AND FINANCIAL INSTRUMENTS  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.29em;top:15.5423em;"><span class="stl_375 stl_346 stl_88" style="word-spacing:-0.014em;">PARENT COMPANY  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.8683em;top:15.5423em;"><span class="stl_375 stl_346 stl_193">GROUP  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.01em;top:16.8923em;"><span class="stl_375 stl_346 stl_78">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:8.152em;top:16.8923em;"><span class="stl_375 stl_346 stl_20">2022  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.3617em;top:16.8923em;"><span class="stl_375 stl_346 stl_92">DKK'000  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.3283em;top:16.8923em;"><span class="stl_375 stl_346 stl_61">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.0483em;top:16.8923em;"><span class="stl_375 stl_346 stl_61">2022  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:5.132em;top:19.3285em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:9.2717em;top:19.3285em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.3617em;top:19.3285em;"><span class="stl_365 stl_346 stl_285" style="word-spacing:-0.0041em;">Trade receivables  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.3483em;top:19.3285em;"><span class="stl_365 stl_346 stl_148">2,524  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.0683em;top:19.3285em;"><span class="stl_365 stl_346 stl_148">2,200  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.03em;top:20.3585em;"><span class="stl_365 stl_346 stl_70">1,508  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:8.172em;top:20.3585em;"><span class="stl_365 stl_346 stl_148">1,341  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.3617em;top:20.3585em;"><span class="stl_365 stl_346 stl_329" style="word-spacing:-0.0003em;">Intra-group receivables  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.4483em;top:20.3585em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.1683em;top:20.3585em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:5.132em;top:21.391em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:9.2717em;top:21.391em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.3617em;top:21.391em;"><span class="stl_365 stl_346 stl_316" style="word-spacing:0.0046em;">Other receivables, current  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.3483em;top:21.391em;"><span class="stl_365 stl_346 stl_148">4,391  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.5383em;top:21.391em;"><span class="stl_365 stl_346 stl_78">472  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:5.132em;top:22.421em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:9.2717em;top:22.421em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.3617em;top:22.421em;"><span class="stl_365 stl_346 stl_63" style="word-spacing:0.0038em;">Other receivables, non-current  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.8183em;top:22.421em;"><span class="stl_365 stl_346 stl_78">239  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.5383em;top:22.421em;"><span class="stl_365 stl_346 stl_78">366  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.5em;top:23.441em;"><span class="stl_365 stl_346 stl_78">199  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:8.6417em;top:23.441em;"><span class="stl_365 stl_346 stl_78">307  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.3617em;top:23.441em;"><span class="stl_365 stl_346 stl_316" style="word-spacing:0.0015em;">Cash and cash equivalents  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.0283em;top:23.441em;"><span class="stl_365 stl_346 stl_23">12,095  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.0683em;top:23.441em;"><span class="stl_365 stl_346 stl_148">7,139  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:24.601em;"><span class="stl_362 stl_346 stl_67">1,699  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:8.162em;top:24.601em;"><span class="stl_362 stl_346 stl_116">1,648  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.3617em;top:24.601em;"><span class="stl_362 stl_346 stl_347" style="word-spacing:0.0025em;">Loans, advances and receivables  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.0183em;top:24.601em;"><span class="stl_362 stl_346 stl_61">19,249  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.7383em;top:24.601em;"><span class="stl_362 stl_346 stl_61">10,177  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:3.71em;top:26.781em;"><span class="stl_365 stl_346 stl_23">38,339  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.852em;top:26.781em;"><span class="stl_365 stl_346 stl_23">30,635  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.3617em;top:26.781em;"><span class="stl_365 stl_346 stl_226" style="word-spacing:-0.0025em;">Debt to subsidiaries  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.4483em;top:26.781em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.1683em;top:26.781em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:5.132em;top:27.811em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:9.2717em;top:27.811em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.3617em;top:27.811em;"><span class="stl_365 stl_346 stl_185" style="word-spacing:-0.0013em;">Finance lease liabilities, current  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.3483em;top:27.811em;"><span class="stl_365 stl_346 stl_148">1,649  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.5383em;top:27.811em;"><span class="stl_365 stl_346 stl_78">815  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:5.132em;top:28.841em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:9.2717em;top:28.841em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.3617em;top:28.841em;"><span class="stl_365 stl_346 stl_58" style="word-spacing:-0.0019em;">Finance lease liabilities, non-current  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.0283em;top:28.841em;"><span class="stl_365 stl_346 stl_23">23,963  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.7483em;top:28.841em;"><span class="stl_365 stl_346 stl_23">13,128  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.822em;top:29.871em;"><span class="stl_365 stl_346 stl_78">16  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:8.172em;top:29.871em;"><span class="stl_365 stl_346 stl_148">1,033  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.3617em;top:29.871em;"><span class="stl_365 stl_346 stl_316" style="word-spacing:0.0071em;">Bank loans  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.3483em;top:29.871em;"><span class="stl_365 stl_346 stl_148">3,355  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.0683em;top:29.871em;"><span class="stl_365 stl_346 stl_148">1,033  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:5.132em;top:30.901em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:9.2717em;top:30.901em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.3617em;top:30.901em;"><span class="stl_365 stl_346 stl_292" style="word-spacing:0.002em;">Other non-current liabilities  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.3483em;top:30.901em;"><span class="stl_365 stl_346 stl_148">4,477  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.0683em;top:30.901em;"><span class="stl_365 stl_346 stl_148">3,263  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.5em;top:31.931em;"><span class="stl_365 stl_346 stl_78">455  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:8.6417em;top:31.931em;"><span class="stl_365 stl_346 stl_78">287  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.3617em;top:31.931em;"><span class="stl_365 stl_346 stl_226" style="word-spacing:-0.0038em;">Trade payables  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.0283em;top:31.931em;"><span class="stl_365 stl_346 stl_23">10,093  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.0683em;top:31.931em;"><span class="stl_365 stl_346 stl_148">1,715  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:5.132em;top:32.961em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:9.2717em;top:32.961em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.3617em;top:32.961em;"><span class="stl_365 stl_346 stl_185" style="word-spacing:-0.0038em;">Income tax payable  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.8183em;top:32.961em;"><span class="stl_365 stl_346 stl_78">237  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.5383em;top:32.961em;"><span class="stl_365 stl_346 stl_78">222  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.03em;top:33.991em;"><span class="stl_365 stl_346 stl_148">1,103  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:8.6417em;top:33.991em;"><span class="stl_365 stl_346 stl_78">901  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.3617em;top:33.991em;"><span class="stl_365 stl_346 stl_113" style="word-spacing:0.0029em;">Other payables  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.3483em;top:33.991em;"><span class="stl_365 stl_346 stl_148">8,147  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.5383em;top:33.991em;"><span class="stl_365 stl_346 stl_78">436  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:3.7em;top:35.151em;"><span class="stl_362 stl_346 stl_61">39,913  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.842em;top:35.151em;"><span class="stl_362 stl_346 stl_61">32,856  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.3617em;top:35.151em;"><span class="stl_362 stl_346 stl_148" style="word-spacing:-0.0101em;">Financial liabilities  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.0183em;top:35.151em;"><span class="stl_362 stl_346 stl_61">51,921  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.7383em;top:35.151em;"><span class="stl_362 stl_346 stl_61">20,612  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:38.3527em;"><span class="stl_365 stl_346 stl_111" style="word-spacing:0.0005em;">Finance lease liabilities are measured at fair value, while other remaining liabilities are measured at amortised cost.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:54.079em;"><span class="stl_363 stl_346 stl_156" style="word-spacing:0.8718em;">22. GUARANTEES</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:10.078em;top:54.079em;"><span class="stl_363 stl_346 stl_58" style="word-spacing:0.0025em;">AND CONTINGENT LIABILITIES  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:56.7385em;"><span class="stl_224 stl_08 stl_329" style="word-spacing:0.0039em;">In connection with the signing by W131 Sp. z o.o. (as the "Borrower") a development loan agreement with mBank S.A. (as the "Bank") on 2 August  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:57.5085em;"><span class="stl_224 stl_08 stl_148" style="word-spacing:0.0005em;">2023, Cemat '70 S.A. (as the "Sponsor") entered into a three-party Support Agreement with W131 and mBank S.A.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.69em;top:59.0385em;"><span class="stl_224 stl_08 stl_193" style="word-spacing:-0.0176em;">The Sponsor obliged towards the Bank to provide financial support to the Project, i.e. Moje Bielany, in the event of the Project Budget overrun, up to the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:59.8085em;"><span class="stl_224 stl_08 stl_70" style="word-spacing:-0.0528em;">amount of PLN 5,772,851.00 (in words: five million seven hundred seventy two thousand eight hundred fifty one 00/100), i.e. up to the amount constituting  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:60.5785em;"><span class="stl_224 stl_08 stl_233" style="word-spacing:0.0002em;">10% of the Project Budget less the cost of the land and the Reserve.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:61.3381em;"><span class="stl_224 stl_08 stl_63" style="word-spacing:0.0065em;">The provision of financial support shall be understood to mean that the Sponsor shall, upon the Bank's first written request, make a payment of funds in  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:62.1081em;"><span class="stl_224 stl_08 stl_226" style="word-spacing:0.0455em;">the amount specified in such request, representing the current amount of the Project cost overruns, to the account designated by the Bank and within  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:62.8781em;"><span class="stl_224 stl_08 stl_58" style="word-spacing:-0.0206em;">the period specified in the Bank's request, but not less than 14 (fourteen) Business Days, provided that the Bank shall use the funds paid by the Sponsor  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:63.6381em;"><span class="stl_224 stl_08 stl_148" style="word-spacing:0.0009em;">in accordance with the request only to cover the cost overruns that gave rise to the request.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:65.1781em;"><span class="stl_224 stl_08 stl_23" style="word-spacing:0.0117em;">In order to secure the Sponsor's financial obligations as mentioned above, the Sponsor has subjected itself to execution in favour of the Bank pursuant  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:65.9401em;"><span class="stl_432 stl_08 stl_184" style="word-spacing:0.0177em;">to Article 777 § 1 (5) of the Code of Civil Procedure up to the amount of PLN 5,772,851.00 (in words: fi</span><span class="stl_224 stl_08 stl_70" style="word-spacing:0.0167em;">ve million seven hundred seventy-two thousand  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:66.7101em;"><span class="stl_224 stl_08 stl_285" style="word-spacing:-0.005em;">eight hundred fifty-one 00/100) under Rep. A 30664/2023, with the maximum limit of the Sponsor's liability being PLN 5,772,851.00 with the Bank's right  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:67.4801em;"><span class="stl_224 stl_08 stl_58" style="word-spacing:-0.0009em;">to apply for an execution clause until 2 August 2030.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:5.5407em;"><span class="stl_363 stl_346 stl_91" style="word-spacing:0.8691em;">23. OTHER</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.501em;top:5.5407em;"><span class="stl_363 stl_346 stl_58" style="word-spacing:-0.0012em;">CONTRACTUAL COMMITMENTS  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:7.1404em;"><span class="stl_371 stl_346 stl_233" style="word-spacing:0.0008em;">At the balance sheet date, the Group had no contractual commitments.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:12.8524em;"><span class="stl_363 stl_346 stl_330" style="word-spacing:0.8715em;">24. FINANCIAL</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:8.982em;top:12.8524em;"><span class="stl_363 stl_346 stl_160" style="word-spacing:-0.0003em;">RISKS AND FINANCIAL INSTRUMENTS  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.29em;top:15.5423em;"><span class="stl_375 stl_346 stl_88" style="word-spacing:-0.014em;">PARENT COMPANY  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.8683em;top:15.5423em;"><span class="stl_375 stl_346 stl_193">GROUP  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.01em;top:16.8923em;"><span class="stl_375 stl_346 stl_78">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:8.152em;top:16.8923em;"><span class="stl_375 stl_346 stl_20">2022  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.3617em;top:16.8923em;"><span class="stl_375 stl_346 stl_92">DKK'000  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.3283em;top:16.8923em;"><span class="stl_375 stl_346 stl_61">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.0483em;top:16.8923em;"><span class="stl_375 stl_346 stl_61">2022  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:5.132em;top:19.3285em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:9.2717em;top:19.3285em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.3617em;top:19.3285em;"><span class="stl_365 stl_346 stl_285" style="word-spacing:-0.0041em;">Trade receivables  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.3483em;top:19.3285em;"><span class="stl_365 stl_346 stl_148">2,524  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.0683em;top:19.3285em;"><span class="stl_365 stl_346 stl_148">2,200  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.03em;top:20.3585em;"><span class="stl_365 stl_346 stl_70">1,508  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:8.172em;top:20.3585em;"><span class="stl_365 stl_346 stl_148">1,341  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.3617em;top:20.3585em;"><span class="stl_365 stl_346 stl_329" style="word-spacing:-0.0003em;">Intra-group receivables  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.4483em;top:20.3585em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.1683em;top:20.3585em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:5.132em;top:21.391em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:9.2717em;top:21.391em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.3617em;top:21.391em;"><span class="stl_365 stl_346 stl_316" style="word-spacing:0.0046em;">Other receivables, current  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.3483em;top:21.391em;"><span class="stl_365 stl_346 stl_148">4,391  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.5383em;top:21.391em;"><span class="stl_365 stl_346 stl_78">472  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:5.132em;top:22.421em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:9.2717em;top:22.421em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.3617em;top:22.421em;"><span class="stl_365 stl_346 stl_63" style="word-spacing:0.0038em;">Other receivables, non-current  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.8183em;top:22.421em;"><span class="stl_365 stl_346 stl_78">239  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.5383em;top:22.421em;"><span class="stl_365 stl_346 stl_78">366  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.5em;top:23.441em;"><span class="stl_365 stl_346 stl_78">199  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:8.6417em;top:23.441em;"><span class="stl_365 stl_346 stl_78">307  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.3617em;top:23.441em;"><span class="stl_365 stl_346 stl_316" style="word-spacing:0.0015em;">Cash and cash equivalents  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.0283em;top:23.441em;"><span class="stl_365 stl_346 stl_23">12,095  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.0683em;top:23.441em;"><span class="stl_365 stl_346 stl_148">7,139  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:24.601em;"><span class="stl_362 stl_346 stl_67">1,699  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:8.162em;top:24.601em;"><span class="stl_362 stl_346 stl_116">1,648  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.3617em;top:24.601em;"><span class="stl_362 stl_346 stl_347" style="word-spacing:0.0025em;">Loans, advances and receivables  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.0183em;top:24.601em;"><span class="stl_362 stl_346 stl_61">19,249  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.7383em;top:24.601em;"><span class="stl_362 stl_346 stl_61">10,177  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:3.71em;top:26.781em;"><span class="stl_365 stl_346 stl_23">38,339  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.852em;top:26.781em;"><span class="stl_365 stl_346 stl_23">30,635  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.3617em;top:26.781em;"><span class="stl_365 stl_346 stl_226" style="word-spacing:-0.0025em;">Debt to subsidiaries  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.4483em;top:26.781em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.1683em;top:26.781em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:5.132em;top:27.811em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:9.2717em;top:27.811em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.3617em;top:27.811em;"><span class="stl_365 stl_346 stl_185" style="word-spacing:-0.0013em;">Finance lease liabilities, current  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.3483em;top:27.811em;"><span class="stl_365 stl_346 stl_148">1,649  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.5383em;top:27.811em;"><span class="stl_365 stl_346 stl_78">815  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:5.132em;top:28.841em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:9.2717em;top:28.841em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.3617em;top:28.841em;"><span class="stl_365 stl_346 stl_58" style="word-spacing:-0.0019em;">Finance lease liabilities, non-current  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.0283em;top:28.841em;"><span class="stl_365 stl_346 stl_23">23,963  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.7483em;top:28.841em;"><span class="stl_365 stl_346 stl_23">13,128  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.822em;top:29.871em;"><span class="stl_365 stl_346 stl_78">16  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:8.172em;top:29.871em;"><span class="stl_365 stl_346 stl_148">1,033  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.3617em;top:29.871em;"><span class="stl_365 stl_346 stl_316" style="word-spacing:0.0071em;">Bank loans  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.3483em;top:29.871em;"><span class="stl_365 stl_346 stl_148">3,355  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.0683em;top:29.871em;"><span class="stl_365 stl_346 stl_148">1,033  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:5.132em;top:30.901em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:9.2717em;top:30.901em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.3617em;top:30.901em;"><span class="stl_365 stl_346 stl_292" style="word-spacing:0.002em;">Other non-current liabilities  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.3483em;top:30.901em;"><span class="stl_365 stl_346 stl_148">4,477  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.0683em;top:30.901em;"><span class="stl_365 stl_346 stl_148">3,263  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.5em;top:31.931em;"><span class="stl_365 stl_346 stl_78">455  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:8.6417em;top:31.931em;"><span class="stl_365 stl_346 stl_78">287  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.3617em;top:31.931em;"><span class="stl_365 stl_346 stl_226" style="word-spacing:-0.0038em;">Trade payables  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.0283em;top:31.931em;"><span class="stl_365 stl_346 stl_23">10,093  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.0683em;top:31.931em;"><span class="stl_365 stl_346 stl_148">1,715  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:5.132em;top:32.961em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:9.2717em;top:32.961em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.3617em;top:32.961em;"><span class="stl_365 stl_346 stl_185" style="word-spacing:-0.0038em;">Income tax payable  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.8183em;top:32.961em;"><span class="stl_365 stl_346 stl_78">237  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.5383em;top:32.961em;"><span class="stl_365 stl_346 stl_78">222  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.03em;top:33.991em;"><span class="stl_365 stl_346 stl_148">1,103  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:8.6417em;top:33.991em;"><span class="stl_365 stl_346 stl_78">901  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.3617em;top:33.991em;"><span class="stl_365 stl_346 stl_113" style="word-spacing:0.0029em;">Other payables  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.3483em;top:33.991em;"><span class="stl_365 stl_346 stl_148">8,147  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.5383em;top:33.991em;"><span class="stl_365 stl_346 stl_78">436  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:3.7em;top:35.151em;"><span class="stl_362 stl_346 stl_61">39,913  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.842em;top:35.151em;"><span class="stl_362 stl_346 stl_61">32,856  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.3617em;top:35.151em;"><span class="stl_362 stl_346 stl_148" style="word-spacing:-0.0101em;">Financial liabilities  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.0183em;top:35.151em;"><span class="stl_362 stl_346 stl_61">51,921  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.7383em;top:35.151em;"><span class="stl_362 stl_346 stl_61">20,612  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:38.3527em;"><span class="stl_365 stl_346 stl_111" style="word-spacing:0.0005em;">Finance lease liabilities are measured at fair value, while other remaining liabilities are measured at amortised cost.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:4.8407em;"><span class="stl_363 stl_346 stl_330" style="word-spacing:0.8715em;">24. FINANCIAL</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:8.982em;top:4.8407em;"><span class="stl_363 stl_346 stl_184" style="word-spacing:-0.0008em;">RISKS AND FINANCIAL INSTRUMENTS (CONTINUED)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:7.4604em;"><span class="stl_371 stl_346 stl_148" style="word-spacing:-0.0016em;">Unhedged net position at balance sheet date:  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:9.6223em;"><span class="stl_375 stl_346 stl_193">GROUP  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:17.4742em;top:10.9623em;"><span class="stl_375 stl_346 stl_88">Cash,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.6383em;top:10.9623em;"><span class="stl_375 stl_346 stl_88">Unhedged  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:11.8223em;"><span class="stl_375 stl_346 stl_61">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:15.2942em;top:11.8223em;"><span class="stl_375 stl_346 stl_239" style="word-spacing:-0.0026em;">deposits and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.1458em;top:11.8223em;"><span class="stl_375 stl_346 stl_199">Net  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.3283em;top:11.8223em;"><span class="stl_375 stl_346 stl_89" style="word-spacing:0.0081em;">Of which  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.6883em;top:11.8223em;"><span class="stl_375 stl_346 stl_20">net  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:16.2442em;top:12.6823em;"><span class="stl_375 stl_346 stl_68">securities  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:20.3042em;top:12.6823em;"><span class="stl_375 stl_346 stl_61">Receivables  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.7158em;top:12.6823em;"><span class="stl_375 stl_346 stl_13">Liabilities  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.6358em;top:12.6823em;"><span class="stl_375 stl_346 stl_285">position,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.7583em;top:12.6823em;"><span class="stl_375 stl_346 stl_119">hedged  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.0883em;top:12.6823em;"><span class="stl_375 stl_346 stl_285">position,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:13.5623em;"><span class="stl_375 stl_346 stl_61">Currency  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:16.5842em;top:13.5623em;"><span class="stl_375 stl_346 stl_92">DKK'000  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.3042em;top:13.5623em;"><span class="stl_375 stl_346 stl_92">DKK'000  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.0358em;top:13.5623em;"><span class="stl_375 stl_346 stl_92">DKK'000  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.7558em;top:13.5623em;"><span class="stl_375 stl_346 stl_92">DKK'000  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.4883em;top:13.5623em;"><span class="stl_375 stl_346 stl_92">DKK'000  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.2083em;top:13.5623em;"><span class="stl_375 stl_346 stl_92">DKK'000  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:15.9885em;"><span class="stl_365 stl_346 stl_87">PLN  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:17.3042em;top:15.9885em;"><span class="stl_365 stl_346 stl_23">11,904  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.3442em;top:15.9885em;"><span class="stl_365 stl_346 stl_148">6,915  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.3758em;top:15.9885em;"><span class="stl_365 stl_346 stl_156">(47,810)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.0958em;top:15.9885em;"><span class="stl_365 stl_346 stl_68">(28,991)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.6283em;top:15.9885em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.5483em;top:15.9885em;"><span class="stl_365 stl_346 stl_68">(28,991)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:17.0185em;"><span class="stl_365 stl_346 stl_361">DKK  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:18.0942em;top:17.0185em;"><span class="stl_365 stl_346 stl_78">191  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.4442em;top:17.0185em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.6958em;top:17.0185em;"><span class="stl_365 stl_346 stl_23">(1,556)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.4158em;top:17.0185em;"><span class="stl_365 stl_346 stl_23">(1,365)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.6283em;top:17.0185em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.8683em;top:17.0185em;"><span class="stl_365 stl_346 stl_23">(1,365)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:18.1785em;"><span class="stl_362 stl_346 stl_53">Total  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:17.2942em;top:18.1785em;"><span class="stl_362 stl_346 stl_61">12,095  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.3342em;top:18.1785em;"><span class="stl_362 stl_346 stl_116">6,915  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.3658em;top:18.1785em;"><span class="stl_362 stl_346 stl_316">(49,366)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.0858em;top:18.1785em;"><span class="stl_362 stl_346 stl_60">(30,356)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.6283em;top:18.1785em;"><span class="stl_362 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.5383em;top:18.1785em;"><span class="stl_362 stl_346 stl_60">(30,356)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:17.4742em;top:20.5723em;"><span class="stl_375 stl_346 stl_88">Cash,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.6383em;top:20.5723em;"><span class="stl_375 stl_346 stl_88">Unhedged  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:21.4348em;"><span class="stl_375 stl_346 stl_61">2022  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:15.2942em;top:21.4348em;"><span class="stl_375 stl_346 stl_239" style="word-spacing:-0.0026em;">deposits and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.1458em;top:21.4348em;"><span class="stl_375 stl_346 stl_199">Net  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.3283em;top:21.4348em;"><span class="stl_375 stl_346 stl_89" style="word-spacing:0.0081em;">Of which  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.6883em;top:21.4348em;"><span class="stl_375 stl_346 stl_20">net  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:16.2442em;top:22.2948em;"><span class="stl_375 stl_346 stl_68">securities  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:20.3042em;top:22.2948em;"><span class="stl_375 stl_346 stl_61">Receivables  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.7158em;top:22.2948em;"><span class="stl_375 stl_346 stl_13">Liabilities  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.6358em;top:22.2948em;"><span class="stl_375 stl_346 stl_285">position,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.7583em;top:22.2948em;"><span class="stl_375 stl_346 stl_119">hedged  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.0883em;top:22.2948em;"><span class="stl_375 stl_346 stl_285">position,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:23.1748em;"><span class="stl_375 stl_346 stl_61">Currency  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:16.5842em;top:23.1748em;"><span class="stl_375 stl_346 stl_92">DKK'000  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.3042em;top:23.1748em;"><span class="stl_375 stl_346 stl_92">DKK'000  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.0358em;top:23.1748em;"><span class="stl_375 stl_346 stl_92">DKK'000  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.7558em;top:23.1748em;"><span class="stl_375 stl_346 stl_92">DKK'000  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.4883em;top:23.1748em;"><span class="stl_375 stl_346 stl_92">DKK'000  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.2083em;top:23.1748em;"><span class="stl_375 stl_346 stl_92">DKK'000  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:25.611em;"><span class="stl_365 stl_346 stl_87">PLN  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:17.6242em;top:25.611em;"><span class="stl_365 stl_346 stl_148">6,832  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.3442em;top:25.611em;"><span class="stl_365 stl_346 stl_148">2,672  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.3758em;top:25.611em;"><span class="stl_365 stl_346 stl_156">(18,391)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.4158em;top:25.611em;"><span class="stl_365 stl_346 stl_23">(8,887)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.6283em;top:25.611em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.8683em;top:25.611em;"><span class="stl_365 stl_346 stl_23">(8,887)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:26.641em;"><span class="stl_365 stl_346 stl_361">DKK  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:18.0942em;top:26.641em;"><span class="stl_365 stl_346 stl_78">307  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.4442em;top:26.641em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.6958em;top:26.641em;"><span class="stl_365 stl_346 stl_23">(2,221)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.4158em;top:26.641em;"><span class="stl_365 stl_346 stl_23">(1,914)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.6283em;top:26.641em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.8683em;top:26.641em;"><span class="stl_365 stl_346 stl_23">(1,914)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:27.801em;"><span class="stl_362 stl_346 stl_53">Total  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:17.6142em;top:27.801em;"><span class="stl_362 stl_346 stl_116">7,139  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.3342em;top:27.801em;"><span class="stl_362 stl_346 stl_116">2,672  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.3658em;top:27.801em;"><span class="stl_362 stl_346 stl_60">(20,612)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.0858em;top:27.801em;"><span class="stl_362 stl_346 stl_60">(10,801)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.6283em;top:27.801em;"><span class="stl_362 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.5383em;top:27.801em;"><span class="stl_362 stl_346 stl_60">(10,801)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:34.6449em;"><span class="stl_363 stl_346 stl_58" style="word-spacing:0.6865em;">24. FINANCIAL</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:8.813em;top:34.6449em;"><span class="stl_363 stl_346 stl_70" style="word-spacing:-0.0005em;">RISKS AND FINANCIAL INSTRUMENTS (CONTINUED)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:36.8865em;"><span class="stl_375 stl_346 stl_88" style="word-spacing:-0.014em;">PARENT COMPANY  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:17.4742em;top:38.2265em;"><span class="stl_375 stl_346 stl_88">Cash,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.6383em;top:38.2265em;"><span class="stl_375 stl_346 stl_88">Unhedged  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:39.0865em;"><span class="stl_375 stl_346 stl_61">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:15.2942em;top:39.0865em;"><span class="stl_375 stl_346 stl_239" style="word-spacing:-0.0026em;">deposits and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.1458em;top:39.0865em;"><span class="stl_375 stl_346 stl_199">Net  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.3283em;top:39.0865em;"><span class="stl_375 stl_346 stl_89" style="word-spacing:0.0081em;">Of which  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.6883em;top:39.0865em;"><span class="stl_375 stl_346 stl_20">net  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:16.2442em;top:39.9465em;"><span class="stl_375 stl_346 stl_68">securities  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:20.3042em;top:39.9465em;"><span class="stl_375 stl_346 stl_61">Receivables  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.7158em;top:39.9465em;"><span class="stl_375 stl_346 stl_13">Liabilities  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.6358em;top:39.9465em;"><span class="stl_375 stl_346 stl_285">position,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.7583em;top:39.9465em;"><span class="stl_375 stl_346 stl_119">hedged  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.0883em;top:39.9465em;"><span class="stl_375 stl_346 stl_285">position,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:40.8265em;"><span class="stl_375 stl_346 stl_61">Currency  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:16.5842em;top:40.8265em;"><span class="stl_375 stl_346 stl_92">DKK'000  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.3042em;top:40.8265em;"><span class="stl_375 stl_346 stl_92">DKK'000  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.0358em;top:40.8265em;"><span class="stl_375 stl_346 stl_92">DKK'000  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.7558em;top:40.8265em;"><span class="stl_375 stl_346 stl_92">DKK'000  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.4883em;top:40.8265em;"><span class="stl_375 stl_346 stl_92">DKK'000  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.2083em;top:40.8265em;"><span class="stl_375 stl_346 stl_92">DKK'000  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:43.2526em;"><span class="stl_365 stl_346 stl_87">PLN  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:18.7242em;top:43.2526em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.3442em;top:43.2526em;"><span class="stl_365 stl_346 stl_148">1,508  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.3758em;top:43.2526em;"><span class="stl_365 stl_346 stl_156">(38,339)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.0958em;top:43.2526em;"><span class="stl_365 stl_346 stl_156">(36,831)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.6283em;top:43.2526em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.5483em;top:43.2526em;"><span class="stl_365 stl_346 stl_156">(36,831)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:44.2826em;"><span class="stl_365 stl_346 stl_361">DKK  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:18.0942em;top:44.2826em;"><span class="stl_365 stl_346 stl_78">191  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.4442em;top:44.2826em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.6958em;top:44.2826em;"><span class="stl_365 stl_346 stl_23">(1,572)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.4158em;top:44.2826em;"><span class="stl_365 stl_346 stl_23">(1,381)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.6283em;top:44.2826em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.8683em;top:44.2826em;"><span class="stl_365 stl_346 stl_23">(1,381)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:45.4427em;"><span class="stl_362 stl_346 stl_53">Total  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:18.0942em;top:45.4427em;"><span class="stl_362 stl_346 stl_78">191  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.3342em;top:45.4427em;"><span class="stl_362 stl_346 stl_116">1,508  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.3658em;top:45.4427em;"><span class="stl_362 stl_346 stl_60">(39,911)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.0858em;top:45.4427em;"><span class="stl_362 stl_346 stl_60">(38,212)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.6283em;top:45.4427em;"><span class="stl_362 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.5383em;top:45.4427em;"><span class="stl_362 stl_346 stl_60">(38,212)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:17.4742em;top:47.8365em;"><span class="stl_375 stl_346 stl_88">Cash,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.6383em;top:47.8365em;"><span class="stl_375 stl_346 stl_88">Unhedged  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:48.6965em;"><span class="stl_375 stl_346 stl_61">2022  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:15.2942em;top:48.6965em;"><span class="stl_375 stl_346 stl_239" style="word-spacing:-0.0026em;">deposits and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.1458em;top:48.6965em;"><span class="stl_375 stl_346 stl_199">Net  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.3283em;top:48.6965em;"><span class="stl_375 stl_346 stl_89" style="word-spacing:0.0081em;">Of which  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.6883em;top:48.6965em;"><span class="stl_375 stl_346 stl_20">net  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:16.2442em;top:49.5565em;"><span class="stl_375 stl_346 stl_68">securities  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:20.3042em;top:49.5565em;"><span class="stl_375 stl_346 stl_61">Receivables  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.7158em;top:49.5565em;"><span class="stl_375 stl_346 stl_13">Liabilities  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.6358em;top:49.5565em;"><span class="stl_375 stl_346 stl_285">position,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.7583em;top:49.5565em;"><span class="stl_375 stl_346 stl_119">hedged  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.0883em;top:49.5565em;"><span class="stl_375 stl_346 stl_285">position,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:50.4365em;"><span class="stl_375 stl_346 stl_61">Currency  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:16.5842em;top:50.4365em;"><span class="stl_375 stl_346 stl_92">DKK'000  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.3042em;top:50.4365em;"><span class="stl_375 stl_346 stl_92">DKK'000  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.0358em;top:50.4365em;"><span class="stl_375 stl_346 stl_92">DKK'000  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.7558em;top:50.4365em;"><span class="stl_375 stl_346 stl_92">DKK'000  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.4883em;top:50.4365em;"><span class="stl_375 stl_346 stl_92">DKK'000  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.2083em;top:50.4365em;"><span class="stl_375 stl_346 stl_92">DKK'000  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:52.8752em;"><span class="stl_365 stl_346 stl_87">PLN  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:18.7242em;top:52.8752em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.3442em;top:52.8752em;"><span class="stl_365 stl_346 stl_148">1,341  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.3758em;top:52.8752em;"><span class="stl_365 stl_346 stl_156">(30,635)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.0958em;top:52.8752em;"><span class="stl_365 stl_346 stl_156">(29,294)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.6283em;top:52.8752em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.5483em;top:52.8752em;"><span class="stl_365 stl_346 stl_156">(29,294)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:53.9052em;"><span class="stl_365 stl_346 stl_361">DKK  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:18.0942em;top:53.9052em;"><span class="stl_365 stl_346 stl_78">307  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.4442em;top:53.9052em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.6958em;top:53.9052em;"><span class="stl_365 stl_346 stl_23">(2,221)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.4158em;top:53.9052em;"><span class="stl_365 stl_346 stl_23">(1,914)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.6283em;top:53.9052em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.8683em;top:53.9052em;"><span class="stl_365 stl_346 stl_23">(1,914)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:55.0651em;"><span class="stl_362 stl_346 stl_53">Total  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:18.0942em;top:55.0651em;"><span class="stl_362 stl_346 stl_78">307  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.3342em;top:55.0651em;"><span class="stl_362 stl_346 stl_116">1,341  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.3658em;top:55.0651em;"><span class="stl_362 stl_346 stl_60">(32,856)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.0858em;top:55.0651em;"><span class="stl_362 stl_346 stl_60">(31,208)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.6283em;top:55.0651em;"><span class="stl_362 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.5383em;top:55.0651em;"><span class="stl_362 stl_346 stl_60">(31,208)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:4.8407em;"><span class="stl_363 stl_346 stl_330" style="word-spacing:0.8715em;">24. FINANCIAL</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:8.982em;top:4.8407em;"><span class="stl_363 stl_346 stl_184" style="word-spacing:-0.0008em;">RISKS AND FINANCIAL INSTRUMENTS (CONTINUED)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:8.5404em;"><span class="stl_434 stl_346 stl_330" style="word-spacing:-0.0009em;">Credit risk  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:9.5904em;"><span class="stl_431 stl_346 stl_131" style="word-spacing:-0.0122em;">The Group’s credit risks associated with financial activities correspond to the amounts recognised in the balance sheet. The </span><span class="stl_371 stl_346 stl_160" style="word-spacing:-0.0152em;">Group assesses the need for insurance on  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:10.4004em;"><span class="stl_371 stl_346 stl_148" style="word-spacing:0.0011em;">individual debtors on an ongoing basis. This assessment is based on the individual debtor's present and expected future commitment to the Group.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:12.5004em;"><span class="stl_371 stl_346 stl_185" style="word-spacing:0.0038em;">The primary credit risk of the Group is associated with trade receivables. No special credit risks are found to exist in this regard.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:15.6604em;"><span class="stl_434 stl_346 stl_23" style="word-spacing:-0.0051em;">Capital management  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:16.7104em;"><span class="stl_371 stl_346 stl_58" style="word-spacing:0.0572em;">The Group evaluates the need to adapt its capital structure on an ongoing basis. Management believes that the financing of the Group's future operations will be  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:17.5204em;"><span class="stl_371 stl_346 stl_193" style="word-spacing:0.0009em;">secured with the existing financial resources, cash flows from operating activities and bank loans in the case of development projects.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:19.6304em;"><span class="stl_371 stl_346 stl_185" style="word-spacing:0.0041em;">As regards the free cash flow generated by the Group, first priority is to allocate free cash flows to the Group's continued expansion and shareholder dividends.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:21.7329em;"><span class="stl_371 stl_346 stl_233" style="word-spacing:0.0056em;">For the Group, equity as a percentage of total equity and liabilities at the end of 2023 was 66.8% (2022: 74.9%). The realised return on equity for the Group for 2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:22.5429em;"><span class="stl_371 stl_346 stl_193" style="word-spacing:0.0036em;">was 7.0% (2021: 15.6%).  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:25.7029em;"><span class="stl_431 stl_346 stl_185" style="word-spacing:0.0032em;">The Group’s financial gearing at the balance sheet date is calculated as follows:  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.29em;top:27.7848em;"><span class="stl_375 stl_346 stl_88" style="word-spacing:-0.014em;">PARENT COMPANY  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.8683em;top:27.7848em;"><span class="stl_375 stl_346 stl_193">GROUP  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.01em;top:29.1248em;"><span class="stl_375 stl_346 stl_78">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:8.152em;top:29.1248em;"><span class="stl_375 stl_346 stl_20">2022  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.3617em;top:29.1248em;"><span class="stl_375 stl_346 stl_92">DKK'000  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.3283em;top:29.1248em;"><span class="stl_375 stl_346 stl_61">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.0483em;top:29.1248em;"><span class="stl_375 stl_346 stl_61">2022  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.822em;top:32.591em;"><span class="stl_365 stl_346 stl_78">16  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:8.4117em;top:32.591em;"><span class="stl_365 stl_346 stl_64">1,033  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.3917em;top:32.591em;"><span class="stl_365 stl_346 stl_185" style="word-spacing:0.0056em;">Bank debt  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.3483em;top:32.591em;"><span class="stl_365 stl_346 stl_148">3,355  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.0683em;top:32.591em;"><span class="stl_365 stl_346 stl_148">1,033  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.12em;top:33.621em;"><span class="stl_365 stl_346 stl_84">(191)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:8.262em;top:33.621em;"><span class="stl_365 stl_346 stl_84">(307)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.3617em;top:33.621em;"><span class="stl_365 stl_346 stl_316" style="word-spacing:0.0009em;">Cash and cash equivalents  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.6483em;top:33.621em;"><span class="stl_365 stl_346 stl_156">(12,095)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.6883em;top:33.621em;"><span class="stl_365 stl_346 stl_23">(7,139)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.11em;top:34.781em;"><span class="stl_362 stl_346 stl_70">(175)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:8.6417em;top:34.781em;"><span class="stl_362 stl_346 stl_78">726  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.3617em;top:34.781em;"><span class="stl_362 stl_346 stl_316" style="word-spacing:0.0068em;">Net interest-bearing debt  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.9483em;top:34.781em;"><span class="stl_362 stl_346 stl_160">(8,740)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.6683em;top:34.781em;"><span class="stl_362 stl_346 stl_160">(6,106)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:3.7em;top:36.9627em;"><span class="stl_362 stl_346 stl_61">55,125  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.842em;top:36.9627em;"><span class="stl_362 stl_346 stl_61">62,131  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.3617em;top:36.9627em;"><span class="stl_362 stl_346 stl_103">Equity  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.7083em;top:36.9627em;"><span class="stl_362 stl_346 stl_58">174,740  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.4283em;top:36.9627em;"><span class="stl_362 stl_346 stl_148">150,896  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:3.95em;top:39.1427em;"><span class="stl_365 stl_346 stl_156">(</span><span class="stl_362 stl_346 stl_185">0.00)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:8.4717em;top:39.1427em;"><span class="stl_362 stl_346 stl_78">0.01  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.3617em;top:39.1427em;"><span class="stl_362 stl_346 stl_160" style="word-spacing:-0.0108em;">Financial gearing  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.2583em;top:39.1427em;"><span class="stl_362 stl_346 stl_330">(0.05)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.9783em;top:39.1427em;"><span class="stl_362 stl_346 stl_89">(0.04)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:43.1446em;"><span class="stl_434 stl_346 stl_160" style="word-spacing:0.0021em;">Liquidity and capital resources  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:44.1946em;"><span class="stl_371 stl_346 stl_148" style="word-spacing:0.0026em;">At Group level, free cash and cash equivalents amounted to DKK 12.1 million at 31 December 2023, of which DKK 5.7 million are attributable to CeMat '70 S.A.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:46.0546em;"><span class="stl_371 stl_346 stl_185" style="word-spacing:0.0286em;">Based on expectations for 2023, Management believes that the existing capital resources, bank loans available and the expected future cash flows will be sufficient  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:46.8746em;"><span class="stl_371 stl_346 stl_185" style="word-spacing:0.0018em;">to maintain operations and finance planned investments.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:48.4946em;"><span class="stl_431 stl_346 stl_70" style="word-spacing:0.0179em;">The Group’s budgets, and consequently also its future capital resources, are inherently subject to risk since the extent and </span><span class="stl_371 stl_346 stl_58" style="word-spacing:0.0165em;">timing of cash flow fluctuations will have  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:49.3146em;"><span class="stl_431 stl_346 stl_160" style="word-spacing:0.0064em;">an impact on the Group’s capital resources. Management believes that any negative deviat</span><span class="stl_371 stl_346 stl_63" style="word-spacing:0.0106em;">ions in its operations relative to budgeted cash flows can be mitigated on  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:50.1246em;"><span class="stl_371 stl_346 stl_193" style="word-spacing:0.0023em;">a timely basis by cash flow-enhancing measures.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:52.2271em;"><span class="stl_434 stl_346 stl_103" style="word-spacing:0.0039em;">Risk related to obtaining external financing  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:54.0971em;"><span class="stl_371 stl_346 stl_70" style="word-spacing:-0.0433em;">The real estate development business, in which the Group operates, requires significant initial expenditures to purchase land and to cover construction, infrastructure,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:54.9071em;"><span class="stl_371 stl_346 stl_285" style="word-spacing:0.0744em;">and design costs. As such, the Group, in order to continue and develop its business, require significant amounts of cash through external financing by banks. The  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:55.7171em;"><span class="stl_431 stl_346 stl_68" style="word-spacing:-0.0141em;">Group’s ability to obtain such financing depend on many factors, in particular, on market conditions which are beyond the Group’s control. In the event of difficulties  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:56.5371em;"><span class="stl_371 stl_346 stl_285" style="word-spacing:0.0597em;">to obtain the </span><span class="stl_431 stl_346 stl_58" style="word-spacing:0.0601em;">required financing, there is a risk that the scale of the Group’s development and pace of achieving its strategic objectives </span><span class="stl_371 stl_346 stl_156" style="word-spacing:0.0601em;">may differ from what was  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:57.3471em;"><span class="stl_371 stl_346 stl_70" style="word-spacing:0.0201em;">originally planned. In such situation as described above, there is no certainty whether the Group will be able to obtain the required financing, nor whether financial  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:58.1571em;"><span class="stl_371 stl_346 stl_63" style="word-spacing:0.0048em;">resources will be obtained under conditions that are favourable to the Group.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:60.0271em;"><span class="stl_371 stl_346 stl_329" style="word-spacing:0.0019em;">Loans that the Company intends to obtain will be against variable interest rates that are based on WIBOR rates plus a margin. Therefore, changes in the WIBOR rates  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:60.8471em;"><span class="stl_371 stl_346 stl_63" style="word-spacing:0.0055em;">will have impact on the cash flow and the profitability of the Company.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:1.8307em;"><span class="stl_363 stl_346 stl_330" style="word-spacing:0.8715em;">24. FINANCIAL</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:8.982em;top:1.8307em;"><span class="stl_363 stl_346 stl_184" style="word-spacing:-0.0008em;">RISKS AND FINANCIAL INSTRUMENTS (CONTINUED)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:4.4687em;"><span class="stl_434 stl_346 stl_148" style="word-spacing:0.0035em;">Availability of mortgages  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:6.3404em;"><span class="stl_371 stl_346 stl_329" style="word-spacing:0.0602em;">The demand for residential real estate largely depends on the availability of credits and loans for financing the purchase of apartments and houses by individuals.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:7.1504em;"><span class="stl_371 stl_346 stl_131" style="word-spacing:0.0156em;">Possible increase in interest rates, deterioration of the economic situation in Poland, the pandemic situation and the increase in unemployment in Poland as well as  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:7.9604em;"><span class="stl_371 stl_346 stl_193" style="word-spacing:0.0353em;">possible administrative restrictions on lending activities of the banks may cause a drop in demand for apartments and houses, and therefore a decrease in interest  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:8.7804em;"><span class="stl_371 stl_346 stl_184" style="word-spacing:-0.014em;">from potential buyers in the Company's development projects, which in turn may have a significant adverse impact on activities, financial standing or performance of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:9.6255em;"><span class="stl_371 stl_346 stl_330" style="word-spacing:-0.0049em;">the Company</span><span class="stl_19 stl_08 stl_35" style="word-spacing:-0.0036em;">.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:12.8524em;"><span class="stl_363 stl_346 stl_330" style="word-spacing:0.8715em;">24. FINANCIAL</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:8.982em;top:12.8524em;"><span class="stl_363 stl_346 stl_160" style="word-spacing:-0.0003em;">RISKS AND FINANCIAL INSTRUMENTS  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.29em;top:15.5423em;"><span class="stl_375 stl_346 stl_88" style="word-spacing:-0.014em;">PARENT COMPANY  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.8683em;top:15.5423em;"><span class="stl_375 stl_346 stl_193">GROUP  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.01em;top:16.8923em;"><span class="stl_375 stl_346 stl_78">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:8.152em;top:16.8923em;"><span class="stl_375 stl_346 stl_20">2022  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.3617em;top:16.8923em;"><span class="stl_375 stl_346 stl_92">DKK'000  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.3283em;top:16.8923em;"><span class="stl_375 stl_346 stl_61">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.0483em;top:16.8923em;"><span class="stl_375 stl_346 stl_61">2022  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:5.132em;top:19.3285em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:9.2717em;top:19.3285em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.3617em;top:19.3285em;"><span class="stl_365 stl_346 stl_285" style="word-spacing:-0.0041em;">Trade receivables  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.3483em;top:19.3285em;"><span class="stl_365 stl_346 stl_148">2,524  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.0683em;top:19.3285em;"><span class="stl_365 stl_346 stl_148">2,200  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.03em;top:20.3585em;"><span class="stl_365 stl_346 stl_70">1,508  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:8.172em;top:20.3585em;"><span class="stl_365 stl_346 stl_148">1,341  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.3617em;top:20.3585em;"><span class="stl_365 stl_346 stl_329" style="word-spacing:-0.0003em;">Intra-group receivables  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.4483em;top:20.3585em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.1683em;top:20.3585em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:5.132em;top:21.391em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:9.2717em;top:21.391em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.3617em;top:21.391em;"><span class="stl_365 stl_346 stl_316" style="word-spacing:0.0046em;">Other receivables, current  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.3483em;top:21.391em;"><span class="stl_365 stl_346 stl_148">4,391  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.5383em;top:21.391em;"><span class="stl_365 stl_346 stl_78">472  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:5.132em;top:22.421em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:9.2717em;top:22.421em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.3617em;top:22.421em;"><span class="stl_365 stl_346 stl_63" style="word-spacing:0.0038em;">Other receivables, non-current  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.8183em;top:22.421em;"><span class="stl_365 stl_346 stl_78">239  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.5383em;top:22.421em;"><span class="stl_365 stl_346 stl_78">366  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.5em;top:23.441em;"><span class="stl_365 stl_346 stl_78">199  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:8.6417em;top:23.441em;"><span class="stl_365 stl_346 stl_78">307  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.3617em;top:23.441em;"><span class="stl_365 stl_346 stl_316" style="word-spacing:0.0015em;">Cash and cash equivalents  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.0283em;top:23.441em;"><span class="stl_365 stl_346 stl_23">12,095  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.0683em;top:23.441em;"><span class="stl_365 stl_346 stl_148">7,139  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:24.601em;"><span class="stl_362 stl_346 stl_67">1,699  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:8.162em;top:24.601em;"><span class="stl_362 stl_346 stl_116">1,648  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.3617em;top:24.601em;"><span class="stl_362 stl_346 stl_347" style="word-spacing:0.0025em;">Loans, advances and receivables  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.0183em;top:24.601em;"><span class="stl_362 stl_346 stl_61">19,249  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.7383em;top:24.601em;"><span class="stl_362 stl_346 stl_61">10,177  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:3.71em;top:26.781em;"><span class="stl_365 stl_346 stl_23">38,339  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.852em;top:26.781em;"><span class="stl_365 stl_346 stl_23">30,635  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.3617em;top:26.781em;"><span class="stl_365 stl_346 stl_226" style="word-spacing:-0.0025em;">Debt to subsidiaries  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.4483em;top:26.781em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.1683em;top:26.781em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:5.132em;top:27.811em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:9.2717em;top:27.811em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.3617em;top:27.811em;"><span class="stl_365 stl_346 stl_185" style="word-spacing:-0.0013em;">Finance lease liabilities, current  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.3483em;top:27.811em;"><span class="stl_365 stl_346 stl_148">1,649  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.5383em;top:27.811em;"><span class="stl_365 stl_346 stl_78">815  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:5.132em;top:28.841em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:9.2717em;top:28.841em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.3617em;top:28.841em;"><span class="stl_365 stl_346 stl_58" style="word-spacing:-0.0019em;">Finance lease liabilities, non-current  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.0283em;top:28.841em;"><span class="stl_365 stl_346 stl_23">23,963  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.7483em;top:28.841em;"><span class="stl_365 stl_346 stl_23">13,128  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.822em;top:29.871em;"><span class="stl_365 stl_346 stl_78">16  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:8.172em;top:29.871em;"><span class="stl_365 stl_346 stl_148">1,033  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.3617em;top:29.871em;"><span class="stl_365 stl_346 stl_316" style="word-spacing:0.0071em;">Bank loans  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.3483em;top:29.871em;"><span class="stl_365 stl_346 stl_148">3,355  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.0683em;top:29.871em;"><span class="stl_365 stl_346 stl_148">1,033  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:5.132em;top:30.901em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:9.2717em;top:30.901em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.3617em;top:30.901em;"><span class="stl_365 stl_346 stl_292" style="word-spacing:0.002em;">Other non-current liabilities  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.3483em;top:30.901em;"><span class="stl_365 stl_346 stl_148">4,477  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.0683em;top:30.901em;"><span class="stl_365 stl_346 stl_148">3,263  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.5em;top:31.931em;"><span class="stl_365 stl_346 stl_78">455  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:8.6417em;top:31.931em;"><span class="stl_365 stl_346 stl_78">287  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.3617em;top:31.931em;"><span class="stl_365 stl_346 stl_226" style="word-spacing:-0.0038em;">Trade payables  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.0283em;top:31.931em;"><span class="stl_365 stl_346 stl_23">10,093  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.0683em;top:31.931em;"><span class="stl_365 stl_346 stl_148">1,715  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:5.132em;top:32.961em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:9.2717em;top:32.961em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.3617em;top:32.961em;"><span class="stl_365 stl_346 stl_185" style="word-spacing:-0.0038em;">Income tax payable  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.8183em;top:32.961em;"><span class="stl_365 stl_346 stl_78">237  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.5383em;top:32.961em;"><span class="stl_365 stl_346 stl_78">222  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.03em;top:33.991em;"><span class="stl_365 stl_346 stl_148">1,103  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:8.6417em;top:33.991em;"><span class="stl_365 stl_346 stl_78">901  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.3617em;top:33.991em;"><span class="stl_365 stl_346 stl_113" style="word-spacing:0.0029em;">Other payables  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.3483em;top:33.991em;"><span class="stl_365 stl_346 stl_148">8,147  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.5383em;top:33.991em;"><span class="stl_365 stl_346 stl_78">436  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:3.7em;top:35.151em;"><span class="stl_362 stl_346 stl_61">39,913  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.842em;top:35.151em;"><span class="stl_362 stl_346 stl_61">32,856  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.3617em;top:35.151em;"><span class="stl_362 stl_346 stl_148" style="word-spacing:-0.0101em;">Financial liabilities  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.0183em;top:35.151em;"><span class="stl_362 stl_346 stl_61">51,921  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.7383em;top:35.151em;"><span class="stl_362 stl_346 stl_61">20,612  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:38.3527em;"><span class="stl_365 stl_346 stl_111" style="word-spacing:0.0005em;">Finance lease liabilities are measured at fair value, while other remaining liabilities are measured at amortised cost.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:12.8524em;"><span class="stl_363 stl_346 stl_330" style="word-spacing:0.8715em;">24. FINANCIAL</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:8.982em;top:12.8524em;"><span class="stl_363 stl_346 stl_160" style="word-spacing:-0.0003em;">RISKS AND FINANCIAL INSTRUMENTS  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.29em;top:15.5423em;"><span class="stl_375 stl_346 stl_88" style="word-spacing:-0.014em;">PARENT COMPANY  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.8683em;top:15.5423em;"><span class="stl_375 stl_346 stl_193">GROUP  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.01em;top:16.8923em;"><span class="stl_375 stl_346 stl_78">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:8.152em;top:16.8923em;"><span class="stl_375 stl_346 stl_20">2022  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.3617em;top:16.8923em;"><span class="stl_375 stl_346 stl_92">DKK'000  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.3283em;top:16.8923em;"><span class="stl_375 stl_346 stl_61">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.0483em;top:16.8923em;"><span class="stl_375 stl_346 stl_61">2022  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:5.132em;top:19.3285em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:9.2717em;top:19.3285em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.3617em;top:19.3285em;"><span class="stl_365 stl_346 stl_285" style="word-spacing:-0.0041em;">Trade receivables  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.3483em;top:19.3285em;"><span class="stl_365 stl_346 stl_148">2,524  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.0683em;top:19.3285em;"><span class="stl_365 stl_346 stl_148">2,200  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.03em;top:20.3585em;"><span class="stl_365 stl_346 stl_70">1,508  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:8.172em;top:20.3585em;"><span class="stl_365 stl_346 stl_148">1,341  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.3617em;top:20.3585em;"><span class="stl_365 stl_346 stl_329" style="word-spacing:-0.0003em;">Intra-group receivables  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.4483em;top:20.3585em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.1683em;top:20.3585em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:5.132em;top:21.391em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:9.2717em;top:21.391em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.3617em;top:21.391em;"><span class="stl_365 stl_346 stl_316" style="word-spacing:0.0046em;">Other receivables, current  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.3483em;top:21.391em;"><span class="stl_365 stl_346 stl_148">4,391  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.5383em;top:21.391em;"><span class="stl_365 stl_346 stl_78">472  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:5.132em;top:22.421em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:9.2717em;top:22.421em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.3617em;top:22.421em;"><span class="stl_365 stl_346 stl_63" style="word-spacing:0.0038em;">Other receivables, non-current  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.8183em;top:22.421em;"><span class="stl_365 stl_346 stl_78">239  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.5383em;top:22.421em;"><span class="stl_365 stl_346 stl_78">366  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.5em;top:23.441em;"><span class="stl_365 stl_346 stl_78">199  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:8.6417em;top:23.441em;"><span class="stl_365 stl_346 stl_78">307  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.3617em;top:23.441em;"><span class="stl_365 stl_346 stl_316" style="word-spacing:0.0015em;">Cash and cash equivalents  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.0283em;top:23.441em;"><span class="stl_365 stl_346 stl_23">12,095  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.0683em;top:23.441em;"><span class="stl_365 stl_346 stl_148">7,139  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:24.601em;"><span class="stl_362 stl_346 stl_67">1,699  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:8.162em;top:24.601em;"><span class="stl_362 stl_346 stl_116">1,648  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.3617em;top:24.601em;"><span class="stl_362 stl_346 stl_347" style="word-spacing:0.0025em;">Loans, advances and receivables  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.0183em;top:24.601em;"><span class="stl_362 stl_346 stl_61">19,249  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.7383em;top:24.601em;"><span class="stl_362 stl_346 stl_61">10,177  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:3.71em;top:26.781em;"><span class="stl_365 stl_346 stl_23">38,339  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.852em;top:26.781em;"><span class="stl_365 stl_346 stl_23">30,635  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.3617em;top:26.781em;"><span class="stl_365 stl_346 stl_226" style="word-spacing:-0.0025em;">Debt to subsidiaries  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.4483em;top:26.781em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.1683em;top:26.781em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:5.132em;top:27.811em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:9.2717em;top:27.811em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.3617em;top:27.811em;"><span class="stl_365 stl_346 stl_185" style="word-spacing:-0.0013em;">Finance lease liabilities, current  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.3483em;top:27.811em;"><span class="stl_365 stl_346 stl_148">1,649  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.5383em;top:27.811em;"><span class="stl_365 stl_346 stl_78">815  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:5.132em;top:28.841em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:9.2717em;top:28.841em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.3617em;top:28.841em;"><span class="stl_365 stl_346 stl_58" style="word-spacing:-0.0019em;">Finance lease liabilities, non-current  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.0283em;top:28.841em;"><span class="stl_365 stl_346 stl_23">23,963  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.7483em;top:28.841em;"><span class="stl_365 stl_346 stl_23">13,128  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.822em;top:29.871em;"><span class="stl_365 stl_346 stl_78">16  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:8.172em;top:29.871em;"><span class="stl_365 stl_346 stl_148">1,033  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.3617em;top:29.871em;"><span class="stl_365 stl_346 stl_316" style="word-spacing:0.0071em;">Bank loans  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.3483em;top:29.871em;"><span class="stl_365 stl_346 stl_148">3,355  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.0683em;top:29.871em;"><span class="stl_365 stl_346 stl_148">1,033  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:5.132em;top:30.901em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:9.2717em;top:30.901em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.3617em;top:30.901em;"><span class="stl_365 stl_346 stl_292" style="word-spacing:0.002em;">Other non-current liabilities  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.3483em;top:30.901em;"><span class="stl_365 stl_346 stl_148">4,477  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.0683em;top:30.901em;"><span class="stl_365 stl_346 stl_148">3,263  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.5em;top:31.931em;"><span class="stl_365 stl_346 stl_78">455  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:8.6417em;top:31.931em;"><span class="stl_365 stl_346 stl_78">287  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.3617em;top:31.931em;"><span class="stl_365 stl_346 stl_226" style="word-spacing:-0.0038em;">Trade payables  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.0283em;top:31.931em;"><span class="stl_365 stl_346 stl_23">10,093  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.0683em;top:31.931em;"><span class="stl_365 stl_346 stl_148">1,715  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:5.132em;top:32.961em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:9.2717em;top:32.961em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.3617em;top:32.961em;"><span class="stl_365 stl_346 stl_185" style="word-spacing:-0.0038em;">Income tax payable  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.8183em;top:32.961em;"><span class="stl_365 stl_346 stl_78">237  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.5383em;top:32.961em;"><span class="stl_365 stl_346 stl_78">222  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.03em;top:33.991em;"><span class="stl_365 stl_346 stl_148">1,103  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:8.6417em;top:33.991em;"><span class="stl_365 stl_346 stl_78">901  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.3617em;top:33.991em;"><span class="stl_365 stl_346 stl_113" style="word-spacing:0.0029em;">Other payables  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.3483em;top:33.991em;"><span class="stl_365 stl_346 stl_148">8,147  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.5383em;top:33.991em;"><span class="stl_365 stl_346 stl_78">436  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:3.7em;top:35.151em;"><span class="stl_362 stl_346 stl_61">39,913  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.842em;top:35.151em;"><span class="stl_362 stl_346 stl_61">32,856  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.3617em;top:35.151em;"><span class="stl_362 stl_346 stl_148" style="word-spacing:-0.0101em;">Financial liabilities  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.0183em;top:35.151em;"><span class="stl_362 stl_346 stl_61">51,921  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.7383em;top:35.151em;"><span class="stl_362 stl_346 stl_61">20,612  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:38.3527em;"><span class="stl_365 stl_346 stl_111" style="word-spacing:0.0005em;">Finance lease liabilities are measured at fair value, while other remaining liabilities are measured at amortised cost.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:40.4046em;"><span class="stl_433 stl_346 stl_193" style="word-spacing:-0.0007em;">The Group’s risk management policy  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:41.4546em;"><span class="stl_371 stl_346 stl_193" style="word-spacing:0.0049em;">Risk management is an integral part of the day-to-day management of the business and is subject to continuous review by Management. Management believes that  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:42.2746em;"><span class="stl_371 stl_346 stl_148" style="word-spacing:0.0282em;">all material risks, apart from financial risks, concern supplier-customer relations. Due to the nature of its operations and capitalisation, the Group is not particularly  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:43.0846em;"><span class="stl_371 stl_346 stl_226" style="word-spacing:-0.0451em;">exposed to fluctuations in exchange rates and interest rates. The Group pursues a low-risk profile, with currency, interest rate and credit risks arising only in connection  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:43.9046em;"><span class="stl_371 stl_346 stl_18" style="word-spacing:-0.0025em;">with commer</span><span class="stl_431 stl_346 stl_70" style="word-spacing:-0.0005em;">cial relations. It is the Group’s policy not to actively speculate in financial risks.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:46.0046em;"><span class="stl_371 stl_346 stl_63" style="word-spacing:0.0043em;">The Group manages its financial risks by means of a model for managing its cash budgeting covering a period of 1 year.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:4.8407em;"><span class="stl_363 stl_346 stl_330" style="word-spacing:0.8715em;">24. FINANCIAL</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:8.982em;top:4.8407em;"><span class="stl_363 stl_346 stl_184" style="word-spacing:-0.0008em;">RISKS AND FINANCIAL INSTRUMENTS (CONTINUED)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:7.4604em;"><span class="stl_371 stl_346 stl_148" style="word-spacing:-0.0016em;">Unhedged net position at balance sheet date:  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:9.6223em;"><span class="stl_375 stl_346 stl_193">GROUP  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:17.4742em;top:10.9623em;"><span class="stl_375 stl_346 stl_88">Cash,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.6383em;top:10.9623em;"><span class="stl_375 stl_346 stl_88">Unhedged  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:11.8223em;"><span class="stl_375 stl_346 stl_61">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:15.2942em;top:11.8223em;"><span class="stl_375 stl_346 stl_239" style="word-spacing:-0.0026em;">deposits and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.1458em;top:11.8223em;"><span class="stl_375 stl_346 stl_199">Net  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.3283em;top:11.8223em;"><span class="stl_375 stl_346 stl_89" style="word-spacing:0.0081em;">Of which  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.6883em;top:11.8223em;"><span class="stl_375 stl_346 stl_20">net  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:16.2442em;top:12.6823em;"><span class="stl_375 stl_346 stl_68">securities  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:20.3042em;top:12.6823em;"><span class="stl_375 stl_346 stl_61">Receivables  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.7158em;top:12.6823em;"><span class="stl_375 stl_346 stl_13">Liabilities  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.6358em;top:12.6823em;"><span class="stl_375 stl_346 stl_285">position,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.7583em;top:12.6823em;"><span class="stl_375 stl_346 stl_119">hedged  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.0883em;top:12.6823em;"><span class="stl_375 stl_346 stl_285">position,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:13.5623em;"><span class="stl_375 stl_346 stl_61">Currency  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:16.5842em;top:13.5623em;"><span class="stl_375 stl_346 stl_92">DKK'000  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.3042em;top:13.5623em;"><span class="stl_375 stl_346 stl_92">DKK'000  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.0358em;top:13.5623em;"><span class="stl_375 stl_346 stl_92">DKK'000  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.7558em;top:13.5623em;"><span class="stl_375 stl_346 stl_92">DKK'000  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.4883em;top:13.5623em;"><span class="stl_375 stl_346 stl_92">DKK'000  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.2083em;top:13.5623em;"><span class="stl_375 stl_346 stl_92">DKK'000  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:15.9885em;"><span class="stl_365 stl_346 stl_87">PLN  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:17.3042em;top:15.9885em;"><span class="stl_365 stl_346 stl_23">11,904  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.3442em;top:15.9885em;"><span class="stl_365 stl_346 stl_148">6,915  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.3758em;top:15.9885em;"><span class="stl_365 stl_346 stl_156">(47,810)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.0958em;top:15.9885em;"><span class="stl_365 stl_346 stl_68">(28,991)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.6283em;top:15.9885em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.5483em;top:15.9885em;"><span class="stl_365 stl_346 stl_68">(28,991)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:17.0185em;"><span class="stl_365 stl_346 stl_361">DKK  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:18.0942em;top:17.0185em;"><span class="stl_365 stl_346 stl_78">191  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.4442em;top:17.0185em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.6958em;top:17.0185em;"><span class="stl_365 stl_346 stl_23">(1,556)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.4158em;top:17.0185em;"><span class="stl_365 stl_346 stl_23">(1,365)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.6283em;top:17.0185em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.8683em;top:17.0185em;"><span class="stl_365 stl_346 stl_23">(1,365)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:18.1785em;"><span class="stl_362 stl_346 stl_53">Total  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:17.2942em;top:18.1785em;"><span class="stl_362 stl_346 stl_61">12,095  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.3342em;top:18.1785em;"><span class="stl_362 stl_346 stl_116">6,915  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.3658em;top:18.1785em;"><span class="stl_362 stl_346 stl_316">(49,366)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.0858em;top:18.1785em;"><span class="stl_362 stl_346 stl_60">(30,356)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.6283em;top:18.1785em;"><span class="stl_362 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.5383em;top:18.1785em;"><span class="stl_362 stl_346 stl_60">(30,356)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:17.4742em;top:20.5723em;"><span class="stl_375 stl_346 stl_88">Cash,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.6383em;top:20.5723em;"><span class="stl_375 stl_346 stl_88">Unhedged  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:21.4348em;"><span class="stl_375 stl_346 stl_61">2022  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:15.2942em;top:21.4348em;"><span class="stl_375 stl_346 stl_239" style="word-spacing:-0.0026em;">deposits and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.1458em;top:21.4348em;"><span class="stl_375 stl_346 stl_199">Net  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.3283em;top:21.4348em;"><span class="stl_375 stl_346 stl_89" style="word-spacing:0.0081em;">Of which  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.6883em;top:21.4348em;"><span class="stl_375 stl_346 stl_20">net  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:16.2442em;top:22.2948em;"><span class="stl_375 stl_346 stl_68">securities  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:20.3042em;top:22.2948em;"><span class="stl_375 stl_346 stl_61">Receivables  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.7158em;top:22.2948em;"><span class="stl_375 stl_346 stl_13">Liabilities  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.6358em;top:22.2948em;"><span class="stl_375 stl_346 stl_285">position,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.7583em;top:22.2948em;"><span class="stl_375 stl_346 stl_119">hedged  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.0883em;top:22.2948em;"><span class="stl_375 stl_346 stl_285">position,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:23.1748em;"><span class="stl_375 stl_346 stl_61">Currency  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:16.5842em;top:23.1748em;"><span class="stl_375 stl_346 stl_92">DKK'000  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.3042em;top:23.1748em;"><span class="stl_375 stl_346 stl_92">DKK'000  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.0358em;top:23.1748em;"><span class="stl_375 stl_346 stl_92">DKK'000  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.7558em;top:23.1748em;"><span class="stl_375 stl_346 stl_92">DKK'000  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.4883em;top:23.1748em;"><span class="stl_375 stl_346 stl_92">DKK'000  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.2083em;top:23.1748em;"><span class="stl_375 stl_346 stl_92">DKK'000  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:25.611em;"><span class="stl_365 stl_346 stl_87">PLN  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:17.6242em;top:25.611em;"><span class="stl_365 stl_346 stl_148">6,832  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.3442em;top:25.611em;"><span class="stl_365 stl_346 stl_148">2,672  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.3758em;top:25.611em;"><span class="stl_365 stl_346 stl_156">(18,391)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.4158em;top:25.611em;"><span class="stl_365 stl_346 stl_23">(8,887)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.6283em;top:25.611em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.8683em;top:25.611em;"><span class="stl_365 stl_346 stl_23">(8,887)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:26.641em;"><span class="stl_365 stl_346 stl_361">DKK  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:18.0942em;top:26.641em;"><span class="stl_365 stl_346 stl_78">307  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.4442em;top:26.641em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.6958em;top:26.641em;"><span class="stl_365 stl_346 stl_23">(2,221)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.4158em;top:26.641em;"><span class="stl_365 stl_346 stl_23">(1,914)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.6283em;top:26.641em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.8683em;top:26.641em;"><span class="stl_365 stl_346 stl_23">(1,914)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:27.801em;"><span class="stl_362 stl_346 stl_53">Total  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:17.6142em;top:27.801em;"><span class="stl_362 stl_346 stl_116">7,139  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.3342em;top:27.801em;"><span class="stl_362 stl_346 stl_116">2,672  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.3658em;top:27.801em;"><span class="stl_362 stl_346 stl_60">(20,612)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.0858em;top:27.801em;"><span class="stl_362 stl_346 stl_60">(10,801)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.6283em;top:27.801em;"><span class="stl_362 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.5383em;top:27.801em;"><span class="stl_362 stl_346 stl_60">(10,801)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:34.6449em;"><span class="stl_363 stl_346 stl_58" style="word-spacing:0.6865em;">24. FINANCIAL</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:8.813em;top:34.6449em;"><span class="stl_363 stl_346 stl_70" style="word-spacing:-0.0005em;">RISKS AND FINANCIAL INSTRUMENTS (CONTINUED)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:36.8865em;"><span class="stl_375 stl_346 stl_88" style="word-spacing:-0.014em;">PARENT COMPANY  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:17.4742em;top:38.2265em;"><span class="stl_375 stl_346 stl_88">Cash,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.6383em;top:38.2265em;"><span class="stl_375 stl_346 stl_88">Unhedged  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:39.0865em;"><span class="stl_375 stl_346 stl_61">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:15.2942em;top:39.0865em;"><span class="stl_375 stl_346 stl_239" style="word-spacing:-0.0026em;">deposits and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.1458em;top:39.0865em;"><span class="stl_375 stl_346 stl_199">Net  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.3283em;top:39.0865em;"><span class="stl_375 stl_346 stl_89" style="word-spacing:0.0081em;">Of which  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.6883em;top:39.0865em;"><span class="stl_375 stl_346 stl_20">net  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:16.2442em;top:39.9465em;"><span class="stl_375 stl_346 stl_68">securities  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:20.3042em;top:39.9465em;"><span class="stl_375 stl_346 stl_61">Receivables  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.7158em;top:39.9465em;"><span class="stl_375 stl_346 stl_13">Liabilities  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.6358em;top:39.9465em;"><span class="stl_375 stl_346 stl_285">position,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.7583em;top:39.9465em;"><span class="stl_375 stl_346 stl_119">hedged  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.0883em;top:39.9465em;"><span class="stl_375 stl_346 stl_285">position,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:40.8265em;"><span class="stl_375 stl_346 stl_61">Currency  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:16.5842em;top:40.8265em;"><span class="stl_375 stl_346 stl_92">DKK'000  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.3042em;top:40.8265em;"><span class="stl_375 stl_346 stl_92">DKK'000  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.0358em;top:40.8265em;"><span class="stl_375 stl_346 stl_92">DKK'000  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.7558em;top:40.8265em;"><span class="stl_375 stl_346 stl_92">DKK'000  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.4883em;top:40.8265em;"><span class="stl_375 stl_346 stl_92">DKK'000  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.2083em;top:40.8265em;"><span class="stl_375 stl_346 stl_92">DKK'000  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:43.2526em;"><span class="stl_365 stl_346 stl_87">PLN  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:18.7242em;top:43.2526em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.3442em;top:43.2526em;"><span class="stl_365 stl_346 stl_148">1,508  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.3758em;top:43.2526em;"><span class="stl_365 stl_346 stl_156">(38,339)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.0958em;top:43.2526em;"><span class="stl_365 stl_346 stl_156">(36,831)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.6283em;top:43.2526em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.5483em;top:43.2526em;"><span class="stl_365 stl_346 stl_156">(36,831)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:44.2826em;"><span class="stl_365 stl_346 stl_361">DKK  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:18.0942em;top:44.2826em;"><span class="stl_365 stl_346 stl_78">191  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.4442em;top:44.2826em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.6958em;top:44.2826em;"><span class="stl_365 stl_346 stl_23">(1,572)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.4158em;top:44.2826em;"><span class="stl_365 stl_346 stl_23">(1,381)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.6283em;top:44.2826em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.8683em;top:44.2826em;"><span class="stl_365 stl_346 stl_23">(1,381)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:45.4427em;"><span class="stl_362 stl_346 stl_53">Total  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:18.0942em;top:45.4427em;"><span class="stl_362 stl_346 stl_78">191  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.3342em;top:45.4427em;"><span class="stl_362 stl_346 stl_116">1,508  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.3658em;top:45.4427em;"><span class="stl_362 stl_346 stl_60">(39,911)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.0858em;top:45.4427em;"><span class="stl_362 stl_346 stl_60">(38,212)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.6283em;top:45.4427em;"><span class="stl_362 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.5383em;top:45.4427em;"><span class="stl_362 stl_346 stl_60">(38,212)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:17.4742em;top:47.8365em;"><span class="stl_375 stl_346 stl_88">Cash,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.6383em;top:47.8365em;"><span class="stl_375 stl_346 stl_88">Unhedged  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:48.6965em;"><span class="stl_375 stl_346 stl_61">2022  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:15.2942em;top:48.6965em;"><span class="stl_375 stl_346 stl_239" style="word-spacing:-0.0026em;">deposits and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.1458em;top:48.6965em;"><span class="stl_375 stl_346 stl_199">Net  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.3283em;top:48.6965em;"><span class="stl_375 stl_346 stl_89" style="word-spacing:0.0081em;">Of which  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.6883em;top:48.6965em;"><span class="stl_375 stl_346 stl_20">net  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:16.2442em;top:49.5565em;"><span class="stl_375 stl_346 stl_68">securities  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:20.3042em;top:49.5565em;"><span class="stl_375 stl_346 stl_61">Receivables  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.7158em;top:49.5565em;"><span class="stl_375 stl_346 stl_13">Liabilities  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.6358em;top:49.5565em;"><span class="stl_375 stl_346 stl_285">position,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.7583em;top:49.5565em;"><span class="stl_375 stl_346 stl_119">hedged  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.0883em;top:49.5565em;"><span class="stl_375 stl_346 stl_285">position,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:50.4365em;"><span class="stl_375 stl_346 stl_61">Currency  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:16.5842em;top:50.4365em;"><span class="stl_375 stl_346 stl_92">DKK'000  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.3042em;top:50.4365em;"><span class="stl_375 stl_346 stl_92">DKK'000  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.0358em;top:50.4365em;"><span class="stl_375 stl_346 stl_92">DKK'000  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.7558em;top:50.4365em;"><span class="stl_375 stl_346 stl_92">DKK'000  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.4883em;top:50.4365em;"><span class="stl_375 stl_346 stl_92">DKK'000  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.2083em;top:50.4365em;"><span class="stl_375 stl_346 stl_92">DKK'000  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:52.8752em;"><span class="stl_365 stl_346 stl_87">PLN  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:18.7242em;top:52.8752em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.3442em;top:52.8752em;"><span class="stl_365 stl_346 stl_148">1,341  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.3758em;top:52.8752em;"><span class="stl_365 stl_346 stl_156">(30,635)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.0958em;top:52.8752em;"><span class="stl_365 stl_346 stl_156">(29,294)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.6283em;top:52.8752em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.5483em;top:52.8752em;"><span class="stl_365 stl_346 stl_156">(29,294)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:53.9052em;"><span class="stl_365 stl_346 stl_361">DKK  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:18.0942em;top:53.9052em;"><span class="stl_365 stl_346 stl_78">307  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.4442em;top:53.9052em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.6958em;top:53.9052em;"><span class="stl_365 stl_346 stl_23">(2,221)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.4158em;top:53.9052em;"><span class="stl_365 stl_346 stl_23">(1,914)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.6283em;top:53.9052em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.8683em;top:53.9052em;"><span class="stl_365 stl_346 stl_23">(1,914)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:55.0651em;"><span class="stl_362 stl_346 stl_53">Total  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:18.0942em;top:55.0651em;"><span class="stl_362 stl_346 stl_78">307  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.3342em;top:55.0651em;"><span class="stl_362 stl_346 stl_116">1,341  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.3658em;top:55.0651em;"><span class="stl_362 stl_346 stl_60">(32,856)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.0858em;top:55.0651em;"><span class="stl_362 stl_346 stl_60">(31,208)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.6283em;top:55.0651em;"><span class="stl_362 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.5383em;top:55.0651em;"><span class="stl_362 stl_346 stl_60">(31,208)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:4.8407em;"><span class="stl_363 stl_346 stl_330" style="word-spacing:0.8715em;">24. FINANCIAL</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:8.982em;top:4.8407em;"><span class="stl_363 stl_346 stl_184" style="word-spacing:-0.0008em;">RISKS AND FINANCIAL INSTRUMENTS (CONTINUED)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:8.5404em;"><span class="stl_434 stl_346 stl_330" style="word-spacing:-0.0009em;">Credit risk  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:9.5904em;"><span class="stl_431 stl_346 stl_131" style="word-spacing:-0.0122em;">The Group’s credit risks associated with financial activities correspond to the amounts recognised in the balance sheet. The </span><span class="stl_371 stl_346 stl_160" style="word-spacing:-0.0152em;">Group assesses the need for insurance on  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:10.4004em;"><span class="stl_371 stl_346 stl_148" style="word-spacing:0.0011em;">individual debtors on an ongoing basis. This assessment is based on the individual debtor's present and expected future commitment to the Group.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:12.5004em;"><span class="stl_371 stl_346 stl_185" style="word-spacing:0.0038em;">The primary credit risk of the Group is associated with trade receivables. No special credit risks are found to exist in this regard.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:15.6604em;"><span class="stl_434 stl_346 stl_23" style="word-spacing:-0.0051em;">Capital management  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:16.7104em;"><span class="stl_371 stl_346 stl_58" style="word-spacing:0.0572em;">The Group evaluates the need to adapt its capital structure on an ongoing basis. Management believes that the financing of the Group's future operations will be  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:17.5204em;"><span class="stl_371 stl_346 stl_193" style="word-spacing:0.0009em;">secured with the existing financial resources, cash flows from operating activities and bank loans in the case of development projects.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:19.6304em;"><span class="stl_371 stl_346 stl_185" style="word-spacing:0.0041em;">As regards the free cash flow generated by the Group, first priority is to allocate free cash flows to the Group's continued expansion and shareholder dividends.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:21.7329em;"><span class="stl_371 stl_346 stl_233" style="word-spacing:0.0056em;">For the Group, equity as a percentage of total equity and liabilities at the end of 2023 was 66.8% (2022: 74.9%). The realised return on equity for the Group for 2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:22.5429em;"><span class="stl_371 stl_346 stl_193" style="word-spacing:0.0036em;">was 7.0% (2021: 15.6%).  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:25.7029em;"><span class="stl_431 stl_346 stl_185" style="word-spacing:0.0032em;">The Group’s financial gearing at the balance sheet date is calculated as follows:  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.29em;top:27.7848em;"><span class="stl_375 stl_346 stl_88" style="word-spacing:-0.014em;">PARENT COMPANY  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.8683em;top:27.7848em;"><span class="stl_375 stl_346 stl_193">GROUP  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.01em;top:29.1248em;"><span class="stl_375 stl_346 stl_78">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:8.152em;top:29.1248em;"><span class="stl_375 stl_346 stl_20">2022  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.3617em;top:29.1248em;"><span class="stl_375 stl_346 stl_92">DKK'000  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.3283em;top:29.1248em;"><span class="stl_375 stl_346 stl_61">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.0483em;top:29.1248em;"><span class="stl_375 stl_346 stl_61">2022  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.822em;top:32.591em;"><span class="stl_365 stl_346 stl_78">16  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:8.4117em;top:32.591em;"><span class="stl_365 stl_346 stl_64">1,033  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.3917em;top:32.591em;"><span class="stl_365 stl_346 stl_185" style="word-spacing:0.0056em;">Bank debt  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.3483em;top:32.591em;"><span class="stl_365 stl_346 stl_148">3,355  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.0683em;top:32.591em;"><span class="stl_365 stl_346 stl_148">1,033  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.12em;top:33.621em;"><span class="stl_365 stl_346 stl_84">(191)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:8.262em;top:33.621em;"><span class="stl_365 stl_346 stl_84">(307)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.3617em;top:33.621em;"><span class="stl_365 stl_346 stl_316" style="word-spacing:0.0009em;">Cash and cash equivalents  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.6483em;top:33.621em;"><span class="stl_365 stl_346 stl_156">(12,095)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.6883em;top:33.621em;"><span class="stl_365 stl_346 stl_23">(7,139)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.11em;top:34.781em;"><span class="stl_362 stl_346 stl_70">(175)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:8.6417em;top:34.781em;"><span class="stl_362 stl_346 stl_78">726  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.3617em;top:34.781em;"><span class="stl_362 stl_346 stl_316" style="word-spacing:0.0068em;">Net interest-bearing debt  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.9483em;top:34.781em;"><span class="stl_362 stl_346 stl_160">(8,740)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.6683em;top:34.781em;"><span class="stl_362 stl_346 stl_160">(6,106)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:3.7em;top:36.9627em;"><span class="stl_362 stl_346 stl_61">55,125  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.842em;top:36.9627em;"><span class="stl_362 stl_346 stl_61">62,131  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.3617em;top:36.9627em;"><span class="stl_362 stl_346 stl_103">Equity  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.7083em;top:36.9627em;"><span class="stl_362 stl_346 stl_58">174,740  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.4283em;top:36.9627em;"><span class="stl_362 stl_346 stl_148">150,896  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:3.95em;top:39.1427em;"><span class="stl_365 stl_346 stl_156">(</span><span class="stl_362 stl_346 stl_185">0.00)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:8.4717em;top:39.1427em;"><span class="stl_362 stl_346 stl_78">0.01  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.3617em;top:39.1427em;"><span class="stl_362 stl_346 stl_160" style="word-spacing:-0.0108em;">Financial gearing  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.2583em;top:39.1427em;"><span class="stl_362 stl_346 stl_330">(0.05)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.9783em;top:39.1427em;"><span class="stl_362 stl_346 stl_89">(0.04)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:43.1446em;"><span class="stl_434 stl_346 stl_160" style="word-spacing:0.0021em;">Liquidity and capital resources  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:44.1946em;"><span class="stl_371 stl_346 stl_148" style="word-spacing:0.0026em;">At Group level, free cash and cash equivalents amounted to DKK 12.1 million at 31 December 2023, of which DKK 5.7 million are attributable to CeMat '70 S.A.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:46.0546em;"><span class="stl_371 stl_346 stl_185" style="word-spacing:0.0286em;">Based on expectations for 2023, Management believes that the existing capital resources, bank loans available and the expected future cash flows will be sufficient  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:46.8746em;"><span class="stl_371 stl_346 stl_185" style="word-spacing:0.0018em;">to maintain operations and finance planned investments.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:48.4946em;"><span class="stl_431 stl_346 stl_70" style="word-spacing:0.0179em;">The Group’s budgets, and consequently also its future capital resources, are inherently subject to risk since the extent and </span><span class="stl_371 stl_346 stl_58" style="word-spacing:0.0165em;">timing of cash flow fluctuations will have  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:49.3146em;"><span class="stl_431 stl_346 stl_160" style="word-spacing:0.0064em;">an impact on the Group’s capital resources. Management believes that any negative deviat</span><span class="stl_371 stl_346 stl_63" style="word-spacing:0.0106em;">ions in its operations relative to budgeted cash flows can be mitigated on  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:50.1246em;"><span class="stl_371 stl_346 stl_193" style="word-spacing:0.0023em;">a timely basis by cash flow-enhancing measures.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:52.2271em;"><span class="stl_434 stl_346 stl_103" style="word-spacing:0.0039em;">Risk related to obtaining external financing  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:54.0971em;"><span class="stl_371 stl_346 stl_70" style="word-spacing:-0.0433em;">The real estate development business, in which the Group operates, requires significant initial expenditures to purchase land and to cover construction, infrastructure,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:54.9071em;"><span class="stl_371 stl_346 stl_285" style="word-spacing:0.0744em;">and design costs. As such, the Group, in order to continue and develop its business, require significant amounts of cash through external financing by banks. The  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:55.7171em;"><span class="stl_431 stl_346 stl_68" style="word-spacing:-0.0141em;">Group’s ability to obtain such financing depend on many factors, in particular, on market conditions which are beyond the Group’s control. In the event of difficulties  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:56.5371em;"><span class="stl_371 stl_346 stl_285" style="word-spacing:0.0597em;">to obtain the </span><span class="stl_431 stl_346 stl_58" style="word-spacing:0.0601em;">required financing, there is a risk that the scale of the Group’s development and pace of achieving its strategic objectives </span><span class="stl_371 stl_346 stl_156" style="word-spacing:0.0601em;">may differ from what was  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:57.3471em;"><span class="stl_371 stl_346 stl_70" style="word-spacing:0.0201em;">originally planned. In such situation as described above, there is no certainty whether the Group will be able to obtain the required financing, nor whether financial  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:58.1571em;"><span class="stl_371 stl_346 stl_63" style="word-spacing:0.0048em;">resources will be obtained under conditions that are favourable to the Group.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:60.0271em;"><span class="stl_371 stl_346 stl_329" style="word-spacing:0.0019em;">Loans that the Company intends to obtain will be against variable interest rates that are based on WIBOR rates plus a margin. Therefore, changes in the WIBOR rates  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:60.8471em;"><span class="stl_371 stl_346 stl_63" style="word-spacing:0.0055em;">will have impact on the cash flow and the profitability of the Company.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:1.8307em;"><span class="stl_363 stl_346 stl_330" style="word-spacing:0.8715em;">24. FINANCIAL</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:8.982em;top:1.8307em;"><span class="stl_363 stl_346 stl_184" style="word-spacing:-0.0008em;">RISKS AND FINANCIAL INSTRUMENTS (CONTINUED)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:4.4687em;"><span class="stl_434 stl_346 stl_148" style="word-spacing:0.0035em;">Availability of mortgages  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:6.3404em;"><span class="stl_371 stl_346 stl_329" style="word-spacing:0.0602em;">The demand for residential real estate largely depends on the availability of credits and loans for financing the purchase of apartments and houses by individuals.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:7.1504em;"><span class="stl_371 stl_346 stl_131" style="word-spacing:0.0156em;">Possible increase in interest rates, deterioration of the economic situation in Poland, the pandemic situation and the increase in unemployment in Poland as well as  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:7.9604em;"><span class="stl_371 stl_346 stl_193" style="word-spacing:0.0353em;">possible administrative restrictions on lending activities of the banks may cause a drop in demand for apartments and houses, and therefore a decrease in interest  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:8.7804em;"><span class="stl_371 stl_346 stl_184" style="word-spacing:-0.014em;">from potential buyers in the Company's development projects, which in turn may have a significant adverse impact on activities, financial standing or performance of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:9.6255em;"><span class="stl_371 stl_346 stl_330" style="word-spacing:-0.0049em;">the Company</span><span class="stl_19 stl_08 stl_35" style="word-spacing:-0.0036em;">.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:48.1046em;"><span class="stl_434 stl_346 stl_23" style="word-spacing:0.007em;">Currency risk  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:49.1546em;"><span class="stl_371 stl_346 stl_13" style="word-spacing:0.0293em;">Currency risk constitutes the risk of losses (or the possibility of gains) when exchange rates change. Currency risk arises when income and expense items in foreign  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:49.9746em;"><span class="stl_371 stl_346 stl_233" style="word-spacing:0.0023em;">currency are recognised in profit or loss or from the value adjustment of balance sheet items denominated in other currencies.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:52.0771em;"><span class="stl_431 stl_346 stl_23" style="word-spacing:0.0457em;">The Group’s sales are primarily settled in PLN and cost items are typically settled in DKK or PLN. The Group does not use der</span><span class="stl_371 stl_346 stl_156" style="word-spacing:0.0433em;">ivative financial instruments to hedge  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:52.8871em;"><span class="stl_371 stl_346 stl_233" style="word-spacing:-0.0126em;">currency risks from cash flows or balance sheet items. Instead, the Group uses foreign currency to settle same-currency debt items, which generally reduces currency  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:53.7071em;"><span class="stl_371 stl_346 stl_435">risk.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:25.7029em;"><span class="stl_431 stl_346 stl_185" style="word-spacing:0.0032em;">The Group’s financial gearing at the balance sheet date is calculated as follows:  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.29em;top:27.7848em;"><span class="stl_375 stl_346 stl_88" style="word-spacing:-0.014em;">PARENT COMPANY  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.8683em;top:27.7848em;"><span class="stl_375 stl_346 stl_193">GROUP  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.01em;top:29.1248em;"><span class="stl_375 stl_346 stl_78">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:8.152em;top:29.1248em;"><span class="stl_375 stl_346 stl_20">2022  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.3617em;top:29.1248em;"><span class="stl_375 stl_346 stl_92">DKK'000  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.3283em;top:29.1248em;"><span class="stl_375 stl_346 stl_61">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.0483em;top:29.1248em;"><span class="stl_375 stl_346 stl_61">2022  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.822em;top:32.591em;"><span class="stl_365 stl_346 stl_78">16  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:8.4117em;top:32.591em;"><span class="stl_365 stl_346 stl_64">1,033  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.3917em;top:32.591em;"><span class="stl_365 stl_346 stl_185" style="word-spacing:0.0056em;">Bank debt  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.3483em;top:32.591em;"><span class="stl_365 stl_346 stl_148">3,355  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.0683em;top:32.591em;"><span class="stl_365 stl_346 stl_148">1,033  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.12em;top:33.621em;"><span class="stl_365 stl_346 stl_84">(191)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:8.262em;top:33.621em;"><span class="stl_365 stl_346 stl_84">(307)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.3617em;top:33.621em;"><span class="stl_365 stl_346 stl_316" style="word-spacing:0.0009em;">Cash and cash equivalents  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.6483em;top:33.621em;"><span class="stl_365 stl_346 stl_156">(12,095)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.6883em;top:33.621em;"><span class="stl_365 stl_346 stl_23">(7,139)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.11em;top:34.781em;"><span class="stl_362 stl_346 stl_70">(175)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:8.6417em;top:34.781em;"><span class="stl_362 stl_346 stl_78">726  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.3617em;top:34.781em;"><span class="stl_362 stl_346 stl_316" style="word-spacing:0.0068em;">Net interest-bearing debt  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.9483em;top:34.781em;"><span class="stl_362 stl_346 stl_160">(8,740)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.6683em;top:34.781em;"><span class="stl_362 stl_346 stl_160">(6,106)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:3.7em;top:36.9627em;"><span class="stl_362 stl_346 stl_61">55,125  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.842em;top:36.9627em;"><span class="stl_362 stl_346 stl_61">62,131  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.3617em;top:36.9627em;"><span class="stl_362 stl_346 stl_103">Equity  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.7083em;top:36.9627em;"><span class="stl_362 stl_346 stl_58">174,740  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.4283em;top:36.9627em;"><span class="stl_362 stl_346 stl_148">150,896  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:3.95em;top:39.1427em;"><span class="stl_365 stl_346 stl_156">(</span><span class="stl_362 stl_346 stl_185">0.00)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:8.4717em;top:39.1427em;"><span class="stl_362 stl_346 stl_78">0.01  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.3617em;top:39.1427em;"><span class="stl_362 stl_346 stl_160" style="word-spacing:-0.0108em;">Financial gearing  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.2583em;top:39.1427em;"><span class="stl_362 stl_346 stl_330">(0.05)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.9783em;top:39.1427em;"><span class="stl_362 stl_346 stl_89">(0.04)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:4.8407em;"><span class="stl_363 stl_346 stl_330" style="word-spacing:0.8715em;">24. FINANCIAL</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:8.982em;top:4.8407em;"><span class="stl_363 stl_346 stl_184" style="word-spacing:-0.0008em;">RISKS AND FINANCIAL INSTRUMENTS (CONTINUED)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:8.5404em;"><span class="stl_434 stl_346 stl_330" style="word-spacing:-0.0009em;">Credit risk  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:9.5904em;"><span class="stl_431 stl_346 stl_131" style="word-spacing:-0.0122em;">The Group’s credit risks associated with financial activities correspond to the amounts recognised in the balance sheet. The </span><span class="stl_371 stl_346 stl_160" style="word-spacing:-0.0152em;">Group assesses the need for insurance on  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:10.4004em;"><span class="stl_371 stl_346 stl_148" style="word-spacing:0.0011em;">individual debtors on an ongoing basis. This assessment is based on the individual debtor's present and expected future commitment to the Group.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:12.5004em;"><span class="stl_371 stl_346 stl_185" style="word-spacing:0.0038em;">The primary credit risk of the Group is associated with trade receivables. No special credit risks are found to exist in this regard.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:43.1446em;"><span class="stl_434 stl_346 stl_160" style="word-spacing:0.0021em;">Liquidity and capital resources  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:44.1946em;"><span class="stl_371 stl_346 stl_148" style="word-spacing:0.0026em;">At Group level, free cash and cash equivalents amounted to DKK 12.1 million at 31 December 2023, of which DKK 5.7 million are attributable to CeMat '70 S.A.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:46.0546em;"><span class="stl_371 stl_346 stl_185" style="word-spacing:0.0286em;">Based on expectations for 2023, Management believes that the existing capital resources, bank loans available and the expected future cash flows will be sufficient  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:46.8746em;"><span class="stl_371 stl_346 stl_185" style="word-spacing:0.0018em;">to maintain operations and finance planned investments.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:48.4946em;"><span class="stl_431 stl_346 stl_70" style="word-spacing:0.0179em;">The Group’s budgets, and consequently also its future capital resources, are inherently subject to risk since the extent and </span><span class="stl_371 stl_346 stl_58" style="word-spacing:0.0165em;">timing of cash flow fluctuations will have  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:49.3146em;"><span class="stl_431 stl_346 stl_160" style="word-spacing:0.0064em;">an impact on the Group’s capital resources. Management believes that any negative deviat</span><span class="stl_371 stl_346 stl_63" style="word-spacing:0.0106em;">ions in its operations relative to budgeted cash flows can be mitigated on  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:50.1246em;"><span class="stl_371 stl_346 stl_193" style="word-spacing:0.0023em;">a timely basis by cash flow-enhancing measures.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:52.2271em;"><span class="stl_434 stl_346 stl_103" style="word-spacing:0.0039em;">Risk related to obtaining external financing  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:54.0971em;"><span class="stl_371 stl_346 stl_70" style="word-spacing:-0.0433em;">The real estate development business, in which the Group operates, requires significant initial expenditures to purchase land and to cover construction, infrastructure,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:54.9071em;"><span class="stl_371 stl_346 stl_285" style="word-spacing:0.0744em;">and design costs. As such, the Group, in order to continue and develop its business, require significant amounts of cash through external financing by banks. The  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:55.7171em;"><span class="stl_431 stl_346 stl_68" style="word-spacing:-0.0141em;">Group’s ability to obtain such financing depend on many factors, in particular, on market conditions which are beyond the Group’s control. In the event of difficulties  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:56.5371em;"><span class="stl_371 stl_346 stl_285" style="word-spacing:0.0597em;">to obtain the </span><span class="stl_431 stl_346 stl_58" style="word-spacing:0.0601em;">required financing, there is a risk that the scale of the Group’s development and pace of achieving its strategic objectives </span><span class="stl_371 stl_346 stl_156" style="word-spacing:0.0601em;">may differ from what was  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:57.3471em;"><span class="stl_371 stl_346 stl_70" style="word-spacing:0.0201em;">originally planned. In such situation as described above, there is no certainty whether the Group will be able to obtain the required financing, nor whether financial  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:58.1571em;"><span class="stl_371 stl_346 stl_63" style="word-spacing:0.0048em;">resources will be obtained under conditions that are favourable to the Group.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:60.0271em;"><span class="stl_371 stl_346 stl_329" style="word-spacing:0.0019em;">Loans that the Company intends to obtain will be against variable interest rates that are based on WIBOR rates plus a margin. Therefore, changes in the WIBOR rates  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:60.8471em;"><span class="stl_371 stl_346 stl_63" style="word-spacing:0.0055em;">will have impact on the cash flow and the profitability of the Company.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:1.8307em;"><span class="stl_363 stl_346 stl_330" style="word-spacing:0.8715em;">24. FINANCIAL</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:8.982em;top:1.8307em;"><span class="stl_363 stl_346 stl_184" style="word-spacing:-0.0008em;">RISKS AND FINANCIAL INSTRUMENTS (CONTINUED)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:4.4687em;"><span class="stl_434 stl_346 stl_148" style="word-spacing:0.0035em;">Availability of mortgages  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:6.3404em;"><span class="stl_371 stl_346 stl_329" style="word-spacing:0.0602em;">The demand for residential real estate largely depends on the availability of credits and loans for financing the purchase of apartments and houses by individuals.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:7.1504em;"><span class="stl_371 stl_346 stl_131" style="word-spacing:0.0156em;">Possible increase in interest rates, deterioration of the economic situation in Poland, the pandemic situation and the increase in unemployment in Poland as well as  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:7.9604em;"><span class="stl_371 stl_346 stl_193" style="word-spacing:0.0353em;">possible administrative restrictions on lending activities of the banks may cause a drop in demand for apartments and houses, and therefore a decrease in interest  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:8.7804em;"><span class="stl_371 stl_346 stl_184" style="word-spacing:-0.014em;">from potential buyers in the Company's development projects, which in turn may have a significant adverse impact on activities, financial standing or performance of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:9.6255em;"><span class="stl_371 stl_346 stl_330" style="word-spacing:-0.0049em;">the Company</span><span class="stl_19 stl_08 stl_35" style="word-spacing:-0.0036em;">.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:13.6024em;"><span class="stl_363 stl_346 stl_23" style="word-spacing:0.8723em;">25. IMPLICATIONS</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:10.447em;top:13.6024em;"><span class="stl_363 stl_346 stl_184" style="word-spacing:-0.0021em;">OF THE COVID-19 PANDEMIC ON THE FINANCIAL STATEMENTS  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:16.2404em;"><span class="stl_371 stl_346 stl_160" style="word-spacing:-0.0002em;">In 2023, the company did not experience any negative effects of the Covid-19 pandemic.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:62.3787em;"><span class="stl_363 stl_346 stl_23" style="word-spacing:0.8723em;">32. APPROVAL</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:9.040em;top:62.3787em;"><span class="stl_363 stl_346 stl_148" style="word-spacing:0em;">OF THE ANNUAL REPORT FOR PUBLICATION  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:64.5367em;"><span class="stl_371 stl_346 stl_160" style="word-spacing:-0.0008em;">The Board of Directors approved this annual report for publication at a board meeting held on 21 February 2024. The annual report will be presented to the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:65.3467em;"><span class="stl_371 stl_346 stl_103" style="word-spacing:0.0032em;">shareholders of the parent company for approval at the annual general meeting to be held on 21 March 2024.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:21.0549em;"><span class="stl_363 stl_346 stl_90" style="word-spacing:0.8703em;">26. FEE</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:6.204em;top:21.0549em;"><span class="stl_363 stl_346 stl_18" style="word-spacing:-0.0045em;">FOR AUDITORS APPOINTED BY THE GENERAL MEETING  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.29em;top:23.7448em;"><span class="stl_375 stl_346 stl_88" style="word-spacing:-0.014em;">PARENT COMPANY  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.8683em;top:23.7448em;"><span class="stl_375 stl_346 stl_193">GROUP  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.01em;top:25.0848em;"><span class="stl_375 stl_346 stl_78">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:8.152em;top:25.0848em;"><span class="stl_375 stl_346 stl_20">2022  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.3617em;top:25.0848em;"><span class="stl_375 stl_346 stl_92">DKK'000  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.3283em;top:25.0848em;"><span class="stl_375 stl_346 stl_61">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.0483em;top:25.0848em;"><span class="stl_375 stl_346 stl_61">2022  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.5em;top:27.531em;"><span class="stl_365 stl_346 stl_78">180  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:8.6417em;top:27.531em;"><span class="stl_365 stl_346 stl_78">140  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.3617em;top:27.531em;"><span class="stl_365 stl_346 stl_103" style="word-spacing:-0.0025em;">Audit of annual report  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.8183em;top:27.531em;"><span class="stl_365 stl_346 stl_78">348  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.5383em;top:27.531em;"><span class="stl_365 stl_346 stl_78">263  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.822em;top:28.551em;"><span class="stl_365 stl_346 stl_78">62  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:8.9617em;top:28.551em;"><span class="stl_365 stl_346 stl_78">48  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.3617em;top:28.551em;"><span class="stl_365 stl_346 stl_111" style="word-spacing:0.001em;">Non-audit services  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.1383em;top:28.551em;"><span class="stl_365 stl_346 stl_78">62  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.8583em;top:28.551em;"><span class="stl_365 stl_346 stl_78">48  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.5em;top:29.711em;"><span class="stl_362 stl_346 stl_78">242  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:8.6417em;top:29.711em;"><span class="stl_362 stl_346 stl_78">188  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.3617em;top:29.711em;"><span class="stl_362 stl_346 stl_53">Total  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.8183em;top:29.711em;"><span class="stl_362 stl_346 stl_78">410  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.5383em;top:29.711em;"><span class="stl_362 stl_346 stl_78">311  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:33.5949em;"><span class="stl_363 stl_346 stl_87" style="word-spacing:0.8696em;">27. RELATED</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:8.270em;top:33.5949em;"><span class="stl_363 stl_346 stl_58">PARTIES  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:36.2346em;"><span class="stl_371 stl_346 stl_103" style="word-spacing:0.001em;">The Group has no related parties exercising control.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:38.1046em;"><span class="stl_371 stl_346 stl_63" style="word-spacing:0.0038em;">The Group has the following related parties:  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:39.1546em;"><span class="stl_431 stl_346 stl_88" style="word-spacing:0.2611em;">• Ambit</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.955em;top:39.1546em;"><span class="stl_431 stl_346 stl_347" style="word-spacing:0.0098em;">Jarosław Lipiński, owned by </span><span class="stl_371 stl_346 stl_131" style="word-spacing:-0.0019em;">a member of the Management Board  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:40.1989em;"><span class="stl_436 stl_322 stl_20">•</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:3.09em;top:40.2046em;"><span class="stl_431 stl_346 stl_239" style="word-spacing:-0.0049em;">Miętowe Wzgórza </span><span class="stl_371 stl_346 stl_193" style="word-spacing:-0.0006em;">Izabella Rykowska-Urbaniak, owned by a member of the Management Board of CeMat Real Estate S.A.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:42.0646em;"><span class="stl_371 stl_346 stl_103" style="word-spacing:0.0021em;">The parent company has the following related parties:  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:43.1246em;"><span class="stl_431 stl_346 stl_20" style="word-spacing:0.261em;">• </span><span class="stl_371 stl_346 stl_23" style="word-spacing:-0.0007em;">CeMat Real Estate S.A., subsidiary in Poland  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:44.1746em;"><span class="stl_431 stl_346 stl_20" style="word-spacing:0.261em;">• </span><span class="stl_371 stl_346 stl_193" style="word-spacing:0.0013em;">CeMat '70 S.A., subsidiary in Poland  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:45.2246em;"><span class="stl_431 stl_346 stl_20" style="word-spacing:0.261em;">• </span><span class="stl_371 stl_346 stl_131" style="word-spacing:0.0018em;">W131 Sp. z o.o., subsidiary in Poland  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:46.2746em;"><span class="stl_431 stl_346 stl_20" style="word-spacing:0.261em;">• </span><span class="stl_371 stl_346 stl_148" style="word-spacing:0.0015em;">W133 Sp. z o.o., subsidiary in Poland  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:47.3246em;"><span class="stl_431 stl_346 stl_20" style="word-spacing:0.261em;">• </span><span class="stl_371 stl_346 stl_58" style="word-spacing:0.0013em;">Arkuszowa 56 Sp. z o.o., subsidiary in Poland  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:50.2446em;"><span class="stl_371 stl_346 stl_70" style="word-spacing:0.0011em;">The parent company had transactions with the following related parties in 2022 and 2023:  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:51.2971em;"><span class="stl_431 stl_346 stl_20" style="word-spacing:0.261em;">• </span><span class="stl_371 stl_346 stl_23" style="word-spacing:-0.0007em;">CeMat Real Estate S.A., subsidiary in Poland  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:52.3471em;"><span class="stl_431 stl_346 stl_20" style="word-spacing:0.261em;">• </span><span class="stl_371 stl_346 stl_193" style="word-spacing:0.0013em;">CeMat '70 S.A., subsidiary in Poland  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:4.8407em;"><span class="stl_363 stl_346 stl_87" style="word-spacing:0.8696em;">28. RELATED</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:8.270em;top:4.8407em;"><span class="stl_363 stl_346 stl_70" style="word-spacing:-0.0025em;">PARTY TRANSACTIONS  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.29em;top:7.0723em;"><span class="stl_375 stl_346 stl_88" style="word-spacing:-0.014em;">PARENT COMPANY  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.8683em;top:7.0723em;"><span class="stl_375 stl_346 stl_193">GROUP  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.01em;top:8.4123em;"><span class="stl_375 stl_346 stl_78">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:8.152em;top:8.4123em;"><span class="stl_375 stl_346 stl_20">2022  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.3617em;top:8.4123em;"><span class="stl_375 stl_346 stl_92">DKK'000  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.3283em;top:8.4123em;"><span class="stl_375 stl_346 stl_61">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.0483em;top:8.4123em;"><span class="stl_375 stl_346 stl_61">2022  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.822em;top:10.8485em;"><span class="stl_365 stl_346 stl_78">56  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:8.9617em;top:10.8485em;"><span class="stl_365 stl_346 stl_78">54  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.3617em;top:10.8485em;"><span class="stl_365 stl_346 stl_226" style="word-spacing:0.003em;">Subsidiaries, interest income  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.4483em;top:10.8485em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.1683em;top:10.8485em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.03em;top:11.8785em;"><span class="stl_365 stl_346 stl_70">1,348  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:8.172em;top:11.8785em;"><span class="stl_365 stl_346 stl_148">1,147  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.3617em;top:11.8785em;"><span class="stl_365 stl_346 stl_347" style="word-spacing:0.0042em;">Subsidiaries, interest expenses  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.4483em;top:11.8785em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.1683em;top:11.8785em;"><span class="stl_365 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.02em;top:13.0385em;"><span class="stl_362 stl_346 stl_88">1,404  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:8.162em;top:13.0385em;"><span class="stl_362 stl_346 stl_116">1,201  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.3617em;top:13.0385em;"><span class="stl_362 stl_346 stl_63" style="word-spacing:0.0107em;">Total transactions  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.4483em;top:13.0385em;"><span class="stl_362 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.1683em;top:13.0385em;"><span class="stl_362 stl_346 stl_20">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:15.1904em;"><span class="stl_431 stl_346 stl_148" style="word-spacing:-0.0005em;">Other management remuneration etc. is stated separately in connection with note 4 “Staff costs”.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:27.0449em;"><span class="stl_363 stl_346 stl_156" style="word-spacing:0.8718em;">29. SHAREHOLDER</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:10.537em;top:27.0449em;"><span class="stl_363 stl_346 stl_23">INFORMATION  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:29.6829em;"><span class="stl_371 stl_346 stl_131" style="word-spacing:0.0017em;">The parent company has registered the following shareholders holding more than 5% of the voting rights or nominal value of the share capital as at 31.12.2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:30.9748em;"><span class="stl_375 stl_346 stl_18" style="word-spacing:0.0039em;">Composition of shareholders  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.9758em;top:30.9748em;"><span class="stl_375 stl_346 stl_74" style="word-spacing:0.0044em;">Number of shares  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.5158em;top:30.9748em;"><span class="stl_375 stl_346 stl_69" style="word-spacing:-0.0085em;">Capital DKK  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.9483em;top:30.9748em;"><span class="stl_375 stl_346 stl_61" style="word-spacing:-0.0082em;">Capital %  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:33.421em;"><span class="stl_365 stl_346 stl_60" style="word-spacing:0.0006em;">EDJ-Gruppen Havnegade 19 6700 Esbjerg, Denmark  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.3658em;top:33.421em;"><span class="stl_365 stl_346 stl_70">81,234,585  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.6283em;top:33.421em;"><span class="stl_365 stl_346 stl_285">1,624,691.70  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.2483em;top:33.421em;"><span class="stl_365 stl_346 stl_63">32.51  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:34.451em;"><span class="stl_365 stl_346 stl_233" style="word-spacing:-0.0034em;">Gist Holding ApS C.F Richs Vej 31  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.8583em;top:34.451em;"><span class="stl_365 stl_346 stl_80" style="word-spacing:-0.0035em;">10.0 </span><span class="stl_366 stl_346 stl_20" style="word-spacing:-0.0098em;">– </span><span class="stl_365 stl_346 stl_29">15.0  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:41.4665em;"><span class="stl_363 stl_346 stl_330" style="word-spacing:0.9149em;">30. BOARD</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.711em;top:41.4665em;"><span class="stl_363 stl_346 stl_285" style="word-spacing:0.0052em;">OF DIRECTORS AND MANAGEMENT BOARD  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:44.0846em;"><span class="stl_371 stl_346 stl_23" style="word-spacing:-0.0022em;">The Board of Directors and Management Board of CeMat A/S hold shares in CeMat A/S.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.7083em;top:45.3865em;"><span class="stl_375 stl_346 stl_68">Shareholding,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.2483em;top:46.2565em;"><span class="stl_375 stl_346 stl_88" style="word-spacing:-0.0041em;">nominal value, DKK'000  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:47.5965em;"><span class="stl_375 stl_346 stl_68" style="word-spacing:0.0012em;">Shares (own and related parties*)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.5083em;top:47.5965em;"><span class="stl_375 stl_346 stl_61">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.2283em;top:47.5965em;"><span class="stl_375 stl_346 stl_61">2022  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:50.0326em;"><span class="stl_365 stl_346 stl_63" style="word-spacing:0.0004em;">Frede Clausen, Chairman  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.9983em;top:50.0326em;"><span class="stl_365 stl_346 stl_78">210  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.7183em;top:50.0326em;"><span class="stl_365 stl_346 stl_78">190  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:51.0651em;"><span class="stl_365 stl_346 stl_316" style="word-spacing:0.0021em;">Eivind Dam Jensen (EDJ-Gruppen), Deputy Chairman  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.5283em;top:51.0651em;"><span class="stl_365 stl_346 stl_148">1,625  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.2483em;top:51.0651em;"><span class="stl_365 stl_346 stl_148">1,625  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:52.0951em;"><span class="stl_365 stl_346 stl_63" style="word-spacing:-0.0031em;">Joanna Iwanowska-Nielsen, Member of the Board of Directors  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.3183em;top:52.0951em;"><span class="stl_365 stl_346 stl_78">30  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.0383em;top:52.0951em;"><span class="stl_365 stl_346 stl_78">22  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:53.1252em;"><span class="stl_366 stl_346 stl_58" style="word-spacing:-0.0074em;">Jarosław Lipiński, CEO  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.3183em;top:53.1252em;"><span class="stl_365 stl_346 stl_78">43  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.0383em;top:53.1252em;"><span class="stl_365 stl_346 stl_78">40  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:54.2752em;"><span class="stl_362 stl_346 stl_53">Total  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.5183em;top:54.2752em;"><span class="stl_362 stl_346 stl_88">1,908  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.2383em;top:54.2752em;"><span class="stl_362 stl_346 stl_116">1,877  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:55.4251em;"><span class="stl_365 stl_346 stl_113" style="word-spacing:0.0012em;">* Related parties are Management's close family and companies in which they hold managerial positions or directorships.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:41.4665em;"><span class="stl_363 stl_346 stl_330" style="word-spacing:0.9149em;">30. BOARD</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.711em;top:41.4665em;"><span class="stl_363 stl_346 stl_285" style="word-spacing:0.0052em;">OF DIRECTORS AND MANAGEMENT BOARD  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:44.0846em;"><span class="stl_371 stl_346 stl_23" style="word-spacing:-0.0022em;">The Board of Directors and Management Board of CeMat A/S hold shares in CeMat A/S.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.7083em;top:45.3865em;"><span class="stl_375 stl_346 stl_68">Shareholding,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.2483em;top:46.2565em;"><span class="stl_375 stl_346 stl_88" style="word-spacing:-0.0041em;">nominal value, DKK'000  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:47.5965em;"><span class="stl_375 stl_346 stl_68" style="word-spacing:0.0012em;">Shares (own and related parties*)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.5083em;top:47.5965em;"><span class="stl_375 stl_346 stl_61">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.2283em;top:47.5965em;"><span class="stl_375 stl_346 stl_61">2022  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:50.0326em;"><span class="stl_365 stl_346 stl_63" style="word-spacing:0.0004em;">Frede Clausen, Chairman  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.9983em;top:50.0326em;"><span class="stl_365 stl_346 stl_78">210  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.7183em;top:50.0326em;"><span class="stl_365 stl_346 stl_78">190  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:51.0651em;"><span class="stl_365 stl_346 stl_316" style="word-spacing:0.0021em;">Eivind Dam Jensen (EDJ-Gruppen), Deputy Chairman  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.5283em;top:51.0651em;"><span class="stl_365 stl_346 stl_148">1,625  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.2483em;top:51.0651em;"><span class="stl_365 stl_346 stl_148">1,625  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:52.0951em;"><span class="stl_365 stl_346 stl_63" style="word-spacing:-0.0031em;">Joanna Iwanowska-Nielsen, Member of the Board of Directors  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.3183em;top:52.0951em;"><span class="stl_365 stl_346 stl_78">30  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.0383em;top:52.0951em;"><span class="stl_365 stl_346 stl_78">22  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:53.1252em;"><span class="stl_366 stl_346 stl_58" style="word-spacing:-0.0074em;">Jarosław Lipiński, CEO  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.3183em;top:53.1252em;"><span class="stl_365 stl_346 stl_78">43  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.0383em;top:53.1252em;"><span class="stl_365 stl_346 stl_78">40  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:54.2752em;"><span class="stl_362 stl_346 stl_53">Total  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.5183em;top:54.2752em;"><span class="stl_362 stl_346 stl_88">1,908  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.2383em;top:54.2752em;"><span class="stl_362 stl_346 stl_116">1,877  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:55.4251em;"><span class="stl_365 stl_346 stl_113" style="word-spacing:0.0012em;">* Related parties are Management's close family and companies in which they hold managerial positions or directorships.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:58.089em;"><span class="stl_363 stl_346 stl_239" style="word-spacing:0.871em;">31. EVENTS</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.811em;top:58.089em;"><span class="stl_363 stl_346 stl_23" style="word-spacing:-0.0006em;">AFTER THE BALANCE SHEET DATE  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5em;top:59.6771em;"><span class="stl_371 stl_346 stl_113" style="word-spacing:0.0067em;">No significant events have occurred after the balance sheet date.  </span></div>