213800899MWAZT9KQZ78 2022-01-01 2022-12-31 213800899MWAZT9KQZ78 2021-01-01 2021-12-31 213800899MWAZT9KQZ78 2021-12-31 213800899MWAZT9KQZ78 2020-12-31 213800899MWAZT9KQZ78 2022-12-31 213800899MWAZT9KQZ78 2021-12-31 213800899MWAZT9KQZ78 2021-12-31 ifrs-full:SharePremiumMember 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:SharePremiumMember 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:SharePremiumMember 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 2020-12-31 ifrs-full:SharePremiumMember 213800899MWAZT9KQZ78 2020-12-31 ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember 213800899MWAZT9KQZ78 2020-12-31 ifrs-full:RetainedEarningsMember 213800899MWAZT9KQZ78 2020-12-31 ifrs-full:EquityAttributableToOwnersOfParentMember 213800899MWAZT9KQZ78 2020-12-31 ifrs-full:NoncontrollingInterestsMember 213800899MWAZT9KQZ78 2021-01-01 2021-12-31 ifrs-full:SharePremiumMember 213800899MWAZT9KQZ78 2021-01-01 2021-12-31 ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember 213800899MWAZT9KQZ78 2021-01-01 2021-12-31 ifrs-full:RetainedEarningsMember 213800899MWAZT9KQZ78 2021-01-01 2021-12-31 ifrs-full:EquityAttributableToOwnersOfParentMember 213800899MWAZT9KQZ78 2021-01-01 2021-12-31 ifrs-full:NoncontrollingInterestsMember 213800899MWAZT9KQZ78 2021-12-31 ifrs-full:SharePremiumMember 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 iso4217:DKK iso4217:DKK xbrli:shares CeMat A/S Denmark Denmark Poland A/S 26574000 7417000 10442000 5227000 21307000 5071000 7586000 5281000 3488000 3369000 28000 43000 3460000 3326000 25325000 184000 30871000 7000 1157000 27812000 5730000 22082000 1045000 33159000 6898000 26261000 20326000 1756000 24199000 2062000 0.08 0.08 0.1 0.1 22082000 26261000 -2446000 -1191000 19636000 25070000 18084000 1552000 23125000 1945000 3460000 3326000 28000 6434000 958000 43000 3357000 535000 701000 77000 -66000 1000 999000 891000 -3611000 -277000 3897000 1126000 785000 456000 -5023000 -1241000 32000 0 40000 950000 105000 773000 -137000 137000 -8771000 -1381000 16204000 -294000 17750000 -165000 7139000 16204000 157854000 117000 137157000 165000 157971000 137322000 366000 273000 366000 158337000 33360000 273000 137595000 25034000 2200000 1727000 0 0 472000 257000 2672000 1984000 16204000 43222000 180817000 7139000 43171000 201508000 4997000 -26120000 159442000 4997000 -23878000 139002000 138319000 120121000 12577000 11246000 150896000 131367000 13128000 3263000 15751000 2173000 30000000 25636000 46391000 43560000 1033000 815000 1715000 0 976000 943000 1447000 0 222000 437000 20000 2504000 4221000 5890000 50612000 49450000 201508000 180817000 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 4997000 -22804000 113588000 95781000 11291000 107072000 0 0 0 24199000 0 24199000 -1074000 2062000 -117000 26261000 -1191000 -1074000 0 -1074000 24199000 23125000 1945000 25070000 0 0 0 0 1222000 7000 1222000 -1989000 -767000 8000 7000 1000 4997000 -23878000 139002000 120121000 11246000 131367000 <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4em;top:7.0135em;"><span class="stl_157 stl_08 stl_90" style="word-spacing:-0.004em;">Foreign currency translation  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4em;top:7.7735em;"><span class="stl_155 stl_08 stl_64" style="word-spacing:-0.0021em;">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:25.4em;top:8.5335em;"><span class="stl_155 stl_08 stl_27" style="word-spacing:-0.003em;">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:25.4em;top:9.3035em;"><span class="stl_155 stl_08 stl_110" style="word-spacing:0.1805em;">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:25.4em;top:10.0635em;"><span class="stl_155 stl_08 stl_137" style="word-spacing:0.101em;">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:25.4em;top:10.8235em;"><span class="stl_155 stl_08 stl_36" style="word-spacing:-0.0028em;">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:25.4em;top:11.5935em;"><span class="stl_155 stl_08 stl_61" style="word-spacing:0.1576em;">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:25.4em;top:12.3535em;"><span class="stl_155 stl_08 stl_34" style="word-spacing:-0.036em;">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:25.4em;top:13.1135em;"><span class="stl_155 stl_08 stl_66" style="word-spacing:-0.0014em;">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:25.4em;top:14.6435em;"><span class="stl_155 stl_08 stl_66" style="word-spacing:0.067em;">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:25.4em;top:15.4035em;"><span class="stl_155 stl_08 stl_156" style="word-spacing:0.1183em;">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:25.4em;top:16.1635em;"><span class="stl_155 stl_08 stl_18" style="word-spacing:-0.0032em;">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:25.4em;top:17.6935em;"><span class="stl_155 stl_08 stl_28" style="word-spacing:0.1568em;">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:25.4em;top:18.4535em;"><span class="stl_155 stl_08 stl_66" style="word-spacing:-0.0325em;">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:25.4em;top:19.2135em;"><span class="stl_155 stl_08 stl_27" 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:25.4em;top:19.9835em;"><span class="stl_155 stl_08 stl_64" style="word-spacing:0.1566em;">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:25.4em;top:20.7435em;"><span class="stl_155 stl_08 stl_66" style="word-spacing:0.248em;">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:25.4em;top:21.5035em;"><span class="stl_155 stl_08 stl_91" style="word-spacing:0.0092em;">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:25.4em;top:22.2735em;"><span class="stl_155 stl_08 stl_25" style="word-spacing:-0.0044em;">rates at the balance sheet date.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4em;top:23.7935em;"><span class="stl_155 stl_08 stl_90" style="word-spacing:0.3385em;">Exchange differences arising on the translation of foreign subsidiaries’  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4em;top:24.5635em;"><span class="stl_155 stl_08 stl_91" style="word-spacing:-0.0026em;">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:25.4em;top:25.3235em;"><span class="stl_155 stl_08 stl_70" style="word-spacing:-0.0451em;">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:25.4em;top:26.0835em;"><span class="stl_155 stl_08 stl_20" style="word-spacing:0.3317em;">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:25.4em;top:26.8435em;"><span class="stl_155 stl_08 stl_78" style="word-spacing:-0.0066em;">comprehensive income.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4em;top:28.3735em;"><span class="stl_155 stl_08 stl_66" style="word-spacing:-0.0328em;">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:25.4em;top:29.1335em;"><span class="stl_155 stl_08 stl_19" style="word-spacing:-0.005em;">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:25.4em;top:29.9035em;"><span class="stl_155 stl_08 stl_127" style="word-spacing:0.044em;">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:25.4em;top:30.6635em;"><span class="stl_155 stl_08 stl_50" style="word-spacing:0.0814em;">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:25.4em;top:31.4235em;"><span class="stl_155 stl_08 stl_28" style="word-spacing:-0.003em;">statement of the parent company.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:7.0173em;"><span class="stl_162 stl_08 stl_51">1.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:6.9em;top:7.0173em;"><span class="stl_162 stl_08 stl_27" style="word-spacing:0.0119em;">ACCOUNTING POLICIES  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:8.6035em;"><span class="stl_155 stl_08 stl_50" style="word-spacing:-0.0151em;">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:9.3635em;"><span class="stl_155 stl_08 stl_78" style="word-spacing:0.2336em;">for 2022 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:10.1235em;"><span class="stl_155 stl_08 stl_61" style="word-spacing:0.0623em;">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:10.8935em;"><span class="stl_155 stl_08 stl_50" style="word-spacing:-0.0433em;">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:11.6535em;"><span class="stl_155 stl_08 stl_78" style="word-spacing:-0.0308em;">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:12.4135em;"><span class="stl_155 stl_08 stl_64" style="word-spacing:0.176em;">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:13.1735em;"><span class="stl_155 stl_08 stl_66">Copenhagen.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:14.7035em;"><span class="stl_155 stl_08 stl_127" style="word-spacing:0.2348em;">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:15.4635em;"><span class="stl_155 stl_08 stl_134" style="word-spacing:0.2546em;">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:16.2335em;"><span class="stl_155 stl_08 stl_28" style="word-spacing:-0.0036em;">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:17.7535em;"><span class="stl_157 stl_08 stl_61" style="word-spacing:-0.0012em;">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:18.5235em;"><span class="stl_155 stl_08 stl_137" style="word-spacing:0.1448em;">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:19.2835em;"><span class="stl_155 stl_08 stl_110" style="word-spacing:-0.0299em;">beginning on 1 January 2022 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:20.0435em;"><span class="stl_155 stl_08 stl_25">2022.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:21.5735em;"><span class="stl_157 stl_08 stl_78" style="word-spacing:0.0792em;">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:22.3335em;"><span class="stl_157 stl_08 stl_21" style="word-spacing:-0.0141em;">financial position  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:23.0835em;"><span class="stl_155 stl_08 stl_90" style="word-spacing:0.0024em;">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:23.8535em;"><span class="stl_155 stl_08 stl_110" style="word-spacing:0.2701em;">annual report for 2022 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:24.6135em;"><span class="stl_155 stl_08 stl_27">disclosure.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:26.1435em;"><span class="stl_157 stl_08 stl_77" style="word-spacing:0.0011em;">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:26.9135em;"><span class="stl_155 stl_08 stl_90" style="word-spacing:0.0024em;">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:27.6735em;"><span class="stl_155 stl_08 stl_110" style="word-spacing:0.2701em;">annual report for 2022 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:28.4335em;"><span class="stl_155 stl_08 stl_27">disclosure.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:29.9635em;"><span class="stl_157 stl_08 stl_91" style="word-spacing:-0.0016em;">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:30.7235em;"><span class="stl_155 stl_08 stl_72" style="word-spacing:0.0361em;">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:31.4935em;"><span class="stl_155 stl_08 stl_73" style="word-spacing:0.0125em;">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:32.2535em;"><span class="stl_155 stl_08 stl_78" style="word-spacing:0.3822em;">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:33.0135em;"><span class="stl_155 stl_08 stl_52" style="word-spacing:-0.0031em;">consistent with last year’s, as described in the following.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:34.5435em;"><span class="stl_157 stl_08 stl_50" style="word-spacing:-0.0059em;">Consolidated financial statements  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:35.3035em;"><span class="stl_155 stl_08 stl_90" style="word-spacing:-0.0338em;">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:36.0635em;"><span class="stl_155 stl_08 stl_52" style="word-spacing:0.2885em;">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:36.8335em;"><span class="stl_155 stl_08 stl_163" style="word-spacing:0.007em;">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:38.3535em;"><span class="stl_157 stl_08 stl_110" style="word-spacing:0.0064em;">Basis of consolidation  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:39.1135em;"><span class="stl_155 stl_08 stl_134" style="word-spacing:0.2517em;">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:39.8835em;"><span class="stl_155 stl_08 stl_78" style="word-spacing:0.1263em;">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:40.6435em;"><span class="stl_155 stl_08 stl_28" style="word-spacing:-0.0014em;">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:42.1735em;"><span class="stl_155 stl_08 stl_110" style="word-spacing:0.064em;">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:42.9335em;"><span class="stl_155 stl_08 stl_78" style="word-spacing:0.6188em;">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:43.6935em;"><span class="stl_155 stl_08 stl_110" style="word-spacing:0.7032em;">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:44.4635em;"><span class="stl_155 stl_08 stl_52" style="word-spacing:-0.0037em;">consolidated companies are also eliminated.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:45.9835em;"><span class="stl_155 stl_08 stl_78" style="word-spacing:0.1773em;">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:46.7435em;"><span class="stl_155 stl_08 stl_91" style="word-spacing:0.0187em;">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:47.5135em;"><span class="stl_155 stl_08 stl_64" style="word-spacing:0.1567em;">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:48.2735em;"><span class="stl_155 stl_08 stl_28" style="word-spacing:-0.0061em;">separate item under consolidated equity.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:49.8035em;"><span class="stl_157 stl_08 stl_90" style="word-spacing:0.0061em;">Non-controlling interests  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:50.5635em;"><span class="stl_155 stl_08 stl_28" style="word-spacing:0.0009em;">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:51.3235em;"><span class="stl_155 stl_08 stl_27" style="word-spacing:-0.0471em;">fair value or at their pro-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:52.0835em;"><span class="stl_155 stl_08 stl_110" style="word-spacing:0.0303em;">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:52.8535em;"><span class="stl_155 stl_08 stl_139" style="word-spacing:0.1199em;">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:53.6135em;"><span class="stl_155 stl_08 stl_78" style="word-spacing:-0.004em;">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:54.3735em;"><span class="stl_155 stl_08 stl_66" style="word-spacing:0.3138em;">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:55.1435em;"><span class="stl_155 stl_08 stl_137" style="word-spacing:-0.0153em;">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:55.9035em;"><span class="stl_155 stl_08 stl_70" style="word-spacing:0.0115em;">becoming negative.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:57.4335em;"><span class="stl_155 stl_08 stl_52" style="word-spacing:0.0019em;">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:58.1935em;"><span class="stl_155 stl_08 stl_66" style="word-spacing:0.3133em;">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:58.9535em;"><span class="stl_155 stl_08 stl_110" style="word-spacing:0.3632em;">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:59.7135em;"><span class="stl_155 stl_08 stl_70" style="word-spacing:0.0319em;">remuneration and the carrying amount 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:60.4835em;"><span class="stl_155 stl_08 stl_40" style="word-spacing:-0.0119em;">share of equity.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4em;top:7.0135em;"><span class="stl_157 stl_08 stl_90" style="word-spacing:-0.004em;">Foreign currency translation  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4em;top:7.7735em;"><span class="stl_155 stl_08 stl_64" style="word-spacing:-0.0021em;">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:25.4em;top:8.5335em;"><span class="stl_155 stl_08 stl_27" style="word-spacing:-0.003em;">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:25.4em;top:9.3035em;"><span class="stl_155 stl_08 stl_110" style="word-spacing:0.1805em;">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:25.4em;top:10.0635em;"><span class="stl_155 stl_08 stl_137" style="word-spacing:0.101em;">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:25.4em;top:10.8235em;"><span class="stl_155 stl_08 stl_36" style="word-spacing:-0.0028em;">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:25.4em;top:11.5935em;"><span class="stl_155 stl_08 stl_61" style="word-spacing:0.1576em;">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:25.4em;top:12.3535em;"><span class="stl_155 stl_08 stl_34" style="word-spacing:-0.036em;">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:25.4em;top:13.1135em;"><span class="stl_155 stl_08 stl_66" style="word-spacing:-0.0014em;">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:25.4em;top:14.6435em;"><span class="stl_155 stl_08 stl_66" style="word-spacing:0.067em;">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:25.4em;top:15.4035em;"><span class="stl_155 stl_08 stl_156" style="word-spacing:0.1183em;">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:25.4em;top:16.1635em;"><span class="stl_155 stl_08 stl_18" style="word-spacing:-0.0032em;">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:25.4em;top:17.6935em;"><span class="stl_155 stl_08 stl_28" style="word-spacing:0.1568em;">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:25.4em;top:18.4535em;"><span class="stl_155 stl_08 stl_66" style="word-spacing:-0.0325em;">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:25.4em;top:19.2135em;"><span class="stl_155 stl_08 stl_27" 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:25.4em;top:19.9835em;"><span class="stl_155 stl_08 stl_64" style="word-spacing:0.1566em;">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:25.4em;top:20.7435em;"><span class="stl_155 stl_08 stl_66" style="word-spacing:0.248em;">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:25.4em;top:21.5035em;"><span class="stl_155 stl_08 stl_91" style="word-spacing:0.0092em;">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:25.4em;top:22.2735em;"><span class="stl_155 stl_08 stl_25" style="word-spacing:-0.0044em;">rates at the balance sheet date.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4em;top:23.7935em;"><span class="stl_155 stl_08 stl_90" style="word-spacing:0.3385em;">Exchange differences arising on the translation of foreign subsidiaries’  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4em;top:24.5635em;"><span class="stl_155 stl_08 stl_91" style="word-spacing:-0.0026em;">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:25.4em;top:25.3235em;"><span class="stl_155 stl_08 stl_70" style="word-spacing:-0.0451em;">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:25.4em;top:26.0835em;"><span class="stl_155 stl_08 stl_20" style="word-spacing:0.3317em;">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:25.4em;top:26.8435em;"><span class="stl_155 stl_08 stl_78" style="word-spacing:-0.0066em;">comprehensive income.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4em;top:28.3735em;"><span class="stl_155 stl_08 stl_66" style="word-spacing:-0.0328em;">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:25.4em;top:29.1335em;"><span class="stl_155 stl_08 stl_19" style="word-spacing:-0.005em;">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:25.4em;top:29.9035em;"><span class="stl_155 stl_08 stl_127" style="word-spacing:0.044em;">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:25.4em;top:30.6635em;"><span class="stl_155 stl_08 stl_50" style="word-spacing:0.0814em;">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:25.4em;top:31.4235em;"><span class="stl_155 stl_08 stl_28" style="word-spacing:-0.003em;">statement of the parent company.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4em;top:32.9535em;"><span class="stl_157 stl_08 stl_50">Tax  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4em;top:33.7135em;"><span class="stl_155 stl_08 stl_139" style="word-spacing:-0.0103em;">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:25.4em;top:34.4735em;"><span class="stl_155 stl_08 stl_25" style="word-spacing:0.0456em;">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:25.4em;top:35.2435em;"><span class="stl_155 stl_08 stl_134" style="word-spacing:0.019em;">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:25.4em;top:36.0035em;"><span class="stl_155 stl_08 stl_52" style="word-spacing:-0.0001em;">to the portion attributable to entries directly in equity.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4em;top:37.5335em;"><span class="stl_155 stl_08 stl_90" style="word-spacing:0.032em;">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:25.4em;top:38.2935em;"><span class="stl_155 stl_08 stl_45" style="word-spacing:0.0776em;">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:25.4em;top:39.0535em;"><span class="stl_155 stl_08 stl_25">account.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4em;top:40.5835em;"><span class="stl_155 stl_08 stl_109" style="word-spacing:-0.028em;">The calculation of the year’s current tax is based on the tax rates and tax rules  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4em;top:41.3435em;"><span class="stl_155 stl_08 stl_20" style="word-spacing:-0.0037em;">applicable at the balance sheet date.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4em;top:42.8735em;"><span class="stl_155 stl_08 stl_50" style="word-spacing:0.1278em;">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:25.4em;top:43.6335em;"><span class="stl_155 stl_08 stl_77" style="word-spacing:-0.0512em;">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:25.4em;top:44.3935em;"><span class="stl_155 stl_08 stl_134" style="word-spacing:0.1403em;">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:25.4em;top:45.1535em;"><span class="stl_155 stl_08 stl_19" style="word-spacing:0.0481em;">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:25.4em;top:45.9235em;"><span class="stl_155 stl_08 stl_18" style="word-spacing:-0.0456em;">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:25.4em;top:46.6835em;"><span class="stl_155 stl_08 stl_66" style="word-spacing:0.1469em;">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:25.4em;top:47.4435em;"><span class="stl_155 stl_08 stl_28" style="word-spacing:0.0002em;">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:25.4em;top:48.9735em;"><span class="stl_155 stl_08 stl_77" style="word-spacing:0.1913em;">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:25.4em;top:49.7335em;"><span class="stl_155 stl_08 stl_91" style="word-spacing:0.1751em;">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:25.4em;top:50.5035em;"><span class="stl_155 stl_08 stl_91" style="word-spacing:0.0516em;">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:25.4em;top:51.2635em;"><span class="stl_155 stl_08 stl_64" style="word-spacing:0.3377em;">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:25.4em;top:52.0235em;"><span class="stl_155 stl_08 stl_137" style="word-spacing:0.0987em;">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:25.4em;top:52.7835em;"><span class="stl_155 stl_08 stl_28" style="word-spacing:0.1467em;">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:25.4em;top:53.5535em;"><span class="stl_155 stl_08 stl_70" style="word-spacing:0.0046em;">neither profit/loss for the year nor taxable income.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4em;top:55.0735em;"><span class="stl_155 stl_08 stl_140" style="word-spacing:0.0525em;">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:25.4em;top:55.8435em;"><span class="stl_155 stl_08 stl_127" style="word-spacing:0.1773em;">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:25.4em;top:56.6035em;"><span class="stl_155 stl_08 stl_127" style="word-spacing:0.0692em;">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:25.4em;top:57.3635em;"><span class="stl_155 stl_08 stl_28" style="word-spacing:-0.0025em;">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:25.4em;top:58.8935em;"><span class="stl_155 stl_08 stl_19" style="word-spacing:0.0801em;">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:25.4em;top:59.6535em;"><span class="stl_155 stl_08 stl_27" style="word-spacing:-0.0035em;">and the settlement of the individual liability, respectively.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4em;top:61.1835em;"><span class="stl_155 stl_08 stl_78" style="word-spacing:0.1554em;">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:25.4em;top:61.9435em;"><span class="stl_155 stl_08 stl_66" style="word-spacing:-0.014em;">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:7.0135em;"><span class="stl_155 stl_08 stl_137" style="word-spacing:0.0683em;">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:7.7735em;"><span class="stl_155 stl_08 stl_110" style="word-spacing:-0.0288em;">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:8.5335em;"><span class="stl_155 stl_08 stl_66" style="word-spacing:0.0037em;">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:9.3035em;"><span class="stl_155 stl_08 stl_19" style="word-spacing:-0.004em;">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:11.5935em;"><span class="stl_157 stl_08 stl_139" style="word-spacing:0.0081em;">INCOME STATEMENT  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:13.1135em;"><span class="stl_157 stl_08 stl_61">Revenue  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:13.8735em;"><span class="stl_155 stl_08 stl_134" style="word-spacing:0.2376em;">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:14.6435em;"><span class="stl_155 stl_08 stl_127" style="word-spacing:0.2865em;">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:15.4035em;"><span class="stl_155 stl_08 stl_77" style="word-spacing:0.0169em;">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:16.1635em;"><span class="stl_155 stl_08 stl_140" style="word-spacing:0.2265em;">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:16.9335em;"><span class="stl_155 stl_08 stl_61" style="word-spacing:-0.0103em;">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:17.6935em;"><span class="stl_155 stl_08 stl_91" style="word-spacing:0.0002em;">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:18.4535em;"><span class="stl_155 stl_08 stl_64" style="word-spacing:0.0049em;">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:19.9835em;"><span class="stl_155 stl_08 stl_52" style="word-spacing:0.0028em;">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:20.7435em;"><span class="stl_155 stl_08 stl_35" style="word-spacing:-0.0038em;">a third party.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:22.2735em;"><span class="stl_155 stl_08 stl_109" style="word-spacing:0.0325em;">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:23.0335em;"><span class="stl_155 stl_08 stl_24" style="word-spacing:-0.0089em;">the entire contract period is used.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:24.5635em;"><span class="stl_155 stl_08 stl_52" style="word-spacing:0.093em;">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:25.3235em;"><span class="stl_155 stl_08 stl_109" style="word-spacing:0.0969em;">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:26.0835em;"><span class="stl_155 stl_08 stl_64" style="word-spacing:0.0293em;">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:26.8435em;"><span class="stl_155 stl_08 stl_28" style="word-spacing:0.2712em;">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:27.6135em;"><span class="stl_155 stl_08 stl_164" style="word-spacing:0.0545em;">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:28.3735em;"><span class="stl_155 stl_08 stl_139" style="word-spacing:0.1763em;">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:29.1335em;"><span class="stl_155 stl_08 stl_139" style="word-spacing:0.1622em;">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:29.9035em;"><span class="stl_155 stl_08 stl_36" style="word-spacing:-0.0065em;">price of the real estate.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:31.4235em;"><span class="stl_157 stl_08 stl_137" style="word-spacing:0.0052em;">Cost of goods and services sold  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:32.1835em;"><span class="stl_155 stl_08 stl_77" style="word-spacing:0.0447em;">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:32.9535em;"><span class="stl_155 stl_08 stl_134" style="word-spacing:0.0004em;">the revenue.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:34.4735em;"><span class="stl_157 stl_08 stl_26" style="word-spacing:-0.0099em;">Other external expenses  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:35.2435em;"><span class="stl_155 stl_08 stl_110" style="word-spacing:0.1952em;">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:36.0035em;"><span class="stl_155 stl_08 stl_110" style="word-spacing:0.036em;">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:36.7635em;"><span class="stl_155 stl_08 stl_27" style="word-spacing:-0.0155em;">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:37.5335em;"><span class="stl_155 stl_08 stl_34" style="word-spacing:-0.0031em;">the balance sheet.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:39.0535em;"><span class="stl_157 stl_08 stl_25" style="word-spacing:0.004em;">Staff costs  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:39.8135em;"><span class="stl_155 stl_08 stl_110" style="word-spacing:0.0916em;">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:40.5835em;"><span class="stl_155 stl_08 stl_28" style="word-spacing:-0.0029em;">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:42.1035em;"><span class="stl_157 stl_08 stl_47" style="word-spacing:-0.0144em;">Financial items  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:42.8735em;"><span class="stl_155 stl_08 stl_64" style="word-spacing:0.0007em;">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:43.6335em;"><span class="stl_155 stl_08 stl_90" style="word-spacing:0.124em;">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:44.3935em;"><span class="stl_155 stl_08 stl_163" style="word-spacing:0.2877em;">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:45.1535em;"><span class="stl_155 stl_08 stl_27" style="word-spacing:-0.0157em;">prepayment scheme.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:47.4435em;"><span class="stl_157 stl_08 stl_139" style="word-spacing:0.0152em;">BALANCE SHEET  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:48.9735em;"><span class="stl_157 stl_08 stl_134" style="word-spacing:0.0073em;">Investment property  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:49.7235em;"><span class="stl_155 stl_08 stl_77" style="word-spacing:0.4151em;">Investment property comprises properties owned for the purpose of  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:50.4935em;"><span class="stl_155 stl_08 stl_90" style="word-spacing:0.0027em;">receiving rent or obtaining capital gains.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:52.0135em;"><span class="stl_155 stl_08 stl_52" style="word-spacing:0.0815em;">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:4.72em;top:52.7735em;"><span class="stl_155 stl_08 stl_50" style="word-spacing:-0.0025em;">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:4.72em;top:54.3035em;"><span class="stl_155 stl_08 stl_64" style="word-spacing:0.1272em;">Subsequently, investment property is measured at fair value, representing  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:55.0635em;"><span class="stl_155 stl_08 stl_166" style="word-spacing:0.2599em;">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:4.72em;top:55.8335em;"><span class="stl_155 stl_08 stl_50" style="word-spacing:-0.0038em;">independent buyer at the balance sheet date.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:57.3535em;"><span class="stl_155 stl_08 stl_127" style="word-spacing:0.3609em;">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:4.72em;top:58.1135em;"><span class="stl_155 stl_08 stl_28" style="word-spacing:0.002em;">designed for external</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:10.374em;top:58.1135em;"><span class="stl_155 stl_08 stl_61" style="word-spacing:0.0026em;">roads; development areas; and industrial buildings.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:59.6435em;"><span class="stl_155 stl_08 stl_91" 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:4.72em;top:60.4035em;"><span class="stl_155 stl_08 stl_163" style="word-spacing:0.1643em;">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:4.72em;top:61.1735em;"><span class="stl_155 stl_08 stl_134" style="word-spacing:0.1447em;">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:4.72em;top:61.9335em;"><span class="stl_155 stl_08 stl_166" style="word-spacing:0.1788em;">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:25.4em;top:7.0035em;"><span class="stl_155 stl_08 stl_52" style="word-spacing:0.8137em;">individual attributes such as location, surroundings, accessibility,  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4em;top:7.7635em;"><span class="stl_155 stl_08 stl_137" style="word-spacing:-0.017em;">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:25.4em;top:8.5235em;"><span class="stl_155 stl_08 stl_91" style="word-spacing:0.4615em;">is assigned a percentage weighting, and the characteristics of each  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4em;top:9.2935em;"><span class="stl_155 stl_08 stl_64" style="word-spacing:0.053em;">comparable and the subject are then rated, typically from 1-5, very good to  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4em;top:10.0535em;"><span class="stl_155 stl_08 stl_137" style="word-spacing:-0.0492em;">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:25.4em;top:10.8135em;"><span class="stl_155 stl_08 stl_24" style="word-spacing:0.3428em;">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:25.4em;top:11.5835em;"><span class="stl_155 stl_08 stl_109" style="word-spacing:-0.0442em;">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:25.4em;top:13.1035em;"><span class="stl_155 stl_08 stl_70" style="word-spacing:0.1132em;">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:25.4em;top:13.8635em;"><span class="stl_155 stl_08 stl_64" style="word-spacing:-0.0025em;">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:25.4em;top:14.6335em;"><span class="stl_155 stl_08 stl_138" style="word-spacing:0.1318em;">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:25.4em;top:15.3935em;"><span class="stl_155 stl_08 stl_66" style="word-spacing:0.0472em;">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:25.4em;top:16.1535em;"><span class="stl_155 stl_08 stl_66" style="word-spacing:0.1914em;">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:25.4em;top:16.9235em;"><span class="stl_155 stl_08 stl_90" style="word-spacing:0.0019em;">fitting-out deposits and un-obtainable running costs.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4em;top:18.4435em;"><span class="stl_155 stl_08 stl_66" style="word-spacing:0.223em;">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:25.4em;top:19.2035em;"><span class="stl_155 stl_08 stl_134" style="word-spacing:-0.0435em;">estimating the fair values. The required rate of return used ranges from 12.3%  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4em;top:19.9735em;"><span class="stl_155 stl_08 stl_36" style="word-spacing:-0.0098em;">to 13.0%.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4em;top:21.4935em;"><span class="stl_155 stl_08 stl_137" style="word-spacing:0.4801em;">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:25.4em;top:22.2635em;"><span class="stl_155 stl_08 stl_127" style="word-spacing:-0.0112em;">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:25.4em;top:23.0235em;"><span class="stl_155 stl_08 stl_91" style="word-spacing:0.0663em;">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:25.4em;top:23.7835em;"><span class="stl_155 stl_08 stl_46" style="word-spacing:-0.0122em;">transitional phase.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4em;top:25.3135em;"><span class="stl_155 stl_08 stl_78" style="word-spacing:0.0051em;">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:25.4em;top:26.0735em;"><span class="stl_155 stl_08 stl_19" 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:25.4em;top:27.6135em;"><span class="stl_157 stl_08 stl_78" style="word-spacing:0.0032em;">Investments in subsidiaries  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4em;top:28.3735em;"><span class="stl_155 stl_08 stl_90" style="word-spacing:0.0514em;">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:25.4em;top:29.1335em;"><span class="stl_155 stl_08 stl_90" style="word-spacing:-0.0287em;">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:25.4em;top:29.9035em;"><span class="stl_155 stl_08 stl_66" style="word-spacing:-0.0013em;">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:25.4em;top:31.4235em;"><span class="stl_157 stl_08 stl_19">Inventory  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4em;top:32.9435em;"><span class="stl_165 stl_08 stl_25" style="word-spacing:-0.0092em;">Finished products  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4em;top:33.7035em;"><span class="stl_155 stl_08 stl_28" style="word-spacing:0.098em;">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:25.4em;top:34.4635em;"><span class="stl_155 stl_08 stl_137" style="word-spacing:0.0508em;">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:25.4em;top:35.2335em;"><span class="stl_155 stl_08 stl_134" style="word-spacing:0.1294em;">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:25.4em;top:35.9935em;"><span class="stl_155 stl_08 stl_64" style="word-spacing:-0.0043em;">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:25.4em;top:37.5235em;"><span class="stl_165 stl_08 stl_78" style="word-spacing:0.0017em;">Work in progress  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4em;top:38.2835em;"><span class="stl_155 stl_08 stl_66" style="word-spacing:0.0697em;">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:25.4em;top:39.0435em;"><span class="stl_155 stl_08 stl_61" style="word-spacing:0.0596em;">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:25.4em;top:39.8035em;"><span class="stl_155 stl_08 stl_66" style="word-spacing:0.2646em;">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:25.4em;top:40.5735em;"><span class="stl_155 stl_08 stl_25" style="word-spacing:0.4122em;">discrepancies, a 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:25.4em;top:41.3335em;"><span class="stl_155 stl_08 stl_77" style="word-spacing:0.0294em;">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:25.4em;top:42.0935em;"><span class="stl_155 stl_08 stl_137" style="word-spacing:0.0344em;">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:25.4em;top:42.8635em;"><span class="stl_155 stl_08 stl_127" style="word-spacing:0.0014em;">of the production cost and the net realisable value.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4em;top:44.3835em;"><span class="stl_165 stl_08 stl_90" style="word-spacing:-0.0023em;">Inventory impairment test  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4em;top:45.9135em;"><span class="stl_155 stl_08 stl_127" style="word-spacing:0.0448em;">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:25.4em;top:46.6735em;"><span class="stl_155 stl_08 stl_156" style="word-spacing:0.0358em;">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:25.4em;top:47.4335em;"><span class="stl_155 stl_08 stl_28" style="word-spacing:-0.0006em;">loss account.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4em;top:48.9635em;"><span class="stl_155 stl_08 stl_110" style="word-spacing:0.0494em;">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:25.4em;top:49.7235em;"><span class="stl_155 stl_08 stl_25" style="word-spacing:0.206em;">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:25.4em;top:50.4935em;"><span class="stl_155 stl_08 stl_70" style="word-spacing:0.2262em;">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:25.4em;top:51.2535em;"><span class="stl_155 stl_08 stl_18" style="word-spacing:0.0968em;">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:25.4em;top:52.0135em;"><span class="stl_155 stl_08 stl_19" style="word-spacing:0.1916em;">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:25.4em;top:52.7735em;"><span class="stl_155 stl_08 stl_78" style="word-spacing:0.1808em;">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:25.4em;top:53.5435em;"><span class="stl_155 stl_08 stl_91" style="word-spacing:0.229em;">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:25.4em;top:54.3035em;"><span class="stl_155 stl_08 stl_91" style="word-spacing:0.3483em;">borrowing costs and projected customer claims (if applicable). Project  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4em;top:55.0635em;"><span class="stl_155 stl_08 stl_66" style="word-spacing:0.0337em;">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:25.4em;top:55.8335em;"><span class="stl_155 stl_08 stl_90" style="word-spacing:0.1128em;">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:25.4em;top:56.5935em;"><span class="stl_155 stl_08 stl_163" style="word-spacing:0.1295em;">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:25.4em;top:57.3535em;"><span class="stl_155 stl_08 stl_91" style="word-spacing:0.0151em;">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:25.4em;top:58.1135em;"><span class="stl_155 stl_08 stl_140" style="word-spacing:0.1171em;">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:25.4em;top:58.8835em;"><span class="stl_155 stl_08 stl_91" style="word-spacing:0.0668em;">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:25.4em;top:59.6435em;"><span class="stl_155 stl_08 stl_91" style="word-spacing:0.0004em;">the estimated negative value of this margin.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4em;top:61.1735em;"><span class="stl_155 stl_08 stl_91" style="word-spacing:0.2559em;">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:25.4em;top:61.9335em;"><span class="stl_155 stl_08 stl_61" style="word-spacing:-0.0553em;">"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:7.0035em;"><span class="stl_155 stl_08 stl_163" style="word-spacing:0.1934em;">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:7.7635em;"><span class="stl_155 stl_08 stl_66" style="word-spacing:-0.0006em;">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:9.2935em;"><span class="stl_165 stl_08 stl_66" style="word-spacing:-0.0011em;">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:10.0535em;"><span class="stl_155 stl_08 stl_77" style="word-spacing:0.2723em;">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:10.8135em;"><span class="stl_155 stl_08 stl_72" style="word-spacing:0.134em;">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:11.5835em;"><span class="stl_155 stl_08 stl_91" style="word-spacing:0.0522em;">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:12.3435em;"><span class="stl_155 stl_08 stl_61" style="word-spacing:0.0025em;">have already taken place.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:13.8735em;"><span class="stl_157 stl_08 stl_18">Receivables  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:14.6435em;"><span class="stl_155 stl_08 stl_64" style="word-spacing:0.0516em;">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:15.4035em;"><span class="stl_155 stl_08 stl_163" style="word-spacing:-0.0481em;">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:16.1635em;"><span class="stl_155 stl_08 stl_137" style="word-spacing:-0.0145em;">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:16.9335em;"><span class="stl_155 stl_08 stl_137" style="word-spacing:0.0304em;">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:17.6935em;"><span class="stl_155 stl_08 stl_66" 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:19.2135em;"><span class="stl_155 stl_08 stl_50" style="word-spacing:0.5425em;">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:19.9835em;"><span class="stl_155 stl_08 stl_18" style="word-spacing:0.1089em;">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:20.7435em;"><span class="stl_155 stl_08 stl_50" style="word-spacing:-0.0002em;">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:22.2735em;"><span class="stl_155 stl_08 stl_134" style="word-spacing:0.1761em;">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:23.0335em;"><span class="stl_155 stl_08 stl_138" style="word-spacing:0.2245em;">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:23.7935em;"><span class="stl_155 stl_08 stl_19" style="word-spacing:0.0945em;">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:24.5635em;"><span class="stl_155 stl_08 stl_77" style="word-spacing:0.0821em;">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:25.3235em;"><span class="stl_155 stl_08 stl_139" style="word-spacing:0.0174em;">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:26.0835em;"><span class="stl_155 stl_08 stl_91" style="word-spacing:0.3205em;">a period of 36 months before 31 December 2021 or 1 January 2021  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:26.8435em;"><span class="stl_155 stl_08 stl_28" style="word-spacing:-0.0459em;">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:27.6135em;"><span class="stl_155 stl_08 stl_61" style="word-spacing:0.2369em;">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:28.3735em;"><span class="stl_155 stl_08 stl_139" style="word-spacing:0.0727em;">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:29.1335em;"><span class="stl_155 stl_08 stl_78" style="word-spacing:0.0319em;">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:29.9035em;"><span class="stl_155 stl_08 stl_78" style="word-spacing:0.0815em;">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:30.6635em;"><span class="stl_155 stl_08 stl_50" style="word-spacing:-0.0364em;">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:31.4235em;"><span class="stl_155 stl_08 stl_50" style="word-spacing:-0.0015em;">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:32.9535em;"><span class="stl_157 stl_08 stl_134">Prepayments  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:33.7135em;"><span class="stl_155 stl_08 stl_61" style="word-spacing:0.0252em;">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:34.4735em;"><span class="stl_155 stl_08 stl_52" style="word-spacing:-0.0031em;">Prepayments are measured at cost.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:36.0035em;"><span class="stl_157 stl_08 stl_28">Provisions  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:36.7635em;"><span class="stl_155 stl_08 stl_77" style="word-spacing:0.3164em;">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:37.5335em;"><span class="stl_155 stl_08 stl_64" style="word-spacing:0.0352em;">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:38.2935em;"><span class="stl_155 stl_08 stl_127" style="word-spacing:0.0789em;">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:39.0535em;"><span class="stl_155 stl_08 stl_110" style="word-spacing:0.1772em;">outflow of the Group’s financial resources. Warranty commitments cover  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:39.8135em;"><span class="stl_155 stl_08 stl_127" style="word-spacing:0.0144em;">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:40.5835em;"><span class="stl_155 stl_08 stl_134">period.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:41.3435em;"><span class="stl_155 stl_08 stl_64" style="word-spacing:0.0454em;">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:42.1035em;"><span class="stl_155 stl_08 stl_78" style="word-spacing:0.0299em;">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:42.8735em;"><span class="stl_155 stl_08 stl_20" style="word-spacing:-0.0353em;">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:44.3935em;"><span class="stl_157 stl_08 stl_32" style="word-spacing:-0.0034em;">Lease liabilities  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:45.1535em;"><span class="stl_155 stl_08 stl_90" style="word-spacing:0.114em;">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:45.9235em;"><span class="stl_155 stl_08 stl_50" style="word-spacing:0.1413em;">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:46.6835em;"><span class="stl_155 stl_08 stl_134" style="word-spacing:0.0047em;">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:48.2135em;"><span class="stl_155 stl_08 stl_109" style="word-spacing:-0.0115em;">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:48.9735em;"><span class="stl_155 stl_08 stl_18" style="word-spacing:0.2189em;">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:4.72em;top:49.7335em;"><span class="stl_155 stl_08 stl_66" style="word-spacing:-0.0438em;">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:4.72em;top:50.5035em;"><span class="stl_155 stl_08 stl_66" style="word-spacing:0.0001em;">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:4.72em;top:52.0235em;"><span class="stl_155 stl_08 stl_135" style="word-spacing:0.067em;">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:4.72em;top:52.7835em;"><span class="stl_155 stl_08 stl_28" style="word-spacing:0.1424em;">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:4.72em;top:53.5535em;"><span class="stl_155 stl_08 stl_28" style="word-spacing:0.1132em;">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:4.72em;top:54.3135em;"><span class="stl_155 stl_08 stl_66" style="word-spacing:0.2087em;">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:4.72em;top:55.0735em;"><span class="stl_155 stl_08 stl_27" style="word-spacing:-0.0041em;">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:56.6035em;"><span class="stl_157 stl_08 stl_28" style="word-spacing:0.0039em;">Other financial liabilities  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:57.3635em;"><span class="stl_155 stl_08 stl_91" style="word-spacing:0.2599em;">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:4.72em;top:58.1235em;"><span class="stl_155 stl_08 stl_66" style="word-spacing:-0.0043em;">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:4.72em;top:58.8935em;"><span class="stl_155 stl_08 stl_91" 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:4.72em;top:59.6535em;"><span class="stl_155 stl_08 stl_27" style="word-spacing:0.1613em;">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:4.72em;top:60.4135em;"><span class="stl_155 stl_08 stl_27" style="word-spacing:0.0021em;">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:4.72em;top:61.1835em;"><span class="stl_155 stl_08 stl_27" style="word-spacing:0.2375em;">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:4.72em;top:61.9435em;"><span class="stl_155 stl_08 stl_50" style="word-spacing:-0.0035em;">expense over the term of the loan.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4em;top:7.7735em;"><span class="stl_157 stl_08 stl_156" style="word-spacing:0.006em;">CASH FLOW STATEMENT  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4em;top:9.3035em;"><span class="stl_155 stl_08 stl_90" style="word-spacing:0.0339em;">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:25.4em;top:10.0635em;"><span class="stl_155 stl_08 stl_90" style="word-spacing:0.3054em;">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:25.4em;top:10.8235em;"><span class="stl_155 stl_08 stl_139" style="word-spacing:-0.0134em;">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:25.4em;top:11.5935em;"><span class="stl_155 stl_08 stl_35" style="word-spacing:-0.0052em;">the year.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4em;top:13.1135em;"><span class="stl_155 stl_08 stl_70" style="word-spacing:-0.0462em;">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:25.4em;top:13.8735em;"><span class="stl_155 stl_08 stl_78" style="word-spacing:0.0111em;">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:25.4em;top:14.6435em;"><span class="stl_155 stl_08 stl_127" style="word-spacing:0.3613em;">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:25.4em;top:15.4035em;"><span class="stl_155 stl_08 stl_52" style="word-spacing:0.0118em;">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:25.4em;top:16.1635em;"><span class="stl_155 stl_08 stl_21" style="word-spacing:-0.0098em;">date of disposal.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4em;top:17.6935em;"><span class="stl_155 stl_08 stl_18" style="word-spacing:0.0484em;">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:25.4em;top:18.4535em;"><span class="stl_155 stl_08 stl_70" style="word-spacing:-0.026em;">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:25.4em;top:19.2135em;"><span class="stl_155 stl_08 stl_18" style="word-spacing:0.0646em;">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:25.4em;top:19.9835em;"><span class="stl_155 stl_08 stl_66" style="word-spacing:0.0001em;">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:25.4em;top:21.5035em;"><span class="stl_155 stl_08 stl_28" style="word-spacing:0.3194em;">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:25.4em;top:22.2735em;"><span class="stl_155 stl_08 stl_52" style="word-spacing:0.0167em;">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:25.4em;top:23.0335em;"><span class="stl_155 stl_08 stl_110" style="word-spacing:-0.0367em;">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:25.4em;top:23.7935em;"><span class="stl_155 stl_08 stl_78" style="word-spacing:0.0023em;">etc. of intangible assets and property, plant and equipment.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4em;top:25.3235em;"><span class="stl_155 stl_08 stl_134" style="word-spacing:0.2211em;">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:25.4em;top:26.0835em;"><span class="stl_155 stl_08 stl_90" style="word-spacing:0.033em;">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:25.4em;top:26.8435em;"><span class="stl_155 stl_08 stl_137" style="word-spacing:-0.0091em;">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:25.4em;top:27.6135em;"><span class="stl_155 stl_08 stl_140" style="word-spacing:0.292em;">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:25.4em;top:28.3735em;"><span class="stl_155 stl_08 stl_77" style="word-spacing:0.1321em;">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:25.4em;top:29.1335em;"><span class="stl_155 stl_08 stl_91" style="word-spacing:-0.0019em;">form of lease payments made are recognised.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4em;top:30.6635em;"><span class="stl_155 stl_08 stl_28" style="word-spacing:-0.0028em;">Cash and cash equivalents comprise cash deposits.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4em;top:32.1835em;"><span class="stl_157 stl_08 stl_78" style="word-spacing:0.0062em;">Segment information  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4em;top:32.9435em;"><span class="stl_155 stl_08 stl_127" style="word-spacing:0.0024em;">The Group is assessed as having two segments:  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.9em;top:33.7054em;"><span class="stl_167 stl_08 stl_62" style="word-spacing:0.8293em;">(A) </span><span class="stl_155 stl_08 stl_70" style="word-spacing:0.0073em;">Property management division comprising letting of premises  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.4em;top:34.5735em;"><span class="stl_155 stl_08 stl_77" style="word-spacing:0.0026em;">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:28.4em;top:35.4035em;"><span class="stl_155 stl_08 stl_52" style="word-spacing:0.0031em;">power, water, natural gas, facility services, etc.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.9em;top:36.2154em;"><span class="stl_167 stl_08 stl_85" style="word-spacing:0.8906em;">(B) </span><span class="stl_155 stl_08 stl_77" style="word-spacing:0.0033em;">Property development – including the preparation and  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.4em;top:37.0835em;"><span class="stl_155 stl_08 stl_77" style="word-spacing:0.0019em;">implementation of development projects, primarily in the field  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.4em;top:37.9135em;"><span class="stl_155 stl_08 stl_20" style="word-spacing:-0.0037em;">of housing and commercial space.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4em;top:40.1935em;"><span class="stl_157 stl_08 stl_91" style="word-spacing:0.006em;">Financial ratios  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.9161em;top:40.1935em;"><span class="stl_157 stl_08 stl_32">Formula  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4em;top:42.0135em;"><span class="stl_155 stl_08 stl_90" style="word-spacing:-0.0038em;">EBITDA margin (%)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.4272em;top:42.0135em;"><span class="stl_155 stl_08 stl_73">EBITDA*100  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.8871em;top:43.2335em;"><span class="stl_155 stl_08 stl_127">Revenue  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4em;top:44.2635em;"><span class="stl_155 stl_08 stl_66" style="word-spacing:0.0029em;">EBIT margin (%) (Profit margin)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.8058em;top:44.2635em;"><span class="stl_155 stl_08 stl_50">EBIT*100  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.8871em;top:45.4735em;"><span class="stl_155 stl_08 stl_127">Revenue  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4em;top:46.5035em;"><span class="stl_155 stl_08 stl_20" style="word-spacing:-0.0029em;">Return on invested capital (%)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.8058em;top:46.5035em;"><span class="stl_155 stl_08 stl_50">EBIT*100  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4em;top:47.7235em;"><span class="stl_155 stl_08 stl_66" style="word-spacing:0.0078em;">incl. goodwill  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.888em;top:47.7235em;"><span class="stl_155 stl_08 stl_20" style="word-spacing:-0.0077em;">Average invested capital  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4em;top:48.7535em;"><span class="stl_155 stl_08 stl_47" style="word-spacing:-0.0039em;">Equity ratio (%)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.5607em;top:48.7535em;"><span class="stl_155 stl_08 stl_66">Equity*100  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.5028em;top:49.9635em;"><span class="stl_155 stl_08 stl_28" style="word-spacing:-0.0009em;">Total assets  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4em;top:50.9935em;"><span class="stl_155 stl_08 stl_26" style="word-spacing:-0.0013em;">Return on equity (%)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.3495em;top:50.9935em;"><span class="stl_155 stl_08 stl_27" style="word-spacing:-0.0029em;">Profit/loss for the year after tax*100  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.0807em;top:52.2135em;"><span class="stl_155 stl_08 stl_61" style="word-spacing:-0.0009em;">Average equity  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4em;top:53.9735em;"><span class="stl_155 stl_08 stl_64" style="word-spacing:-0.0462em;">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:25.4em;top:54.7435em;"><span class="stl_155 stl_08 stl_35" style="word-spacing:-0.0076em;">in Note 8.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4em;top:56.2635em;"><span class="stl_155 stl_08 stl_110" style="word-spacing:0.0197em;">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:25.4em;top:57.0235em;"><span class="stl_155 stl_08 stl_140" style="word-spacing:0.085em;">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:25.4em;top:57.7935em;"><span class="stl_155 stl_08 stl_66" style="word-spacing:-0.0127em;">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:25.4em;top:58.5535em;"><span class="stl_155 stl_08 stl_19" style="word-spacing:-0.0044em;">in the net working capital.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4em;top:60.0835em;"><span class="stl_155 stl_08 stl_64" style="word-spacing:-0.0448em;">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:25.4em;top:60.8435em;"><span class="stl_155 stl_08 stl_90" style="word-spacing:-0.0015em;">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:7.0135em;"><span class="stl_155 stl_08 stl_78" style="word-spacing:0.0041em;">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:7.7735em;"><span class="stl_155 stl_08 stl_78" style="word-spacing:0.0354em;">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:8.5335em;"><span class="stl_155 stl_08 stl_134" style="word-spacing:0.0076em;">provisions and non-current operating liabilities.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:10.0635em;"><span class="stl_155 stl_08 stl_50" style="word-spacing:0.2224em;">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:10.8235em;"><span class="stl_155 stl_08 stl_135" style="word-spacing:0.0706em;">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:11.5935em;"><span class="stl_155 stl_08 stl_35" style="word-spacing:-0.0052em;">the year.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:13.8735em;"><span class="stl_157 stl_08 stl_70" style="word-spacing:0.759em;">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:14.6435em;"><span class="stl_157 stl_08 stl_77" style="word-spacing:0.0042em;">1 January 2022  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:16.1535em;"><span class="stl_155 stl_08 stl_109" style="word-spacing:0.0338em;">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:16.9235em;"><span class="stl_155 stl_08 stl_77" style="word-spacing:0.0029em;">for the first time for periods beginning on or after 1 January 2022:  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:6.22em;top:17.6899em;"><span class="stl_168 stl_112 stl_09"></span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.67em;top:17.6935em;"><span class="stl_155 stl_08 stl_18" style="word-spacing:-0.0506em;">Reference to the Conceptual Framework (Amendments to IFRS 3),  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.72em;top:18.4535em;"><span class="stl_155 stl_08 stl_64" style="word-spacing:0.0046em;">effective for periods beginning on or after 1 January 2022  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:6.22em;top:19.2199em;"><span class="stl_168 stl_112 stl_09"></span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.67em;top:19.2235em;"><span class="stl_155 stl_08 stl_64" style="word-spacing:-0.0149em;">Annual Improvements to IFRS Standards 2018–2020, effective for  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.72em;top:19.9835em;"><span class="stl_155 stl_08 stl_78" style="word-spacing:0.002em;">periods beginning on or after 1 January 2022  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:6.22em;top:20.7399em;"><span class="stl_168 stl_112 stl_09"></span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.67em;top:20.7435em;"><span class="stl_155 stl_08 stl_52" style="word-spacing:0.176em;">IAS 37 Provisions, Contingent Liabilities and Contingent Assets  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.72em;top:21.5135em;"><span class="stl_155 stl_08 stl_70" style="word-spacing:0.0035em;">(Amendment – Onerous Contracts – Cost of Fulfilling a Contract),  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.72em;top:22.2735em;"><span class="stl_155 stl_08 stl_64" style="word-spacing:0.0046em;">effective for periods beginning on or after 1 January 2022  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:6.22em;top:23.0299em;"><span class="stl_168 stl_112 stl_09"></span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.67em;top:23.0335em;"><span class="stl_155 stl_08 stl_77" style="word-spacing:-0.0015em;">Property, Plant and Equipment — Proceeds before Intended Use,  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.72em;top:23.8035em;"><span class="stl_155 stl_08 stl_64" style="word-spacing:0.0046em;">effective for periods beginning on or after 1 January 2022  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:25.3235em;"><span class="stl_155 stl_08 stl_25" style="word-spacing:-0.0033em;">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:26.0935em;"><span class="stl_155 stl_08 stl_110" style="word-spacing:0.0019em;">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:27.6135em;"><span class="stl_157 stl_08 stl_110" style="word-spacing:0.0015em;">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:28.3635em;"><span class="stl_155 stl_08 stl_134" style="word-spacing:-0.0106em;">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:29.1335em;"><span class="stl_155 stl_08 stl_50" style="word-spacing:0.0333em;">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:29.8935em;"><span class="stl_155 stl_08 stl_34" style="word-spacing:0.0282em;">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:30.6535em;"><span class="stl_155 stl_08 stl_20" style="word-spacing:-0.0021em;">significant of these are:  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:6.22em;top:32.1899em;"><span class="stl_168 stl_112 stl_09"></span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.72em;top:32.2235em;"><span class="stl_155 stl_08 stl_50" style="word-spacing:0.127em;">IAS 1 "Presentation of Financial Statements", the amendments  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.72em;top:32.9835em;"><span class="stl_155 stl_08 stl_135" style="word-spacing:0.0805em;">are effective for annual periods beginning on or after 1 January  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.72em;top:33.7435em;"><span class="stl_155 stl_08 stl_51">2023  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:6.22em;top:34.5099em;"><span class="stl_168 stl_112 stl_09"></span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.72em;top:34.5435em;"><span class="stl_155 stl_08 stl_110" style="word-spacing:0.0387em;">IAS 8 "Accounting Policies, Changes in Accounting Estimates and  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.72em;top:35.3035em;"><span class="stl_155 stl_08 stl_90" style="word-spacing:0.0362em;">Errors", the amendments are effective for annual periods begin-  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.72em;top:36.0635em;"><span class="stl_155 stl_08 stl_139" style="word-spacing:0.0072em;">ning on or after 1 January 2023  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:6.22em;top:36.8299em;"><span class="stl_168 stl_112 stl_09"></span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.72em;top:36.8635em;"><span class="stl_155 stl_08 stl_77" style="word-spacing:0.1282em;">IFRS 16 “Leases”, the amendments are effective for annual re-  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.72em;top:37.6235em;"><span class="stl_155 stl_08 stl_138" style="word-spacing:0.0063em;">porting periods beginning on or after 1 January 2024  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:6.22em;top:38.3899em;"><span class="stl_168 stl_112 stl_09"></span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.72em;top:38.4235em;"><span class="stl_155 stl_08 stl_137" style="word-spacing:0.0192em;">IFRS 17 “Insurance Contracts”, the amendments are effective for  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.72em;top:39.1835em;"><span class="stl_155 stl_08 stl_137" style="word-spacing:0.0045em;">annual reporting 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:7.0173em;"><span class="stl_162 stl_08 stl_51">1.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:6.9em;top:7.0173em;"><span class="stl_162 stl_08 stl_27" style="word-spacing:0.0119em;">ACCOUNTING POLICIES  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:8.6035em;"><span class="stl_155 stl_08 stl_50" style="word-spacing:-0.0151em;">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:9.3635em;"><span class="stl_155 stl_08 stl_78" style="word-spacing:0.2336em;">for 2022 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:10.1235em;"><span class="stl_155 stl_08 stl_61" style="word-spacing:0.0623em;">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:10.8935em;"><span class="stl_155 stl_08 stl_50" style="word-spacing:-0.0433em;">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:11.6535em;"><span class="stl_155 stl_08 stl_78" style="word-spacing:-0.0308em;">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:12.4135em;"><span class="stl_155 stl_08 stl_64" style="word-spacing:0.176em;">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:13.1735em;"><span class="stl_155 stl_08 stl_66">Copenhagen.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:14.7035em;"><span class="stl_155 stl_08 stl_127" style="word-spacing:0.2348em;">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:15.4635em;"><span class="stl_155 stl_08 stl_134" style="word-spacing:0.2546em;">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:16.2335em;"><span class="stl_155 stl_08 stl_28" style="word-spacing:-0.0036em;">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:17.7535em;"><span class="stl_157 stl_08 stl_61" style="word-spacing:-0.0012em;">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:18.5235em;"><span class="stl_155 stl_08 stl_137" style="word-spacing:0.1448em;">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:19.2835em;"><span class="stl_155 stl_08 stl_110" style="word-spacing:-0.0299em;">beginning on 1 January 2022 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:20.0435em;"><span class="stl_155 stl_08 stl_25">2022.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:21.5735em;"><span class="stl_157 stl_08 stl_78" style="word-spacing:0.0792em;">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:22.3335em;"><span class="stl_157 stl_08 stl_21" style="word-spacing:-0.0141em;">financial position  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:23.0835em;"><span class="stl_155 stl_08 stl_90" style="word-spacing:0.0024em;">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:23.8535em;"><span class="stl_155 stl_08 stl_110" style="word-spacing:0.2701em;">annual report for 2022 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:24.6135em;"><span class="stl_155 stl_08 stl_27">disclosure.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:26.1435em;"><span class="stl_157 stl_08 stl_77" style="word-spacing:0.0011em;">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:26.9135em;"><span class="stl_155 stl_08 stl_90" style="word-spacing:0.0024em;">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:27.6735em;"><span class="stl_155 stl_08 stl_110" style="word-spacing:0.2701em;">annual report for 2022 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:28.4335em;"><span class="stl_155 stl_08 stl_27">disclosure.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:29.9635em;"><span class="stl_157 stl_08 stl_91" style="word-spacing:-0.0016em;">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:30.7235em;"><span class="stl_155 stl_08 stl_72" style="word-spacing:0.0361em;">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:31.4935em;"><span class="stl_155 stl_08 stl_73" style="word-spacing:0.0125em;">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:32.2535em;"><span class="stl_155 stl_08 stl_78" style="word-spacing:0.3822em;">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:33.0135em;"><span class="stl_155 stl_08 stl_52" style="word-spacing:-0.0031em;">consistent with last year’s, as described in the following.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:34.5435em;"><span class="stl_157 stl_08 stl_50" style="word-spacing:-0.0059em;">Consolidated financial statements  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:35.3035em;"><span class="stl_155 stl_08 stl_90" style="word-spacing:-0.0338em;">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:36.0635em;"><span class="stl_155 stl_08 stl_52" style="word-spacing:0.2885em;">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:36.8335em;"><span class="stl_155 stl_08 stl_163" style="word-spacing:0.007em;">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:11.5935em;"><span class="stl_157 stl_08 stl_139" style="word-spacing:0.0081em;">INCOME STATEMENT  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:47.4435em;"><span class="stl_157 stl_08 stl_139" style="word-spacing:0.0152em;">BALANCE SHEET  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4em;top:40.1935em;"><span class="stl_157 stl_08 stl_91" style="word-spacing:0.006em;">Financial ratios  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.9161em;top:40.1935em;"><span class="stl_157 stl_08 stl_32">Formula  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4em;top:42.0135em;"><span class="stl_155 stl_08 stl_90" style="word-spacing:-0.0038em;">EBITDA margin (%)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.4272em;top:42.0135em;"><span class="stl_155 stl_08 stl_73">EBITDA*100  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.8871em;top:43.2335em;"><span class="stl_155 stl_08 stl_127">Revenue  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4em;top:44.2635em;"><span class="stl_155 stl_08 stl_66" style="word-spacing:0.0029em;">EBIT margin (%) (Profit margin)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.8058em;top:44.2635em;"><span class="stl_155 stl_08 stl_50">EBIT*100  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.8871em;top:45.4735em;"><span class="stl_155 stl_08 stl_127">Revenue  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4em;top:46.5035em;"><span class="stl_155 stl_08 stl_20" style="word-spacing:-0.0029em;">Return on invested capital (%)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.8058em;top:46.5035em;"><span class="stl_155 stl_08 stl_50">EBIT*100  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4em;top:47.7235em;"><span class="stl_155 stl_08 stl_66" style="word-spacing:0.0078em;">incl. goodwill  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.888em;top:47.7235em;"><span class="stl_155 stl_08 stl_20" style="word-spacing:-0.0077em;">Average invested capital  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4em;top:48.7535em;"><span class="stl_155 stl_08 stl_47" style="word-spacing:-0.0039em;">Equity ratio (%)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.5607em;top:48.7535em;"><span class="stl_155 stl_08 stl_66">Equity*100  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.5028em;top:49.9635em;"><span class="stl_155 stl_08 stl_28" style="word-spacing:-0.0009em;">Total assets  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4em;top:50.9935em;"><span class="stl_155 stl_08 stl_26" style="word-spacing:-0.0013em;">Return on equity (%)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.3495em;top:50.9935em;"><span class="stl_155 stl_08 stl_27" style="word-spacing:-0.0029em;">Profit/loss for the year after tax*100  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.0807em;top:52.2135em;"><span class="stl_155 stl_08 stl_61" style="word-spacing:-0.0009em;">Average equity  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4em;top:53.9735em;"><span class="stl_155 stl_08 stl_64" style="word-spacing:-0.0462em;">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:25.4em;top:54.7435em;"><span class="stl_155 stl_08 stl_35" style="word-spacing:-0.0076em;">in Note 8.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4em;top:56.2635em;"><span class="stl_155 stl_08 stl_110" style="word-spacing:0.0197em;">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:25.4em;top:57.0235em;"><span class="stl_155 stl_08 stl_140" style="word-spacing:0.085em;">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:25.4em;top:57.7935em;"><span class="stl_155 stl_08 stl_66" style="word-spacing:-0.0127em;">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:25.4em;top:58.5535em;"><span class="stl_155 stl_08 stl_19" style="word-spacing:-0.0044em;">in the net working capital.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4em;top:60.0835em;"><span class="stl_155 stl_08 stl_64" style="word-spacing:-0.0448em;">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:25.4em;top:60.8435em;"><span class="stl_155 stl_08 stl_90" style="word-spacing:-0.0015em;">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:7.0135em;"><span class="stl_155 stl_08 stl_78" style="word-spacing:0.0041em;">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:7.7735em;"><span class="stl_155 stl_08 stl_78" style="word-spacing:0.0354em;">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:8.5335em;"><span class="stl_155 stl_08 stl_134" style="word-spacing:0.0076em;">provisions and non-current operating liabilities.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:10.0635em;"><span class="stl_155 stl_08 stl_50" style="word-spacing:0.2224em;">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:10.8235em;"><span class="stl_155 stl_08 stl_135" style="word-spacing:0.0706em;">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:11.5935em;"><span class="stl_155 stl_08 stl_35" style="word-spacing:-0.0052em;">the year.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:7.0173em;"><span class="stl_162 stl_08 stl_51">1.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:6.9em;top:7.0173em;"><span class="stl_162 stl_08 stl_27" style="word-spacing:0.0119em;">ACCOUNTING POLICIES  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:8.6035em;"><span class="stl_155 stl_08 stl_50" style="word-spacing:-0.0151em;">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:9.3635em;"><span class="stl_155 stl_08 stl_78" style="word-spacing:0.2336em;">for 2022 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:10.1235em;"><span class="stl_155 stl_08 stl_61" style="word-spacing:0.0623em;">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:10.8935em;"><span class="stl_155 stl_08 stl_50" style="word-spacing:-0.0433em;">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:11.6535em;"><span class="stl_155 stl_08 stl_78" style="word-spacing:-0.0308em;">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:12.4135em;"><span class="stl_155 stl_08 stl_64" style="word-spacing:0.176em;">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:13.1735em;"><span class="stl_155 stl_08 stl_66">Copenhagen.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:14.7035em;"><span class="stl_155 stl_08 stl_127" style="word-spacing:0.2348em;">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:15.4635em;"><span class="stl_155 stl_08 stl_134" style="word-spacing:0.2546em;">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:16.2335em;"><span class="stl_155 stl_08 stl_28" style="word-spacing:-0.0036em;">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:17.7535em;"><span class="stl_157 stl_08 stl_61" style="word-spacing:-0.0012em;">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:18.5235em;"><span class="stl_155 stl_08 stl_137" style="word-spacing:0.1448em;">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:19.2835em;"><span class="stl_155 stl_08 stl_110" style="word-spacing:-0.0299em;">beginning on 1 January 2022 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:20.0435em;"><span class="stl_155 stl_08 stl_25">2022.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:21.5735em;"><span class="stl_157 stl_08 stl_78" style="word-spacing:0.0792em;">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:22.3335em;"><span class="stl_157 stl_08 stl_21" style="word-spacing:-0.0141em;">financial position  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:23.0835em;"><span class="stl_155 stl_08 stl_90" style="word-spacing:0.0024em;">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:23.8535em;"><span class="stl_155 stl_08 stl_110" style="word-spacing:0.2701em;">annual report for 2022 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:24.6135em;"><span class="stl_155 stl_08 stl_27">disclosure.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:26.1435em;"><span class="stl_157 stl_08 stl_77" style="word-spacing:0.0011em;">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:26.9135em;"><span class="stl_155 stl_08 stl_90" style="word-spacing:0.0024em;">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:27.6735em;"><span class="stl_155 stl_08 stl_110" style="word-spacing:0.2701em;">annual report for 2022 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:28.4335em;"><span class="stl_155 stl_08 stl_27">disclosure.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:29.9635em;"><span class="stl_157 stl_08 stl_91" style="word-spacing:-0.0016em;">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:30.7235em;"><span class="stl_155 stl_08 stl_72" style="word-spacing:0.0361em;">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:31.4935em;"><span class="stl_155 stl_08 stl_73" style="word-spacing:0.0125em;">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:32.2535em;"><span class="stl_155 stl_08 stl_78" style="word-spacing:0.3822em;">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:33.0135em;"><span class="stl_155 stl_08 stl_52" style="word-spacing:-0.0031em;">consistent with last year’s, as described in the following.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:34.5435em;"><span class="stl_157 stl_08 stl_50" style="word-spacing:-0.0059em;">Consolidated financial statements  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:35.3035em;"><span class="stl_155 stl_08 stl_90" style="word-spacing:-0.0338em;">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:36.0635em;"><span class="stl_155 stl_08 stl_52" style="word-spacing:0.2885em;">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:36.8335em;"><span class="stl_155 stl_08 stl_163" style="word-spacing:0.007em;">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:38.3535em;"><span class="stl_157 stl_08 stl_110" style="word-spacing:0.0064em;">Basis of consolidation  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:39.1135em;"><span class="stl_155 stl_08 stl_134" style="word-spacing:0.2517em;">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:39.8835em;"><span class="stl_155 stl_08 stl_78" style="word-spacing:0.1263em;">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:40.6435em;"><span class="stl_155 stl_08 stl_28" style="word-spacing:-0.0014em;">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:42.1735em;"><span class="stl_155 stl_08 stl_110" style="word-spacing:0.064em;">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:42.9335em;"><span class="stl_155 stl_08 stl_78" style="word-spacing:0.6188em;">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:43.6935em;"><span class="stl_155 stl_08 stl_110" style="word-spacing:0.7032em;">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:44.4635em;"><span class="stl_155 stl_08 stl_52" style="word-spacing:-0.0037em;">consolidated companies are also eliminated.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:45.9835em;"><span class="stl_155 stl_08 stl_78" style="word-spacing:0.1773em;">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:46.7435em;"><span class="stl_155 stl_08 stl_91" style="word-spacing:0.0187em;">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:47.5135em;"><span class="stl_155 stl_08 stl_64" style="word-spacing:0.1567em;">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:48.2735em;"><span class="stl_155 stl_08 stl_28" style="word-spacing:-0.0061em;">separate item under consolidated equity.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:49.8035em;"><span class="stl_157 stl_08 stl_90" style="word-spacing:0.0061em;">Non-controlling interests  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:50.5635em;"><span class="stl_155 stl_08 stl_28" style="word-spacing:0.0009em;">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:51.3235em;"><span class="stl_155 stl_08 stl_27" style="word-spacing:-0.0471em;">fair value or at their pro-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:52.0835em;"><span class="stl_155 stl_08 stl_110" style="word-spacing:0.0303em;">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:52.8535em;"><span class="stl_155 stl_08 stl_139" style="word-spacing:0.1199em;">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:53.6135em;"><span class="stl_155 stl_08 stl_78" style="word-spacing:-0.004em;">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:54.3735em;"><span class="stl_155 stl_08 stl_66" style="word-spacing:0.3138em;">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:55.1435em;"><span class="stl_155 stl_08 stl_137" style="word-spacing:-0.0153em;">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:55.9035em;"><span class="stl_155 stl_08 stl_70" style="word-spacing:0.0115em;">becoming negative.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:57.4335em;"><span class="stl_155 stl_08 stl_52" style="word-spacing:0.0019em;">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:58.1935em;"><span class="stl_155 stl_08 stl_66" style="word-spacing:0.3133em;">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:58.9535em;"><span class="stl_155 stl_08 stl_110" style="word-spacing:0.3632em;">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:59.7135em;"><span class="stl_155 stl_08 stl_70" style="word-spacing:0.0319em;">remuneration and the carrying amount 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:60.4835em;"><span class="stl_155 stl_08 stl_40" style="word-spacing:-0.0119em;">share of equity.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4em;top:7.0135em;"><span class="stl_157 stl_08 stl_90" style="word-spacing:-0.004em;">Foreign currency translation  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4em;top:7.7735em;"><span class="stl_155 stl_08 stl_64" style="word-spacing:-0.0021em;">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:25.4em;top:8.5335em;"><span class="stl_155 stl_08 stl_27" style="word-spacing:-0.003em;">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:25.4em;top:9.3035em;"><span class="stl_155 stl_08 stl_110" style="word-spacing:0.1805em;">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:25.4em;top:10.0635em;"><span class="stl_155 stl_08 stl_137" style="word-spacing:0.101em;">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:25.4em;top:10.8235em;"><span class="stl_155 stl_08 stl_36" style="word-spacing:-0.0028em;">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:25.4em;top:11.5935em;"><span class="stl_155 stl_08 stl_61" style="word-spacing:0.1576em;">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:25.4em;top:12.3535em;"><span class="stl_155 stl_08 stl_34" style="word-spacing:-0.036em;">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:25.4em;top:13.1135em;"><span class="stl_155 stl_08 stl_66" style="word-spacing:-0.0014em;">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:25.4em;top:14.6435em;"><span class="stl_155 stl_08 stl_66" style="word-spacing:0.067em;">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:25.4em;top:15.4035em;"><span class="stl_155 stl_08 stl_156" style="word-spacing:0.1183em;">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:25.4em;top:16.1635em;"><span class="stl_155 stl_08 stl_18" style="word-spacing:-0.0032em;">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:25.4em;top:17.6935em;"><span class="stl_155 stl_08 stl_28" style="word-spacing:0.1568em;">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:25.4em;top:18.4535em;"><span class="stl_155 stl_08 stl_66" style="word-spacing:-0.0325em;">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:25.4em;top:19.2135em;"><span class="stl_155 stl_08 stl_27" 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:25.4em;top:19.9835em;"><span class="stl_155 stl_08 stl_64" style="word-spacing:0.1566em;">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:25.4em;top:20.7435em;"><span class="stl_155 stl_08 stl_66" style="word-spacing:0.248em;">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:25.4em;top:21.5035em;"><span class="stl_155 stl_08 stl_91" style="word-spacing:0.0092em;">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:25.4em;top:22.2735em;"><span class="stl_155 stl_08 stl_25" style="word-spacing:-0.0044em;">rates at the balance sheet date.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4em;top:23.7935em;"><span class="stl_155 stl_08 stl_90" style="word-spacing:0.3385em;">Exchange differences arising on the translation of foreign subsidiaries’  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4em;top:24.5635em;"><span class="stl_155 stl_08 stl_91" style="word-spacing:-0.0026em;">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:25.4em;top:25.3235em;"><span class="stl_155 stl_08 stl_70" style="word-spacing:-0.0451em;">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:25.4em;top:26.0835em;"><span class="stl_155 stl_08 stl_20" style="word-spacing:0.3317em;">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:25.4em;top:26.8435em;"><span class="stl_155 stl_08 stl_78" style="word-spacing:-0.0066em;">comprehensive income.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4em;top:28.3735em;"><span class="stl_155 stl_08 stl_66" style="word-spacing:-0.0328em;">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:25.4em;top:29.1335em;"><span class="stl_155 stl_08 stl_19" style="word-spacing:-0.005em;">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:25.4em;top:29.9035em;"><span class="stl_155 stl_08 stl_127" style="word-spacing:0.044em;">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:25.4em;top:30.6635em;"><span class="stl_155 stl_08 stl_50" style="word-spacing:0.0814em;">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:25.4em;top:31.4235em;"><span class="stl_155 stl_08 stl_28" style="word-spacing:-0.003em;">statement of the parent company.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4em;top:32.9535em;"><span class="stl_157 stl_08 stl_50">Tax  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4em;top:33.7135em;"><span class="stl_155 stl_08 stl_139" style="word-spacing:-0.0103em;">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:25.4em;top:34.4735em;"><span class="stl_155 stl_08 stl_25" style="word-spacing:0.0456em;">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:25.4em;top:35.2435em;"><span class="stl_155 stl_08 stl_134" style="word-spacing:0.019em;">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:25.4em;top:36.0035em;"><span class="stl_155 stl_08 stl_52" style="word-spacing:-0.0001em;">to the portion attributable to entries directly in equity.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4em;top:37.5335em;"><span class="stl_155 stl_08 stl_90" style="word-spacing:0.032em;">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:25.4em;top:38.2935em;"><span class="stl_155 stl_08 stl_45" style="word-spacing:0.0776em;">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:25.4em;top:39.0535em;"><span class="stl_155 stl_08 stl_25">account.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4em;top:40.5835em;"><span class="stl_155 stl_08 stl_109" style="word-spacing:-0.028em;">The calculation of the year’s current tax is based on the tax rates and tax rules  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4em;top:41.3435em;"><span class="stl_155 stl_08 stl_20" style="word-spacing:-0.0037em;">applicable at the balance sheet date.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4em;top:42.8735em;"><span class="stl_155 stl_08 stl_50" style="word-spacing:0.1278em;">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:25.4em;top:43.6335em;"><span class="stl_155 stl_08 stl_77" style="word-spacing:-0.0512em;">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:25.4em;top:44.3935em;"><span class="stl_155 stl_08 stl_134" style="word-spacing:0.1403em;">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:25.4em;top:45.1535em;"><span class="stl_155 stl_08 stl_19" style="word-spacing:0.0481em;">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:25.4em;top:45.9235em;"><span class="stl_155 stl_08 stl_18" style="word-spacing:-0.0456em;">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:25.4em;top:46.6835em;"><span class="stl_155 stl_08 stl_66" style="word-spacing:0.1469em;">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:25.4em;top:47.4435em;"><span class="stl_155 stl_08 stl_28" style="word-spacing:0.0002em;">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:25.4em;top:48.9735em;"><span class="stl_155 stl_08 stl_77" style="word-spacing:0.1913em;">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:25.4em;top:49.7335em;"><span class="stl_155 stl_08 stl_91" style="word-spacing:0.1751em;">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:25.4em;top:50.5035em;"><span class="stl_155 stl_08 stl_91" style="word-spacing:0.0516em;">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:25.4em;top:51.2635em;"><span class="stl_155 stl_08 stl_64" style="word-spacing:0.3377em;">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:25.4em;top:52.0235em;"><span class="stl_155 stl_08 stl_137" style="word-spacing:0.0987em;">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:25.4em;top:52.7835em;"><span class="stl_155 stl_08 stl_28" style="word-spacing:0.1467em;">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:25.4em;top:53.5535em;"><span class="stl_155 stl_08 stl_70" style="word-spacing:0.0046em;">neither profit/loss for the year nor taxable income.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4em;top:55.0735em;"><span class="stl_155 stl_08 stl_140" style="word-spacing:0.0525em;">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:25.4em;top:55.8435em;"><span class="stl_155 stl_08 stl_127" style="word-spacing:0.1773em;">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:25.4em;top:56.6035em;"><span class="stl_155 stl_08 stl_127" style="word-spacing:0.0692em;">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:25.4em;top:57.3635em;"><span class="stl_155 stl_08 stl_28" style="word-spacing:-0.0025em;">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:25.4em;top:58.8935em;"><span class="stl_155 stl_08 stl_19" style="word-spacing:0.0801em;">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:25.4em;top:59.6535em;"><span class="stl_155 stl_08 stl_27" style="word-spacing:-0.0035em;">and the settlement of the individual liability, respectively.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4em;top:61.1835em;"><span class="stl_155 stl_08 stl_78" style="word-spacing:0.1554em;">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:25.4em;top:61.9435em;"><span class="stl_155 stl_08 stl_66" style="word-spacing:-0.014em;">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:7.0135em;"><span class="stl_155 stl_08 stl_137" style="word-spacing:0.0683em;">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:7.7735em;"><span class="stl_155 stl_08 stl_110" style="word-spacing:-0.0288em;">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:8.5335em;"><span class="stl_155 stl_08 stl_66" style="word-spacing:0.0037em;">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:9.3035em;"><span class="stl_155 stl_08 stl_19" style="word-spacing:-0.004em;">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:11.5935em;"><span class="stl_157 stl_08 stl_139" style="word-spacing:0.0081em;">INCOME STATEMENT  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:13.1135em;"><span class="stl_157 stl_08 stl_61">Revenue  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:13.8735em;"><span class="stl_155 stl_08 stl_134" style="word-spacing:0.2376em;">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:14.6435em;"><span class="stl_155 stl_08 stl_127" style="word-spacing:0.2865em;">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:15.4035em;"><span class="stl_155 stl_08 stl_77" style="word-spacing:0.0169em;">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:16.1635em;"><span class="stl_155 stl_08 stl_140" style="word-spacing:0.2265em;">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:16.9335em;"><span class="stl_155 stl_08 stl_61" style="word-spacing:-0.0103em;">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:17.6935em;"><span class="stl_155 stl_08 stl_91" style="word-spacing:0.0002em;">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:18.4535em;"><span class="stl_155 stl_08 stl_64" style="word-spacing:0.0049em;">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:19.9835em;"><span class="stl_155 stl_08 stl_52" style="word-spacing:0.0028em;">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:20.7435em;"><span class="stl_155 stl_08 stl_35" style="word-spacing:-0.0038em;">a third party.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:22.2735em;"><span class="stl_155 stl_08 stl_109" style="word-spacing:0.0325em;">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:23.0335em;"><span class="stl_155 stl_08 stl_24" style="word-spacing:-0.0089em;">the entire contract period is used.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:24.5635em;"><span class="stl_155 stl_08 stl_52" style="word-spacing:0.093em;">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:25.3235em;"><span class="stl_155 stl_08 stl_109" style="word-spacing:0.0969em;">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:26.0835em;"><span class="stl_155 stl_08 stl_64" style="word-spacing:0.0293em;">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:26.8435em;"><span class="stl_155 stl_08 stl_28" style="word-spacing:0.2712em;">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:27.6135em;"><span class="stl_155 stl_08 stl_164" style="word-spacing:0.0545em;">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:28.3735em;"><span class="stl_155 stl_08 stl_139" style="word-spacing:0.1763em;">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:29.1335em;"><span class="stl_155 stl_08 stl_139" style="word-spacing:0.1622em;">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:29.9035em;"><span class="stl_155 stl_08 stl_36" style="word-spacing:-0.0065em;">price of the real estate.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:31.4235em;"><span class="stl_157 stl_08 stl_137" style="word-spacing:0.0052em;">Cost of goods and services sold  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:32.1835em;"><span class="stl_155 stl_08 stl_77" style="word-spacing:0.0447em;">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:32.9535em;"><span class="stl_155 stl_08 stl_134" style="word-spacing:0.0004em;">the revenue.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:34.4735em;"><span class="stl_157 stl_08 stl_26" style="word-spacing:-0.0099em;">Other external expenses  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:35.2435em;"><span class="stl_155 stl_08 stl_110" style="word-spacing:0.1952em;">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:36.0035em;"><span class="stl_155 stl_08 stl_110" style="word-spacing:0.036em;">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:36.7635em;"><span class="stl_155 stl_08 stl_27" style="word-spacing:-0.0155em;">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:37.5335em;"><span class="stl_155 stl_08 stl_34" style="word-spacing:-0.0031em;">the balance sheet.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:39.0535em;"><span class="stl_157 stl_08 stl_25" style="word-spacing:0.004em;">Staff costs  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:39.8135em;"><span class="stl_155 stl_08 stl_110" style="word-spacing:0.0916em;">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:40.5835em;"><span class="stl_155 stl_08 stl_28" style="word-spacing:-0.0029em;">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:42.1035em;"><span class="stl_157 stl_08 stl_47" style="word-spacing:-0.0144em;">Financial items  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:42.8735em;"><span class="stl_155 stl_08 stl_64" style="word-spacing:0.0007em;">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:43.6335em;"><span class="stl_155 stl_08 stl_90" style="word-spacing:0.124em;">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:44.3935em;"><span class="stl_155 stl_08 stl_163" style="word-spacing:0.2877em;">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:45.1535em;"><span class="stl_155 stl_08 stl_27" style="word-spacing:-0.0157em;">prepayment scheme.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:47.4435em;"><span class="stl_157 stl_08 stl_139" style="word-spacing:0.0152em;">BALANCE SHEET  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:48.9735em;"><span class="stl_157 stl_08 stl_134" style="word-spacing:0.0073em;">Investment property  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:49.7235em;"><span class="stl_155 stl_08 stl_77" style="word-spacing:0.4151em;">Investment property comprises properties owned for the purpose of  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:50.4935em;"><span class="stl_155 stl_08 stl_90" style="word-spacing:0.0027em;">receiving rent or obtaining capital gains.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:52.0135em;"><span class="stl_155 stl_08 stl_52" style="word-spacing:0.0815em;">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:4.72em;top:52.7735em;"><span class="stl_155 stl_08 stl_50" style="word-spacing:-0.0025em;">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:4.72em;top:54.3035em;"><span class="stl_155 stl_08 stl_64" style="word-spacing:0.1272em;">Subsequently, investment property is measured at fair value, representing  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:55.0635em;"><span class="stl_155 stl_08 stl_166" style="word-spacing:0.2599em;">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:4.72em;top:55.8335em;"><span class="stl_155 stl_08 stl_50" style="word-spacing:-0.0038em;">independent buyer at the balance sheet date.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:57.3535em;"><span class="stl_155 stl_08 stl_127" style="word-spacing:0.3609em;">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:4.72em;top:58.1135em;"><span class="stl_155 stl_08 stl_28" style="word-spacing:0.002em;">designed for external</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:10.374em;top:58.1135em;"><span class="stl_155 stl_08 stl_61" style="word-spacing:0.0026em;">roads; development areas; and industrial buildings.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:59.6435em;"><span class="stl_155 stl_08 stl_91" 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:4.72em;top:60.4035em;"><span class="stl_155 stl_08 stl_163" style="word-spacing:0.1643em;">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:4.72em;top:61.1735em;"><span class="stl_155 stl_08 stl_134" style="word-spacing:0.1447em;">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:4.72em;top:61.9335em;"><span class="stl_155 stl_08 stl_166" style="word-spacing:0.1788em;">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:25.4em;top:7.0035em;"><span class="stl_155 stl_08 stl_52" style="word-spacing:0.8137em;">individual attributes such as location, surroundings, accessibility,  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4em;top:7.7635em;"><span class="stl_155 stl_08 stl_137" style="word-spacing:-0.017em;">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:25.4em;top:8.5235em;"><span class="stl_155 stl_08 stl_91" style="word-spacing:0.4615em;">is assigned a percentage weighting, and the characteristics of each  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4em;top:9.2935em;"><span class="stl_155 stl_08 stl_64" style="word-spacing:0.053em;">comparable and the subject are then rated, typically from 1-5, very good to  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4em;top:10.0535em;"><span class="stl_155 stl_08 stl_137" style="word-spacing:-0.0492em;">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:25.4em;top:10.8135em;"><span class="stl_155 stl_08 stl_24" style="word-spacing:0.3428em;">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:25.4em;top:11.5835em;"><span class="stl_155 stl_08 stl_109" style="word-spacing:-0.0442em;">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:25.4em;top:13.1035em;"><span class="stl_155 stl_08 stl_70" style="word-spacing:0.1132em;">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:25.4em;top:13.8635em;"><span class="stl_155 stl_08 stl_64" style="word-spacing:-0.0025em;">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:25.4em;top:14.6335em;"><span class="stl_155 stl_08 stl_138" style="word-spacing:0.1318em;">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:25.4em;top:15.3935em;"><span class="stl_155 stl_08 stl_66" style="word-spacing:0.0472em;">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:25.4em;top:16.1535em;"><span class="stl_155 stl_08 stl_66" style="word-spacing:0.1914em;">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:25.4em;top:16.9235em;"><span class="stl_155 stl_08 stl_90" style="word-spacing:0.0019em;">fitting-out deposits and un-obtainable running costs.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4em;top:18.4435em;"><span class="stl_155 stl_08 stl_66" style="word-spacing:0.223em;">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:25.4em;top:19.2035em;"><span class="stl_155 stl_08 stl_134" style="word-spacing:-0.0435em;">estimating the fair values. The required rate of return used ranges from 12.3%  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4em;top:19.9735em;"><span class="stl_155 stl_08 stl_36" style="word-spacing:-0.0098em;">to 13.0%.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4em;top:21.4935em;"><span class="stl_155 stl_08 stl_137" style="word-spacing:0.4801em;">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:25.4em;top:22.2635em;"><span class="stl_155 stl_08 stl_127" style="word-spacing:-0.0112em;">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:25.4em;top:23.0235em;"><span class="stl_155 stl_08 stl_91" style="word-spacing:0.0663em;">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:25.4em;top:23.7835em;"><span class="stl_155 stl_08 stl_46" style="word-spacing:-0.0122em;">transitional phase.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4em;top:25.3135em;"><span class="stl_155 stl_08 stl_78" style="word-spacing:0.0051em;">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:25.4em;top:26.0735em;"><span class="stl_155 stl_08 stl_19" 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:25.4em;top:27.6135em;"><span class="stl_157 stl_08 stl_78" style="word-spacing:0.0032em;">Investments in subsidiaries  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4em;top:28.3735em;"><span class="stl_155 stl_08 stl_90" style="word-spacing:0.0514em;">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:25.4em;top:29.1335em;"><span class="stl_155 stl_08 stl_90" style="word-spacing:-0.0287em;">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:25.4em;top:29.9035em;"><span class="stl_155 stl_08 stl_66" style="word-spacing:-0.0013em;">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:25.4em;top:31.4235em;"><span class="stl_157 stl_08 stl_19">Inventory  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4em;top:32.9435em;"><span class="stl_165 stl_08 stl_25" style="word-spacing:-0.0092em;">Finished products  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4em;top:33.7035em;"><span class="stl_155 stl_08 stl_28" style="word-spacing:0.098em;">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:25.4em;top:34.4635em;"><span class="stl_155 stl_08 stl_137" style="word-spacing:0.0508em;">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:25.4em;top:35.2335em;"><span class="stl_155 stl_08 stl_134" style="word-spacing:0.1294em;">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:25.4em;top:35.9935em;"><span class="stl_155 stl_08 stl_64" style="word-spacing:-0.0043em;">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:25.4em;top:37.5235em;"><span class="stl_165 stl_08 stl_78" style="word-spacing:0.0017em;">Work in progress  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4em;top:38.2835em;"><span class="stl_155 stl_08 stl_66" style="word-spacing:0.0697em;">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:25.4em;top:39.0435em;"><span class="stl_155 stl_08 stl_61" style="word-spacing:0.0596em;">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:25.4em;top:39.8035em;"><span class="stl_155 stl_08 stl_66" style="word-spacing:0.2646em;">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:25.4em;top:40.5735em;"><span class="stl_155 stl_08 stl_25" style="word-spacing:0.4122em;">discrepancies, a 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:25.4em;top:41.3335em;"><span class="stl_155 stl_08 stl_77" style="word-spacing:0.0294em;">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:25.4em;top:42.0935em;"><span class="stl_155 stl_08 stl_137" style="word-spacing:0.0344em;">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:25.4em;top:42.8635em;"><span class="stl_155 stl_08 stl_127" style="word-spacing:0.0014em;">of the production cost and the net realisable value.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4em;top:44.3835em;"><span class="stl_165 stl_08 stl_90" style="word-spacing:-0.0023em;">Inventory impairment test  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4em;top:45.9135em;"><span class="stl_155 stl_08 stl_127" style="word-spacing:0.0448em;">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:25.4em;top:46.6735em;"><span class="stl_155 stl_08 stl_156" style="word-spacing:0.0358em;">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:25.4em;top:47.4335em;"><span class="stl_155 stl_08 stl_28" style="word-spacing:-0.0006em;">loss account.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4em;top:48.9635em;"><span class="stl_155 stl_08 stl_110" style="word-spacing:0.0494em;">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:25.4em;top:49.7235em;"><span class="stl_155 stl_08 stl_25" style="word-spacing:0.206em;">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:25.4em;top:50.4935em;"><span class="stl_155 stl_08 stl_70" style="word-spacing:0.2262em;">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:25.4em;top:51.2535em;"><span class="stl_155 stl_08 stl_18" style="word-spacing:0.0968em;">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:25.4em;top:52.0135em;"><span class="stl_155 stl_08 stl_19" style="word-spacing:0.1916em;">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:25.4em;top:52.7735em;"><span class="stl_155 stl_08 stl_78" style="word-spacing:0.1808em;">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:25.4em;top:53.5435em;"><span class="stl_155 stl_08 stl_91" style="word-spacing:0.229em;">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:25.4em;top:54.3035em;"><span class="stl_155 stl_08 stl_91" style="word-spacing:0.3483em;">borrowing costs and projected customer claims (if applicable). Project  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4em;top:55.0635em;"><span class="stl_155 stl_08 stl_66" style="word-spacing:0.0337em;">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:25.4em;top:55.8335em;"><span class="stl_155 stl_08 stl_90" style="word-spacing:0.1128em;">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:25.4em;top:56.5935em;"><span class="stl_155 stl_08 stl_163" style="word-spacing:0.1295em;">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:25.4em;top:57.3535em;"><span class="stl_155 stl_08 stl_91" style="word-spacing:0.0151em;">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:25.4em;top:58.1135em;"><span class="stl_155 stl_08 stl_140" style="word-spacing:0.1171em;">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:25.4em;top:58.8835em;"><span class="stl_155 stl_08 stl_91" style="word-spacing:0.0668em;">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:25.4em;top:59.6435em;"><span class="stl_155 stl_08 stl_91" style="word-spacing:0.0004em;">the estimated negative value of this margin.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4em;top:61.1735em;"><span class="stl_155 stl_08 stl_91" style="word-spacing:0.2559em;">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:25.4em;top:61.9335em;"><span class="stl_155 stl_08 stl_61" style="word-spacing:-0.0553em;">"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:7.0035em;"><span class="stl_155 stl_08 stl_163" style="word-spacing:0.1934em;">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:7.7635em;"><span class="stl_155 stl_08 stl_66" style="word-spacing:-0.0006em;">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:9.2935em;"><span class="stl_165 stl_08 stl_66" style="word-spacing:-0.0011em;">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:10.0535em;"><span class="stl_155 stl_08 stl_77" style="word-spacing:0.2723em;">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:10.8135em;"><span class="stl_155 stl_08 stl_72" style="word-spacing:0.134em;">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:11.5835em;"><span class="stl_155 stl_08 stl_91" style="word-spacing:0.0522em;">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:12.3435em;"><span class="stl_155 stl_08 stl_61" style="word-spacing:0.0025em;">have already taken place.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:13.8735em;"><span class="stl_157 stl_08 stl_18">Receivables  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:14.6435em;"><span class="stl_155 stl_08 stl_64" style="word-spacing:0.0516em;">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:15.4035em;"><span class="stl_155 stl_08 stl_163" style="word-spacing:-0.0481em;">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:16.1635em;"><span class="stl_155 stl_08 stl_137" style="word-spacing:-0.0145em;">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:16.9335em;"><span class="stl_155 stl_08 stl_137" style="word-spacing:0.0304em;">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:17.6935em;"><span class="stl_155 stl_08 stl_66" 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:19.2135em;"><span class="stl_155 stl_08 stl_50" style="word-spacing:0.5425em;">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:19.9835em;"><span class="stl_155 stl_08 stl_18" style="word-spacing:0.1089em;">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:20.7435em;"><span class="stl_155 stl_08 stl_50" style="word-spacing:-0.0002em;">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:22.2735em;"><span class="stl_155 stl_08 stl_134" style="word-spacing:0.1761em;">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:23.0335em;"><span class="stl_155 stl_08 stl_138" style="word-spacing:0.2245em;">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:23.7935em;"><span class="stl_155 stl_08 stl_19" style="word-spacing:0.0945em;">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:24.5635em;"><span class="stl_155 stl_08 stl_77" style="word-spacing:0.0821em;">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:25.3235em;"><span class="stl_155 stl_08 stl_139" style="word-spacing:0.0174em;">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:26.0835em;"><span class="stl_155 stl_08 stl_91" style="word-spacing:0.3205em;">a period of 36 months before 31 December 2021 or 1 January 2021  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:26.8435em;"><span class="stl_155 stl_08 stl_28" style="word-spacing:-0.0459em;">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:27.6135em;"><span class="stl_155 stl_08 stl_61" style="word-spacing:0.2369em;">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:28.3735em;"><span class="stl_155 stl_08 stl_139" style="word-spacing:0.0727em;">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:29.1335em;"><span class="stl_155 stl_08 stl_78" style="word-spacing:0.0319em;">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:29.9035em;"><span class="stl_155 stl_08 stl_78" style="word-spacing:0.0815em;">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:30.6635em;"><span class="stl_155 stl_08 stl_50" style="word-spacing:-0.0364em;">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:31.4235em;"><span class="stl_155 stl_08 stl_50" style="word-spacing:-0.0015em;">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:32.9535em;"><span class="stl_157 stl_08 stl_134">Prepayments  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:33.7135em;"><span class="stl_155 stl_08 stl_61" style="word-spacing:0.0252em;">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:34.4735em;"><span class="stl_155 stl_08 stl_52" style="word-spacing:-0.0031em;">Prepayments are measured at cost.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:36.0035em;"><span class="stl_157 stl_08 stl_28">Provisions  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:36.7635em;"><span class="stl_155 stl_08 stl_77" style="word-spacing:0.3164em;">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:37.5335em;"><span class="stl_155 stl_08 stl_64" style="word-spacing:0.0352em;">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:38.2935em;"><span class="stl_155 stl_08 stl_127" style="word-spacing:0.0789em;">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:39.0535em;"><span class="stl_155 stl_08 stl_110" style="word-spacing:0.1772em;">outflow of the Group’s financial resources. Warranty commitments cover  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:39.8135em;"><span class="stl_155 stl_08 stl_127" style="word-spacing:0.0144em;">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:40.5835em;"><span class="stl_155 stl_08 stl_134">period.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:41.3435em;"><span class="stl_155 stl_08 stl_64" style="word-spacing:0.0454em;">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:42.1035em;"><span class="stl_155 stl_08 stl_78" style="word-spacing:0.0299em;">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:42.8735em;"><span class="stl_155 stl_08 stl_20" style="word-spacing:-0.0353em;">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:44.3935em;"><span class="stl_157 stl_08 stl_32" style="word-spacing:-0.0034em;">Lease liabilities  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:45.1535em;"><span class="stl_155 stl_08 stl_90" style="word-spacing:0.114em;">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:45.9235em;"><span class="stl_155 stl_08 stl_50" style="word-spacing:0.1413em;">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:46.6835em;"><span class="stl_155 stl_08 stl_134" style="word-spacing:0.0047em;">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:48.2135em;"><span class="stl_155 stl_08 stl_109" style="word-spacing:-0.0115em;">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:48.9735em;"><span class="stl_155 stl_08 stl_18" style="word-spacing:0.2189em;">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:4.72em;top:49.7335em;"><span class="stl_155 stl_08 stl_66" style="word-spacing:-0.0438em;">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:4.72em;top:50.5035em;"><span class="stl_155 stl_08 stl_66" style="word-spacing:0.0001em;">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:4.72em;top:52.0235em;"><span class="stl_155 stl_08 stl_135" style="word-spacing:0.067em;">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:4.72em;top:52.7835em;"><span class="stl_155 stl_08 stl_28" style="word-spacing:0.1424em;">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:4.72em;top:53.5535em;"><span class="stl_155 stl_08 stl_28" style="word-spacing:0.1132em;">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:4.72em;top:54.3135em;"><span class="stl_155 stl_08 stl_66" style="word-spacing:0.2087em;">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:4.72em;top:55.0735em;"><span class="stl_155 stl_08 stl_27" style="word-spacing:-0.0041em;">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:56.6035em;"><span class="stl_157 stl_08 stl_28" style="word-spacing:0.0039em;">Other financial liabilities  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:57.3635em;"><span class="stl_155 stl_08 stl_91" style="word-spacing:0.2599em;">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:4.72em;top:58.1235em;"><span class="stl_155 stl_08 stl_66" style="word-spacing:-0.0043em;">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:4.72em;top:58.8935em;"><span class="stl_155 stl_08 stl_91" 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:4.72em;top:59.6535em;"><span class="stl_155 stl_08 stl_27" style="word-spacing:0.1613em;">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:4.72em;top:60.4135em;"><span class="stl_155 stl_08 stl_27" style="word-spacing:0.0021em;">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:4.72em;top:61.1835em;"><span class="stl_155 stl_08 stl_27" style="word-spacing:0.2375em;">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:4.72em;top:61.9435em;"><span class="stl_155 stl_08 stl_50" style="word-spacing:-0.0035em;">expense over the term of the loan.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4em;top:7.7735em;"><span class="stl_157 stl_08 stl_156" style="word-spacing:0.006em;">CASH FLOW STATEMENT  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4em;top:9.3035em;"><span class="stl_155 stl_08 stl_90" style="word-spacing:0.0339em;">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:25.4em;top:10.0635em;"><span class="stl_155 stl_08 stl_90" style="word-spacing:0.3054em;">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:25.4em;top:10.8235em;"><span class="stl_155 stl_08 stl_139" style="word-spacing:-0.0134em;">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:25.4em;top:11.5935em;"><span class="stl_155 stl_08 stl_35" style="word-spacing:-0.0052em;">the year.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4em;top:13.1135em;"><span class="stl_155 stl_08 stl_70" style="word-spacing:-0.0462em;">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:25.4em;top:13.8735em;"><span class="stl_155 stl_08 stl_78" style="word-spacing:0.0111em;">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:25.4em;top:14.6435em;"><span class="stl_155 stl_08 stl_127" style="word-spacing:0.3613em;">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:25.4em;top:15.4035em;"><span class="stl_155 stl_08 stl_52" style="word-spacing:0.0118em;">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:25.4em;top:16.1635em;"><span class="stl_155 stl_08 stl_21" style="word-spacing:-0.0098em;">date of disposal.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4em;top:17.6935em;"><span class="stl_155 stl_08 stl_18" style="word-spacing:0.0484em;">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:25.4em;top:18.4535em;"><span class="stl_155 stl_08 stl_70" style="word-spacing:-0.026em;">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:25.4em;top:19.2135em;"><span class="stl_155 stl_08 stl_18" style="word-spacing:0.0646em;">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:25.4em;top:19.9835em;"><span class="stl_155 stl_08 stl_66" style="word-spacing:0.0001em;">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:25.4em;top:21.5035em;"><span class="stl_155 stl_08 stl_28" style="word-spacing:0.3194em;">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:25.4em;top:22.2735em;"><span class="stl_155 stl_08 stl_52" style="word-spacing:0.0167em;">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:25.4em;top:23.0335em;"><span class="stl_155 stl_08 stl_110" style="word-spacing:-0.0367em;">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:25.4em;top:23.7935em;"><span class="stl_155 stl_08 stl_78" style="word-spacing:0.0023em;">etc. of intangible assets and property, plant and equipment.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4em;top:25.3235em;"><span class="stl_155 stl_08 stl_134" style="word-spacing:0.2211em;">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:25.4em;top:26.0835em;"><span class="stl_155 stl_08 stl_90" style="word-spacing:0.033em;">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:25.4em;top:26.8435em;"><span class="stl_155 stl_08 stl_137" style="word-spacing:-0.0091em;">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:25.4em;top:27.6135em;"><span class="stl_155 stl_08 stl_140" style="word-spacing:0.292em;">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:25.4em;top:28.3735em;"><span class="stl_155 stl_08 stl_77" style="word-spacing:0.1321em;">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:25.4em;top:29.1335em;"><span class="stl_155 stl_08 stl_91" style="word-spacing:-0.0019em;">form of lease payments made are recognised.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4em;top:30.6635em;"><span class="stl_155 stl_08 stl_28" style="word-spacing:-0.0028em;">Cash and cash equivalents comprise cash deposits.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4em;top:32.1835em;"><span class="stl_157 stl_08 stl_78" style="word-spacing:0.0062em;">Segment information  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4em;top:32.9435em;"><span class="stl_155 stl_08 stl_127" style="word-spacing:0.0024em;">The Group is assessed as having two segments:  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.9em;top:33.7054em;"><span class="stl_167 stl_08 stl_62" style="word-spacing:0.8293em;">(A) </span><span class="stl_155 stl_08 stl_70" style="word-spacing:0.0073em;">Property management division comprising letting of premises  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.4em;top:34.5735em;"><span class="stl_155 stl_08 stl_77" style="word-spacing:0.0026em;">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:28.4em;top:35.4035em;"><span class="stl_155 stl_08 stl_52" style="word-spacing:0.0031em;">power, water, natural gas, facility services, etc.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.9em;top:36.2154em;"><span class="stl_167 stl_08 stl_85" style="word-spacing:0.8906em;">(B) </span><span class="stl_155 stl_08 stl_77" style="word-spacing:0.0033em;">Property development – including the preparation and  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.4em;top:37.0835em;"><span class="stl_155 stl_08 stl_77" style="word-spacing:0.0019em;">implementation of development projects, primarily in the field  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.4em;top:37.9135em;"><span class="stl_155 stl_08 stl_20" style="word-spacing:-0.0037em;">of housing and commercial space.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4em;top:40.1935em;"><span class="stl_157 stl_08 stl_91" style="word-spacing:0.006em;">Financial ratios  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.9161em;top:40.1935em;"><span class="stl_157 stl_08 stl_32">Formula  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4em;top:42.0135em;"><span class="stl_155 stl_08 stl_90" style="word-spacing:-0.0038em;">EBITDA margin (%)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.4272em;top:42.0135em;"><span class="stl_155 stl_08 stl_73">EBITDA*100  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.8871em;top:43.2335em;"><span class="stl_155 stl_08 stl_127">Revenue  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4em;top:44.2635em;"><span class="stl_155 stl_08 stl_66" style="word-spacing:0.0029em;">EBIT margin (%) (Profit margin)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.8058em;top:44.2635em;"><span class="stl_155 stl_08 stl_50">EBIT*100  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.8871em;top:45.4735em;"><span class="stl_155 stl_08 stl_127">Revenue  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4em;top:46.5035em;"><span class="stl_155 stl_08 stl_20" style="word-spacing:-0.0029em;">Return on invested capital (%)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.8058em;top:46.5035em;"><span class="stl_155 stl_08 stl_50">EBIT*100  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4em;top:47.7235em;"><span class="stl_155 stl_08 stl_66" style="word-spacing:0.0078em;">incl. goodwill  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.888em;top:47.7235em;"><span class="stl_155 stl_08 stl_20" style="word-spacing:-0.0077em;">Average invested capital  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4em;top:48.7535em;"><span class="stl_155 stl_08 stl_47" style="word-spacing:-0.0039em;">Equity ratio (%)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.5607em;top:48.7535em;"><span class="stl_155 stl_08 stl_66">Equity*100  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.5028em;top:49.9635em;"><span class="stl_155 stl_08 stl_28" style="word-spacing:-0.0009em;">Total assets  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4em;top:50.9935em;"><span class="stl_155 stl_08 stl_26" style="word-spacing:-0.0013em;">Return on equity (%)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.3495em;top:50.9935em;"><span class="stl_155 stl_08 stl_27" style="word-spacing:-0.0029em;">Profit/loss for the year after tax*100  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.0807em;top:52.2135em;"><span class="stl_155 stl_08 stl_61" style="word-spacing:-0.0009em;">Average equity  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4em;top:53.9735em;"><span class="stl_155 stl_08 stl_64" style="word-spacing:-0.0462em;">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:25.4em;top:54.7435em;"><span class="stl_155 stl_08 stl_35" style="word-spacing:-0.0076em;">in Note 8.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4em;top:56.2635em;"><span class="stl_155 stl_08 stl_110" style="word-spacing:0.0197em;">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:25.4em;top:57.0235em;"><span class="stl_155 stl_08 stl_140" style="word-spacing:0.085em;">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:25.4em;top:57.7935em;"><span class="stl_155 stl_08 stl_66" style="word-spacing:-0.0127em;">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:25.4em;top:58.5535em;"><span class="stl_155 stl_08 stl_19" style="word-spacing:-0.0044em;">in the net working capital.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4em;top:60.0835em;"><span class="stl_155 stl_08 stl_64" style="word-spacing:-0.0448em;">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:25.4em;top:60.8435em;"><span class="stl_155 stl_08 stl_90" style="word-spacing:-0.0015em;">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:7.0135em;"><span class="stl_155 stl_08 stl_78" style="word-spacing:0.0041em;">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:7.7735em;"><span class="stl_155 stl_08 stl_78" style="word-spacing:0.0354em;">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:8.5335em;"><span class="stl_155 stl_08 stl_134" style="word-spacing:0.0076em;">provisions and non-current operating liabilities.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:10.0635em;"><span class="stl_155 stl_08 stl_50" style="word-spacing:0.2224em;">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:10.8235em;"><span class="stl_155 stl_08 stl_135" style="word-spacing:0.0706em;">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:11.5935em;"><span class="stl_155 stl_08 stl_35" style="word-spacing:-0.0052em;">the year.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:13.8735em;"><span class="stl_157 stl_08 stl_70" style="word-spacing:0.759em;">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:14.6435em;"><span class="stl_157 stl_08 stl_77" style="word-spacing:0.0042em;">1 January 2022  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:16.1535em;"><span class="stl_155 stl_08 stl_109" style="word-spacing:0.0338em;">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:16.9235em;"><span class="stl_155 stl_08 stl_77" style="word-spacing:0.0029em;">for the first time for periods beginning on or after 1 January 2022:  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:6.22em;top:17.6899em;"><span class="stl_168 stl_112 stl_09"></span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.67em;top:17.6935em;"><span class="stl_155 stl_08 stl_18" style="word-spacing:-0.0506em;">Reference to the Conceptual Framework (Amendments to IFRS 3),  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.72em;top:18.4535em;"><span class="stl_155 stl_08 stl_64" style="word-spacing:0.0046em;">effective for periods beginning on or after 1 January 2022  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:6.22em;top:19.2199em;"><span class="stl_168 stl_112 stl_09"></span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.67em;top:19.2235em;"><span class="stl_155 stl_08 stl_64" style="word-spacing:-0.0149em;">Annual Improvements to IFRS Standards 2018–2020, effective for  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.72em;top:19.9835em;"><span class="stl_155 stl_08 stl_78" style="word-spacing:0.002em;">periods beginning on or after 1 January 2022  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:6.22em;top:20.7399em;"><span class="stl_168 stl_112 stl_09"></span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.67em;top:20.7435em;"><span class="stl_155 stl_08 stl_52" style="word-spacing:0.176em;">IAS 37 Provisions, Contingent Liabilities and Contingent Assets  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.72em;top:21.5135em;"><span class="stl_155 stl_08 stl_70" style="word-spacing:0.0035em;">(Amendment – Onerous Contracts – Cost of Fulfilling a Contract),  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.72em;top:22.2735em;"><span class="stl_155 stl_08 stl_64" style="word-spacing:0.0046em;">effective for periods beginning on or after 1 January 2022  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:6.22em;top:23.0299em;"><span class="stl_168 stl_112 stl_09"></span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.67em;top:23.0335em;"><span class="stl_155 stl_08 stl_77" style="word-spacing:-0.0015em;">Property, Plant and Equipment — Proceeds before Intended Use,  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.72em;top:23.8035em;"><span class="stl_155 stl_08 stl_64" style="word-spacing:0.0046em;">effective for periods beginning on or after 1 January 2022  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:25.3235em;"><span class="stl_155 stl_08 stl_25" style="word-spacing:-0.0033em;">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:26.0935em;"><span class="stl_155 stl_08 stl_110" style="word-spacing:0.0019em;">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:27.6135em;"><span class="stl_157 stl_08 stl_110" style="word-spacing:0.0015em;">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:28.3635em;"><span class="stl_155 stl_08 stl_134" style="word-spacing:-0.0106em;">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:29.1335em;"><span class="stl_155 stl_08 stl_50" style="word-spacing:0.0333em;">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:29.8935em;"><span class="stl_155 stl_08 stl_34" style="word-spacing:0.0282em;">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:30.6535em;"><span class="stl_155 stl_08 stl_20" style="word-spacing:-0.0021em;">significant of these are:  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:6.22em;top:32.1899em;"><span class="stl_168 stl_112 stl_09"></span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.72em;top:32.2235em;"><span class="stl_155 stl_08 stl_50" style="word-spacing:0.127em;">IAS 1 "Presentation of Financial Statements", the amendments  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.72em;top:32.9835em;"><span class="stl_155 stl_08 stl_135" style="word-spacing:0.0805em;">are effective for annual periods beginning on or after 1 January  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.72em;top:33.7435em;"><span class="stl_155 stl_08 stl_51">2023  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:6.22em;top:34.5099em;"><span class="stl_168 stl_112 stl_09"></span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.72em;top:34.5435em;"><span class="stl_155 stl_08 stl_110" style="word-spacing:0.0387em;">IAS 8 "Accounting Policies, Changes in Accounting Estimates and  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.72em;top:35.3035em;"><span class="stl_155 stl_08 stl_90" style="word-spacing:0.0362em;">Errors", the amendments are effective for annual periods begin-  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.72em;top:36.0635em;"><span class="stl_155 stl_08 stl_139" style="word-spacing:0.0072em;">ning on or after 1 January 2023  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:6.22em;top:36.8299em;"><span class="stl_168 stl_112 stl_09"></span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.72em;top:36.8635em;"><span class="stl_155 stl_08 stl_77" style="word-spacing:0.1282em;">IFRS 16 “Leases”, the amendments are effective for annual re-  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.72em;top:37.6235em;"><span class="stl_155 stl_08 stl_138" style="word-spacing:0.0063em;">porting periods beginning on or after 1 January 2024  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:6.22em;top:38.3899em;"><span class="stl_168 stl_112 stl_09"></span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.72em;top:38.4235em;"><span class="stl_155 stl_08 stl_137" style="word-spacing:0.0192em;">IFRS 17 “Insurance Contracts”, the amendments are effective for  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.72em;top:39.1835em;"><span class="stl_155 stl_08 stl_137" style="word-spacing:0.0045em;">annual reporting 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:40.7173em;"><span class="stl_162 stl_08 stl_51">2.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:6.9em;top:40.7173em;"><span class="stl_162 stl_08 stl_18" style="word-spacing:1.2557em;">SIGNIFICANT ACCOUNTING ESTIMATES,  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:6.9em;top:41.8373em;"><span class="stl_162 stl_08 stl_18" style="word-spacing:0.0048em;">ASSUMPTIONS AND UNCERTAINTIES  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:43.4235em;"><span class="stl_155 stl_08 stl_61" style="word-spacing:0.4564em;">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:44.1935em;"><span class="stl_155 stl_08 stl_137" style="word-spacing:0.1328em;">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:44.9535em;"><span class="stl_155 stl_08 stl_28" style="word-spacing:0.3524em;">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:45.7135em;"><span class="stl_155 stl_08 stl_127" style="word-spacing:0.0042em;">immediately inferred from other sources.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4em;top:7.0135em;"><span class="stl_155 stl_08 stl_66" style="word-spacing:0.1119em;">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:25.4em;top:7.7735em;"><span class="stl_155 stl_08 stl_90" style="word-spacing:0.4311em;">and other factors that Management considers reasonable under the  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4em;top:8.5335em;"><span class="stl_155 stl_08 stl_64" style="word-spacing:0.0981em;">circumstances, but which are inherently uncertain and unpredictable. Such  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4em;top:9.3035em;"><span class="stl_155 stl_08 stl_156" style="word-spacing:0.164em;">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:25.4em;top:10.0635em;"><span class="stl_155 stl_08 stl_138" style="word-spacing:0.2401em;">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:25.4em;top:10.8235em;"><span class="stl_155 stl_08 stl_61" style="word-spacing:0.426em;">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:25.4em;top:11.5935em;"><span class="stl_155 stl_08 stl_91" style="word-spacing:-0.0184em;">estimates. CeMat’s risks are described in “Risks and risk management” and in  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4em;top:12.3535em;"><span class="stl_155 stl_08 stl_19" style="word-spacing:-0.0046em;">Note 24 “Financial risks and financial instruments”.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4em;top:13.8735em;"><span class="stl_155 stl_08 stl_109" style="word-spacing:0.1744em;">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:25.4em;top:14.6435em;"><span class="stl_155 stl_08 stl_110" style="word-spacing:0.0977em;">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:25.4em;top:15.4035em;"><span class="stl_155 stl_08 stl_137" style="word-spacing:-0.0139em;">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:25.4em;top:16.1635em;"><span class="stl_155 stl_08 stl_66" style="word-spacing:0.0007em;">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:25.4em;top:17.6935em;"><span class="stl_157 stl_08 stl_127" style="word-spacing:0.0017em;">Measurement of investment property  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4em;top:19.2135em;"><span class="stl_155 stl_08 stl_169" style="word-spacing:0.1015em;">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:25.4em;top:19.9835em;"><span class="stl_155 stl_08 stl_110" style="word-spacing:0.3515em;">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:25.4em;top:20.7435em;"><span class="stl_155 stl_08 stl_52" style="word-spacing:-0.0313em;">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:25.4em;top:21.5035em;"><span class="stl_155 stl_08 stl_110" style="word-spacing:0.0153em;">valuation report received in December 2022 and its underlying assumptions.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4em;top:22.2735em;"><span class="stl_155 stl_08 stl_61" style="word-spacing:0.0172em;">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:25.4em;top:23.0335em;"><span class="stl_155 stl_08 stl_66" style="word-spacing:-0.0005em;">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:25.4em;top:24.5635em;"><span class="stl_155 stl_08 stl_137" style="word-spacing:0.1321em;">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:25.4em;top:25.3235em;"><span class="stl_155 stl_08 stl_45" style="word-spacing:-0.0337em;">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:25.4em;top:26.0835em;"><span class="stl_155 stl_08 stl_110" style="word-spacing:0.0337em;">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:25.4em;top:26.8435em;"><span class="stl_155 stl_08 stl_19" style="word-spacing:0.0669em;">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:25.4em;top:27.6135em;"><span class="stl_155 stl_08 stl_90" style="word-spacing:0.0044em;">liquidity risk in a sales situation.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4em;top:29.1335em;"><span class="stl_157 stl_08 stl_78" style="word-spacing:0.0032em;">Investments in subsidiaries  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4em;top:30.6635em;"><span class="stl_155 stl_08 stl_77" style="word-spacing:0.0337em;">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:25.4em;top:31.4235em;"><span class="stl_155 stl_08 stl_91" style="word-spacing:-0.0006em;">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:25.4em;top:32.9535em;"><span class="stl_157 stl_08 stl_127" style="word-spacing:0.0074em;">Forward-looking statements  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4em;top:34.4735em;"><span class="stl_155 stl_08 stl_127" style="word-spacing:0.1148em;">All forward-looking statements in this annual report reflect Management’s  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4em;top:35.2435em;"><span class="stl_155 stl_08 stl_19" style="word-spacing:0.0009em;">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:25.4em;top:36.0035em;"><span class="stl_155 stl_08 stl_78" style="word-spacing:0.0731em;">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:25.4em;top:36.7635em;"><span class="stl_155 stl_08 stl_66" style="word-spacing:0.0029em;">may therefore differ materially from expectations.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4em;top:38.2935em;"><span class="stl_155 stl_08 stl_28" style="word-spacing:-0.014em;">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:25.4em;top:39.0535em;"><span class="stl_155 stl_08 stl_19" style="word-spacing:0.619em;">include, but are not limited to, general economic developments,  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4em;top:39.8135em;"><span class="stl_155 stl_08 stl_27" style="word-spacing:0.047em;">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:25.4em;top:40.5835em;"><span class="stl_155 stl_08 stl_52" style="word-spacing:0.1895em;">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:25.4em;top:41.3435em;"><span class="stl_155 stl_08 stl_52" style="word-spacing:0.0041em;">forecasts and results.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4em;top:42.8735em;"><span class="stl_157 stl_08 stl_26" style="word-spacing:-0.0075em;">Tax asset utilisation  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4em;top:44.3935em;"><span class="stl_155 stl_08 stl_18" style="word-spacing:-0.0334em;">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:25.4em;top:45.1535em;"><span class="stl_155 stl_08 stl_90" style="word-spacing:0.0357em;">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:25.4em;top:45.9235em;"><span class="stl_155 stl_08 stl_66" style="word-spacing:-0.002em;">income within a foreseeable number of years.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4em;top:47.4435em;"><span class="stl_155 stl_08 stl_66" style="word-spacing:0.001em;">The annual report is published only in English.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:5.8373em;"><span class="stl_162 stl_08 stl_51">3.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:6.9em;top:5.8373em;"><span class="stl_162 stl_08 stl_36" style="word-spacing:-0.0026em;">SEGMENT INFORMATION  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:8.4435em;"><span class="stl_155 stl_08 stl_134" style="word-spacing:0.0038em;">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:6.22em;top:9.2054em;"><span class="stl_167 stl_08 stl_62" style="word-spacing:0.8293em;">(A) </span><span class="stl_155 stl_08 stl_77" style="word-spacing:0.0028em;">Property management division comprising letting of premises and land and the provision of utilities to tenants, including power, water, natural  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.72em;top:10.0735em;"><span class="stl_155 stl_08 stl_77" style="word-spacing:0.0108em;">gas, facility services, etc.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:6.22em;top:10.8954em;"><span class="stl_167 stl_08 stl_85" style="word-spacing:0.8906em;">(B) </span><span class="stl_155 stl_08 stl_110" style="word-spacing:0.0018em;">Property development – including the preparation and implementation of development projects, primarily in the field of housing and commercial  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.72em;top:11.7635em;"><span class="stl_155 stl_08 stl_132">space.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:13.2835em;"><span class="stl_155 stl_08 stl_78" style="word-spacing:0.0018em;">The assessment of the results of operations in individual segments is made mainly on the basis of sales revenues and gross profit obtained in these segments.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:15.3873em;"><span class="stl_154 stl_08 stl_51">2022  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.8398em;top:15.3873em;"><span class="stl_154 stl_08 stl_71">Property  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:16.2573em;"><span class="stl_154 stl_08 stl_54">DKK’000  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.4794em;top:16.2573em;"><span class="stl_154 stl_08 stl_51" style="word-spacing:0.0088em;">Management Development*)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.3731em;top:16.2573em;"><span class="stl_154 stl_08 stl_115">Total  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:18.6935em;"><span class="stl_155 stl_08 stl_134" style="word-spacing:0.0108em;">Sales revenue  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.6898em;top:18.6935em;"><span class="stl_155 stl_08 stl_66">26,574  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.8395em;top:18.6935em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.1345em;top:18.6935em;"><span class="stl_155 stl_08 stl_36">26,574  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:19.8535em;"><span class="stl_157 stl_08 stl_18" style="word-spacing:0.0066em;">GROSS PROFIT  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.6774em;top:19.8535em;"><span class="stl_157 stl_08 stl_51">12,700  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.8191em;top:19.8535em;"><span class="stl_157 stl_08 stl_25">(402)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.124em;top:19.8535em;"><span class="stl_157 stl_08 stl_51">12,298  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:22.0335em;"><span class="stl_155 stl_08 stl_19">Overheads  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.0803em;top:22.0335em;"><span class="stl_155 stl_08 stl_19">(8,939)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:23.0635em;"><span class="stl_155 stl_08 stl_73" style="word-spacing:-0.0064em;">Other income / costs  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.9265em;top:23.0635em;"><span class="stl_155 stl_08 stl_51">129  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:24.2235em;"><span class="stl_157 stl_08 stl_78">EBITDA  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.4502em;top:24.2235em;"><span class="stl_157 stl_08 stl_27">3,488  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:26.3935em;"><span class="stl_155 stl_08 stl_27">Depreciation  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.866em;top:26.3935em;"><span class="stl_155 stl_08 stl_40">(28)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:27.5535em;"><span class="stl_157 stl_08 stl_63">EBIT  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.4502em;top:27.5535em;"><span class="stl_157 stl_08 stl_27">3,460  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:29.7335em;"><span class="stl_155 stl_08 stl_110" style="word-spacing:0.0035em;">Revaluation investment property  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.1377em;top:29.7335em;"><span class="stl_155 stl_08 stl_52">25,325  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:30.7635em;"><span class="stl_155 stl_08 stl_50" style="word-spacing:-0.0014em;">Net result on financial activities  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.5453em;top:30.7635em;"><span class="stl_155 stl_08 stl_22">(973)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:31.9235em;"><span class="stl_157 stl_08 stl_166" style="word-spacing:0.013em;">PROFIT (LOSS) BEFORE TAX  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.1289em;top:31.9235em;"><span class="stl_157 stl_08 stl_51">27,812  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:34.1035em;"><span class="stl_155 stl_08 stl_27" style="word-spacing:-0.0028em;">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:43.0747em;top:34.1035em;"><span class="stl_155 stl_08 stl_36">(5,730)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:35.2635em;"><span class="stl_157 stl_08 stl_29" style="word-spacing:0.0123em;">PROFIT (LOSS) FOR THE YEAR  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.1289em;top:35.2635em;"><span class="stl_157 stl_08 stl_51">22,082  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:36.4135em;"><span class="stl_155 stl_08 stl_91" style="word-spacing:-0.0011em;">*) In 2022, there were no revenues in the Development segment. The Development segment has been separated in terms of functionality. According to the  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:37.2035em;"><span class="stl_155 stl_08 stl_52" style="word-spacing:-0.0012em;">accounting policy, revenues and profits from the sale of real estate (residential units, commercial space, etc.) will be recognized when the real estate  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:37.9935em;"><span class="stl_155 stl_08 stl_91" style="word-spacing:0.0005em;">purchaser takes over control over the real estate acquired and receives significant risks and rewards of ownership.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:39.2373em;"><span class="stl_154 stl_08 stl_51">2021  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.8398em;top:39.2373em;"><span class="stl_154 stl_08 stl_71">Property  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:40.1073em;"><span class="stl_154 stl_08 stl_54">DKK’000  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.4794em;top:40.1073em;"><span class="stl_154 stl_08 stl_51" style="word-spacing:0.0088em;">Management Development*)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.3731em;top:40.1073em;"><span class="stl_154 stl_08 stl_115">Total  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:42.5435em;"><span class="stl_155 stl_08 stl_134" style="word-spacing:0.0108em;">Sales revenue  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.6898em;top:42.5435em;"><span class="stl_155 stl_08 stl_66">21,307  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.8395em;top:42.5435em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.1345em;top:42.5435em;"><span class="stl_155 stl_08 stl_36">21,307  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:43.7035em;"><span class="stl_157 stl_08 stl_18" style="word-spacing:0.0066em;">GROSS PROFIT  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.6774em;top:43.7035em;"><span class="stl_157 stl_08 stl_51">10,110  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.8397em;top:43.7035em;"><span class="stl_157 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.1284em;top:43.7035em;"><span class="stl_157 stl_08 stl_73">10,110  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:45.8735em;"><span class="stl_155 stl_08 stl_19">Overheads  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.0803em;top:45.8735em;"><span class="stl_155 stl_08 stl_19">(7,735)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:46.9035em;"><span class="stl_155 stl_08 stl_73" style="word-spacing:-0.0064em;">Other income / costs  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.9265em;top:46.9035em;"><span class="stl_155 stl_08 stl_51">994  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:48.0635em;"><span class="stl_157 stl_08 stl_78">EBITDA  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.4502em;top:48.0635em;"><span class="stl_157 stl_08 stl_27">3,369  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:50.2435em;"><span class="stl_155 stl_08 stl_27">Depreciation  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.866em;top:50.2435em;"><span class="stl_155 stl_08 stl_40">(43)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:51.4035em;"><span class="stl_157 stl_08 stl_63">EBIT  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.4502em;top:51.4035em;"><span class="stl_157 stl_08 stl_27">3,326  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:53.5835em;"><span class="stl_155 stl_08 stl_110" style="word-spacing:0.0035em;">Revaluation investment property  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.1377em;top:53.5835em;"><span class="stl_155 stl_08 stl_52">30,871  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:54.6135em;"><span class="stl_155 stl_08 stl_50" style="word-spacing:-0.0014em;">Net result on financial activities  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.0791em;top:54.6135em;"><span class="stl_155 stl_08 stl_28">(1,038)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:55.7735em;"><span class="stl_157 stl_08 stl_166" style="word-spacing:0.013em;">PROFIT (LOSS) BEFORE TAX  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.1289em;top:55.7735em;"><span class="stl_157 stl_08 stl_51">33,159  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:57.9435em;"><span class="stl_155 stl_08 stl_27" style="word-spacing:-0.0028em;">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:43.0747em;top:57.9435em;"><span class="stl_155 stl_08 stl_36">(6,898)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:59.1035em;"><span class="stl_157 stl_08 stl_29" style="word-spacing:0.0123em;">PROFIT (LOSS) FOR THE YEAR  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.1289em;top:59.1035em;"><span class="stl_157 stl_08 stl_51">26,261  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:60.2535em;"><span class="stl_155 stl_08 stl_78" style="word-spacing:-0.0003em;">*) In 2021, there were no revenues or costs in the Development segment. The Development segment has been separated in terms of functionality. According  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:61.0435em;"><span class="stl_155 stl_08 stl_50" style="word-spacing:-0.0024em;">to the accounting policy, revenues and profits from the sale of real estate (residential units, commercial space, etc.) will be recognized when the real estate  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:61.8435em;"><span class="stl_155 stl_08 stl_91" style="word-spacing:0.0005em;">purchaser takes over control over the real estate acquired and receives significant risks and rewards of ownership.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:5.8635em;"><span class="stl_157 stl_08 stl_50" style="word-spacing:-0.0084em;">Other segment information:  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:7.9235em;"><span class="stl_155 stl_08 stl_110" style="word-spacing:0.002em;">Property management revenue can be broken down into the letting of premises and land and the provision of utilities to tenants, including power, water,  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:8.7135em;"><span class="stl_155 stl_08 stl_91" style="word-spacing:0.0068em;">natural gas, facility services, etc:  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:6.51em;top:10.7473em;"><span class="stl_154 stl_08 stl_54" style="word-spacing:-0.0221em;">PARENT COMPANY  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.08em;top:10.7473em;"><span class="stl_154 stl_08 stl_36">GROUP  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:6.2324em;top:12.0873em;"><span class="stl_154 stl_08 stl_28">2022  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:10.3704em;top:12.0873em;"><span class="stl_154 stl_08 stl_28">2021  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.5783em;top:12.0873em;"><span class="stl_154 stl_08 stl_67">DKK'000  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.5303em;top:12.0873em;"><span class="stl_154 stl_08 stl_51">2022  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.2548em;top:12.0873em;"><span class="stl_154 stl_08 stl_28">2021  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.3472em;top:14.5235em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.4903em;top:14.5235em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.5794em;top:14.5235em;"><span class="stl_155 stl_08 stl_19">Letting  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.2356em;top:14.5235em;"><span class="stl_155 stl_08 stl_36">18,639  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9532em;top:14.5235em;"><span class="stl_155 stl_08 stl_36">15,736  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.3472em;top:15.5535em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.4903em;top:15.5535em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.5794em;top:15.5535em;"><span class="stl_155 stl_08 stl_29">Utilities  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.5582em;top:15.5535em;"><span class="stl_155 stl_08 stl_30">7,935  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.2808em;top:15.5535em;"><span class="stl_155 stl_08 stl_78">5,571  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.3472em;top:16.7035em;"><span class="stl_157 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.4903em;top:16.7035em;"><span class="stl_157 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.718em;top:16.7035em;"><span class="stl_157 stl_08 stl_09">Total  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.2293em;top:16.7035em;"><span class="stl_157 stl_08 stl_73">26,574  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9444em;top:16.7035em;"><span class="stl_157 stl_08 stl_51">21,307  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:18.9535em;"><span class="stl_155 stl_08 stl_91" style="word-spacing:0.0003em;">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:21.6073em;"><span class="stl_162 stl_08 stl_51">4.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:6.9em;top:21.6073em;"><span class="stl_162 stl_08 stl_51" style="word-spacing:-0.0075em;">STAFF COSTS  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:6.5093em;top:24.3073em;"><span class="stl_154 stl_08 stl_43" style="word-spacing:-0.0164em;">PARENT COMPANY  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.08em;top:24.3073em;"><span class="stl_154 stl_08 stl_36">GROUP  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:6.2324em;top:25.6473em;"><span class="stl_154 stl_08 stl_28">2022  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:10.3704em;top:25.6473em;"><span class="stl_154 stl_08 stl_28">2021  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.5783em;top:25.6473em;"><span class="stl_154 stl_08 stl_67">DKK'000  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.5331em;top:25.6473em;"><span class="stl_154 stl_08 stl_51">2022  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.2505em;top:25.6473em;"><span class="stl_154 stl_08 stl_51">2021  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:6.251em;top:28.0835em;"><span class="stl_155 stl_08 stl_25">1,050  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:10.8571em;top:28.0835em;"><span class="stl_155 stl_08 stl_51">840  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.58em;top:28.0835em;"><span class="stl_155 stl_08 stl_66" style="word-spacing:-0.0004em;">Directors' fees  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.5582em;top:28.0835em;"><span class="stl_155 stl_08 stl_25">1,050  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.7439em;top:28.0835em;"><span class="stl_155 stl_08 stl_51">840  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.0385em;top:29.1135em;"><span class="stl_155 stl_08 stl_51">36  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.1815em;top:29.1135em;"><span class="stl_155 stl_08 stl_158">36  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.5819em;top:29.1135em;"><span class="stl_155 stl_08 stl_64" style="word-spacing:0.006em;">Wages and salaries  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.5607em;top:29.1135em;"><span class="stl_155 stl_08 stl_25">3,134  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.2802em;top:29.1135em;"><span class="stl_155 stl_08 stl_78">3,366  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.3472em;top:30.1435em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.4903em;top:30.1435em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.5794em;top:30.1435em;"><span class="stl_155 stl_08 stl_77" style="word-spacing:0.0025em;">Bonuses for Management Board  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.0244em;top:30.1435em;"><span class="stl_155 stl_08 stl_51">324  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.7445em;top:30.1435em;"><span class="stl_155 stl_08 stl_51">299  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.3472em;top:31.1735em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.4903em;top:31.1735em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.5794em;top:31.1735em;"><span class="stl_155 stl_08 stl_78" style="word-spacing:-0.0017em;">Pension contributions, defined contribution plans  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.0244em;top:31.1735em;"><span class="stl_155 stl_08 stl_51">550  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.7445em;top:31.1735em;"><span class="stl_155 stl_08 stl_127">642  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.3472em;top:32.2035em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.4903em;top:32.2035em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.5794em;top:32.2035em;"><span class="stl_155 stl_08 stl_77" style="word-spacing:0.0034em;">Other social security costs  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.0238em;top:32.2035em;"><span class="stl_155 stl_08 stl_51">169  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.7439em;top:32.2035em;"><span class="stl_155 stl_08 stl_51">133  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:6.24em;top:33.3635em;"><span class="stl_157 stl_08 stl_51">1,086  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:10.86em;top:33.3635em;"><span class="stl_157 stl_08 stl_51">876  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.7186em;top:33.3635em;"><span class="stl_157 stl_08 stl_74">Total  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.55em;top:33.3635em;"><span class="stl_157 stl_08 stl_51">5,227  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.27em;top:33.3635em;"><span class="stl_157 stl_08 stl_51">5,281  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.35em;top:35.5335em;"><span class="stl_157 stl_08 stl_09">1</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.49em;top:35.5335em;"><span class="stl_157 stl_08 stl_09">1</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.7186em;top:35.5335em;"><span class="stl_157 stl_08 stl_61" style="word-spacing:-0.0027em;">Average number of full-time employees  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.35em;top:35.5335em;"><span class="stl_157 stl_08 stl_51">22  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.07em;top:35.5335em;"><span class="stl_157 stl_08 stl_51">21  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:37.7235em;"><span class="stl_155 stl_08 stl_170" style="word-spacing:0.0078em;">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  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:38.5135em;"><span class="stl_155 stl_08 stl_171" style="word-spacing:-0.0112em;">of Directors. For the purpose of the above table, the Management Board is understood as the CEO of CeMat A/S and th</span><span class="stl_155 stl_08 stl_172">e</span><span class="stl_155 stl_08 stl_173">C</span><span class="stl_155 stl_08 stl_171" style="word-spacing:-0.0132em;">EO and CFO of the subsidiary companies CeMat  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:39.3035em;"><span class="stl_155 stl_08 stl_174" style="word-spacing:0.0496em;">'70, CeMat Real Estate, W131, W133 and Arkuszowa 56. Additional remuneration of the CEO for consultancy services of DKK 859 thousand (2021: DKK 698 thousand)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:40.0935em;"><span class="stl_155 stl_08 stl_175" style="word-spacing:0.0187em;">related to development project or preparation of land plots for divestment or development is recognised as inventories (work in progress) or investment property and is  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:40.8835em;"><span class="stl_155 stl_08 stl_176" style="word-spacing:0.0114em;">not included in the table above.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:41.8735em;"><span class="stl_155 stl_08 stl_177" style="word-spacing:-0.0003em;">CeMat has signed an annex which intends to a new performance-based remuneration system for CEO, contribute to business strategy, long-term interests and  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:42.6435em;"><span class="stl_155 stl_08 stl_178" style="word-spacing:0.0048em;">sustainability through the application of the long-term performance and development targets of the company. An additional bonus will be paid if the companies obtain a  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:43.4035em;"><span class="stl_155 stl_08 stl_179" style="word-spacing:0.0018em;">profit from the sale of the properties in an amount exceeding the limit of PLN 103,500,000. This limit is based on the sale of undeveloped real estate and profits from the  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:44.1635em;"><span class="stl_155 stl_08 stl_180" style="word-spacing:0.0073em;">sale of developed real estate.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:45.7335em;"><span class="stl_157 stl_08 stl_52" style="word-spacing:-0.002em;">Group and parent company  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:46.7635em;"><span class="stl_155 stl_08 stl_61" style="word-spacing:-0.0009em;">Remuneration of Board of Directors and Management Board  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.11em;top:47.7935em;"><span class="stl_157 stl_08 stl_36" style="word-spacing:-0.0081em;">Board of Directors  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.338em;top:47.7935em;"><span class="stl_157 stl_08 stl_137" style="word-spacing:0.0076em;">Management Board  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.8805em;top:49.0373em;"><span class="stl_154 stl_08 stl_51">DKK’000  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.8599em;top:49.0373em;"><span class="stl_154 stl_08 stl_28">2022  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.9837em;top:49.0373em;"><span class="stl_154 stl_08 stl_51">2021  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.126em;top:49.0373em;"><span class="stl_154 stl_08 stl_28">2022  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.2498em;top:49.0373em;"><span class="stl_154 stl_08 stl_51">2021  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:51.4735em;"><span class="stl_155 stl_08 stl_50" style="word-spacing:-0.0009em;">Directors' fees  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.8782em;top:51.4735em;"><span class="stl_155 stl_08 stl_25">1,050  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.478em;top:51.4735em;"><span class="stl_155 stl_08 stl_51">840  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.2485em;top:51.4735em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.3752em;top:51.4735em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:52.5035em;"><span class="stl_155 stl_08 stl_134">Salaries  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.9763em;top:52.5035em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.1067em;top:52.5035em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.1472em;top:52.5035em;"><span class="stl_155 stl_08 stl_30">1,468  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.2777em;top:52.5035em;"><span class="stl_155 stl_08 stl_30">1,220  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:53.5335em;"><span class="stl_155 stl_08 stl_26">Bonuses  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.9782em;top:53.5335em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.1086em;top:53.5335em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.6154em;top:53.5335em;"><span class="stl_155 stl_08 stl_51">324  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.7496em;top:53.5335em;"><span class="stl_155 stl_08 stl_127">299  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:54.5635em;"><span class="stl_155 stl_08 stl_52" style="word-spacing:-0.0106em;">Pension contributions  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.9769em;top:54.5635em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.1074em;top:54.5635em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.6141em;top:54.5635em;"><span class="stl_155 stl_08 stl_51">132  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.7483em;top:54.5635em;"><span class="stl_155 stl_08 stl_127">121  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:55.7135em;"><span class="stl_157 stl_08 stl_72">Total  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.87em;top:55.7135em;"><span class="stl_157 stl_08 stl_51">1,050  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.48em;top:55.7135em;"><span class="stl_157 stl_08 stl_51">840  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.14em;top:55.7135em;"><span class="stl_157 stl_08 stl_51">1,924  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.27em;top:55.7135em;"><span class="stl_157 stl_08 stl_51">1,640  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:57.8935em;"><span class="stl_155 stl_08 stl_20" style="word-spacing:-0.0002em;">The fee to the Chairman of the Board of Directors for the current term amounts to DKK 500 thousand (2021: DKK 400 thousand), to the Deputy Chairman DKK  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:58.6835em;"><span class="stl_155 stl_08 stl_140" style="word-spacing:0.0672em;">350 thousand (2021: DKK 280 thousand) and to an ordinary member DKK 200 thousand (2021: DKK 160 thousand). For the purpose of the above table, the  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:59.4835em;"><span class="stl_155 stl_08 stl_64" style="word-spacing:-0.0046em;">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, W133 and  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:60.2735em;"><span class="stl_155 stl_08 stl_181" style="word-spacing:0.1249em;">Arkuszowa 56. Additional remuneration of the CEO for consultancy services of DKK 859 thousand related to development project or preparation of land plots for  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:61.0635em;"><span class="stl_155 stl_08 stl_182" style="word-spacing:0.0089em;">divestment or development recognised as inventories (work in progress) or investment property 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:4.72em;top:5.8373em;"><span class="stl_162 stl_08 stl_51">5.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:6.9em;top:5.8373em;"><span class="stl_162 stl_08 stl_35" style="word-spacing:-0.0065em;">FINANCIAL INCOME  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:6.51em;top:8.4573em;"><span class="stl_154 stl_08 stl_54" style="word-spacing:-0.0221em;">PARENT COMPANY  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.08em;top:8.4573em;"><span class="stl_154 stl_08 stl_36">GROUP  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:6.2324em;top:9.7973em;"><span class="stl_154 stl_08 stl_28">2022  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:10.3704em;top:9.7973em;"><span class="stl_154 stl_08 stl_28">2021  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.5783em;top:9.7973em;"><span class="stl_154 stl_08 stl_67">DKK'000  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.5331em;top:9.7973em;"><span class="stl_154 stl_08 stl_51">2022  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.2505em;top:9.7973em;"><span class="stl_154 stl_08 stl_51">2021  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.0385em;top:12.2335em;"><span class="stl_155 stl_08 stl_51">53  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.1815em;top:12.2335em;"><span class="stl_155 stl_08 stl_158">55  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.5819em;top:12.2335em;"><span class="stl_155 stl_08 stl_25" style="word-spacing:-0.0088em;">Interest from group entities  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.6557em;top:12.2335em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.372em;top:12.2335em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.3472em;top:13.2635em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.4903em;top:13.2635em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.5794em;top:13.2635em;"><span class="stl_155 stl_08 stl_77" style="word-spacing:0.0038em;">Interest on bank deposits etc.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.0238em;top:13.2635em;"><span class="stl_155 stl_08 stl_51">184  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.3739em;top:13.2635em;"><span class="stl_155 stl_08 stl_09">7</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.04em;top:14.4235em;"><span class="stl_157 stl_08 stl_51">53  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.18em;top:14.4235em;"><span class="stl_157 stl_08 stl_51">55  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.58em;top:14.4235em;"><span class="stl_157 stl_08 stl_26" style="word-spacing:-0.0126em;">Interest income  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.03em;top:14.4235em;"><span class="stl_157 stl_08 stl_51">184  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.38em;top:14.4235em;"><span class="stl_157 stl_08 stl_09">7</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:6.7172em;top:16.6035em;"><span class="stl_155 stl_08 stl_51">468  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:10.8577em;top:16.6035em;"><span class="stl_155 stl_08 stl_51">216  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.5807em;top:16.6035em;"><span class="stl_155 stl_08 stl_127" style="word-spacing:0.001em;">Foreign exchange adjustments  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.6582em;top:16.6035em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.3771em;top:16.6035em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:6.72em;top:17.7635em;"><span class="stl_157 stl_08 stl_51">521  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:10.86em;top:17.7635em;"><span class="stl_157 stl_08 stl_51">271  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.58em;top:17.7635em;"><span class="stl_157 stl_08 stl_72">Total  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.03em;top:17.7635em;"><span class="stl_157 stl_08 stl_51">184  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.38em;top:17.7635em;"><span class="stl_157 stl_08 stl_09">7</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:21.5673em;"><span class="stl_162 stl_08 stl_51">6.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:6.8968em;top:21.5673em;"><span class="stl_162 stl_08 stl_20" style="word-spacing:0.0039em;">FINANCIAL EXPENSES  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:6.51em;top:24.1873em;"><span class="stl_154 stl_08 stl_54" style="word-spacing:-0.0221em;">PARENT COMPANY  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.08em;top:24.1873em;"><span class="stl_154 stl_08 stl_36">GROUP  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:6.2324em;top:25.5273em;"><span class="stl_154 stl_08 stl_28">2022  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:10.3704em;top:25.5273em;"><span class="stl_154 stl_08 stl_28">2021  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.5783em;top:25.5273em;"><span class="stl_154 stl_08 stl_67">DKK'000  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.5331em;top:25.5273em;"><span class="stl_154 stl_08 stl_51">2022  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.2505em;top:25.5273em;"><span class="stl_154 stl_08 stl_51">2021  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:6.251em;top:27.9635em;"><span class="stl_155 stl_08 stl_25">1,146  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:10.3909em;top:27.9635em;"><span class="stl_155 stl_08 stl_78">1,083  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.5763em;top:27.9635em;"><span class="stl_155 stl_08 stl_34" style="word-spacing:-0.0082em;">Interest to group entities  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.6538em;top:27.9635em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.3765em;top:27.9635em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.3472em;top:28.9935em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.4903em;top:28.9935em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.5794em;top:28.9935em;"><span class="stl_155 stl_08 stl_78" style="word-spacing:0.0009em;">Interest relating to lease liabilities  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.0212em;top:28.9935em;"><span class="stl_155 stl_08 stl_51">978  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.7414em;top:28.9935em;"><span class="stl_155 stl_08 stl_51">994  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.0385em;top:30.0235em;"><span class="stl_155 stl_08 stl_51">56  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.1815em;top:30.0235em;"><span class="stl_155 stl_08 stl_158">17  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.5819em;top:30.0235em;"><span class="stl_155 stl_08 stl_61" style="word-spacing:0.0025em;">Interest on bank loans  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.3507em;top:30.0235em;"><span class="stl_155 stl_08 stl_158">56  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.0696em;top:30.0235em;"><span class="stl_155 stl_08 stl_158">17  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.0385em;top:31.0535em;"><span class="stl_155 stl_08 stl_51">18  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.1815em;top:31.0535em;"><span class="stl_155 stl_08 stl_158">25  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.5819em;top:31.0535em;"><span class="stl_155 stl_08 stl_25" style="word-spacing:0.004em;">Other interest  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.0288em;top:31.0535em;"><span class="stl_155 stl_08 stl_51">126  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.064em;top:31.0535em;"><span class="stl_155 stl_08 stl_51">33  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:6.24em;top:32.2135em;"><span class="stl_157 stl_08 stl_51">1,220  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:10.38em;top:32.2135em;"><span class="stl_157 stl_08 stl_51">1,125  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.58em;top:32.2135em;"><span class="stl_157 stl_08 stl_32" style="word-spacing:-0.0135em;">Interest expenses  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.55em;top:32.2135em;"><span class="stl_157 stl_08 stl_51">1,160  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.27em;top:32.2135em;"><span class="stl_157 stl_08 stl_51">1,044  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.3472em;top:34.3135em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.4903em;top:34.3135em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.5794em;top:34.3135em;"><span class="stl_155 stl_08 stl_78" style="word-spacing:-0.0021em;">Foreign exchange adjustments  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.2739em;top:34.3135em;"><span class="stl_155 stl_08 stl_67">(3)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.372em;top:34.3135em;"><span class="stl_155 stl_08 stl_09">1</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:6.24em;top:35.4635em;"><span class="stl_157 stl_08 stl_51">1,220  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:10.38em;top:35.4635em;"><span class="stl_157 stl_08 stl_51">1,125  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.58em;top:35.4635em;"><span class="stl_157 stl_08 stl_72">Total  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.55em;top:35.4635em;"><span class="stl_157 stl_08 stl_51">1,157  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.27em;top:35.4635em;"><span class="stl_157 stl_08 stl_51">1,045  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:5.8373em;"><span class="stl_162 stl_08 stl_51">7.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:6.9em;top:5.8373em;"><span class="stl_162 stl_08 stl_27" style="word-spacing:0.0038em;">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:4.72em;top:8.5273em;"><span class="stl_154 stl_08 stl_36">GROUP  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:9.6535em;"><span class="stl_155 stl_08 stl_50" style="word-spacing:-0.0008em;">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:4.72em;top:11.9273em;"><span class="stl_154 stl_08 stl_54">DKK’000  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.2713em;top:11.9273em;"><span class="stl_154 stl_08 stl_28">2022  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7132em;top:11.9273em;"><span class="stl_154 stl_08 stl_51">2021  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:14.3635em;"><span class="stl_155 stl_08 stl_34" style="word-spacing:0.0029em;">Current tax  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.3773em;top:14.3635em;"><span class="stl_155 stl_08 stl_22">(901)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.8283em;top:14.3635em;"><span class="stl_155 stl_08 stl_73">(516)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:15.3935em;"><span class="stl_155 stl_08 stl_91" style="word-spacing:-0.0023em;">Change in deferred tax including change in value  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.9048em;top:15.3935em;"><span class="stl_155 stl_08 stl_46">(4,823)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.3551em;top:15.3935em;"><span class="stl_155 stl_08 stl_19">(6,353)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:16.4235em;"><span class="stl_155 stl_08 stl_64" style="word-spacing:0.0035em;">Adjustment of current tax relating to prior years  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.0079em;top:16.4235em;"><span class="stl_155 stl_08 stl_78">(6)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.1471em;top:16.4235em;"><span class="stl_155 stl_08 stl_27">(29)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:17.5835em;"><span class="stl_157 stl_08 stl_72">Total  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.89em;top:17.5835em;"><span class="stl_157 stl_08 stl_20">(5,730)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.34em;top:17.5835em;"><span class="stl_157 stl_08 stl_20">(6,898)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:19.7635em;"><span class="stl_155 stl_08 stl_18" style="word-spacing:-0.0027em;">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:4.72em;top:21.8235em;"><span class="stl_157 stl_08 stl_28" style="word-spacing:0.0021em;">Profit/(loss) before tax  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.96em;top:21.8235em;"><span class="stl_157 stl_08 stl_51">27,858  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.41em;top:21.8235em;"><span class="stl_157 stl_08 stl_51">33,159  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:24.0035em;"><span class="stl_155 stl_08 stl_36" style="word-spacing:-0.0048em;">Tax at a rate of 22.0%  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.9067em;top:24.0035em;"><span class="stl_155 stl_08 stl_18">(6,118)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.4958em;top:24.0035em;"><span class="stl_155 stl_08 stl_25">(22.0%)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.3514em;top:24.0035em;"><span class="stl_155 stl_08 stl_46">(7,295)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.9443em;top:24.0035em;"><span class="stl_155 stl_08 stl_25">(22.0%)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:25.0335em;"><span class="stl_155 stl_08 stl_127" style="word-spacing:0.0019em;">Effect of different tax rate in foreign entities  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.7559em;top:25.0335em;"><span class="stl_155 stl_08 stl_51">950  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.1863em;top:25.0335em;"><span class="stl_155 stl_08 stl_09">3.4%  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7325em;top:25.0335em;"><span class="stl_155 stl_08 stl_30">1,095  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.6316em;top:25.0335em;"><span class="stl_155 stl_08 stl_120">3.3%  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:26.0635em;"><span class="stl_155 stl_08 stl_28" style="word-spacing:-0.0041em;">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:29.754em;top:26.0635em;"><span class="stl_155 stl_08 stl_51">200  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.1844em;top:26.0635em;"><span class="stl_155 stl_08 stl_09">0.7%  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.5245em;top:26.0635em;"><span class="stl_155 stl_08 stl_51">82  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.636em;top:26.0635em;"><span class="stl_155 stl_08 stl_09">0.2%  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:27.0935em;"><span class="stl_155 stl_08 stl_64" style="word-spacing:0.0035em;">Adjustment of current tax relating to prior years  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.0079em;top:27.0935em;"><span class="stl_155 stl_08 stl_78">(6)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.1825em;top:27.0935em;"><span class="stl_155 stl_08 stl_120">0.0%  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.1421em;top:27.0935em;"><span class="stl_155 stl_08 stl_63">(29)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.253em;top:27.0935em;"><span class="stl_155 stl_08 stl_132">(0.1%)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:28.1235em;"><span class="stl_155 stl_08 stl_18" style="word-spacing:-0.001em;">Value adjustment of deferred tax  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.3792em;top:28.1235em;"><span class="stl_155 stl_08 stl_73">(756)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.8051em;top:28.1235em;"><span class="stl_155 stl_08 stl_132">(2,7%)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.8226em;top:28.1235em;"><span class="stl_155 stl_08 stl_22">(751)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.2523em;top:28.1235em;"><span class="stl_155 stl_08 stl_132">(2.3%)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:29.2835em;"><span class="stl_157 stl_08 stl_50" style="word-spacing:0.0006em;">Effective tax/tax rate for the year  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.89em;top:29.2835em;"><span class="stl_157 stl_08 stl_20">(5,730)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.4659em;top:29.2835em;"><span class="stl_157 stl_08 stl_61">(20.6%)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.3347em;top:29.2835em;"><span class="stl_157 stl_08 stl_45">(6,898)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.9181em;top:29.2835em;"><span class="stl_157 stl_08 stl_140">(20.8%)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:5.8273em;"><span class="stl_162 stl_08 stl_51">7.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:6.9em;top:5.8273em;"><span class="stl_162 stl_08 stl_19" style="word-spacing:0.0036em;">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:4.72em;top:8.5273em;"><span class="stl_154 stl_08 stl_36">GROUP  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:9.8673em;"><span class="stl_154 stl_08 stl_47" style="word-spacing:-0.0012em;">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:38.7061em;top:9.8673em;"><span class="stl_154 stl_08 stl_51">2022  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.4235em;top:9.8673em;"><span class="stl_154 stl_08 stl_51">2021  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:12.3035em;"><span class="stl_155 stl_08 stl_90" style="word-spacing:-0.0014em;">Deferred tax liabilities, see balance sheet  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.0351em;top:12.3035em;"><span class="stl_155 stl_08 stl_31">(30,000)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.7521em;top:12.3035em;"><span class="stl_155 stl_08 stl_31">(25,636)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:13.4635em;"><span class="stl_157 stl_08 stl_46" style="word-spacing:-0.009em;">Deferred tax, net  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.0294em;top:13.4635em;"><span class="stl_157 stl_08 stl_78">(30,000)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.7477em;top:13.4635em;"><span class="stl_157 stl_08 stl_78">(25,636)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.7532em;top:15.8573em;"><span class="stl_154 stl_08 stl_24">Recognise  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.4185em;top:15.8573em;"><span class="stl_154 stl_08 stl_19" style="word-spacing:-0.004em;">Loss of  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.9549em;top:15.8573em;"><span class="stl_154 stl_08 stl_80">Foreign  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:16.7173em;"><span class="stl_154 stl_08 stl_51">2022  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.8171em;top:16.7173em;"><span class="stl_154 stl_08 stl_132" style="word-spacing:-0.0079em;">in Income  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.9279em;top:16.7173em;"><span class="stl_154 stl_08 stl_134">usability  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.3634em;top:16.7173em;"><span class="stl_154 stl_08 stl_42">exchange  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.2576em;top:17.5773em;"><span class="stl_154 stl_08 stl_120" style="word-spacing:-0.0106em;">Deferred tax  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.619em;top:17.5773em;"><span class="stl_154 stl_08 stl_42">Statement  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.8195em;top:17.5773em;"><span class="stl_154 stl_08 stl_31" style="word-spacing:0.0088em;">of tax losses  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.7762em;top:17.5773em;"><span class="stl_154 stl_08 stl_71" style="word-spacing:1.1869em;">adjustment Deferred</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.936em;top:17.5773em;"><span class="stl_154 stl_08 stl_183">tax  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:18.4573em;"><span class="stl_154 stl_08 stl_54">DKK’000  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.7248em;top:18.4573em;"><span class="stl_154 stl_08 stl_22">01.01.2022  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.2613em;top:18.4573em;"><span class="stl_154 stl_08 stl_51">2022  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.9787em;top:18.4573em;"><span class="stl_154 stl_08 stl_51">2022  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7103em;top:18.4573em;"><span class="stl_154 stl_08 stl_51">2022  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.6172em;top:18.4573em;"><span class="stl_154 stl_08 stl_22">31.12.2022  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:20.8935em;"><span class="stl_155 stl_08 stl_66" style="word-spacing:-0.002em;">Property, plant and equipment  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.8564em;top:20.8935em;"><span class="stl_155 stl_08 stl_32">(24,715)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.9067em;top:20.8935em;"><span class="stl_155 stl_08 stl_28">(4,469)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.8251em;top:20.8935em;"><span class="stl_155 stl_08 stl_73">(103)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.7534em;top:20.8935em;"><span class="stl_155 stl_08 stl_20">(29,287)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:21.9235em;"><span class="stl_155 stl_08 stl_28" style="word-spacing:-0.002em;">Trade receivables  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.179em;top:21.9235em;"><span class="stl_155 stl_08 stl_19">(1,186)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.3735em;top:21.9235em;"><span class="stl_155 stl_08 stl_62">(321)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.0778em;top:21.9235em;"><span class="stl_155 stl_08 stl_28">(1,507)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:22.9535em;"><span class="stl_155 stl_08 stl_90" style="word-spacing:0.0042em;">Other payables etc  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.0251em;top:22.9535em;"><span class="stl_155 stl_08 stl_51">265  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.6948em;top:22.9535em;"><span class="stl_155 stl_08 stl_63">(33)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.9239em;top:22.9535em;"><span class="stl_155 stl_08 stl_51">232  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:24.1135em;"><span class="stl_157 stl_08 stl_52" style="word-spacing:-0.0007em;">Temporary differences  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.845em;top:24.1135em;"><span class="stl_157 stl_08 stl_70">(25,636)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.8827em;top:24.1135em;"><span class="stl_157 stl_08 stl_45">(4,823)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.1042em;top:24.1135em;"><span class="stl_157 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.8125em;top:24.1135em;"><span class="stl_157 stl_08 stl_19">(103)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.7389em;top:24.1135em;"><span class="stl_157 stl_08 stl_27">(30,562)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:26.2835em;"><span class="stl_155 stl_08 stl_25" style="word-spacing:-0.0065em;">Tax loss carry-forwards  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.2401em;top:26.2835em;"><span class="stl_155 stl_08 stl_66">24,140  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.7597em;top:26.2835em;"><span class="stl_155 stl_08 stl_127">750  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.1061em;top:26.2835em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.4571em;top:26.2835em;"><span class="stl_155 stl_08 stl_67">(2)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.1377em;top:26.2835em;"><span class="stl_155 stl_08 stl_52">24,888  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:27.4435em;"><span class="stl_157 stl_08 stl_17" style="word-spacing:-0.0199em;">Unutilised tax losses  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.2243em;top:27.4435em;"><span class="stl_157 stl_08 stl_51">24,140  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.7503em;top:27.4435em;"><span class="stl_157 stl_08 stl_51">750  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.1004em;top:27.4435em;"><span class="stl_157 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.4388em;top:27.4435em;"><span class="stl_157 stl_08 stl_184">(2)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.1225em;top:27.4435em;"><span class="stl_157 stl_08 stl_73">24,888  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:29.6235em;"><span class="stl_155 stl_08 stl_25" style="word-spacing:-0.003em;">Value adjustment  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.8564em;top:29.6235em;"><span class="stl_155 stl_08 stl_21">(24,140)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.3741em;top:29.6235em;"><span class="stl_155 stl_08 stl_62">(756)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.4786em;top:29.6235em;"><span class="stl_155 stl_08 stl_127">568  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.8376em;top:29.6235em;"><span class="stl_155 stl_08 stl_09">2</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.7546em;top:29.6235em;"><span class="stl_155 stl_08 stl_31">(24,325)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:30.7835em;"><span class="stl_157 stl_08 stl_72">Total  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.8495em;top:30.7835em;"><span class="stl_157 stl_08 stl_90">(25,636)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.8909em;top:30.7835em;"><span class="stl_157 stl_08 stl_61">(4,829)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.4767em;top:30.7835em;"><span class="stl_157 stl_08 stl_51">568  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.8125em;top:30.7835em;"><span class="stl_157 stl_08 stl_09">(103)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.7452em;top:30.7835em;"><span class="stl_157 stl_08 stl_78">(30,000)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:31.9335em;"><span class="stl_155 stl_08 stl_185" style="word-spacing:0.0006em;">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  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:32.7235em;"><span class="stl_155 stl_08 stl_186">sheet.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.7532em;top:36.0273em;"><span class="stl_154 stl_08 stl_24">Recognise  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.4185em;top:36.0273em;"><span class="stl_154 stl_08 stl_19" style="word-spacing:-0.004em;">Loss of  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.9549em;top:36.0273em;"><span class="stl_154 stl_08 stl_80">Foreign  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:36.8873em;"><span class="stl_154 stl_08 stl_51">2021  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.8171em;top:36.8873em;"><span class="stl_154 stl_08 stl_132" style="word-spacing:-0.0079em;">in Income  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.9279em;top:36.8873em;"><span class="stl_154 stl_08 stl_134">usability  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.3634em;top:36.8873em;"><span class="stl_154 stl_08 stl_42">exchange  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.2576em;top:37.7473em;"><span class="stl_154 stl_08 stl_120" style="word-spacing:-0.0106em;">Deferred tax  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.619em;top:37.7473em;"><span class="stl_154 stl_08 stl_42">Statement  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.8195em;top:37.7473em;"><span class="stl_154 stl_08 stl_31" style="word-spacing:0.0088em;">of tax losses  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.7762em;top:37.7473em;"><span class="stl_154 stl_08 stl_71" style="word-spacing:1.1869em;">adjustment Deferred</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.936em;top:37.7473em;"><span class="stl_154 stl_08 stl_183">tax  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:38.6273em;"><span class="stl_154 stl_08 stl_54">DKK’000  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.7248em;top:38.6273em;"><span class="stl_154 stl_08 stl_22">01.01.2021  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.2613em;top:38.6273em;"><span class="stl_154 stl_08 stl_51">2021  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.9787em;top:38.6273em;"><span class="stl_154 stl_08 stl_51">2021  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7103em;top:38.6273em;"><span class="stl_154 stl_08 stl_51">2021  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.6172em;top:38.6273em;"><span class="stl_154 stl_08 stl_22">31.12.2021  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:41.0635em;"><span class="stl_155 stl_08 stl_66" style="word-spacing:-0.002em;">Property, plant and equipment  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.8564em;top:41.0635em;"><span class="stl_155 stl_08 stl_32">(18,697)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.9067em;top:41.0635em;"><span class="stl_155 stl_08 stl_28">(6,210)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.1017em;top:41.0635em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.2006em;top:41.0635em;"><span class="stl_155 stl_08 stl_51">192  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.7552em;top:41.0635em;"><span class="stl_155 stl_08 stl_25">(24,715)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:42.0835em;"><span class="stl_155 stl_08 stl_28" style="word-spacing:-0.002em;">Trade receivables  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.6452em;top:42.0835em;"><span class="stl_155 stl_08 stl_62">(955)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.3779em;top:42.0835em;"><span class="stl_155 stl_08 stl_73">(231)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.108em;top:42.0835em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.8332em;top:42.0835em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.0753em;top:42.0835em;"><span class="stl_155 stl_08 stl_18">(1,186)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:43.1135em;"><span class="stl_155 stl_08 stl_90" style="word-spacing:0.0042em;">Other payables etc  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.0251em;top:43.1135em;"><span class="stl_155 stl_08 stl_51">177  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.0791em;top:43.1135em;"><span class="stl_155 stl_08 stl_158">88  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.1067em;top:43.1135em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.8357em;top:43.1135em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.9284em;top:43.1135em;"><span class="stl_155 stl_08 stl_127">265  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:44.2735em;"><span class="stl_157 stl_08 stl_52" style="word-spacing:-0.0007em;">Temporary differences  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.845em;top:44.2735em;"><span class="stl_157 stl_08 stl_70">(19,475)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.8827em;top:44.2735em;"><span class="stl_157 stl_08 stl_45">(6,353)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.1042em;top:44.2735em;"><span class="stl_157 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.2032em;top:44.2735em;"><span class="stl_157 stl_08 stl_51">192  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.7389em;top:44.2735em;"><span class="stl_157 stl_08 stl_27">(25,636)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:46.4535em;"><span class="stl_155 stl_08 stl_25" style="word-spacing:-0.0065em;">Tax loss carry-forwards  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.2401em;top:46.4535em;"><span class="stl_155 stl_08 stl_66">29,704  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.7597em;top:46.4535em;"><span class="stl_155 stl_08 stl_127">751  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.6256em;top:46.4535em;"><span class="stl_155 stl_08 stl_36">(6,254)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.1439em;top:46.4535em;"><span class="stl_155 stl_08 stl_40">(61)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.1358em;top:46.4535em;"><span class="stl_155 stl_08 stl_36">24,140  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:47.6135em;"><span class="stl_157 stl_08 stl_17" style="word-spacing:-0.0199em;">Unutilised tax losses  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.2243em;top:47.6135em;"><span class="stl_157 stl_08 stl_51">29,704  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.7503em;top:47.6135em;"><span class="stl_157 stl_08 stl_51">751  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.601em;top:47.6135em;"><span class="stl_157 stl_08 stl_31">(6,254)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.1313em;top:47.6135em;"><span class="stl_157 stl_08 stl_46">(61)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.1194em;top:47.6135em;"><span class="stl_157 stl_08 stl_51">24,140  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:49.7935em;"><span class="stl_155 stl_08 stl_25" style="word-spacing:-0.003em;">Value adjustment  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.8564em;top:49.7935em;"><span class="stl_155 stl_08 stl_21">(29,704)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.3741em;top:49.7935em;"><span class="stl_155 stl_08 stl_62">(751)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.0061em;top:49.7935em;"><span class="stl_155 stl_08 stl_25">6,254  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.5257em;top:49.7935em;"><span class="stl_155 stl_08 stl_51">61  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.7553em;top:49.7935em;"><span class="stl_155 stl_08 stl_25">(24,140)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:50.9535em;"><span class="stl_157 stl_08 stl_72">Total  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.8495em;top:50.9535em;"><span class="stl_157 stl_08 stl_90">(19,475)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.8909em;top:50.9535em;"><span class="stl_157 stl_08 stl_61">(6,353)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.1067em;top:50.9535em;"><span class="stl_157 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.2057em;top:50.9535em;"><span class="stl_157 stl_08 stl_51">192  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.7414em;top:50.9535em;"><span class="stl_157 stl_08 stl_27">(25,636)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:52.1035em;"><span class="stl_155 stl_08 stl_187" style="word-spacing:-0.0002em;">The Group does not expect to be able to utilise 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:4.72em;top:5.8273em;"><span class="stl_162 stl_08 stl_51">7.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:6.9em;top:5.8273em;"><span class="stl_162 stl_08 stl_19" style="word-spacing:0.0036em;">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:4.72em;top:8.5273em;"><span class="stl_154 stl_08 stl_54" style="word-spacing:-0.0221em;">PARENT COMPANY  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:9.6535em;"><span class="stl_155 stl_08 stl_50" style="word-spacing:-0.0008em;">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:4.72em;top:11.9273em;"><span class="stl_154 stl_08 stl_54">DKK’000  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.2713em;top:11.9273em;"><span class="stl_154 stl_08 stl_28">2022  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7132em;top:11.9273em;"><span class="stl_154 stl_08 stl_51">2021  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:14.3635em;"><span class="stl_155 stl_08 stl_34" style="word-spacing:0.0029em;">Current tax  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.3853em;top:14.3635em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.8395em;top:14.3635em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:15.3935em;"><span class="stl_155 stl_08 stl_52" style="word-spacing:-0.0021em;">Change in deferred tax  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.3853em;top:15.3935em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.8395em;top:15.3935em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:16.4235em;"><span class="stl_155 stl_08 stl_64" style="word-spacing:0.0035em;">Adjustment of current tax relating to prior years  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.386em;top:16.4235em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.8338em;top:16.4235em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:17.4535em;"><span class="stl_155 stl_08 stl_61" style="word-spacing:0.0017em;">Adjustment of deferred tax relating to prior years  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.3816em;top:17.4535em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.8357em;top:17.4535em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:18.6135em;"><span class="stl_157 stl_08 stl_72">Total  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.39em;top:18.6135em;"><span class="stl_157 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.84em;top:18.6135em;"><span class="stl_157 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:20.7935em;"><span class="stl_155 stl_08 stl_18" style="word-spacing:-0.0027em;">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:4.72em;top:21.8235em;"><span class="stl_157 stl_08 stl_28" style="word-spacing:0.0021em;">Profit/(loss) before tax  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.89em;top:21.8235em;"><span class="stl_157 stl_08 stl_20">(3,383)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.34em;top:21.8235em;"><span class="stl_157 stl_08 stl_20">(3,161)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:24.0035em;"><span class="stl_155 stl_08 stl_36" style="word-spacing:-0.0048em;">Tax at a rate of 22.0%  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.7547em;top:24.0035em;"><span class="stl_155 stl_08 stl_51">744  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.4983em;top:24.0035em;"><span class="stl_155 stl_08 stl_52">(22.0%)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.2019em;top:24.0035em;"><span class="stl_155 stl_08 stl_51">695  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.9455em;top:24.0035em;"><span class="stl_155 stl_08 stl_34">(22.0%)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:25.0335em;"><span class="stl_155 stl_08 stl_64" style="word-spacing:0.0035em;">Adjustment of current tax relating to prior years  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.0079em;top:25.0335em;"><span class="stl_155 stl_08 stl_78">(5)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.1825em;top:25.0335em;"><span class="stl_155 stl_08 stl_120">0.1%  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.1421em;top:25.0335em;"><span class="stl_155 stl_08 stl_63">(29)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.631em;top:25.0335em;"><span class="stl_155 stl_08 stl_120">0.9%  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:26.0635em;"><span class="stl_155 stl_08 stl_18" style="word-spacing:-0.001em;">Value adjustment of deferred tax  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.3792em;top:26.0635em;"><span class="stl_155 stl_08 stl_73">(739)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.8744em;top:26.0635em;"><span class="stl_155 stl_08 stl_18">21.8%  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.8277em;top:26.0635em;"><span class="stl_155 stl_08 stl_73">(666)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.3229em;top:26.0635em;"><span class="stl_155 stl_08 stl_18">21.1%  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:27.2235em;"><span class="stl_157 stl_08 stl_50" style="word-spacing:0.0006em;">Effective tax/tax rate for the year  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.39em;top:27.2235em;"><span class="stl_157 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.17em;top:27.2235em;"><span class="stl_157 stl_08 stl_63">0.0%  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.84em;top:27.2235em;"><span class="stl_157 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.62em;top:27.2235em;"><span class="stl_157 stl_08 stl_63">0.0%  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.8202em;top:30.6173em;"><span class="stl_154 stl_08 stl_62">Recognised  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:31.4873em;"><span class="stl_154 stl_08 stl_51">2022  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.2775em;top:31.4873em;"><span class="stl_154 stl_08 stl_47" style="word-spacing:-0.0046em;">in income  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.7081em;top:32.3473em;"><span class="stl_154 stl_08 stl_115" style="word-spacing:-0.0091em;">Deferred tax  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.122em;top:32.3473em;"><span class="stl_154 stl_08 stl_107" style="word-spacing:1.1876em;">statement Deferred</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.934em;top:32.3473em;"><span class="stl_154 stl_08 stl_188">tax  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:33.2273em;"><span class="stl_154 stl_08 stl_54">DKK’000  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.1753em;top:33.2273em;"><span class="stl_154 stl_08 stl_22">01.01.2022  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7117em;top:33.2273em;"><span class="stl_154 stl_08 stl_22" style="word-spacing:1.8445em;">2022 31.12.2022  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:35.6635em;"><span class="stl_155 stl_08 stl_25" style="word-spacing:-0.003em;">Intangible assets  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:36.6935em;"><span class="stl_155 stl_08 stl_66" style="word-spacing:-0.002em;">Property, plant and equipment  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:37.7235em;"><span class="stl_155 stl_08 stl_66">Inventories  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:38.7435em;"><span class="stl_155 stl_08 stl_127" style="word-spacing:0.0056em;">Other payables etc.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:39.9035em;"><span class="stl_157 stl_08 stl_52" style="word-spacing:-0.0007em;">Temporary differences  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.1076em;top:39.9035em;"><span class="stl_157 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.8365em;top:39.9035em;"><span class="stl_157 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.5592em;top:39.9035em;"><span class="stl_157 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:42.0835em;"><span class="stl_155 stl_08 stl_25" style="word-spacing:-0.0065em;">Tax loss carry-forwards  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.6904em;top:42.0835em;"><span class="stl_155 stl_08 stl_66">23,587  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.2101em;top:42.0835em;"><span class="stl_155 stl_08 stl_127">739  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.1389em;top:42.0835em;"><span class="stl_155 stl_08 stl_52">24,326  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:43.2435em;"><span class="stl_157 stl_08 stl_17" style="word-spacing:-0.0199em;">Unutilised tax losses  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.68em;top:43.2435em;"><span class="stl_157 stl_08 stl_51">23,587  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.206em;top:43.2435em;"><span class="stl_157 stl_08 stl_51">739  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.126em;top:43.2435em;"><span class="stl_157 stl_08 stl_51">24,326  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:45.4235em;"><span class="stl_155 stl_08 stl_25" style="word-spacing:-0.003em;">Value adjustment  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.3068em;top:45.4235em;"><span class="stl_155 stl_08 stl_31">(23,587)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.8239em;top:45.4235em;"><span class="stl_155 stl_08 stl_62">(739)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.7565em;top:45.4235em;"><span class="stl_155 stl_08 stl_25">(24,326)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:46.5835em;"><span class="stl_157 stl_08 stl_72">Total  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.11em;top:46.5835em;"><span class="stl_157 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.839em;top:46.5835em;"><span class="stl_157 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.5616em;top:46.5835em;"><span class="stl_157 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:47.9335em;"><span class="stl_155 stl_08 stl_52" style="word-spacing:-0.0011em;">Tax losses are not expected to be utilised in full within a period of 3-5 years. Accordingly, no tax asset has been recognised in the parent company’s balance  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:48.6935em;"><span class="stl_155 stl_08 stl_21">sheet.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.8202em;top:5.8373em;"><span class="stl_154 stl_08 stl_62">Recognised  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:6.6973em;"><span class="stl_154 stl_08 stl_51">2021  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.2775em;top:6.6973em;"><span class="stl_154 stl_08 stl_47" style="word-spacing:-0.0046em;">in income  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.7081em;top:7.5673em;"><span class="stl_154 stl_08 stl_115" style="word-spacing:-0.0091em;">Deferred tax  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.122em;top:7.5673em;"><span class="stl_154 stl_08 stl_107" style="word-spacing:1.1876em;">statement Deferred</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.934em;top:7.5673em;"><span class="stl_154 stl_08 stl_188">tax  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:8.4373em;"><span class="stl_154 stl_08 stl_54">DKK’000  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.1753em;top:8.4373em;"><span class="stl_154 stl_08 stl_22">01.01.2021  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7117em;top:8.4373em;"><span class="stl_154 stl_08 stl_51">2021  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.6186em;top:8.4373em;"><span class="stl_154 stl_08 stl_22">31.12.2021  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:10.8735em;"><span class="stl_155 stl_08 stl_25" style="word-spacing:-0.003em;">Intangible assets  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.1055em;top:10.8735em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.8345em;top:10.8735em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.5571em;top:10.8735em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:11.9035em;"><span class="stl_155 stl_08 stl_66" style="word-spacing:-0.002em;">Property, plant and equipment  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.1086em;top:11.9035em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.8338em;top:11.9035em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.5565em;top:11.9035em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:12.9335em;"><span class="stl_155 stl_08 stl_66">Inventories  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.1112em;top:12.9335em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.8363em;top:12.9335em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.559em;top:12.9335em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:13.9635em;"><span class="stl_155 stl_08 stl_127" style="word-spacing:0.0056em;">Other payables etc.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.1055em;top:13.9635em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.8345em;top:13.9635em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.5571em;top:13.9635em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:15.1235em;"><span class="stl_157 stl_08 stl_52" style="word-spacing:-0.0007em;">Temporary differences  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.1076em;top:15.1235em;"><span class="stl_157 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.8365em;top:15.1235em;"><span class="stl_157 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.5592em;top:15.1235em;"><span class="stl_157 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:17.3035em;"><span class="stl_155 stl_08 stl_25" style="word-spacing:-0.0065em;">Tax loss carry-forwards  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.6904em;top:17.3035em;"><span class="stl_155 stl_08 stl_66">22,921  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.2101em;top:17.3035em;"><span class="stl_155 stl_08 stl_127">666  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.1389em;top:17.3035em;"><span class="stl_155 stl_08 stl_52">23,587  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:18.4635em;"><span class="stl_157 stl_08 stl_17" style="word-spacing:-0.0199em;">Unutilised tax losses  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.68em;top:18.4635em;"><span class="stl_157 stl_08 stl_51">22,921  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.206em;top:18.4635em;"><span class="stl_157 stl_08 stl_51">666  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.126em;top:18.4635em;"><span class="stl_157 stl_08 stl_51">23,587  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:20.6335em;"><span class="stl_155 stl_08 stl_25" style="word-spacing:-0.003em;">Value adjustment  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.3068em;top:20.6335em;"><span class="stl_155 stl_08 stl_31">(22,921)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.8239em;top:20.6335em;"><span class="stl_155 stl_08 stl_62">(666)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.7565em;top:20.6335em;"><span class="stl_155 stl_08 stl_25">(23,587)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:21.7935em;"><span class="stl_157 stl_08 stl_72">Total  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.11em;top:21.7935em;"><span class="stl_157 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.839em;top:21.7935em;"><span class="stl_157 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.5616em;top:21.7935em;"><span class="stl_157 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:23.1535em;"><span class="stl_155 stl_08 stl_52" style="word-spacing:-0.0011em;">Tax losses are not expected to be utilised in full within a period of 3-5 years. Accordingly, no tax asset has been recognised in the parent company’s balance  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:23.9135em;"><span class="stl_155 stl_08 stl_21">sheet.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:28.6173em;"><span class="stl_162 stl_08 stl_51">8.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:6.9em;top:28.6173em;"><span class="stl_162 stl_08 stl_22" style="word-spacing:-0.0094em;">EARNINGS PER SHARE  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:31.2635em;"><span class="stl_155 stl_08 stl_73" style="word-spacing:-0.006em;">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:6.51em;top:33.2873em;"><span class="stl_154 stl_08 stl_54" style="word-spacing:-0.0221em;">PARENT COMPANY  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.08em;top:33.2873em;"><span class="stl_154 stl_08 stl_36">GROUP  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:6.2324em;top:34.6373em;"><span class="stl_154 stl_08 stl_28">2022  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:10.3704em;top:34.6373em;"><span class="stl_154 stl_08 stl_28">2021  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.5783em;top:34.6373em;"><span class="stl_154 stl_08 stl_63">DKK  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.5388em;top:34.6373em;"><span class="stl_154 stl_08 stl_28">2022  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.2519em;top:34.6373em;"><span class="stl_154 stl_08 stl_51">2021  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:6.1817em;top:37.0735em;"><span class="stl_155 stl_08 stl_107">(0.01)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:10.3178em;top:37.0735em;"><span class="stl_155 stl_08 stl_107">(0.01)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.5782em;top:37.0735em;"><span class="stl_155 stl_08 stl_18" style="word-spacing:-0.0004em;">Earnings per share (DKK)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.8675em;top:37.0735em;"><span class="stl_155 stl_08 stl_09">0.08  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.5839em;top:37.0735em;"><span class="stl_155 stl_08 stl_09">0.10  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:6.1817em;top:38.1035em;"><span class="stl_155 stl_08 stl_107">(0.01)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:10.3178em;top:38.1035em;"><span class="stl_155 stl_08 stl_107">(0.01)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.5782em;top:38.1035em;"><span class="stl_155 stl_08 stl_25" style="word-spacing:-0.0073em;">Diluted earnings per share (DKK)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.8644em;top:38.1035em;"><span class="stl_155 stl_08 stl_09">0.08  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.587em;top:38.1035em;"><span class="stl_155 stl_08 stl_34">0.10  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:5.8729em;top:39.1335em;"><span class="stl_155 stl_08 stl_28">(3,383)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:10.0078em;top:39.1335em;"><span class="stl_155 stl_08 stl_36">(3,162)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.5794em;top:39.1335em;"><span class="stl_155 stl_08 stl_19" style="word-spacing:-0.0028em;">Earnings used in the calculation of earnings per share (DKK’000):  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.2343em;top:39.1335em;"><span class="stl_155 stl_08 stl_52">20,326  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9482em;top:39.1335em;"><span class="stl_155 stl_08 stl_36">24,199  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:5.6083em;top:40.1635em;"><span class="stl_155 stl_08 stl_25">249,850  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:9.7476em;top:40.1635em;"><span class="stl_155 stl_08 stl_25">249,850  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.5719em;top:40.1635em;"><span class="stl_155 stl_08 stl_28" style="word-spacing:-0.002em;">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:36.9099em;top:40.1635em;"><span class="stl_155 stl_08 stl_91">249,850  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.625em;top:40.1635em;"><span class="stl_155 stl_08 stl_25">249,850  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.5782em;top:41.1935em;"><span class="stl_155 stl_08 stl_110" style="word-spacing:0.0025em;">Average number of shares used to calculate  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:5.6083em;top:41.9835em;"><span class="stl_155 stl_08 stl_25">249,850  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:9.7476em;top:41.9835em;"><span class="stl_155 stl_08 stl_25">249,850  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.5719em;top:41.9835em;"><span class="stl_155 stl_08 stl_19" style="word-spacing:-0.0029em;">diluted earnings per share (‘000)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.9099em;top:41.9835em;"><span class="stl_155 stl_08 stl_25">249,850  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.6288em;top:41.9835em;"><span class="stl_155 stl_08 stl_25">249,850  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:44.0435em;"><span class="stl_155 stl_08 stl_66" 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  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:44.8335em;"><span class="stl_155 stl_08 stl_61" style="word-spacing:0.0008em;">several capital increases are made, the number of days between the capital increases multiplied by the number of shares in circulation during the relevant  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:45.6235em;"><span class="stl_155 stl_08 stl_139" style="word-spacing:0.0071em;">period is added together. The sum is divided by 365.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:5.8273em;"><span class="stl_162 stl_08 stl_51">9.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:6.9em;top:5.8273em;"><span class="stl_162 stl_08 stl_25" style="word-spacing:0.0033em;">PROPERTY, PLANT AND EQUIPMENT  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:8.5273em;"><span class="stl_154 stl_08 stl_36">GROUP  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:10.7273em;"><span class="stl_154 stl_08 stl_51">2022  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.6297em;top:10.7273em;"><span class="stl_154 stl_08 stl_40">Investment  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.2088em;top:10.7273em;"><span class="stl_154 stl_08 stl_09">Total  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.6261em;top:10.7273em;"><span class="stl_154 stl_08 stl_27" style="word-spacing:0.0124em;">Plant and  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.6345em;top:10.7273em;"><span class="stl_154 stl_08 stl_22" style="word-spacing:-0.0102em;">Total property  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:17.9123em;top:11.5973em;"><span class="stl_154 stl_08 stl_40">Investment  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.2062em;top:11.5973em;"><span class="stl_154 stl_08 stl_60">property,  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.3556em;top:11.5973em;"><span class="stl_154 stl_08 stl_71">Investment  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.3265em;top:11.5973em;"><span class="stl_154 stl_08 stl_51">machinery  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.6528em;top:11.5973em;"><span class="stl_154 stl_08 stl_115">Total  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.0737em;top:11.5973em;"><span class="stl_154 stl_08 stl_21" style="word-spacing:0.0018em;">plant and  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:12.4673em;"><span class="stl_154 stl_08 stl_54">DKK’000  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:18.6777em;top:12.4673em;"><span class="stl_154 stl_08 stl_71">property  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.6488em;top:12.4673em;"><span class="stl_154 stl_08 stl_34" style="word-spacing:0.0074em;">right of use  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.1253em;top:12.4673em;"><span class="stl_154 stl_08 stl_36">property  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.0957em;top:12.4673em;"><span class="stl_154 stl_08 stl_34" style="word-spacing:0.0074em;">right of use  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.8195em;top:12.4673em;"><span class="stl_154 stl_08 stl_47" style="word-spacing:0.0057em;">right of use  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.6399em;top:12.4673em;"><span class="stl_154 stl_08 stl_51">equipment  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:14.9035em;"><span class="stl_155 stl_08 stl_64" style="word-spacing:0.0046em;">Carrying amount at 1 January 2022  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:19.1955em;top:14.9035em;"><span class="stl_155 stl_08 stl_25">120,635  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.2357em;top:14.9035em;"><span class="stl_155 stl_08 stl_52">16,522  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.6408em;top:14.9035em;"><span class="stl_155 stl_08 stl_25">137,157  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.4685em;top:14.9035em;"><span class="stl_155 stl_08 stl_51">165  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.4074em;top:14.9035em;"><span class="stl_155 stl_08 stl_36">16,687  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.8101em;top:14.9035em;"><span class="stl_155 stl_08 stl_91">137,322  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:15.9335em;"><span class="stl_155 stl_08 stl_110" style="word-spacing:-0.0019em;">Foreign exchange adjustments  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:19.4588em;top:15.9335em;"><span class="stl_155 stl_08 stl_28">(2,252)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.6458em;top:15.9335em;"><span class="stl_155 stl_08 stl_22">(299)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.9054em;top:15.9335em;"><span class="stl_155 stl_08 stl_18">(2,551)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.723em;top:15.9335em;"><span class="stl_155 stl_08 stl_67">(3)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.8195em;top:15.9335em;"><span class="stl_155 stl_08 stl_62">(302)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.0734em;top:15.9335em;"><span class="stl_155 stl_08 stl_19">(2,554)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:16.9635em;"><span class="stl_155 stl_08 stl_110" style="word-spacing:0.0045em;">Right of use, depreciation  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:20.9368em;top:16.9635em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.6595em;top:16.9635em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.3847em;top:16.9635em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.4143em;top:16.9635em;"><span class="stl_155 stl_08 stl_63">(28)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.1427em;top:16.9635em;"><span class="stl_155 stl_08 stl_40">(28)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.8654em;top:16.9635em;"><span class="stl_155 stl_08 stl_63">(28)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:17.9935em;"><span class="stl_155 stl_08 stl_156">Additions  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:20.9419em;top:17.9935em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.6608em;top:17.9935em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.386em;top:17.9935em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.1086em;top:17.9935em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.8376em;top:17.9935em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.5603em;top:17.9935em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:19.0235em;"><span class="stl_155 stl_08 stl_78">Disposals  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:20.9368em;top:19.0235em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.6595em;top:19.0235em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.3885em;top:19.0235em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.4181em;top:19.0235em;"><span class="stl_155 stl_08 stl_63">(17)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.1465em;top:19.0235em;"><span class="stl_155 stl_08 stl_63">(17)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.8685em;top:19.0235em;"><span class="stl_155 stl_08 stl_27">(17)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:20.0435em;"><span class="stl_155 stl_08 stl_78" style="word-spacing:0.0033em;">Transfer to inventories (work in progress)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:19.1482em;top:20.0435em;"><span class="stl_155 stl_08 stl_73">(4,655)*  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.6551em;top:20.0435em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.9035em;top:20.0435em;"><span class="stl_155 stl_08 stl_36">(4,655)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.1023em;top:20.0435em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.8313em;top:20.0435em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.0734em;top:20.0435em;"><span class="stl_155 stl_08 stl_18">(4,655)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:21.0735em;"><span class="stl_155 stl_08 stl_134" style="word-spacing:0.0063em;">Shortening the leasing period  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:20.9356em;top:21.0735em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.1777em;top:21.0735em;"><span class="stl_155 stl_08 stl_19">(2,446)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.906em;top:21.0735em;"><span class="stl_155 stl_08 stl_19">(2,446)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.1023em;top:21.0735em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.3507em;top:21.0735em;"><span class="stl_155 stl_08 stl_46">(2,446)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.0759em;top:21.0735em;"><span class="stl_155 stl_08 stl_28">(2,446)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:22.1035em;"><span class="stl_155 stl_08 stl_90" style="word-spacing:0.0052em;">Enhancement costs  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:19.8393em;top:22.1035em;"><span class="stl_155 stl_08 stl_25">5,024  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.6551em;top:22.1035em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.2878em;top:22.1035em;"><span class="stl_155 stl_08 stl_25">5,024  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.1036em;top:22.1035em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.8326em;top:22.1035em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.4527em;top:22.1035em;"><span class="stl_155 stl_08 stl_34">5,024  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:23.1335em;"><span class="stl_155 stl_08 stl_78" style="word-spacing:-0.002em;">Revaluation to market value  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:19.5161em;top:23.1335em;"><span class="stl_155 stl_08 stl_36">25,277  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.3426em;top:23.1335em;"><span class="stl_155 stl_08 stl_51">48  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.9627em;top:23.1335em;"><span class="stl_155 stl_08 stl_36">25,325  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.1042em;top:23.1335em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.5245em;top:23.1335em;"><span class="stl_155 stl_08 stl_158">48  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.1345em;top:23.1335em;"><span class="stl_155 stl_08 stl_52">25,325  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:24.2935em;"><span class="stl_157 stl_08 stl_66" style="word-spacing:-0.004em;">Carrying amount at 31 December 2022  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:19.1973em;top:24.2935em;"><span class="stl_157 stl_08 stl_28">144,029  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.2218em;top:24.2935em;"><span class="stl_157 stl_08 stl_51">13,825  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.6389em;top:24.2935em;"><span class="stl_157 stl_08 stl_36">157,854  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.4673em;top:24.2935em;"><span class="stl_157 stl_08 stl_51">117  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.3999em;top:24.2935em;"><span class="stl_157 stl_08 stl_34">13,942  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.8069em;top:24.2935em;"><span class="stl_157 stl_08 stl_28">157,971  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:25.4435em;"><span class="stl_155 stl_08 stl_61" style="word-spacing:0.0007em;">*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:4.72em;top:27.4773em;"><span class="stl_154 stl_08 stl_51">2021  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.6297em;top:27.4773em;"><span class="stl_154 stl_08 stl_40">Investment  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.2088em;top:27.4773em;"><span class="stl_154 stl_08 stl_09">Total  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.6261em;top:27.4773em;"><span class="stl_154 stl_08 stl_27" style="word-spacing:0.0124em;">Plant and  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.6345em;top:27.4773em;"><span class="stl_154 stl_08 stl_22" style="word-spacing:-0.0102em;">Total property  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:17.9123em;top:28.3373em;"><span class="stl_154 stl_08 stl_40">Investment  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.2062em;top:28.3373em;"><span class="stl_154 stl_08 stl_60">property,  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.3556em;top:28.3373em;"><span class="stl_154 stl_08 stl_71">Investment  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.3265em;top:28.3373em;"><span class="stl_154 stl_08 stl_51">machinery  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.6528em;top:28.3373em;"><span class="stl_154 stl_08 stl_115">Total  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.0737em;top:28.3373em;"><span class="stl_154 stl_08 stl_21" style="word-spacing:0.0018em;">plant and  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:29.2073em;"><span class="stl_154 stl_08 stl_54">DKK’000  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:18.6777em;top:29.2073em;"><span class="stl_154 stl_08 stl_71">property  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.6488em;top:29.2073em;"><span class="stl_154 stl_08 stl_34" style="word-spacing:0.0074em;">right of use  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.1253em;top:29.2073em;"><span class="stl_154 stl_08 stl_36">property  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.0957em;top:29.2073em;"><span class="stl_154 stl_08 stl_34" style="word-spacing:0.0074em;">right of use  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.8195em;top:29.2073em;"><span class="stl_154 stl_08 stl_47" style="word-spacing:0.0057em;">right of use  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.6399em;top:29.2073em;"><span class="stl_154 stl_08 stl_51">equipment  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:31.6435em;"><span class="stl_155 stl_08 stl_64" style="word-spacing:0.0046em;">Carrying amount at 1 January 2021  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:19.1955em;top:31.6435em;"><span class="stl_155 stl_08 stl_25">112,833  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.2357em;top:31.6435em;"><span class="stl_155 stl_08 stl_52">13,808  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.65em;top:31.6435em;"><span class="stl_157 stl_08 stl_78">126,641  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.7989em;top:31.6435em;"><span class="stl_155 stl_08 stl_51">55  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.41em;top:31.6435em;"><span class="stl_157 stl_08 stl_51">13,863  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.82em;top:31.6435em;"><span class="stl_157 stl_08 stl_78">126,696  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:32.6735em;"><span class="stl_155 stl_08 stl_110" style="word-spacing:-0.0019em;">Foreign exchange adjustments  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:19.4588em;top:32.6735em;"><span class="stl_155 stl_08 stl_28">(1,480)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.6458em;top:32.6735em;"><span class="stl_155 stl_08 stl_22">(126)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.89em;top:32.6735em;"><span class="stl_157 stl_08 stl_20">(1,606)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.1076em;top:32.6735em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.82em;top:32.6735em;"><span class="stl_157 stl_08 stl_19">(126)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.06em;top:32.6735em;"><span class="stl_157 stl_08 stl_20">(1,606)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:33.7035em;"><span class="stl_155 stl_08 stl_110" style="word-spacing:0.0045em;">Right of use, depreciation  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:20.9368em;top:33.7035em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.6595em;top:33.7035em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.39em;top:33.7035em;"><span class="stl_157 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.4209em;top:33.7035em;"><span class="stl_155 stl_08 stl_27">(43)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.14em;top:33.7035em;"><span class="stl_157 stl_08 stl_90">(43)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.86em;top:33.7035em;"><span class="stl_157 stl_08 stl_90">(43)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:34.7335em;"><span class="stl_155 stl_08 stl_156">Additions  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:20.9419em;top:34.7335em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.5582em;top:34.7335em;"><span class="stl_155 stl_08 stl_30">2,692  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.28em;top:34.7335em;"><span class="stl_157 stl_08 stl_51">2,692  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.4776em;top:34.7335em;"><span class="stl_155 stl_08 stl_51">153  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.73em;top:34.7335em;"><span class="stl_157 stl_08 stl_51">2,845  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.45em;top:34.7335em;"><span class="stl_157 stl_08 stl_51">2,845  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:35.7635em;"><span class="stl_155 stl_08 stl_78" style="word-spacing:0.0033em;">Transfer to inventories (work in progress)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:18.8269em;top:35.7635em;"><span class="stl_155 stl_08 stl_21">(22,684)*  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.6564em;top:35.7635em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.58em;top:35.7635em;"><span class="stl_157 stl_08 stl_90">(22,684)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.1076em;top:35.7635em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.84em;top:35.7635em;"><span class="stl_157 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.75em;top:35.7635em;"><span class="stl_157 stl_08 stl_90">(22,684)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:36.7935em;"><span class="stl_155 stl_08 stl_90" style="word-spacing:0.0052em;">Enhancement costs  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:19.8393em;top:36.7935em;"><span class="stl_155 stl_08 stl_25">1,243  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.6551em;top:36.7935em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.28em;top:36.7935em;"><span class="stl_157 stl_08 stl_51">1,243  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.1076em;top:36.7935em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.84em;top:36.7935em;"><span class="stl_157 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.45em;top:36.7935em;"><span class="stl_157 stl_08 stl_51">1,243  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:37.8235em;"><span class="stl_155 stl_08 stl_78" style="word-spacing:-0.002em;">Revaluation to market value  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:19.5161em;top:37.8235em;"><span class="stl_155 stl_08 stl_36">30,723  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.0276em;top:37.8235em;"><span class="stl_155 stl_08 stl_127">148  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.96em;top:37.8235em;"><span class="stl_157 stl_08 stl_51">30,871  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.1076em;top:37.8235em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.21em;top:37.8235em;"><span class="stl_157 stl_08 stl_51">148  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.13em;top:37.8235em;"><span class="stl_157 stl_08 stl_51">30,871  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:38.9835em;"><span class="stl_157 stl_08 stl_66" style="word-spacing:-0.004em;">Carrying amount at 31 December 2021  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:19.1973em;top:38.9835em;"><span class="stl_157 stl_08 stl_28">120,635  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.2218em;top:38.9835em;"><span class="stl_157 stl_08 stl_51">16,522  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.6389em;top:38.9835em;"><span class="stl_157 stl_08 stl_36">137,157  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.4673em;top:38.9835em;"><span class="stl_157 stl_08 stl_51">165  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.3999em;top:38.9835em;"><span class="stl_157 stl_08 stl_34">16,687  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.8069em;top:38.9835em;"><span class="stl_157 stl_08 stl_28">137,322  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:40.1335em;"><span class="stl_155 stl_08 stl_61" style="word-spacing:0.0007em;">*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:4.72em;top:43.2135em;"><span class="stl_155 stl_08 stl_137" style="word-spacing:0.0484em;">The Polish properties have an assessed value of DKK 157,971 thousand, of which DKK 143,889 thousand is the real estate in Warsaw, DKK 140 thousand is a  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:44.0135em;"><span class="stl_155 stl_08 stl_20" style="word-spacing:0.002em;">land plot in Blichowo and DKK 13,942 thousand is right of use resulting from the application of IFRS 16. The value of the real estate in Warsaw is supported by  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:44.8035em;"><span class="stl_155 stl_08 stl_139" style="word-spacing:-0.0141em;">an external valuation report received in December 2022, prepared by a leading international estate agent in Warsaw. The value of the land plot in Blichowo has  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:45.5935em;"><span class="stl_155 stl_08 stl_137" style="word-spacing:0.0052em;">been assessed by the company’s management using a comparative method.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:46.6235em;"><span class="stl_155 stl_08 stl_27" style="word-spacing:0.0182em;">The value of the real estate in Warsaw represents the estate agent’s assessment of the current fair value. In addition to the general price level in the market,  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:47.4135em;"><span class="stl_155 stl_08 stl_50" style="word-spacing:0.0781em;">the assessment is based on these main assumptions: the present use of the property, the state of the buildings, the percentage of ownership, the income  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:48.2035em;"><span class="stl_155 stl_08 stl_110" style="word-spacing:0.0209em;">generated by the property and the zoning of the area. Any changes to these, particularly the percentage of ownership (i.e. the positive or negative resolution  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:48.9935em;"><span class="stl_155 stl_08 stl_28" style="word-spacing:0.097em;">of former owners’ claims), changes in zoning (e.g. to residential) and the general price development of similar properties in the area, could favourably or  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:49.7835em;"><span class="stl_155 stl_08 stl_134" style="word-spacing:0.005em;">adversely impact the property valuation.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:50.7735em;"><span class="stl_155 stl_08 stl_77" style="word-spacing:0.0362em;">For the valuation purposes, the property was divided into four groups: internal roads, industrial schemes (buildings), development land and plots designated  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:51.5435em;"><span class="stl_155 stl_08 stl_36" style="word-spacing:-0.0075em;">for external roads.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:53.3335em;"><span class="stl_155 stl_08 stl_109" style="word-spacing:-0.0147em;">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  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:54.0935em;"><span class="stl_155 stl_08 stl_77" style="word-spacing:0.0002em;">to determine the likely value of the subject. This approach assumes that the variation in prices between at least three comparable properties can be explained  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:54.8535em;"><span class="stl_155 stl_08 stl_90" style="word-spacing:0.0323em;">by differences in their individual attributes such as location, surroundings, accessibility, development potential, etc. The influence of each of these attributes  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:55.6235em;"><span class="stl_155 stl_08 stl_78" style="word-spacing:-0.02em;">on the value is assigned a percentage weighting, and the characteristics of each comparable and the subject are then rated, typically from 1 – 5, from very good  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:56.3835em;"><span class="stl_155 stl_08 stl_138" style="word-spacing:0.144em;">to very poor. The price of each comparable is adjusted according to how it differs 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:4.72em;top:57.1435em;"><span class="stl_155 stl_08 stl_77" style="word-spacing:0.0032em;">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:4.72em;top:58.6735em;"><span class="stl_155 stl_08 stl_64" style="word-spacing:0.0295em;">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  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:59.4335em;"><span class="stl_155 stl_08 stl_110" style="word-spacing:0.0279em;">as the lease is in force or until the first time it may be terminated if considered advantageous. Thereafter, income is expected to continue to be generated at  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:60.2035em;"><span class="stl_155 stl_08 stl_127" style="word-spacing:0.0109em;">market rent. Adjustments are made for lost rental income, fitting-out deposits and unobtainable running costs. Market rents applied range from DKK 55.6 per  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:60.9635em;"><span class="stl_155 stl_08 stl_28" style="word-spacing:-0.003em;">sqm for warehouses, to DKK 62.4 per sqm for offices and DKK 79.4 per sqm for self-storage boxes  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:62.4835em;"><span class="stl_155 stl_08 stl_61" style="word-spacing:-0.0465em;">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  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:63.2535em;"><span class="stl_155 stl_08 stl_28" style="word-spacing:0.0794em;">Terms (2nd edition), published by Estates Gazette, as “the constant capitalisation rate applied to all cash flows, that is, the internal rate of return from an  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.97em;top:66.1229em;"><span class="stl_37 stl_38 stl_29">69  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:5.8235em;"><span class="stl_155 stl_08 stl_134" style="word-spacing:-0.0254em;">investment property reflecting reversions to current market rent, and such items as voids and expenditures, but disregarding potential changes in market rents.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:6.5835em;"><span class="stl_155 stl_08 stl_127" style="word-spacing:0.0038em;">Conventionally calculated on a nominal basis, assuming that rents are receivable/payable annually in arrears”.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:8.1135em;"><span class="stl_155 stl_08 stl_90" style="word-spacing:0.0154em;">The required rates of return which have been set are an important factor in estimating the fair values. An equivalent yield of between 10.9% and 11.55% was  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:8.8735em;"><span class="stl_155 stl_08 stl_61" style="word-spacing:0.0508em;">adopted, which reflects the risks associated with a normal ownership or usufruct interest property including open-ended lease agreements and the physical  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:9.6335em;"><span class="stl_155 stl_08 stl_127" style="word-spacing:0.0187em;">state of the particular buildings. Using the equivalent yields mentioned above, a value of the subject was obtained reflecting an initial yield of between 9.79%  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:10.4035em;"><span class="stl_155 stl_08 stl_90" style="word-spacing:-0.0026em;">and 13.47% and a final yield of between 12.06% and 12.99%.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:11.9235em;"><span class="stl_155 stl_08 stl_90" style="word-spacing:-0.0006em;">Other assumptions:  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:12.6835em;"><span class="stl_155 stl_08 stl_50" style="word-spacing:-0.0034em;">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:4.72em;top:13.4535em;"><span class="stl_155 stl_08 stl_78" style="word-spacing:0.0011em;">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:4.72em;top:14.2135em;"><span class="stl_155 stl_08 stl_91" style="word-spacing:0.0006em;">Reletting voids: 10 months for offices / 5 for warehouse &amp; production space  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:14.9735em;"><span class="stl_155 stl_08 stl_61" style="word-spacing:0em;">No fit-out contributions  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:15.7435em;"><span class="stl_155 stl_08 stl_64" style="word-spacing:0.009em;">Letting fees: 16.5%  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:16.5035em;"><span class="stl_155 stl_08 stl_66" style="word-spacing:-0.0019em;">No rent-free periods and empty service charge  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:17.2635em;"><span class="stl_155 stl_08 stl_78" style="word-spacing:0.0016em;">Irrecoverable operating costs DKK 6.7 million (including property tax, perpetual usufruct fee, security, insurance, cost of the utilities based on the operating  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:18.0335em;"><span class="stl_155 stl_08 stl_110" style="word-spacing:0.0027em;">cost budget, plus management fee of 2% of market rent)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:18.7935em;"><span class="stl_155 stl_08 stl_77" style="word-spacing:0.0024em;">Capital expenditure of DKK 3.7 million  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:20.3135em;"><span class="stl_155 stl_08 stl_91" style="word-spacing:0.0003em;">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  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:21.0835em;"><span class="stl_155 stl_08 stl_90" style="word-spacing:-0.0022em;">protracted administrative proceedings, the value is further reduced by 20% due to the risk that such claims will be accommodated and due to the expenses  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:21.8435em;"><span class="stl_155 stl_08 stl_28" style="word-spacing:-0.0029em;">associated with the transitional phase.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:24.1735em;"><span class="stl_155 stl_08 stl_19" style="word-spacing:-0.0044em;">Valuation sensitivity to the main factors used:  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:25.2035em;"><span class="stl_155 stl_08 stl_66" style="word-spacing:-0.0006em;">+/- DKK 3,300 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:4.72em;top:26.2335em;"><span class="stl_155 stl_08 stl_61" style="word-spacing:-0.0001em;">+/- DKK 15,600 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:21.557em;top:26.2335em;"><span class="stl_155 stl_08 stl_28" style="word-spacing:-0.0023em;">(applied to plots of land with buildings i.e. perpetual usufruct right over plot 59/17 and  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:27.0235em;"><span class="stl_155 stl_08 stl_78" style="word-spacing:0.0023em;">possession right over plots 69/8 and 69/3);  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:28.0535em;"><span class="stl_155 stl_08 stl_77" style="word-spacing:0.0019em;">- DKK 11,200 thousand for an increase in equivalent yield by 10%; + DKK 14,500 thousand for a decrease in equivalent yield by 10% (applied to plots of land  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:28.8435em;"><span class="stl_155 stl_08 stl_91" style="word-spacing:0.0007em;">with buildings i.e. perpetual usufruct right over plot 59/17 and possession right over plots 69/8 and 69/3);  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:29.8735em;"><span class="stl_155 stl_08 stl_110" style="word-spacing:0.0016em;">+/- 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:4.72em;top:31.9335em;"><span class="stl_157 stl_08 stl_61" style="word-spacing:0.0049em;">Fair value hierarchy information  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.91em;top:31.9335em;"><span class="stl_157 stl_08 stl_66" style="word-spacing:0.0057em;">Level 1  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.63em;top:31.9335em;"><span class="stl_157 stl_08 stl_66" style="word-spacing:0.0057em;">Level 2  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.36em;top:31.9335em;"><span class="stl_157 stl_08 stl_66" style="word-spacing:0.0058em;">Level 3  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.68em;top:31.9335em;"><span class="stl_157 stl_08 stl_34" style="word-spacing:-0.0028em;">at 31/12  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:34.1135em;"><span class="stl_157 stl_08 stl_51">2022  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:35.1435em;"><span class="stl_155 stl_08 stl_110" style="word-spacing:0.0008em;">Land / roads  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.4207em;top:35.1435em;"><span class="stl_155 stl_08 stl_66">32,756  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.1402em;top:35.1435em;"><span class="stl_155 stl_08 stl_52">32,756  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:36.1735em;"><span class="stl_155 stl_08 stl_26" style="word-spacing:-0.0031em;">Plots of land with buildings  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.0994em;top:36.1735em;"><span class="stl_155 stl_08 stl_91">111,273  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.8145em;top:36.1735em;"><span class="stl_155 stl_08 stl_25">111,273  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:37.2035em;"><span class="stl_155 stl_08 stl_24" style="word-spacing:-0.0032em;">Right of use  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.4213em;top:37.2035em;"><span class="stl_155 stl_08 stl_52">13,942  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.1352em;top:37.2035em;"><span class="stl_155 stl_08 stl_36">13,942  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:38.2335em;"><span class="stl_157 stl_08 stl_138" style="word-spacing:0.0126em;">Total Investment property  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.52em;top:38.2335em;"><span class="stl_157 stl_08 stl_09">-</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.24em;top:38.2335em;"><span class="stl_157 stl_08 stl_09">-</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.1em;top:38.2335em;"><span class="stl_157 stl_08 stl_78">157,971  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.82em;top:38.2335em;"><span class="stl_157 stl_08 stl_78">157,971  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:40.2935em;"><span class="stl_157 stl_08 stl_51">2021  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:41.3135em;"><span class="stl_155 stl_08 stl_110" style="word-spacing:0.0008em;">Land / roads  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.4207em;top:41.3135em;"><span class="stl_155 stl_08 stl_66">36,402  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.1402em;top:41.3135em;"><span class="stl_155 stl_08 stl_52">36,402  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:42.3435em;"><span class="stl_155 stl_08 stl_26" style="word-spacing:-0.0031em;">Plots of land with buildings  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.4144em;top:42.3435em;"><span class="stl_155 stl_08 stl_36">84,233  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.1383em;top:42.3435em;"><span class="stl_155 stl_08 stl_52">84,233  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:43.3735em;"><span class="stl_155 stl_08 stl_24" style="word-spacing:-0.0032em;">Right of use  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.4213em;top:43.3735em;"><span class="stl_155 stl_08 stl_52">16,687  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.1352em;top:43.3735em;"><span class="stl_155 stl_08 stl_36">16,687  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:44.4035em;"><span class="stl_157 stl_08 stl_138" style="word-spacing:0.0126em;">Total Investment property  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.52em;top:44.4035em;"><span class="stl_157 stl_08 stl_09">-</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.24em;top:44.4035em;"><span class="stl_157 stl_08 stl_09">-</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.1em;top:44.4035em;"><span class="stl_157 stl_08 stl_78">137,322  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.82em;top:44.4035em;"><span class="stl_157 stl_08 stl_78">137,322  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:5.8373em;"><span class="stl_162 stl_08 stl_51">9.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:6.9em;top:5.8373em;"><span class="stl_162 stl_08 stl_26" style="word-spacing:0.0021em;">PROPERTY, PLANT AND EQUIPMENT (CONTINUED)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:8.4835em;"><span class="stl_157 stl_08 stl_64" 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:6.51em;top:10.5173em;"><span class="stl_154 stl_08 stl_54" style="word-spacing:-0.0221em;">PARENT COMPANY  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.08em;top:10.5173em;"><span class="stl_154 stl_08 stl_36">GROUP  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:6.2324em;top:11.8573em;"><span class="stl_154 stl_08 stl_28">2022  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:10.3704em;top:11.8573em;"><span class="stl_154 stl_08 stl_28">2021  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.5783em;top:11.8573em;"><span class="stl_154 stl_08 stl_67">DKK'000  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.5331em;top:11.8573em;"><span class="stl_154 stl_08 stl_51">2022  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.2505em;top:11.8573em;"><span class="stl_154 stl_08 stl_51">2021  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.3472em;top:14.2935em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.4903em;top:14.2935em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.5794em;top:14.2935em;"><span class="stl_155 stl_08 stl_66" style="word-spacing:-0.0033em;">Rental income from investment property  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.235em;top:14.2935em;"><span class="stl_155 stl_08 stl_66">18,639  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9545em;top:14.2935em;"><span class="stl_155 stl_08 stl_52">15,736  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.3472em;top:15.4535em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.49em;top:15.4535em;"><span class="stl_157 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.58em;top:15.4535em;"><span class="stl_157 stl_08 stl_64" 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:37.23em;top:15.4535em;"><span class="stl_157 stl_08 stl_51">18,639  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.95em;top:15.4535em;"><span class="stl_157 stl_08 stl_51">15,736  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:19.4873em;"><span class="stl_162 stl_08 stl_51">9.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:6.9em;top:19.4873em;"><span class="stl_162 stl_08 stl_26" style="word-spacing:0.0021em;">PROPERTY, PLANT AND EQUIPMENT (CONTINUED)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:22.1335em;"><span class="stl_157 stl_08 stl_127" style="word-spacing:0.0029em;">Direct operating expenses arising from investment property  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:6.51em;top:24.1573em;"><span class="stl_154 stl_08 stl_54" style="word-spacing:-0.0221em;">PARENT COMPANY  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.08em;top:24.1573em;"><span class="stl_154 stl_08 stl_36">GROUP  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:6.2324em;top:25.5073em;"><span class="stl_154 stl_08 stl_28">2022  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:10.3704em;top:25.5073em;"><span class="stl_154 stl_08 stl_28">2021  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.5783em;top:25.5073em;"><span class="stl_154 stl_08 stl_67">DKK'000  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.5331em;top:25.5073em;"><span class="stl_154 stl_08 stl_51">2022  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.2505em;top:25.5073em;"><span class="stl_154 stl_08 stl_51">2021  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.3472em;top:27.9435em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.4903em;top:27.9435em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.5794em;top:27.9435em;"><span class="stl_155 stl_08 stl_127" style="word-spacing:0.0065em;">Direct operating expenses (including repairs and maintenance) arising from  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.5531em;top:27.9435em;"><span class="stl_155 stl_08 stl_78">6,946  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.2695em;top:27.9435em;"><span class="stl_155 stl_08 stl_30">5,657  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.5782em;top:28.9735em;"><span class="stl_155 stl_08 stl_77" style="word-spacing:0.0016em;">investment property that generated rental income during the period  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.3472em;top:30.0035em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.4903em;top:30.0035em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.5794em;top:30.0035em;"><span class="stl_155 stl_08 stl_64" style="word-spacing:0.0052em;">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:38.0181em;top:30.0035em;"><span class="stl_155 stl_08 stl_51">671  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.7382em;top:30.0035em;"><span class="stl_155 stl_08 stl_51">834  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.5782em;top:31.0335em;"><span class="stl_155 stl_08 stl_61" style="word-spacing:0.0007em;">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:7.3472em;top:32.1835em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.49em;top:32.1835em;"><span class="stl_157 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.58em;top:32.1835em;"><span class="stl_157 stl_08 stl_127" style="word-spacing:0.0029em;">Direct operating expenses arising from investment property  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.55em;top:32.1835em;"><span class="stl_157 stl_08 stl_51">7,617  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.27em;top:32.1835em;"><span class="stl_157 stl_08 stl_51">6,491  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:35.9873em;"><span class="stl_162 stl_08 stl_51">9.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:6.9em;top:35.9873em;"><span class="stl_162 stl_08 stl_26" style="word-spacing:0.0021em;">PROPERTY, PLANT AND EQUIPMENT (CONTINUED)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:37.6135em;"><span class="stl_157 stl_08 stl_20" style="word-spacing:-0.0084em;">Amounts of minimum lease payments at balance sheet date under non-cancellable operating leases</span><span class="stl_155 stl_08 stl_20" style="word-spacing:-0.0084em;">.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:6.51em;top:39.6473em;"><span class="stl_154 stl_08 stl_54" style="word-spacing:-0.0221em;">PARENT COMPANY  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.08em;top:39.6473em;"><span class="stl_154 stl_08 stl_36">GROUP  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:6.2324em;top:40.9873em;"><span class="stl_154 stl_08 stl_28">2022  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:10.3704em;top:40.9873em;"><span class="stl_154 stl_08 stl_28">2021  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.5783em;top:40.9873em;"><span class="stl_154 stl_08 stl_67">DKK'000  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.5331em;top:40.9873em;"><span class="stl_154 stl_08 stl_51">2022  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.2505em;top:40.9873em;"><span class="stl_154 stl_08 stl_51">2021  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.5819em;top:43.4235em;"><span class="stl_155 stl_08 stl_109" style="word-spacing:0.0076em;">Operating lease payments may be specified as follows:  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.3472em;top:44.4535em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.4903em;top:44.4535em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.5794em;top:44.4535em;"><span class="stl_155 stl_08 stl_34" style="word-spacing:-0.0051em;">Within 1 year  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.5569em;top:44.4535em;"><span class="stl_155 stl_08 stl_30">6,063  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.2796em;top:44.4535em;"><span class="stl_155 stl_08 stl_78">5,591  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.3472em;top:45.4835em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.4903em;top:45.4835em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.5794em;top:45.4835em;"><span class="stl_155 stl_08 stl_137" style="word-spacing:0.0035em;">Between 1 and 5 years  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.0231em;top:45.4835em;"><span class="stl_155 stl_08 stl_51">895  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.2771em;top:45.4835em;"><span class="stl_155 stl_08 stl_78">1,768  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.3472em;top:46.6435em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.49em;top:46.6435em;"><span class="stl_157 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.58em;top:46.6435em;"><span class="stl_157 stl_08 stl_72">Total  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.5608em;top:46.6435em;"><span class="stl_155 stl_08 stl_25">6,958  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.27em;top:46.6435em;"><span class="stl_157 stl_08 stl_51">7,359  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:48.8235em;"><span class="stl_155 stl_08 stl_110" style="word-spacing:0.002em;">For agreements with tenants for an indefinite period, the above figures represent the aggregate rental income from leasing agreements within their notice  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:49.6135em;"><span class="stl_155 stl_08 stl_50" style="word-spacing:-0.0018em;">periods. For 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:4.72em;top:5.8273em;"><span class="stl_162 stl_08 stl_19" style="word-spacing:0.8754em;">10. INVESTMENTS</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:12.573em;top:5.8273em;"><span class="stl_162 stl_08 stl_20" style="word-spacing:-0.0021em;">IN SUBSIDIARIES  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:6.5093em;top:8.5273em;"><span class="stl_154 stl_08 stl_43" style="word-spacing:-0.0164em;">PARENT COMPANY  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:6.2324em;top:9.8673em;"><span class="stl_154 stl_08 stl_28">2022  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:10.3704em;top:9.8673em;"><span class="stl_154 stl_08 stl_28">2021  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.5783em;top:9.8673em;"><span class="stl_154 stl_08 stl_67">DKK'000  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:5.9296em;top:12.3035em;"><span class="stl_155 stl_08 stl_36">93,339  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:10.0677em;top:12.3035em;"><span class="stl_155 stl_08 stl_36">93,339  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.5756em;top:12.3035em;"><span class="stl_155 stl_08 stl_45" style="word-spacing:-0.0079em;">Cost at 1 January  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:5.9296em;top:13.4635em;"><span class="stl_155 stl_08 stl_36">93,339  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:10.06em;top:13.4635em;"><span class="stl_157 stl_08 stl_51">93,339  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.58em;top:13.4635em;"><span class="stl_157 stl_08 stl_66" style="word-spacing:0.0017em;">Value at 31 December  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:17.2673em;"><span class="stl_162 stl_08 stl_19" style="word-spacing:0.8754em;">10. INVESTMENTS</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:12.573em;top:17.2673em;"><span class="stl_162 stl_08 stl_20" style="word-spacing:0.001em;">IN SUBSIDIARIES (CONTINUED)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.9932em;top:18.8673em;"><span class="stl_154 stl_08 stl_32" style="word-spacing:0.0037em;">Share of  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.7205em;top:18.8673em;"><span class="stl_154 stl_08 stl_35" style="word-spacing:0.0029em;">Share of  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.6635em;top:19.7273em;"><span class="stl_154 stl_08 stl_63">Interest  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.3873em;top:19.7273em;"><span class="stl_154 stl_08 stl_14">Interest  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.5768em;top:19.7273em;"><span class="stl_154 stl_08 stl_22">voting  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.3056em;top:19.7273em;"><span class="stl_154 stl_08 stl_43">voting  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.0196em;top:20.5973em;"><span class="stl_154 stl_08 stl_40">(%)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.7491em;top:20.5973em;"><span class="stl_154 stl_08 stl_40">(%)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.6396em;top:20.5973em;"><span class="stl_154 stl_08 stl_43" style="word-spacing:-0.0093em;">rights (%)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.3662em;top:20.5973em;"><span class="stl_154 stl_08 stl_30" style="word-spacing:0.001em;">rights (%)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:18.6791em;top:21.4673em;"><span class="stl_154 stl_08 stl_46">Domicile  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.5404em;top:21.4673em;"><span class="stl_154 stl_08 stl_51">2022  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.2649em;top:21.4673em;"><span class="stl_154 stl_08 stl_51">2021  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.9823em;top:21.4673em;"><span class="stl_154 stl_08 stl_51">2022  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7139em;top:21.4673em;"><span class="stl_154 stl_08 stl_28">2021  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.6318em;top:21.4673em;"><span class="stl_154 stl_08 stl_09">Activity  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.112em;top:23.9035em;"><span class="stl_155 stl_08 stl_61">Ownership  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.8617em;top:24.6935em;"><span class="stl_155 stl_08 stl_40" style="word-spacing:-0.013em;">share in  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:25.4835em;"><span class="stl_155 stl_08 stl_34" style="word-spacing:-0.0061em;">CeMat Real Estate S.A.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:19.5086em;top:25.4835em;"><span class="stl_155 stl_08 stl_73">Poland  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.2382em;top:25.4835em;"><span class="stl_155 stl_08 stl_66">100.00  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.9659em;top:25.4835em;"><span class="stl_155 stl_08 stl_66">100.00  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.681em;top:25.4835em;"><span class="stl_155 stl_08 stl_34">100.00  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.4125em;top:25.4835em;"><span class="stl_155 stl_08 stl_66">100.00  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.1619em;top:25.4835em;"><span class="stl_155 stl_08 stl_34" style="word-spacing:-0.003em;">CeMat '70 S.A.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.4522em;top:27.5135em;"><span class="stl_155 stl_08 stl_66" style="word-spacing:0.0095em;">Letting of  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.8978em;top:28.3035em;"><span class="stl_155 stl_08 stl_24">commercial  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:29.0935em;"><span class="stl_155 stl_08 stl_27" style="word-spacing:0.0043em;">CeMat '70 S.A.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:19.5073em;top:29.0935em;"><span class="stl_155 stl_08 stl_36">Poland  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.5595em;top:29.0935em;"><span class="stl_155 stl_08 stl_18">93.28  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.2859em;top:29.0935em;"><span class="stl_155 stl_08 stl_18">93.15  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.0061em;top:29.0935em;"><span class="stl_155 stl_08 stl_18">93.28  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7388em;top:29.0935em;"><span class="stl_155 stl_08 stl_137">93.15  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.233em;top:29.0935em;"><span class="stl_155 stl_08 stl_50">properties  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.9184em;top:31.1235em;"><span class="stl_155 stl_08 stl_64">Holding  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:31.9235em;"><span class="stl_155 stl_08 stl_35" style="word-spacing:-0.0048em;">W133 Sp. z o.o.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:19.5048em;top:31.9235em;"><span class="stl_155 stl_08 stl_36">Poland  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.557em;top:31.9235em;"><span class="stl_155 stl_08 stl_18">93.28  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.2834em;top:31.9235em;"><span class="stl_155 stl_08 stl_18">93.15  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.0036em;top:31.9235em;"><span class="stl_155 stl_08 stl_18">93.28  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7363em;top:31.9235em;"><span class="stl_155 stl_08 stl_137">93.15  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.7723em;top:31.9235em;"><span class="stl_155 stl_08 stl_62" style="word-spacing:-0.0104em;">of rights  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.9184em;top:33.9435em;"><span class="stl_155 stl_08 stl_64">Holding  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:34.7435em;"><span class="stl_155 stl_08 stl_35" style="word-spacing:-0.0048em;">W131 Sp. z o.o.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:19.5048em;top:34.7435em;"><span class="stl_155 stl_08 stl_36">Poland  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.557em;top:34.7435em;"><span class="stl_155 stl_08 stl_18">93.28  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.2834em;top:34.7435em;"><span class="stl_155 stl_08 stl_18">93.15  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.0036em;top:34.7435em;"><span class="stl_155 stl_08 stl_18">93.28  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7363em;top:34.7435em;"><span class="stl_155 stl_08 stl_137">93.15  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.7723em;top:34.7435em;"><span class="stl_155 stl_08 stl_62" style="word-spacing:-0.0104em;">of rights  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.9184em;top:36.7735em;"><span class="stl_155 stl_08 stl_64">Holding  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:37.5635em;"><span class="stl_155 stl_08 stl_77" style="word-spacing:0.0031em;">Arkuszowa 56 Sp. z o.o.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:19.508em;top:37.5635em;"><span class="stl_155 stl_08 stl_73">Poland  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.5589em;top:37.5635em;"><span class="stl_155 stl_08 stl_137">93.28  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.2878em;top:37.5635em;"><span class="stl_155 stl_08 stl_137">93.15  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.0042em;top:37.5635em;"><span class="stl_155 stl_08 stl_18">93.28  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7369em;top:37.5635em;"><span class="stl_155 stl_08 stl_137">93.15  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.7729em;top:37.5635em;"><span class="stl_155 stl_08 stl_40" style="word-spacing:-0.0107em;">of rights  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:39.7435em;"><span class="stl_155 stl_08 stl_189" style="word-spacing:-0.0014em;">CeMat Real Estate S.A. holds the ownership interest in CeMat '70 S.A., while CeMat '70 S.A. holds the ownership interests in W133 Sp. z o.o., W131 Sp. z o.o. and  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:40.5335em;"><span class="stl_155 stl_08 stl_190" style="word-spacing:-0.0009em;">Arkuszowa 56 Sp. z o.o.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:16.2373em;"><span class="stl_162 stl_08 stl_24" style="word-spacing:0.8699em;">12. INVENTORIES  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:18.9373em;"><span class="stl_154 stl_08 stl_54" style="word-spacing:-0.0221em;">PARENT COMPANY  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.08em;top:18.9373em;"><span class="stl_154 stl_08 stl_36">GROUP  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:6.2324em;top:20.2773em;"><span class="stl_154 stl_08 stl_28">2022  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:10.3704em;top:20.2773em;"><span class="stl_154 stl_08 stl_28">2021  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.5783em;top:20.2773em;"><span class="stl_154 stl_08 stl_67">DKK'000  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.5331em;top:20.2773em;"><span class="stl_154 stl_08 stl_51">2022  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.2505em;top:20.2773em;"><span class="stl_154 stl_08 stl_51">2021  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.3472em;top:22.7135em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.4903em;top:22.7135em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.5794em;top:22.7135em;"><span class="stl_155 stl_08 stl_78" style="word-spacing:0.0005em;">Property under construction – land plot transferred from the investment property  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.2299em;top:22.7135em;"><span class="stl_155 stl_08 stl_66">26,928  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9494em;top:22.7135em;"><span class="stl_155 stl_08 stl_52">22,684  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.3472em;top:23.7435em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.4903em;top:23.7435em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.5794em;top:23.7435em;"><span class="stl_155 stl_08 stl_78" style="word-spacing:-0.0008em;">Other expenditures related to the development projects  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.55em;top:23.7435em;"><span class="stl_155 stl_08 stl_34">6,432  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.2701em;top:23.7435em;"><span class="stl_155 stl_08 stl_30">2,350  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.35em;top:24.9035em;"><span class="stl_157 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.49em;top:24.9035em;"><span class="stl_157 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.58em;top:24.9035em;"><span class="stl_157 stl_08 stl_72">Total  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.2407em;top:24.9035em;"><span class="stl_155 stl_08 stl_36">33,360  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.95em;top:24.9035em;"><span class="stl_157 stl_08 stl_51">25,034  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:27.6754em;"><span class="stl_167 stl_08 stl_46" style="word-spacing:-0.0019em;">No inventories are carried at fair value less costs to sell. There was not any write- down of inventories recognised as an expense in the period. There  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:28.4954em;"><span class="stl_167 stl_08 stl_73" style="word-spacing:0.0003em;">was not any reversal of a write-down to net realisable value. No inventories are pledged as security for liabilities. There was not any cost of  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:29.3054em;"><span class="stl_167 stl_08 stl_50" style="word-spacing:-0.0001em;">inventories recognised as expense.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:31.7235em;"><span class="stl_155 stl_08 stl_91" style="word-spacing:0.0078em;">Inventory recovery  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:33.8273em;"><span class="stl_154 stl_08 stl_54" style="word-spacing:-0.0221em;">PARENT COMPANY  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.08em;top:33.8273em;"><span class="stl_154 stl_08 stl_36">GROUP  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:6.2324em;top:35.1673em;"><span class="stl_154 stl_08 stl_28">2022  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:10.3704em;top:35.1673em;"><span class="stl_154 stl_08 stl_28">2021  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.5783em;top:35.1673em;"><span class="stl_154 stl_08 stl_67">DKK'000  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.5331em;top:35.1673em;"><span class="stl_154 stl_08 stl_51">2022  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.2505em;top:35.1673em;"><span class="stl_154 stl_08 stl_51">2021  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.3472em;top:37.6135em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.4903em;top:37.6135em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.5794em;top:37.6135em;"><span class="stl_155 stl_08 stl_127" style="word-spacing:0.0012em;">Recoverable within 12 months  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.6576em;top:37.6135em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.3765em;top:37.6135em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.3472em;top:38.6335em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.4903em;top:38.6335em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.5794em;top:38.6335em;"><span class="stl_155 stl_08 stl_77" style="word-spacing:0.0006em;">Recoverable after more than 12 months  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.2306em;top:38.6335em;"><span class="stl_155 stl_08 stl_36">33,360  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9545em;top:38.6335em;"><span class="stl_155 stl_08 stl_52">25,034  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.35em;top:39.7935em;"><span class="stl_157 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.49em;top:39.7935em;"><span class="stl_157 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.58em;top:39.7935em;"><span class="stl_157 stl_08 stl_72">Total  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.2407em;top:39.7935em;"><span class="stl_155 stl_08 stl_36">33,360  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.95em;top:39.7935em;"><span class="stl_157 stl_08 stl_51">25,034  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:5.8373em;"><span class="stl_162 stl_08 stl_35" style="word-spacing:0.8727em;">13. TRADE</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:9.658em;top:5.8373em;"><span class="stl_162 stl_08 stl_19">RECEIVABLES  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:6.5093em;top:8.5273em;"><span class="stl_154 stl_08 stl_43" style="word-spacing:-0.0164em;">PARENT COMPANY  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.08em;top:8.5273em;"><span class="stl_154 stl_08 stl_36">GROUP  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:6.2324em;top:9.8673em;"><span class="stl_154 stl_08 stl_28">2022  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:10.3704em;top:9.8673em;"><span class="stl_154 stl_08 stl_28">2021  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.5783em;top:9.8673em;"><span class="stl_154 stl_08 stl_67">DKK'000  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.5331em;top:9.8673em;"><span class="stl_154 stl_08 stl_51">2022  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.2505em;top:9.8673em;"><span class="stl_154 stl_08 stl_51">2021  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.3472em;top:12.3035em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.4903em;top:12.3035em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.5794em;top:12.3035em;"><span class="stl_155 stl_08 stl_28" style="word-spacing:-0.008em;">Trade receivables  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.5582em;top:12.3035em;"><span class="stl_155 stl_08 stl_25">2,715  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.2777em;top:12.3035em;"><span class="stl_155 stl_08 stl_78">2,151  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.5782em;top:13.3335em;"><span class="stl_155 stl_08 stl_66" style="word-spacing:0.0007em;">Loss provisions included in the above receivables and  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.3472em;top:14.1335em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.4903em;top:14.1335em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.5794em;top:14.1335em;"><span class="stl_155 stl_08 stl_61" style="word-spacing:-0.0018em;">recognised in “Other external expenses”  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.6476em;top:14.1335em;"><span class="stl_155 stl_08 stl_73">(515)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3634em;top:14.1335em;"><span class="stl_155 stl_08 stl_22">(424)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.35em;top:15.2835em;"><span class="stl_157 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.49em;top:15.2835em;"><span class="stl_157 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.7186em;top:15.2835em;"><span class="stl_157 stl_08 stl_74">Total  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.55em;top:15.2835em;"><span class="stl_157 stl_08 stl_51">2,200  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.27em;top:15.2835em;"><span class="stl_157 stl_08 stl_51">1,727  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:21.5835em;"><span class="stl_155 stl_08 stl_61" style="word-spacing:0em;">Overdue receivables for which provisions have not been made.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:6.51em;top:23.6173em;"><span class="stl_154 stl_08 stl_54" style="word-spacing:-0.0221em;">PARENT COMPANY  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.08em;top:23.6173em;"><span class="stl_154 stl_08 stl_36">GROUP  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:6.2324em;top:24.9573em;"><span class="stl_154 stl_08 stl_28">2022  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:10.3704em;top:24.9573em;"><span class="stl_154 stl_08 stl_28">2021  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.5783em;top:24.9573em;"><span class="stl_154 stl_08 stl_67">DKK'000  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.5331em;top:24.9573em;"><span class="stl_154 stl_08 stl_51">2022  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.2505em;top:24.9573em;"><span class="stl_154 stl_08 stl_51">2021  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.3472em;top:27.3935em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.4903em;top:27.3935em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.5794em;top:27.3935em;"><span class="stl_155 stl_08 stl_19" style="word-spacing:-0.0013em;">Overdue by up to 1 month  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.0294em;top:27.3935em;"><span class="stl_155 stl_08 stl_127">762  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.7458em;top:27.3935em;"><span class="stl_155 stl_08 stl_51">587  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.3472em;top:28.4235em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.4903em;top:28.4235em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.5794em;top:28.4235em;"><span class="stl_155 stl_08 stl_91" style="word-spacing:-0.0021em;">Overdue by 1 to 3 months  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.0238em;top:28.4235em;"><span class="stl_155 stl_08 stl_51">264  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.7439em;top:28.4235em;"><span class="stl_155 stl_08 stl_51">222  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.3472em;top:29.4535em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.4903em;top:29.4535em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.5794em;top:29.4535em;"><span class="stl_155 stl_08 stl_64" style="word-spacing:0.0025em;">Overdue by more than 3 months  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.3432em;top:29.4535em;"><span class="stl_155 stl_08 stl_51">59  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.7445em;top:29.4535em;"><span class="stl_155 stl_08 stl_51">108  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.35em;top:30.6135em;"><span class="stl_157 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.49em;top:30.6135em;"><span class="stl_157 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.58em;top:30.6135em;"><span class="stl_157 stl_08 stl_72">Total  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.5608em;top:30.6135em;"><span class="stl_155 stl_08 stl_25">1,085  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.75em;top:30.6135em;"><span class="stl_157 stl_08 stl_51">917  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:32.7935em;"><span class="stl_155 stl_08 stl_78" style="word-spacing:-0.0003em;">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:6.51em;top:34.8273em;"><span class="stl_154 stl_08 stl_54" style="word-spacing:-0.0221em;">PARENT COMPANY  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.08em;top:34.8273em;"><span class="stl_154 stl_08 stl_36">GROUP  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:6.2324em;top:36.1673em;"><span class="stl_154 stl_08 stl_28">2022  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:10.3704em;top:36.1673em;"><span class="stl_154 stl_08 stl_28">2021  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.5783em;top:36.1673em;"><span class="stl_154 stl_08 stl_67">DKK'000  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.5331em;top:36.1673em;"><span class="stl_154 stl_08 stl_51">2022  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.2505em;top:36.1673em;"><span class="stl_154 stl_08 stl_51">2021  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.3472em;top:38.6035em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.4903em;top:38.6035em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.5794em;top:38.6035em;"><span class="stl_155 stl_08 stl_31">Europe  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.5569em;top:38.6035em;"><span class="stl_155 stl_08 stl_30">1,085  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.7458em;top:38.6035em;"><span class="stl_155 stl_08 stl_51">917  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.35em;top:39.7635em;"><span class="stl_157 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.49em;top:39.7635em;"><span class="stl_157 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.58em;top:39.7635em;"><span class="stl_157 stl_08 stl_72">Total  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.5608em;top:39.7635em;"><span class="stl_155 stl_08 stl_25">1,085  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.75em;top:39.7635em;"><span class="stl_157 stl_08 stl_51">917  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:41.9435em;"><span class="stl_155 stl_08 stl_66" style="word-spacing:-0.0008em;">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  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:42.7335em;"><span class="stl_155 stl_08 stl_78" style="word-spacing:0.0014em;">trade receivables. Based on the low realised losses on receivables historically, adjustments to reflect current and forward-looking information on  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:43.5235em;"><span class="stl_155 stl_08 stl_61" style="word-spacing:0.0008em;">macroeconomic factors affecting the ability of clients to settle the receivable such as GDP and unemployment rates do not increase the risk of losses  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:44.3135em;"><span class="stl_155 stl_08 stl_28">significantly.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:47.9973em;"><span class="stl_162 stl_08 stl_35" style="word-spacing:0.8727em;">13. TRADE</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:9.658em;top:47.9973em;"><span class="stl_162 stl_08 stl_19" style="word-spacing:0.0043em;">RECEIVABLES (CONTINUED)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:50.6435em;"><span class="stl_155 stl_08 stl_91" style="word-spacing:0.0043em;">Provision account for receivables:  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:6.51em;top:52.6773em;"><span class="stl_154 stl_08 stl_54" style="word-spacing:-0.0221em;">PARENT COMPANY  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.08em;top:52.6773em;"><span class="stl_154 stl_08 stl_36">GROUP  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:6.2324em;top:54.0273em;"><span class="stl_154 stl_08 stl_28">2022  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:10.3704em;top:54.0273em;"><span class="stl_154 stl_08 stl_28">2021  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.5783em;top:54.0273em;"><span class="stl_154 stl_08 stl_67">DKK'000  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.5331em;top:54.0273em;"><span class="stl_154 stl_08 stl_51">2022  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.2505em;top:54.0273em;"><span class="stl_154 stl_08 stl_51">2021  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.3472em;top:56.4635em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.4903em;top:56.4635em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.5794em;top:56.4635em;"><span class="stl_155 stl_08 stl_77" style="word-spacing:0.0007em;">Provision account at 1 January  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.0275em;top:56.4635em;"><span class="stl_155 stl_08 stl_127">424  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.7439em;top:56.4635em;"><span class="stl_155 stl_08 stl_51">301  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.3472em;top:57.4935em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.4903em;top:57.4935em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.5794em;top:57.4935em;"><span class="stl_155 stl_08 stl_61" style="word-spacing:0.0003em;">Reversed provisions  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.6489em;top:57.4935em;"><span class="stl_155 stl_08 stl_73">(149)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.3727em;top:57.4935em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.3472em;top:58.5235em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.4903em;top:58.5235em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.5794em;top:58.5235em;"><span class="stl_155 stl_08 stl_20" style="word-spacing:-0.0024em;">Provisions for the year  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.0275em;top:58.5235em;"><span class="stl_155 stl_08 stl_51">249  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.7477em;top:58.5235em;"><span class="stl_155 stl_08 stl_51">125  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.3472em;top:59.5535em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.4903em;top:59.5535em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.5794em;top:59.5535em;"><span class="stl_155 stl_08 stl_91" style="word-spacing:0.0001em;">Translation differences  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.2802em;top:59.5535em;"><span class="stl_155 stl_08 stl_78">(9)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.9965em;top:59.5535em;"><span class="stl_155 stl_08 stl_67">(2)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.35em;top:60.7035em;"><span class="stl_157 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.49em;top:60.7035em;"><span class="stl_157 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.58em;top:60.7035em;"><span class="stl_157 stl_08 stl_91" style="word-spacing:0.0014em;">Provision account at 31 December  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.0331em;top:60.7035em;"><span class="stl_155 stl_08 stl_127">515  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.75em;top:60.7035em;"><span class="stl_157 stl_08 stl_51">424  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:5.8373em;"><span class="stl_162 stl_08 stl_21" style="word-spacing:0.8729em;">14. CASH</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:9.164em;top:5.8373em;"><span class="stl_162 stl_08 stl_20" 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:4.72em;top:8.5754em;"><span class="stl_167 stl_08 stl_110" style="word-spacing:0.032em;">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.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:9.3854em;"><span class="stl_167 stl_08 stl_26" style="word-spacing:-0.0013em;">Bank deposits 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:4.72em;top:12.0973em;"><span class="stl_162 stl_08 stl_31" style="word-spacing:0.873em;">15. SHARE</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:9.638em;top:12.0973em;"><span class="stl_162 stl_08 stl_19">CAPITAL  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:14.7354em;"><span class="stl_167 stl_08 stl_73" style="word-spacing:-0.0008em;">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:4.72em;top:17.0573em;"><span class="stl_154 stl_08 stl_66">‘000  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7217em;top:17.0573em;"><span class="stl_154 stl_08 stl_28">2022  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.4348em;top:17.0573em;"><span class="stl_154 stl_08 stl_51">2021  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:19.4935em;"><span class="stl_155 stl_08 stl_156" style="word-spacing:0.0059em;">Number of shares at 1 January  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.0987em;top:19.4935em;"><span class="stl_155 stl_08 stl_91">249,850  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.8138em;top:19.4935em;"><span class="stl_155 stl_08 stl_25">249,850  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:20.5235em;"><span class="stl_155 stl_08 stl_20" style="word-spacing:-0.0049em;">Cancellation of own shares  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.9686em;top:20.5235em;"><span class="stl_155 stl_08 stl_09">-</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.6875em;top:20.5235em;"><span class="stl_155 stl_08 stl_09">-</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:21.6835em;"><span class="stl_157 stl_08 stl_66" style="word-spacing:-0.001em;">Number of shares at 31 December  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.1em;top:21.6835em;"><span class="stl_157 stl_08 stl_78">249,850  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.82em;top:21.6835em;"><span class="stl_157 stl_08 stl_78">249,850  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:24.0773em;"><span class="stl_154 stl_08 stl_54">DKK’000  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:26.5135em;"><span class="stl_155 stl_08 stl_25" style="word-spacing:-0.0033em;">Share capital at 1 January  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7363em;top:26.5135em;"><span class="stl_155 stl_08 stl_34">4,997  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.4565em;top:26.5135em;"><span class="stl_155 stl_08 stl_30">4,997  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:27.5435em;"><span class="stl_155 stl_08 stl_20" style="word-spacing:-0.0049em;">Cancellation of own shares  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.9686em;top:27.5435em;"><span class="stl_155 stl_08 stl_09">-</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.6875em;top:27.5435em;"><span class="stl_155 stl_08 stl_09">-</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:28.7035em;"><span class="stl_157 stl_08 stl_61" style="word-spacing:0.0005em;">Share capital at 31 December  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.73em;top:28.7035em;"><span class="stl_157 stl_08 stl_51">4,997  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.45em;top:28.7035em;"><span class="stl_157 stl_08 stl_51">4,997  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:5.8373em;"><span class="stl_162 stl_08 stl_30" style="word-spacing:0.8722em;">16. OTHER</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:9.718em;top:5.8373em;"><span class="stl_162 stl_08 stl_24">RESERVES  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:8.4554em;"><span class="stl_167 stl_08 stl_52" style="word-spacing:0.0894em;">The translation reserve comprises all foreign exchange adjustments arising from the translation of the financial statements of entities with other  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:9.2654em;"><span class="stl_167 stl_08 stl_32" style="word-spacing:0.0438em;">functional currencies than DKK and the foreign exchange adjustments of receivables from or payables to subsidiaries which are considered part of  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:10.0754em;"><span class="stl_167 stl_08 stl_18" style="word-spacing:0.0024em;">the parent company’s overall investment in the subsidiary.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:12.7873em;"><span class="stl_162 stl_08 stl_21" style="word-spacing:0.8729em;">17. LEASE</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:9.383em;top:12.7873em;"><span class="stl_162 stl_08 stl_52">LIABILITIES  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:15.4773em;"><span class="stl_154 stl_08 stl_36">GROUP  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:16.5754em;"><span class="stl_167 stl_08 stl_20" style="word-spacing:0.1059em;">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  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:17.3954em;"><span class="stl_167 stl_08 stl_73" style="word-spacing:-0.0428em;">regarding the 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  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:18.2054em;"><span class="stl_167 stl_08 stl_50" style="word-spacing:0.0306em;">in Note 9. Interest expense on lease liabilities is presented in Note 6. The total cash outflow for leases was DKK 956 thousand in 2022. The expense  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:19.0254em;"><span class="stl_167 stl_08 stl_26" style="word-spacing:0.002em;">relating to short-term operating leases for which no lease liability was recognised at the end of the reporting period was DKK 16 thousand. The fixed  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:19.8354em;"><span class="stl_167 stl_08 stl_27" style="word-spacing:-0.0249em;">incremental borrowing rate applied for first time recognition of lease liability was 6%. The total lease obligation was discounted using the incremental  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:20.6454em;"><span class="stl_167 stl_08 stl_28" style="word-spacing:0.0029em;">borrowing rate over the total lease period, which is 67 years.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.6064em;top:22.9673em;"><span class="stl_154 stl_08 stl_26" style="word-spacing:0.0106em;">Minimum lease  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.1106em;top:22.9673em;"><span class="stl_154 stl_08 stl_31" style="word-spacing:0.0053em;">Present value of minimum  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.0171em;top:23.8273em;"><span class="stl_154 stl_08 stl_42" style="word-spacing:-0.0067em;">payments, DKK’000  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.4521em;top:23.8273em;"><span class="stl_154 stl_08 stl_22" style="word-spacing:-0.0022em;">lease payments, DKK‘000  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.2698em;top:25.1673em;"><span class="stl_154 stl_08 stl_51">2022  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.9872em;top:25.1673em;"><span class="stl_154 stl_08 stl_51">2021  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7117em;top:25.1673em;"><span class="stl_154 stl_08 stl_51">2022  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.4362em;top:25.1673em;"><span class="stl_154 stl_08 stl_28">2021  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:27.6135em;"><span class="stl_155 stl_08 stl_25" style="word-spacing:-0.0022em;">Finance lease liabilities fall due as follows:  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:28.6435em;"><span class="stl_155 stl_08 stl_52" style="word-spacing:-0.0021em;">Within 1 year from the balance sheet date  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.7578em;top:28.6435em;"><span class="stl_155 stl_08 stl_127">867  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.008em;top:28.6435em;"><span class="stl_155 stl_08 stl_78">1,002  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.2032em;top:28.6435em;"><span class="stl_155 stl_08 stl_51">818  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.9233em;top:28.6435em;"><span class="stl_155 stl_08 stl_51">943  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:29.6635em;"><span class="stl_155 stl_08 stl_61" style="word-spacing:0.0004em;">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:29.2853em;top:29.6635em;"><span class="stl_155 stl_08 stl_25">3,473  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.0048em;top:29.6635em;"><span class="stl_155 stl_08 stl_25">4,152  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7306em;top:29.6635em;"><span class="stl_155 stl_08 stl_30">2,843  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.4533em;top:29.6635em;"><span class="stl_155 stl_08 stl_78">3,401  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:30.6935em;"><span class="stl_155 stl_08 stl_127" style="word-spacing:0.0015em;">More than 5 years from the balance sheet date  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.9653em;top:30.6935em;"><span class="stl_155 stl_08 stl_36">52,619  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.6829em;top:30.6935em;"><span class="stl_155 stl_08 stl_36">64,061  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.4131em;top:30.6935em;"><span class="stl_155 stl_08 stl_36">10,285  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.1307em;top:30.6935em;"><span class="stl_155 stl_08 stl_36">12,343  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:31.8535em;"><span class="stl_157 stl_08 stl_91" style="word-spacing:0.0058em;">At 31 December  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.96em;top:31.8535em;"><span class="stl_157 stl_08 stl_51">56,959  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.68em;top:31.8535em;"><span class="stl_157 stl_08 stl_51">69,215  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.41em;top:31.8535em;"><span class="stl_157 stl_08 stl_51">13,946  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.13em;top:31.8535em;"><span class="stl_157 stl_08 stl_51">16,687  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.67em;top:36.3073em;"><span class="stl_154 stl_08 stl_09" style="word-spacing:-0.0007em;">Present value  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.9412em;top:37.1673em;"><span class="stl_154 stl_08 stl_132" style="word-spacing:-0.0079em;">Fixed or  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.6657em;top:37.1673em;"><span class="stl_154 stl_08 stl_46" style="word-spacing:0.011em;">of minimum  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.9412em;top:38.0273em;"><span class="stl_154 stl_08 stl_21">floating  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.6679em;top:38.0273em;"><span class="stl_154 stl_08 stl_26">lease  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.0176em;top:38.0273em;"><span class="stl_154 stl_08 stl_17" style="word-spacing:-0.0037em;">Fair value  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:38.9073em;"><span class="stl_154 stl_08 stl_51">2022  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.8992em;top:38.9073em;"><span class="stl_154 stl_08 stl_30" style="word-spacing:0.0522em;">Expiry interest rate</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.650em;top:38.9073em;"><span class="stl_154 stl_08 stl_67" style="word-spacing:-0.0068em;">payments, DKK‘000</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.897em;top:38.9073em;"><span class="stl_154 stl_08 stl_51">DKK‘000  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:41.3435em;"><span class="stl_155 stl_08 stl_50" style="word-spacing:-0.0021em;">Lease liability, right of use investment property  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.4365em;top:41.3435em;"><span class="stl_155 stl_08 stl_28">2089  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.0811em;top:41.3435em;"><span class="stl_155 stl_08 stl_77">Fixed  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.4125em;top:41.3435em;"><span class="stl_155 stl_08 stl_34">13,825  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.1295em;top:41.3435em;"><span class="stl_155 stl_08 stl_36">13,824  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:42.3735em;"><span class="stl_155 stl_08 stl_90" style="word-spacing:-0.0004em;">Lease liability, right of use plant and machinery  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.4378em;top:42.3735em;"><span class="stl_155 stl_08 stl_28">2025  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.383em;top:42.3735em;"><span class="stl_155 stl_08 stl_77">Floating  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.2038em;top:42.3735em;"><span class="stl_155 stl_08 stl_51">121  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.9239em;top:42.3735em;"><span class="stl_155 stl_08 stl_127">121  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:43.5235em;"><span class="stl_157 stl_08 stl_72">Total  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.41em;top:43.5235em;"><span class="stl_157 stl_08 stl_51">13,946  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.13em;top:43.5235em;"><span class="stl_157 stl_08 stl_51">13,946  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.67em;top:45.9173em;"><span class="stl_154 stl_08 stl_09" style="word-spacing:-0.0007em;">Present value  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.9412em;top:46.7773em;"><span class="stl_154 stl_08 stl_132" style="word-spacing:-0.0079em;">Fixed or  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.6657em;top:46.7773em;"><span class="stl_154 stl_08 stl_46" style="word-spacing:0.011em;">of minimum  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.9412em;top:47.6473em;"><span class="stl_154 stl_08 stl_21">floating  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.6679em;top:47.6473em;"><span class="stl_154 stl_08 stl_26">lease  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.0176em;top:47.6473em;"><span class="stl_154 stl_08 stl_17" style="word-spacing:-0.0037em;">Fair value  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:48.5173em;"><span class="stl_154 stl_08 stl_51">2021  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.8992em;top:48.5173em;"><span class="stl_154 stl_08 stl_30" style="word-spacing:0.0522em;">Expiry interest rate</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.650em;top:48.5173em;"><span class="stl_154 stl_08 stl_67" style="word-spacing:-0.0068em;">payments, DKK‘000</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.897em;top:48.5173em;"><span class="stl_154 stl_08 stl_51">DKK‘000  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:50.9535em;"><span class="stl_155 stl_08 stl_50" style="word-spacing:-0.0021em;">Lease liability, right of use investment property  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.4365em;top:50.9535em;"><span class="stl_155 stl_08 stl_28">2089  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.0811em;top:50.9535em;"><span class="stl_155 stl_08 stl_77">Fixed  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.4125em;top:50.9535em;"><span class="stl_155 stl_08 stl_34">16,522  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.1295em;top:50.9535em;"><span class="stl_155 stl_08 stl_36">16,522  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:51.9835em;"><span class="stl_155 stl_08 stl_90" style="word-spacing:-0.0004em;">Lease liability, right of use plant and machinery  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.4378em;top:51.9835em;"><span class="stl_155 stl_08 stl_28">2025  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.383em;top:51.9835em;"><span class="stl_155 stl_08 stl_77">Floating  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.2038em;top:51.9835em;"><span class="stl_155 stl_08 stl_51">165  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.9239em;top:51.9835em;"><span class="stl_155 stl_08 stl_127">165  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:53.1435em;"><span class="stl_157 stl_08 stl_72">Total  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.41em;top:53.1435em;"><span class="stl_157 stl_08 stl_51">16,687  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.13em;top:53.1435em;"><span class="stl_157 stl_08 stl_51">16,687  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:5.8373em;"><span class="stl_162 stl_08 stl_26" style="word-spacing:0.8744em;">18. CHANGES</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:10.792em;top:5.8373em;"><span class="stl_162 stl_08 stl_26" style="word-spacing:-0.0001em;">IN LIABILITIES ARISING FROM FINANCING ACTIVITIES  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:8.5273em;"><span class="stl_154 stl_08 stl_36">GROUP  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:9.8673em;"><span class="stl_154 stl_08 stl_51">2022  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.1267em;top:9.8673em;"><span class="stl_154 stl_08 stl_14" style="word-spacing:-0.0072em;">Cash flow  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.8547em;top:9.8673em;"><span class="stl_154 stl_08 stl_42" style="word-spacing:-0.0005em;">Cash flow  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.4067em;top:9.8673em;"><span class="stl_154 stl_08 stl_17">Non-cash  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:18.3525em;top:10.7273em;"><span class="stl_154 stl_08 stl_31">Beginning  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.2857em;top:10.7273em;"><span class="stl_154 stl_08 stl_60">Proceeds  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.3279em;top:10.7273em;"><span class="stl_154 stl_08 stl_47">Repayment  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.6779em;top:10.7273em;"><span class="stl_154 stl_08 stl_17">Non-cash  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.3811em;top:10.7273em;"><span class="stl_154 stl_08 stl_80">Exchange  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:11.6073em;"><span class="stl_154 stl_08 stl_54">DKK’000  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:19.196em;top:11.6073em;"><span class="stl_154 stl_08 stl_191" style="word-spacing:-0.0078em;">of year  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.8136em;top:11.6073em;"><span class="stl_154 stl_08 stl_51" style="word-spacing:0.0011em;">from loans  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.3759em;top:11.6073em;"><span class="stl_154 stl_08 stl_137" style="word-spacing:0.0159em;">of loans  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.7139em;top:11.6073em;"><span class="stl_154 stl_08 stl_118">Other  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.7812em;top:11.6073em;"><span class="stl_154 stl_08 stl_54" style="word-spacing:-0.0002em;">rate adjust.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.5504em;top:11.6073em;"><span class="stl_154 stl_08 stl_33" style="word-spacing:-0.0017em;">End of year  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:14.0335em;"><span class="stl_155 stl_08 stl_64" style="word-spacing:0.0012em;">Lease liabilities  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:20.3093em;top:14.0335em;"><span class="stl_155 stl_08 stl_51">172  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.6595em;top:14.0335em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.698em;top:14.0335em;"><span class="stl_155 stl_08 stl_63">(32)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.4137em;top:14.0335em;"><span class="stl_155 stl_08 stl_40">(22)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.8357em;top:14.0335em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.9284em;top:14.0335em;"><span class="stl_155 stl_08 stl_127">118  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:15.0635em;"><span class="stl_155 stl_08 stl_61" style="word-spacing:0.0061em;">Bank loans  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:20.3106em;top:15.0635em;"><span class="stl_155 stl_08 stl_51">976  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.6608em;top:15.0635em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.386em;top:15.0635em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.7999em;top:15.0635em;"><span class="stl_155 stl_08 stl_158">57  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.8401em;top:15.0635em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.4565em;top:15.0635em;"><span class="stl_155 stl_08 stl_30">1,033  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:16.2235em;"><span class="stl_157 stl_08 stl_127" style="word-spacing:0.0159em;">Total financial liabilities  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:19.828em;top:16.2235em;"><span class="stl_157 stl_08 stl_25">1,148  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.6551em;top:16.2235em;"><span class="stl_157 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.6847em;top:16.2235em;"><span class="stl_157 stl_08 stl_46">(32)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.7942em;top:16.2235em;"><span class="stl_157 stl_08 stl_51">35  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.8319em;top:16.2235em;"><span class="stl_157 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.4458em;top:16.2235em;"><span class="stl_157 stl_08 stl_25">1,151  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:19.6273em;"><span class="stl_154 stl_08 stl_51">2021  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.1267em;top:19.6273em;"><span class="stl_154 stl_08 stl_14" style="word-spacing:-0.0072em;">Cash flow  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.8547em;top:19.6273em;"><span class="stl_154 stl_08 stl_42" style="word-spacing:-0.0005em;">Cash flow  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.4067em;top:19.6273em;"><span class="stl_154 stl_08 stl_17">Non-cash  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:18.3525em;top:20.4873em;"><span class="stl_154 stl_08 stl_31">Beginning  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.2857em;top:20.4873em;"><span class="stl_154 stl_08 stl_60">Proceeds  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.3279em;top:20.4873em;"><span class="stl_154 stl_08 stl_47">Repayment  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.6779em;top:20.4873em;"><span class="stl_154 stl_08 stl_17">Non-cash  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.3811em;top:20.4873em;"><span class="stl_154 stl_08 stl_80">Exchange  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:21.3673em;"><span class="stl_154 stl_08 stl_54">DKK’000  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:19.196em;top:21.3673em;"><span class="stl_154 stl_08 stl_191" style="word-spacing:-0.0078em;">of year  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.8136em;top:21.3673em;"><span class="stl_154 stl_08 stl_51" style="word-spacing:0.0011em;">from loans  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.3759em;top:21.3673em;"><span class="stl_154 stl_08 stl_137" style="word-spacing:0.0159em;">of loans  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.7139em;top:21.3673em;"><span class="stl_154 stl_08 stl_118">Other  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.7812em;top:21.3673em;"><span class="stl_154 stl_08 stl_54" style="word-spacing:-0.0002em;">rate adjust.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.5504em;top:21.3673em;"><span class="stl_154 stl_08 stl_33" style="word-spacing:-0.0017em;">End of year  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:23.8035em;"><span class="stl_155 stl_08 stl_64" style="word-spacing:0.0012em;">Lease liabilities  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:20.6307em;top:23.8035em;"><span class="stl_155 stl_08 stl_158">55  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.6583em;top:23.8035em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.7005em;top:23.8035em;"><span class="stl_155 stl_08 stl_27">(40)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.4755em;top:23.8035em;"><span class="stl_155 stl_08 stl_51">157  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.84em;top:23.8035em;"><span class="stl_157 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.93em;top:23.8035em;"><span class="stl_157 stl_08 stl_51">172  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:24.8335em;"><span class="stl_155 stl_08 stl_61" style="word-spacing:0.0061em;">Bank loans  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:20.9406em;top:24.8335em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.027em;top:24.8335em;"><span class="stl_155 stl_08 stl_51">950  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.39em;top:24.8335em;"><span class="stl_157 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.7989em;top:24.8335em;"><span class="stl_155 stl_08 stl_51">26  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.84em;top:24.8335em;"><span class="stl_157 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.93em;top:24.8335em;"><span class="stl_157 stl_08 stl_51">976  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:25.9935em;"><span class="stl_157 stl_08 stl_127" style="word-spacing:0.0159em;">Total financial liabilities  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:20.6281em;top:25.9935em;"><span class="stl_157 stl_08 stl_158">55  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.0257em;top:25.9935em;"><span class="stl_157 stl_08 stl_51">950  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.6829em;top:25.9935em;"><span class="stl_157 stl_08 stl_90">(40)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.4755em;top:25.9935em;"><span class="stl_157 stl_08 stl_51">183  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.8319em;top:25.9935em;"><span class="stl_157 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.4395em;top:25.9935em;"><span class="stl_157 stl_08 stl_51">1,148  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:29.3173em;"><span class="stl_154 stl_08 stl_54" style="word-spacing:-0.0221em;">PARENT COMPANY  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:30.6573em;"><span class="stl_154 stl_08 stl_51">2022  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.1267em;top:30.6573em;"><span class="stl_154 stl_08 stl_14" style="word-spacing:-0.0072em;">Cash flow  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.8547em;top:30.6573em;"><span class="stl_154 stl_08 stl_42" style="word-spacing:-0.0005em;">Cash flow  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.4067em;top:30.6573em;"><span class="stl_154 stl_08 stl_17">Non-cash  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:18.3525em;top:31.5173em;"><span class="stl_154 stl_08 stl_31">Beginning  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.2857em;top:31.5173em;"><span class="stl_154 stl_08 stl_60">Proceeds  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.3279em;top:31.5173em;"><span class="stl_154 stl_08 stl_47">Repayment  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.6779em;top:31.5173em;"><span class="stl_154 stl_08 stl_17">Non-cash  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.3811em;top:31.5173em;"><span class="stl_154 stl_08 stl_80">Exchange  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:32.3873em;"><span class="stl_154 stl_08 stl_54">DKK’000  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:19.196em;top:32.3873em;"><span class="stl_154 stl_08 stl_191" style="word-spacing:-0.0078em;">of year  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.8136em;top:32.3873em;"><span class="stl_154 stl_08 stl_51" style="word-spacing:0.0011em;">from loans  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.3759em;top:32.3873em;"><span class="stl_154 stl_08 stl_137" style="word-spacing:0.0159em;">of loans  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.7139em;top:32.3873em;"><span class="stl_154 stl_08 stl_118">Other  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.7812em;top:32.3873em;"><span class="stl_154 stl_08 stl_54" style="word-spacing:-0.0002em;">rate adjust.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.5504em;top:32.3873em;"><span class="stl_154 stl_08 stl_33" style="word-spacing:-0.0017em;">End of year  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:34.8235em;"><span class="stl_155 stl_08 stl_91" style="word-spacing:-0.0009em;">Loans from subsidiaries  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:19.5212em;top:34.8235em;"><span class="stl_155 stl_08 stl_52">27,367  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.5563em;top:34.8235em;"><span class="stl_155 stl_08 stl_34">2,536  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.3853em;top:34.8235em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.0055em;top:34.8235em;"><span class="stl_155 stl_08 stl_30">1,146  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.8226em;top:34.8235em;"><span class="stl_155 stl_08 stl_62">(490)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.1333em;top:34.8235em;"><span class="stl_155 stl_08 stl_36">30,559  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:35.8535em;"><span class="stl_155 stl_08 stl_61" style="word-spacing:0.0061em;">Bank loans  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:20.3106em;top:35.8535em;"><span class="stl_155 stl_08 stl_51">976  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.6608em;top:35.8535em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.386em;top:35.8535em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.7999em;top:35.8535em;"><span class="stl_155 stl_08 stl_158">57  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.8401em;top:35.8535em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.4565em;top:35.8535em;"><span class="stl_155 stl_08 stl_30">1,033  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:37.0135em;"><span class="stl_157 stl_08 stl_45">Loans  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:19.5086em;top:37.0135em;"><span class="stl_157 stl_08 stl_51">28,343  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.5494em;top:37.0135em;"><span class="stl_157 stl_08 stl_25">2,536  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.3828em;top:37.0135em;"><span class="stl_157 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.9966em;top:37.0135em;"><span class="stl_157 stl_08 stl_25">1,203  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.8157em;top:37.0135em;"><span class="stl_157 stl_08 stl_25">(490)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.1207em;top:37.0135em;"><span class="stl_157 stl_08 stl_51">31,592  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:40.4173em;"><span class="stl_154 stl_08 stl_51">2021  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.1267em;top:40.4173em;"><span class="stl_154 stl_08 stl_14" style="word-spacing:-0.0072em;">Cash flow  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.8547em;top:40.4173em;"><span class="stl_154 stl_08 stl_42" style="word-spacing:-0.0005em;">Cash flow  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.4067em;top:40.4173em;"><span class="stl_154 stl_08 stl_17">Non-cash  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:18.3525em;top:41.2773em;"><span class="stl_154 stl_08 stl_31">Beginning  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.2857em;top:41.2773em;"><span class="stl_154 stl_08 stl_60">Proceeds  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.3279em;top:41.2773em;"><span class="stl_154 stl_08 stl_47">Repayment  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.6779em;top:41.2773em;"><span class="stl_154 stl_08 stl_17">Non-cash  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.3811em;top:41.2773em;"><span class="stl_154 stl_08 stl_80">Exchange  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:42.1573em;"><span class="stl_154 stl_08 stl_54">DKK’000  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:19.196em;top:42.1573em;"><span class="stl_154 stl_08 stl_191" style="word-spacing:-0.0078em;">of year  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.8136em;top:42.1573em;"><span class="stl_154 stl_08 stl_51" style="word-spacing:0.0011em;">from loans  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.3759em;top:42.1573em;"><span class="stl_154 stl_08 stl_137" style="word-spacing:0.0159em;">of loans  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.7139em;top:42.1573em;"><span class="stl_154 stl_08 stl_118">Other  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.7812em;top:42.1573em;"><span class="stl_154 stl_08 stl_54" style="word-spacing:-0.0002em;">rate adjust.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.5504em;top:42.1573em;"><span class="stl_154 stl_08 stl_33" style="word-spacing:-0.0017em;">End of year  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:44.5935em;"><span class="stl_155 stl_08 stl_91" style="word-spacing:-0.0009em;">Loans from subsidiaries  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:19.5212em;top:44.5935em;"><span class="stl_155 stl_08 stl_52">25,715  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.0289em;top:44.5935em;"><span class="stl_155 stl_08 stl_51">797  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.39em;top:44.5935em;"><span class="stl_157 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.0113em;top:44.5935em;"><span class="stl_155 stl_08 stl_25">1,082  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.8317em;top:44.5935em;"><span class="stl_155 stl_08 stl_109">(</span><span class="stl_157 stl_08 stl_192">227)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.13em;top:44.5935em;"><span class="stl_157 stl_08 stl_51">27,367  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:45.6135em;"><span class="stl_155 stl_08 stl_61" style="word-spacing:0.0061em;">Bank loans  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:20.9406em;top:45.6135em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.027em;top:45.6135em;"><span class="stl_155 stl_08 stl_51">950  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.39em;top:45.6135em;"><span class="stl_157 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.7989em;top:45.6135em;"><span class="stl_155 stl_08 stl_51">26  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.84em;top:45.6135em;"><span class="stl_157 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.93em;top:45.6135em;"><span class="stl_157 stl_08 stl_51">976  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:46.7735em;"><span class="stl_157 stl_08 stl_45">Loans  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:19.5086em;top:46.7735em;"><span class="stl_157 stl_08 stl_51">25,715  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.5494em;top:46.7735em;"><span class="stl_157 stl_08 stl_25">1,747  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.3828em;top:46.7735em;"><span class="stl_157 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.9966em;top:46.7735em;"><span class="stl_157 stl_08 stl_25">1,108  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.8157em;top:46.7735em;"><span class="stl_157 stl_08 stl_25">(227)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.1207em;top:46.7735em;"><span class="stl_157 stl_08 stl_51">28,343  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:50.9073em;"><span class="stl_162 stl_08 stl_35" style="word-spacing:0.8727em;">19. TRADE</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:9.664em;top:50.9073em;"><span class="stl_162 stl_08 stl_18">PAYABLES  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:6.51em;top:53.5273em;"><span class="stl_154 stl_08 stl_54" style="word-spacing:-0.0221em;">PARENT COMPANY  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.08em;top:53.5273em;"><span class="stl_154 stl_08 stl_36">GROUP  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:6.2324em;top:54.8673em;"><span class="stl_154 stl_08 stl_28">2022  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:10.3704em;top:54.8673em;"><span class="stl_154 stl_08 stl_28">2021  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.5783em;top:54.8673em;"><span class="stl_154 stl_08 stl_67">DKK'000  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.5331em;top:54.8673em;"><span class="stl_154 stl_08 stl_51">2022  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.2505em;top:54.8673em;"><span class="stl_154 stl_08 stl_51">2021  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.5782em;top:57.3135em;"><span class="stl_155 stl_08 stl_28" style="word-spacing:-0.0029em;">Amounts owed to suppliers for goods  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:6.7172em;top:58.1035em;"><span class="stl_155 stl_08 stl_51">287  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:10.8577em;top:58.1035em;"><span class="stl_155 stl_08 stl_51">244  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.5807em;top:58.1035em;"><span class="stl_155 stl_08 stl_77" style="word-spacing:0.0045em;">and services delivered  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.5538em;top:58.1035em;"><span class="stl_155 stl_08 stl_34">1,715  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.2739em;top:58.1035em;"><span class="stl_155 stl_08 stl_30">1,447  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:6.72em;top:59.2635em;"><span class="stl_157 stl_08 stl_51">287  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:10.86em;top:59.2635em;"><span class="stl_157 stl_08 stl_51">244  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.58em;top:59.2635em;"><span class="stl_157 stl_08 stl_72">Total  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.55em;top:59.2635em;"><span class="stl_157 stl_08 stl_51">1,715  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.27em;top:59.2635em;"><span class="stl_157 stl_08 stl_51">1,447  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:61.4435em;"><span class="stl_155 stl_08 stl_66" style="word-spacing:-0.0001em;">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:4.72em;top:5.8273em;"><span class="stl_162 stl_08 stl_30" style="word-spacing:0.8722em;">20. OTHER</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:9.718em;top:5.8273em;"><span class="stl_162 stl_08 stl_25">PAYABLES  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:6.51em;top:8.4573em;"><span class="stl_154 stl_08 stl_54" style="word-spacing:-0.0221em;">PARENT COMPANY  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.08em;top:8.4573em;"><span class="stl_154 stl_08 stl_36">GROUP  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:6.2324em;top:9.7973em;"><span class="stl_154 stl_08 stl_28">2022  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:10.3704em;top:9.7973em;"><span class="stl_154 stl_08 stl_28">2021  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.5783em;top:9.7973em;"><span class="stl_154 stl_08 stl_67">DKK'000  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.5331em;top:9.7973em;"><span class="stl_154 stl_08 stl_51">2022  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.2505em;top:9.7973em;"><span class="stl_154 stl_08 stl_51">2021  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:6.7172em;top:12.2335em;"><span class="stl_155 stl_08 stl_51">901  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:10.8577em;top:12.2335em;"><span class="stl_155 stl_08 stl_51">756  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.5807em;top:12.2335em;"><span class="stl_155 stl_08 stl_78" style="word-spacing:0.0024em;">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:37.55em;top:12.2335em;"><span class="stl_155 stl_08 stl_34">1,587  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.2701em;top:12.2335em;"><span class="stl_155 stl_08 stl_34">1,356  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.3472em;top:13.2635em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.4903em;top:13.2635em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.5794em;top:13.2635em;"><span class="stl_155 stl_08 stl_64" style="word-spacing:0.0065em;">Holiday pay obligation etc.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.0269em;top:13.2635em;"><span class="stl_155 stl_08 stl_51">230  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.7471em;top:13.2635em;"><span class="stl_155 stl_08 stl_127">100  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.3472em;top:14.2935em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.4903em;top:14.2935em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.5794em;top:14.2935em;"><span class="stl_155 stl_08 stl_109" style="word-spacing:0.009em;">VAT and other indirect taxes payable  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.1757em;top:14.2935em;"><span class="stl_155 stl_08 stl_46">(1,754)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3672em;top:14.2935em;"><span class="stl_155 stl_08 stl_73">(160)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.3472em;top:15.3235em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.4903em;top:15.3235em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.5794em;top:15.3235em;"><span class="stl_155 stl_08 stl_78" style="word-spacing:0.0002em;">Cost provisions and other payables  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.0275em;top:15.3235em;"><span class="stl_155 stl_08 stl_127">373  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.2777em;top:15.3235em;"><span class="stl_155 stl_08 stl_78">1,208  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:6.7172em;top:16.4835em;"><span class="stl_155 stl_08 stl_51">901  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:10.86em;top:16.4835em;"><span class="stl_157 stl_08 stl_51">756  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.58em;top:16.4835em;"><span class="stl_157 stl_08 stl_72">Total  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.0282em;top:16.4835em;"><span class="stl_155 stl_08 stl_51">436  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.27em;top:16.4835em;"><span class="stl_157 stl_08 stl_51">2,504  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:18.6354em;"><span class="stl_167 stl_08 stl_26" style="word-spacing:0.0019em;">The carrying amount of payables in respect of payroll, Board of Directors fees, tax deducted at source, social security contributions, holiday pay etc.,  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:19.4454em;"><span class="stl_167 stl_08 stl_50" style="word-spacing:0.0275em;">VAT and other indirect taxes and other payables corresponds to the fair value of these liabilities. Holiday pay obligations etc. represent the Group’s  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:20.2554em;"><span class="stl_167 stl_08 stl_91" style="word-spacing:0.062em;">obligation to pay wages and salaries during holidays in the next financial year, to which the employees have earned entitlement as at the balance  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:21.0754em;"><span class="stl_167 stl_08 stl_26" style="word-spacing:-0.0022em;">sheet date. All items under other payables are expected to be settled within one year.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:24.8273em;"><span class="stl_162 stl_08 stl_31" style="word-spacing:0.8696em;">21. CHANGE</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:10.365em;top:24.8273em;"><span class="stl_162 stl_08 stl_90" style="word-spacing:0.006em;">IN NET WORKING CAPITAL  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:6.51em;top:27.4473em;"><span class="stl_154 stl_08 stl_54" style="word-spacing:-0.0221em;">PARENT COMPANY  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.08em;top:27.4473em;"><span class="stl_154 stl_08 stl_36">GROUP  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:6.2324em;top:28.7973em;"><span class="stl_154 stl_08 stl_28">2022  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:10.3704em;top:28.7973em;"><span class="stl_154 stl_08 stl_28">2021  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.5783em;top:28.7973em;"><span class="stl_154 stl_08 stl_67">DKK'000  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.5331em;top:28.7973em;"><span class="stl_154 stl_08 stl_51">2022  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.2505em;top:28.7973em;"><span class="stl_154 stl_08 stl_51">2021  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.3472em;top:31.2335em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.4903em;top:31.2335em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.5794em;top:31.2335em;"><span class="stl_155 stl_08 stl_110" style="word-spacing:0.0007em;">Change in receivables  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.6438em;top:31.2335em;"><span class="stl_155 stl_08 stl_62">(688)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.6853em;top:31.2335em;"><span class="stl_155 stl_08 stl_63">(85)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.3472em;top:32.2635em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.4903em;top:32.2635em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.5794em;top:32.2635em;"><span class="stl_155 stl_08 stl_109" style="word-spacing:0.0063em;">Change in inventories (work in progress)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.1776em;top:32.2635em;"><span class="stl_155 stl_08 stl_28">(3,946)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.8921em;top:32.2635em;"><span class="stl_155 stl_08 stl_21">(3,090)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:6.7172em;top:33.2935em;"><span class="stl_155 stl_08 stl_51">320  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:10.801em;top:33.2935em;"><span class="stl_155 stl_08 stl_27">(11)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.5788em;top:33.2935em;"><span class="stl_155 stl_08 stl_138" style="word-spacing:0.0048em;">Change in trade payables and other payables  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.1757em;top:33.2935em;"><span class="stl_155 stl_08 stl_18">(1,800)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3634em;top:33.2935em;"><span class="stl_155 stl_08 stl_22">(182)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:6.72em;top:34.4535em;"><span class="stl_157 stl_08 stl_51">320  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:10.79em;top:34.4535em;"><span class="stl_157 stl_08 stl_90">(11)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.58em;top:34.4535em;"><span class="stl_157 stl_08 stl_72">Total  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.16em;top:34.4535em;"><span class="stl_157 stl_08 stl_20">(6,434)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.88em;top:34.4535em;"><span class="stl_157 stl_08 stl_20">(3,357)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:38.2473em;"><span class="stl_162 stl_08 stl_26" style="word-spacing:0.8745em;">22. GUARANTEES</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:12.303em;top:38.2473em;"><span class="stl_162 stl_08 stl_19" style="word-spacing:0.0017em;">AND CONTINGENT LIABILITIES  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:39.8454em;"><span class="stl_167 stl_08 stl_90" style="word-spacing:0.0034em;">No guarantees or sureties have been issued to third parties.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:43.5773em;"><span class="stl_162 stl_08 stl_30" style="word-spacing:0.8722em;">23. OTHER</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:9.718em;top:43.5773em;"><span class="stl_162 stl_08 stl_46" style="word-spacing:-0.0056em;">CONTRACTUAL COMMITMENTS  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:45.1654em;"><span class="stl_167 stl_08 stl_73" style="word-spacing:-0.0023em;">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:4.72em;top:5.8373em;"><span class="stl_162 stl_08 stl_26" style="word-spacing:0.8746em;">24. FINANCIAL</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.202em;top:5.8373em;"><span class="stl_162 stl_08 stl_45" style="word-spacing:0.0005em;">RISKS AND FINANCIAL INSTRUMENTS  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:6.51em;top:8.5273em;"><span class="stl_154 stl_08 stl_54" style="word-spacing:-0.0221em;">PARENT COMPANY  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.08em;top:8.5273em;"><span class="stl_154 stl_08 stl_36">GROUP  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:6.2324em;top:9.8673em;"><span class="stl_154 stl_08 stl_28">2022  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:10.3704em;top:9.8673em;"><span class="stl_154 stl_08 stl_28">2021  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.5783em;top:9.8673em;"><span class="stl_154 stl_08 stl_67">DKK'000  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.5331em;top:9.8673em;"><span class="stl_154 stl_08 stl_51">2022  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.2505em;top:9.8673em;"><span class="stl_154 stl_08 stl_51">2021  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.3472em;top:12.3035em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.4903em;top:12.3035em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.5794em;top:12.3035em;"><span class="stl_155 stl_08 stl_28" style="word-spacing:-0.008em;">Trade receivables  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.5582em;top:12.3035em;"><span class="stl_155 stl_08 stl_25">2,200  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.2777em;top:12.3035em;"><span class="stl_155 stl_08 stl_78">1,727  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:6.251em;top:13.3335em;"><span class="stl_155 stl_08 stl_25">1,341  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:10.3909em;top:13.3335em;"><span class="stl_155 stl_08 stl_78">1,312  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.5763em;top:13.3335em;"><span class="stl_155 stl_08 stl_52" style="word-spacing:0.0006em;">Intra-group receivables  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.6532em;top:13.3335em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.3758em;top:13.3335em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.3472em;top:14.3635em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.4903em;top:14.3635em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.5794em;top:14.3635em;"><span class="stl_155 stl_08 stl_78" style="word-spacing:0.0033em;">Other receivables, current  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.0238em;top:14.3635em;"><span class="stl_155 stl_08 stl_51">472  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.7439em;top:14.3635em;"><span class="stl_155 stl_08 stl_51">257  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.3472em;top:15.3935em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.4903em;top:15.3935em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.5794em;top:15.3935em;"><span class="stl_155 stl_08 stl_61" style="word-spacing:0.0032em;">Other receivables, non-current  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.025em;top:15.3935em;"><span class="stl_155 stl_08 stl_51">366  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.7452em;top:15.3935em;"><span class="stl_155 stl_08 stl_51">273  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:6.7172em;top:16.4235em;"><span class="stl_155 stl_08 stl_51">307  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:10.8577em;top:16.4235em;"><span class="stl_155 stl_08 stl_51">206  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.5807em;top:16.4235em;"><span class="stl_155 stl_08 stl_91" style="word-spacing:-0.0012em;">Cash and cash equivalents  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.5582em;top:16.4235em;"><span class="stl_155 stl_08 stl_78">7,139  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9532em;top:16.4235em;"><span class="stl_155 stl_08 stl_36">16,204  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:6.251em;top:17.5835em;"><span class="stl_155 stl_08 stl_25">1,648  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:10.38em;top:17.5835em;"><span class="stl_157 stl_08 stl_51">1,518  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.58em;top:17.5835em;"><span class="stl_157 stl_08 stl_91" style="word-spacing:-0.0007em;">Loans, advances and receivables  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.23em;top:17.5835em;"><span class="stl_157 stl_08 stl_51">10,177  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.95em;top:17.5835em;"><span class="stl_157 stl_08 stl_51">18,461  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:5.9296em;top:19.7635em;"><span class="stl_155 stl_08 stl_36">30,635  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:10.0677em;top:19.7635em;"><span class="stl_155 stl_08 stl_36">27,366  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.5756em;top:19.7635em;"><span class="stl_155 stl_08 stl_90" style="word-spacing:-0.0009em;">Debt to subsidiaries  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.6563em;top:19.7635em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.3727em;top:19.7635em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.3472em;top:20.7935em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.4903em;top:20.7935em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.5794em;top:20.7935em;"><span class="stl_155 stl_08 stl_19" style="word-spacing:-0.0043em;">Finance lease liabilities, current  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.0244em;top:20.7935em;"><span class="stl_155 stl_08 stl_51">815  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.7445em;top:20.7935em;"><span class="stl_155 stl_08 stl_51">943  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.3472em;top:21.8235em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.4903em;top:21.8235em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.5794em;top:21.8235em;"><span class="stl_155 stl_08 stl_27" style="word-spacing:-0.0042em;">Finance lease liabilities, non-current  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.2381em;top:21.8235em;"><span class="stl_155 stl_08 stl_52">13,128  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.952em;top:21.8235em;"><span class="stl_155 stl_08 stl_36">15,751  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:6.251em;top:22.8535em;"><span class="stl_155 stl_08 stl_25">1,033  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:10.8571em;top:22.8535em;"><span class="stl_155 stl_08 stl_51">976  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.58em;top:22.8535em;"><span class="stl_155 stl_08 stl_70" style="word-spacing:0.0075em;">Bank loans  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.5594em;top:22.8535em;"><span class="stl_155 stl_08 stl_78">1,033  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.7483em;top:22.8535em;"><span class="stl_155 stl_08 stl_127">976  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.3472em;top:23.8835em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.4903em;top:23.8835em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.5794em;top:23.8835em;"><span class="stl_155 stl_08 stl_64" style="word-spacing:0.0008em;">Other non-current liabilities  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.5556em;top:23.8835em;"><span class="stl_155 stl_08 stl_25">3,263  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.2752em;top:23.8835em;"><span class="stl_155 stl_08 stl_78">2,173  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:6.7172em;top:24.9035em;"><span class="stl_155 stl_08 stl_51">287  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:10.8577em;top:24.9035em;"><span class="stl_155 stl_08 stl_51">244  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.5807em;top:24.9035em;"><span class="stl_155 stl_08 stl_77" style="word-spacing:-0.0002em;">Trade payables  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.5563em;top:24.9035em;"><span class="stl_155 stl_08 stl_30">1,715  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.279em;top:24.9035em;"><span class="stl_155 stl_08 stl_78">1,447  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.3472em;top:25.9335em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.4903em;top:25.9335em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.5794em;top:25.9335em;"><span class="stl_155 stl_08 stl_32" style="word-spacing:-0.0116em;">Income tax payable  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.0263em;top:25.9335em;"><span class="stl_155 stl_08 stl_51">222  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.0677em;top:25.9335em;"><span class="stl_155 stl_08 stl_158">20  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:6.7172em;top:26.9635em;"><span class="stl_155 stl_08 stl_51">901  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:10.8577em;top:26.9635em;"><span class="stl_155 stl_08 stl_51">756  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.5807em;top:26.9635em;"><span class="stl_155 stl_08 stl_109" style="word-spacing:0.0079em;">Other payables  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.0294em;top:26.9635em;"><span class="stl_155 stl_08 stl_127">436  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.2733em;top:26.9635em;"><span class="stl_155 stl_08 stl_34">2,504  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:5.92em;top:28.1235em;"><span class="stl_157 stl_08 stl_51">32,856  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:10.06em;top:28.1235em;"><span class="stl_157 stl_08 stl_51">29,342  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.58em;top:28.1235em;"><span class="stl_157 stl_08 stl_26" style="word-spacing:-0.0124em;">Financial liabilities  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.23em;top:28.1235em;"><span class="stl_157 stl_08 stl_51">20,612  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.95em;top:28.1235em;"><span class="stl_157 stl_08 stl_51">23,814  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.8586em;top:29.2735em;"><span class="stl_155 stl_08 stl_91" style="word-spacing:0.0014em;">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:32.1154em;"><span class="stl_193 stl_08 stl_36" style="word-spacing:-0.0032em;">The Group’s risk management policy  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:33.1654em;"><span class="stl_167 stl_08 stl_73" style="word-spacing:-0.0477em;">Risk management is an integral part of the day-to-day management of the business and is subject to continuous review by Management. Management  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:33.9854em;"><span class="stl_167 stl_08 stl_28" style="word-spacing:0.017em;">believes that all material risks, apart from financial risks, concern supplier-customer relations. Due to the nature of its operations and capitalisation,  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:34.7954em;"><span class="stl_167 stl_08 stl_19" style="word-spacing:-0.0259em;">the Group is not particularly exposed to fluctuations in exchange rates and interest rates. The Group pursues a low-risk profile, with currency, interest  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:35.6154em;"><span class="stl_167 stl_08 stl_34" style="word-spacing:-0.0015em;">rate and credit risks arising only in connection with commercial 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:4.72em;top:37.7154em;"><span class="stl_167 stl_08 stl_52" style="word-spacing:0.0042em;">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:4.72em;top:39.8154em;"><span class="stl_193 stl_08 stl_17" style="word-spacing:0.0022em;">Currency risk  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:40.8654em;"><span class="stl_167 stl_08 stl_19" style="word-spacing:0.042em;">Currency risk constitutes the risk of losses (or the possibility of gains) when exchange rates change. Currency risk arises when income and expense  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:41.6854em;"><span class="stl_167 stl_08 stl_45" style="word-spacing:-0.0024em;">items in foreign 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:4.72em;top:43.7854em;"><span class="stl_167 stl_08 stl_25" style="word-spacing:0.1516em;">The Group’s sales are primarily settled in PLN and cost items are typically settled in DKK or PLN. The Group does not use derivative financial  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:44.5954em;"><span class="stl_167 stl_08 stl_26" style="word-spacing:0.0294em;">instruments to hedge currency risks from cash flows or balance sheet items. Instead, the Group uses foreign currency to settle same-currency debt  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:45.4154em;"><span class="stl_167 stl_08 stl_34" style="word-spacing:-0.0036em;">items, which generally reduces currency risk.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:5.8373em;"><span class="stl_162 stl_08 stl_26" style="word-spacing:0.8746em;">24. FINANCIAL</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.202em;top:5.8373em;"><span class="stl_162 stl_08 stl_36" style="word-spacing:0.0014em;">RISKS AND FINANCIAL INSTRUMENTS (CONTINUED)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:8.4554em;"><span class="stl_167 stl_08 stl_34" style="word-spacing:-0.0043em;">Unhedged net position at balance sheet date:  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:10.6073em;"><span class="stl_154 stl_08 stl_36">GROUP  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:19.6873em;top:11.9473em;"><span class="stl_154 stl_08 stl_43">Cash,  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.8465em;top:11.9473em;"><span class="stl_154 stl_08 stl_132">Unhedged  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:12.8073em;"><span class="stl_154 stl_08 stl_51">2022  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:17.5104em;top:12.8073em;"><span class="stl_154 stl_08 stl_32" style="word-spacing:-0.0037em;">deposits and  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.3557em;top:12.8073em;"><span class="stl_154 stl_08 stl_153">Net  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.5352em;top:12.8073em;"><span class="stl_154 stl_08 stl_107" style="word-spacing:0.0079em;">Of which  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.8907em;top:12.8073em;"><span class="stl_154 stl_08 stl_194">net  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:18.459em;top:13.6773em;"><span class="stl_154 stl_08 stl_17">securities  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.5161em;top:13.6773em;"><span class="stl_154 stl_08 stl_68">Receivables  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.9286em;top:13.6773em;"><span class="stl_154 stl_08 stl_21">Liabilities  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.8476em;top:13.6773em;"><span class="stl_154 stl_08 stl_127">position,  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.9634em;top:13.6773em;"><span class="stl_154 stl_08 stl_103">hedged  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.2917em;top:13.6773em;"><span class="stl_154 stl_08 stl_28">position,  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:14.5473em;"><span class="stl_154 stl_08 stl_107">Currency  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:18.7977em;top:14.5473em;"><span class="stl_154 stl_08 stl_43">DKK'000  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.5208em;top:14.5473em;"><span class="stl_154 stl_08 stl_24">DKK'000  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.2438em;top:14.5473em;"><span class="stl_154 stl_08 stl_67">DKK'000  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.9641em;top:14.5473em;"><span class="stl_154 stl_08 stl_30">DKK'000  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.6893em;top:14.5473em;"><span class="stl_154 stl_08 stl_43">DKK'000  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.4124em;top:14.5473em;"><span class="stl_154 stl_08 stl_67">DKK'000  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:16.9835em;"><span class="stl_155 stl_08 stl_67">PLN  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:19.8381em;top:16.9835em;"><span class="stl_155 stl_08 stl_34">6,832  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.5582em;top:16.9835em;"><span class="stl_155 stl_08 stl_30">2,672  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.5879em;top:16.9835em;"><span class="stl_155 stl_08 stl_20">(18,391)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.6281em;top:16.9835em;"><span class="stl_155 stl_08 stl_28">(8,887)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.8357em;top:16.9835em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.0778em;top:16.9835em;"><span class="stl_155 stl_08 stl_28">(8,887)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:18.0135em;"><span class="stl_155 stl_08 stl_140">DKK  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:20.31em;top:18.0135em;"><span class="stl_155 stl_08 stl_51">307  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.6601em;top:18.0135em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.9086em;top:18.0135em;"><span class="stl_155 stl_08 stl_18">(2,221)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.63em;top:18.0135em;"><span class="stl_155 stl_08 stl_28">(1,914)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.8376em;top:18.0135em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.0734em;top:18.0135em;"><span class="stl_155 stl_08 stl_21">(1,914)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:19.1735em;"><span class="stl_157 stl_08 stl_72">Total  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:19.83em;top:19.1735em;"><span class="stl_157 stl_08 stl_51">7,139  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.5457em;top:19.1735em;"><span class="stl_157 stl_08 stl_51">2,672  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.5748em;top:19.1735em;"><span class="stl_157 stl_08 stl_70">(20,612)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.2968em;top:19.1735em;"><span class="stl_157 stl_08 stl_164">(10,801)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.8283em;top:19.1735em;"><span class="stl_157 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.7428em;top:19.1735em;"><span class="stl_157 stl_08 stl_64">(10,801)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:19.6873em;top:21.5573em;"><span class="stl_154 stl_08 stl_43">Cash,  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.8465em;top:21.5573em;"><span class="stl_154 stl_08 stl_132">Unhedged  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:22.4173em;"><span class="stl_154 stl_08 stl_51">2021  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:17.5104em;top:22.4173em;"><span class="stl_154 stl_08 stl_32" style="word-spacing:-0.0037em;">deposits and  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.3557em;top:22.4173em;"><span class="stl_154 stl_08 stl_153">Net  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.5352em;top:22.4173em;"><span class="stl_154 stl_08 stl_107" style="word-spacing:0.0079em;">Of which  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.8907em;top:22.4173em;"><span class="stl_154 stl_08 stl_194">net  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:18.459em;top:23.2873em;"><span class="stl_154 stl_08 stl_17">securities  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.5161em;top:23.2873em;"><span class="stl_154 stl_08 stl_68">Receivables  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.9286em;top:23.2873em;"><span class="stl_154 stl_08 stl_21">Liabilities  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.8476em;top:23.2873em;"><span class="stl_154 stl_08 stl_127">position,  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.9634em;top:23.2873em;"><span class="stl_154 stl_08 stl_103">hedged  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.2917em;top:23.2873em;"><span class="stl_154 stl_08 stl_28">position,  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:24.1573em;"><span class="stl_154 stl_08 stl_107">Currency  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:18.7977em;top:24.1573em;"><span class="stl_154 stl_08 stl_43">DKK'000  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.5208em;top:24.1573em;"><span class="stl_154 stl_08 stl_24">DKK'000  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.2438em;top:24.1573em;"><span class="stl_154 stl_08 stl_67">DKK'000  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.9641em;top:24.1573em;"><span class="stl_154 stl_08 stl_30">DKK'000  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.6893em;top:24.1573em;"><span class="stl_154 stl_08 stl_43">DKK'000  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.4124em;top:24.1573em;"><span class="stl_154 stl_08 stl_67">DKK'000  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:26.5935em;"><span class="stl_155 stl_08 stl_67">PLN  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:19.5168em;top:26.5935em;"><span class="stl_155 stl_08 stl_36">15,998  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.5557em;top:26.5935em;"><span class="stl_155 stl_08 stl_34">1,984  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.5891em;top:26.5935em;"><span class="stl_155 stl_08 stl_25">(21,838)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.6237em;top:26.5935em;"><span class="stl_155 stl_08 stl_36">(3,856)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.8351em;top:26.5935em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.0709em;top:26.5935em;"><span class="stl_155 stl_08 stl_21">(3,856)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:27.6235em;"><span class="stl_155 stl_08 stl_140">DKK  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:20.31em;top:27.6235em;"><span class="stl_155 stl_08 stl_51">206  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.6601em;top:27.6235em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.9086em;top:27.6235em;"><span class="stl_155 stl_08 stl_18">(1,976)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.63em;top:27.6235em;"><span class="stl_155 stl_08 stl_28">(1,770)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.8376em;top:27.6235em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.0734em;top:27.6235em;"><span class="stl_155 stl_08 stl_21">(1,770)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:28.7835em;"><span class="stl_157 stl_08 stl_72">Total  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:19.51em;top:28.7835em;"><span class="stl_157 stl_08 stl_51">16,204  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.55em;top:28.7835em;"><span class="stl_157 stl_08 stl_51">1,984  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.58em;top:28.7835em;"><span class="stl_157 stl_08 stl_90">(23,814)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.61em;top:28.7835em;"><span class="stl_157 stl_08 stl_20">(5,626)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.84em;top:28.7835em;"><span class="stl_157 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.06em;top:28.7835em;"><span class="stl_157 stl_08 stl_20">(5,626)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.9699em;top:34.2735em;"><span class="stl_155 stl_08 stl_09">-</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.6888em;top:34.2735em;"><span class="stl_155 stl_08 stl_09">-</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:35.2573em;"><span class="stl_162 stl_08 stl_36" style="word-spacing:0.0001em;">24. FINANCIAL RISKS AND FINANCIAL INSTRUMENTS (CONTINUED)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:37.4973em;"><span class="stl_154 stl_08 stl_54" style="word-spacing:-0.0221em;">PARENT COMPANY  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:19.6873em;top:38.8373em;"><span class="stl_154 stl_08 stl_43">Cash,  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.8465em;top:38.8373em;"><span class="stl_154 stl_08 stl_132">Unhedged  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:39.6973em;"><span class="stl_154 stl_08 stl_51">2022  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:17.5104em;top:39.6973em;"><span class="stl_154 stl_08 stl_32" style="word-spacing:-0.0037em;">deposits and  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.3557em;top:39.6973em;"><span class="stl_154 stl_08 stl_153">Net  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.5352em;top:39.6973em;"><span class="stl_154 stl_08 stl_107" style="word-spacing:0.0079em;">Of which  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.8907em;top:39.6973em;"><span class="stl_154 stl_08 stl_194">net  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:18.459em;top:40.5573em;"><span class="stl_154 stl_08 stl_17">securities  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.5161em;top:40.5573em;"><span class="stl_154 stl_08 stl_68">Receivables  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.9286em;top:40.5573em;"><span class="stl_154 stl_08 stl_21">Liabilities  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.8476em;top:40.5573em;"><span class="stl_154 stl_08 stl_127">position,  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.9634em;top:40.5573em;"><span class="stl_154 stl_08 stl_103">hedged  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.2917em;top:40.5573em;"><span class="stl_154 stl_08 stl_28">position,  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:41.4273em;"><span class="stl_154 stl_08 stl_107">Currency  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:18.7977em;top:41.4273em;"><span class="stl_154 stl_08 stl_43">DKK'000  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.5208em;top:41.4273em;"><span class="stl_154 stl_08 stl_24">DKK'000  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.2438em;top:41.4273em;"><span class="stl_154 stl_08 stl_67">DKK'000  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.9641em;top:41.4273em;"><span class="stl_154 stl_08 stl_30">DKK'000  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.6893em;top:41.4273em;"><span class="stl_154 stl_08 stl_43">DKK'000  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.4124em;top:41.4273em;"><span class="stl_154 stl_08 stl_67">DKK'000  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:43.8635em;"><span class="stl_155 stl_08 stl_67">PLN  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:20.9406em;top:43.8635em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.5608em;top:43.8635em;"><span class="stl_155 stl_08 stl_78">1,341  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.5904em;top:43.8635em;"><span class="stl_155 stl_08 stl_25">(30,635)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.3036em;top:43.8635em;"><span class="stl_155 stl_08 stl_21">(29,294)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.8357em;top:43.8635em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.7565em;top:43.8635em;"><span class="stl_155 stl_08 stl_25">(29,294)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:44.8935em;"><span class="stl_155 stl_08 stl_140">DKK  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:20.31em;top:44.8935em;"><span class="stl_155 stl_08 stl_51">307  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.6601em;top:44.8935em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.9086em;top:44.8935em;"><span class="stl_155 stl_08 stl_18">(2,221)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.63em;top:44.8935em;"><span class="stl_155 stl_08 stl_28">(1,914)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.8376em;top:44.8935em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.0734em;top:44.8935em;"><span class="stl_155 stl_08 stl_21">(1,914)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:46.0535em;"><span class="stl_157 stl_08 stl_72">Total  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:20.31em;top:46.0535em;"><span class="stl_157 stl_08 stl_51">307  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.5513em;top:46.0535em;"><span class="stl_157 stl_08 stl_25">1,341  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.5766em;top:46.0535em;"><span class="stl_157 stl_08 stl_70">(32,856)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.2923em;top:46.0535em;"><span class="stl_157 stl_08 stl_27">(31,208)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.8351em;top:46.0535em;"><span class="stl_157 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.7433em;top:46.0535em;"><span class="stl_157 stl_08 stl_78">(31,208)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:19.6873em;top:49.2373em;"><span class="stl_154 stl_08 stl_43">Cash,  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.8465em;top:49.2373em;"><span class="stl_154 stl_08 stl_132">Unhedged  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:50.0973em;"><span class="stl_154 stl_08 stl_51">2021  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:17.5104em;top:50.0973em;"><span class="stl_154 stl_08 stl_32" style="word-spacing:-0.0037em;">deposits and  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.3557em;top:50.0973em;"><span class="stl_154 stl_08 stl_153">Net  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.5352em;top:50.0973em;"><span class="stl_154 stl_08 stl_107" style="word-spacing:0.0079em;">Of which  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.8907em;top:50.0973em;"><span class="stl_154 stl_08 stl_194">net  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:18.459em;top:50.9573em;"><span class="stl_154 stl_08 stl_17">securities  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.5161em;top:50.9573em;"><span class="stl_154 stl_08 stl_68">Receivables  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.9286em;top:50.9573em;"><span class="stl_154 stl_08 stl_21">Liabilities  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.8476em;top:50.9573em;"><span class="stl_154 stl_08 stl_127">position,  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.9634em;top:50.9573em;"><span class="stl_154 stl_08 stl_103">hedged  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.2917em;top:50.9573em;"><span class="stl_154 stl_08 stl_28">position,  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:51.8373em;"><span class="stl_154 stl_08 stl_107">Currency  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:18.7977em;top:51.8373em;"><span class="stl_154 stl_08 stl_43">DKK'000  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.5208em;top:51.8373em;"><span class="stl_154 stl_08 stl_24">DKK'000  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.2438em;top:51.8373em;"><span class="stl_154 stl_08 stl_67">DKK'000  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.9641em;top:51.8373em;"><span class="stl_154 stl_08 stl_30">DKK'000  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.6893em;top:51.8373em;"><span class="stl_154 stl_08 stl_43">DKK'000  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.4124em;top:51.8373em;"><span class="stl_154 stl_08 stl_67">DKK'000  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:54.2735em;"><span class="stl_155 stl_08 stl_67">PLN  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:20.9406em;top:54.2735em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.5608em;top:54.2735em;"><span class="stl_155 stl_08 stl_78">1,312  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.5904em;top:54.2735em;"><span class="stl_155 stl_08 stl_25">(27,366)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.3036em;top:54.2735em;"><span class="stl_155 stl_08 stl_21">(26,054)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.8357em;top:54.2735em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.7565em;top:54.2735em;"><span class="stl_155 stl_08 stl_25">(26,054)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:55.3035em;"><span class="stl_155 stl_08 stl_140">DKK  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:20.31em;top:55.3035em;"><span class="stl_155 stl_08 stl_51">206  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.6601em;top:55.3035em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.9086em;top:55.3035em;"><span class="stl_155 stl_08 stl_18">(1,976)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.63em;top:55.3035em;"><span class="stl_155 stl_08 stl_28">(1,770)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.8376em;top:55.3035em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.0734em;top:55.3035em;"><span class="stl_155 stl_08 stl_21">(1,770)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:56.4635em;"><span class="stl_157 stl_08 stl_72">Total  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:20.31em;top:56.4635em;"><span class="stl_157 stl_08 stl_51">206  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.55em;top:56.4635em;"><span class="stl_157 stl_08 stl_51">1,312  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.58em;top:56.4635em;"><span class="stl_157 stl_08 stl_90">(29,342)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.2994em;top:56.4635em;"><span class="stl_155 stl_08 stl_22">(</span><span class="stl_157 stl_08 stl_78">27,824)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.84em;top:56.4635em;"><span class="stl_157 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.75em;top:56.4635em;"><span class="stl_157 stl_08 stl_90">(27,824)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:5.8373em;"><span class="stl_162 stl_08 stl_26" style="word-spacing:0.8746em;">24. FINANCIAL</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.202em;top:5.8373em;"><span class="stl_162 stl_08 stl_36" style="word-spacing:0.0014em;">RISKS AND FINANCIAL INSTRUMENTS (CONTINUED)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:8.4754em;"><span class="stl_193 stl_08 stl_63" style="word-spacing:-0.0057em;">Credit risk  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:9.5254em;"><span class="stl_167 stl_08 stl_26" style="word-spacing:-0.0034em;">The Group’s credit risks associated with financial activities correspond to the amounts recognised in the balance sheet. The Group assesses the need  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:10.3354em;"><span class="stl_167 stl_08 stl_50" style="word-spacing:-0.0273em;">for insurance on individual debtors on an ongoing basis. This assessment is based on the individual debtor's present and expected future commitment  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:11.1554em;"><span class="stl_167 stl_08 stl_45" style="word-spacing:-0.0098em;">to the Group.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:13.2554em;"><span class="stl_167 stl_08 stl_25" style="word-spacing:0.0003em;">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:4.72em;top:16.4054em;"><span class="stl_193 stl_08 stl_36" style="word-spacing:-0.0081em;">Capital management  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:17.4654em;"><span class="stl_167 stl_08 stl_19" style="word-spacing:0.1057em;">The Group evaluates the need to adapt its capital structure on an ongoing basis. Management believes that the financing of the Group's future  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:18.2754em;"><span class="stl_167 stl_08 stl_27" style="word-spacing:0.0031em;">operations will be secured with the existing financial resources and cash flows from operating activities.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:20.3754em;"><span class="stl_167 stl_08 stl_18" style="word-spacing:-0.0026em;">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  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:21.1954em;"><span class="stl_167 stl_08 stl_70">dividends.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:23.2954em;"><span class="stl_167 stl_08 stl_18" style="word-spacing:0.0004em;">For the Group, equity as a percentage of total equity and liabilities at the end of 2022 was 74.9% (2021: 72.7%). The realised return on equity for the  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:24.1054em;"><span class="stl_167 stl_08 stl_26" style="word-spacing:-0.0008em;">Group for 2022 was 15.7% (2021: 22.0%).  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:27.2654em;"><span class="stl_167 stl_08 stl_45" style="word-spacing:-0.0013em;">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:6.51em;top:29.3473em;"><span class="stl_154 stl_08 stl_54" style="word-spacing:-0.0221em;">PARENT COMPANY  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.08em;top:29.3473em;"><span class="stl_154 stl_08 stl_36">GROUP  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:6.2324em;top:30.6873em;"><span class="stl_154 stl_08 stl_28">2022  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:10.3704em;top:30.6873em;"><span class="stl_154 stl_08 stl_28">2021  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.5783em;top:30.6873em;"><span class="stl_154 stl_08 stl_67">DKK'000  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.5331em;top:30.6873em;"><span class="stl_154 stl_08 stl_51">2022  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.2505em;top:30.6873em;"><span class="stl_154 stl_08 stl_51">2021  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:6.251em;top:33.1235em;"><span class="stl_155 stl_08 stl_25">1,033  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:10.8571em;top:33.1235em;"><span class="stl_155 stl_08 stl_51">976  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.58em;top:33.1235em;"><span class="stl_155 stl_08 stl_64" style="word-spacing:0.0072em;">Bank debt  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.5544em;top:33.1235em;"><span class="stl_155 stl_08 stl_34">1,033  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.7471em;top:33.1235em;"><span class="stl_155 stl_08 stl_51">976  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:6.3392em;top:34.1535em;"><span class="stl_155 stl_08 stl_22">(307)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:10.4791em;top:34.1535em;"><span class="stl_155 stl_08 stl_22">(820)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.5794em;top:34.1535em;"><span class="stl_155 stl_08 stl_91" style="word-spacing:-0.0012em;">Cash and cash equivalents  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.1726em;top:34.1535em;"><span class="stl_155 stl_08 stl_46">(7,139)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.5765em;top:34.1535em;"><span class="stl_155 stl_08 stl_25">(16,204)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:6.72em;top:35.3135em;"><span class="stl_157 stl_08 stl_51">726  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:10.86em;top:35.3135em;"><span class="stl_157 stl_08 stl_51">156  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.58em;top:35.3135em;"><span class="stl_157 stl_08 stl_77" style="word-spacing:0.0039em;">Net interest-bearing debt  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.16em;top:35.3135em;"><span class="stl_157 stl_08 stl_20">(6,106)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.57em;top:35.3135em;"><span class="stl_157 stl_08 stl_90">(15,228)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:5.92em;top:37.4935em;"><span class="stl_157 stl_08 stl_51">62,131  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:10.0599em;top:37.4935em;"><span class="stl_157 stl_08 stl_34">65,515  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.5723em;top:37.4935em;"><span class="stl_157 stl_08 stl_24">Equity  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.9122em;top:37.4935em;"><span class="stl_157 stl_08 stl_36">150,896  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.6317em;top:37.4935em;"><span class="stl_157 stl_08 stl_78">131,367  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:6.55em;top:39.6735em;"><span class="stl_157 stl_08 stl_63">0.01  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:10.69em;top:39.6735em;"><span class="stl_157 stl_08 stl_63">0.00  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.58em;top:39.6735em;"><span class="stl_157 stl_08 stl_21" style="word-spacing:-0.0141em;">Financial gearing  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.47em;top:39.6735em;"><span class="stl_157 stl_08 stl_34">(0.04)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.19em;top:39.6735em;"><span class="stl_157 stl_08 stl_34">(0.12)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:42.6654em;"><span class="stl_193 stl_08 stl_45" style="word-spacing:-0.0003em;">Liquidity and capital resources  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:43.7154em;"><span class="stl_167 stl_08 stl_73" style="word-spacing:-0.0118em;">At Group level, free cash and cash equivalents amounted to DKK 7.1 million at 31 December 2022, of which DKK 4.8 million are attributable to CeMat  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:44.5354em;"><span class="stl_167 stl_08 stl_63" style="word-spacing:0.0003em;">'70 S.A.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:46.3954em;"><span class="stl_167 stl_08 stl_28" style="word-spacing:0.078em;">Based on expectations for 2023, Management believes that the existing capital resources and the expected future cash flows will be sufficient to  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:47.2054em;"><span class="stl_167 stl_08 stl_18" style="word-spacing:-0.0005em;">maintain operations and finance planned investments.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:48.8354em;"><span class="stl_167 stl_08 stl_73" style="word-spacing:0.1234em;">The Group’s budgets, and consequently also its future capital resources, are inherently subject to risk since the extent and timing of cash flow  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:49.6554em;"><span class="stl_167 stl_08 stl_45" style="word-spacing:0.0783em;">fluctuations will have an impact on the Group’s capital resources. Management believes that any negative deviations in its operations relative to  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:50.4654em;"><span class="stl_167 stl_08 stl_25" style="word-spacing:0.0011em;">budgeted cash flows can be mitigated on a timely basis by cash flow-enhancing measures.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:52.5254em;"><span class="stl_193 stl_08 stl_34" style="word-spacing:-0.0025em;">Risk related to obtaining external financing  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:54.3554em;"><span class="stl_167 stl_08 stl_18" style="word-spacing:0.0147em;">The real estate development business, in which the Group intends to operate, requires significant initial expenditures to purchase land and to cover  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:55.1654em;"><span class="stl_167 stl_08 stl_50" style="word-spacing:0.0167em;">construction, infrastructure, and design costs. As such, the Group, in order to continue and develop its business, require significant amounts of cash  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:55.9854em;"><span class="stl_167 stl_08 stl_19" style="word-spacing:0.0161em;">through external financing by banks. The Group’s ability to obtain such financing depend on many factors, in particular, on market conditions which  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:56.7954em;"><span class="stl_167 stl_08 stl_19" style="word-spacing:0.0062em;">are beyond the Group’s control. In the event of difficulties to obtain the required financing, there is a risk that the scale of the Group’s development  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:57.6154em;"><span class="stl_167 stl_08 stl_66" style="word-spacing:0.0159em;">and pace of achieving its strategic objectives may differ from what was originally planned. In such situation as described above, there is no certainty  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:58.4254em;"><span class="stl_167 stl_08 stl_20" style="word-spacing:-0.0387em;">whether the Group will be able to obtain the required financing, nor whether financial resources will be obtained under conditions that are favourable  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:59.2354em;"><span class="stl_167 stl_08 stl_45" style="word-spacing:-0.0098em;">to the Group.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:61.0654em;"><span class="stl_167 stl_08 stl_52" style="word-spacing:0.0163em;">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  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:61.8854em;"><span class="stl_167 stl_08 stl_35" style="word-spacing:-0.0042em;">the WIBOR rates 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:4.72em;top:5.8373em;"><span class="stl_162 stl_08 stl_26" style="word-spacing:0.8746em;">24. FINANCIAL</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.202em;top:5.8373em;"><span class="stl_162 stl_08 stl_36" style="word-spacing:0.0014em;">RISKS AND FINANCIAL INSTRUMENTS (CONTINUED)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:8.4354em;"><span class="stl_193 stl_08 stl_18" style="word-spacing:0.0053em;">Availability of mortgages  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:10.2654em;"><span class="stl_167 stl_08 stl_19" style="word-spacing:0.0345em;">The demand for residential real estate largely depends on the availability of credits and loans for financing the purchase of apartments and houses  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:11.0754em;"><span class="stl_167 stl_08 stl_18" style="word-spacing:0.1189em;">by individuals. Possible increase in interest rates, deterioration of the economic situation in Poland, the pandemic situation and the increase in  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:11.8854em;"><span class="stl_167 stl_08 stl_19" style="word-spacing:-0.0152em;">unemployment in Poland as well as possible administrative restrictions on lending activities of the banks may cause a drop in demand for apartments  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:12.7054em;"><span class="stl_167 stl_08 stl_73" style="word-spacing:0.0005em;">and houses, and therefore a decrease in interest from potential buyers in the Company's development projects, which in turn may have a significant  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:13.533em;"><span class="stl_167 stl_08 stl_34" style="word-spacing:-0.001em;">adverse impact on activities, financial standing or performance of the Company</span><span class="stl_07 stl_08 stl_32" style="word-spacing:-0.0008em;">.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:17.4573em;"><span class="stl_162 stl_08 stl_26" style="word-spacing:0.8746em;">25. IMPLICATIONS</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:12.674em;top:17.4573em;"><span class="stl_162 stl_08 stl_25" style="word-spacing:0.0001em;">OF THE COVID-19 PANDEMIC ON THE FINANCIAL STATEMENTS  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:20.0954em;"><span class="stl_167 stl_08 stl_73" style="word-spacing:0.0756em;">The outbreak of the Covid-19 pandemic and the subsequent lockdown did not directly limit the company's operations. However, it did affect the  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:20.9054em;"><span class="stl_167 stl_08 stl_28" style="word-spacing:0.0031em;">operating activities of some tenants and, consequently, their financial condition.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:23.0154em;"><span class="stl_167 stl_08 stl_50" style="word-spacing:0.1107em;">This resulted in the need to grant selected tenants rent concessions in order to avoid losing them, an increase in writing off bad debts and the  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:23.8254em;"><span class="stl_167 stl_08 stl_52" style="word-spacing:0.1009em;">termination of leasing contracts. Another negative effect of the pandemic was the lower consumption of utilities by the tenants affected by the  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:24.6354em;"><span class="stl_167 stl_08 stl_19" style="word-spacing:0.0342em;">lockdown and the associated lower margin on their resale. These events had a negative impact on the company's finances especially in 2020. Their  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:25.4554em;"><span class="stl_167 stl_08 stl_34" style="word-spacing:-0.0014em;">impact on the company's finances in 2021 was limited and in 2022, the company did not experience any effects of the covid-19 pandemic.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:27.5554em;"><span class="stl_167 stl_08 stl_26" style="word-spacing:-0.0275em;">The company took advantage of Polish government aid programmes in 2021. Exemption from perpetual usufruct fee in the amount of DKK 0.2 million  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:28.3654em;"><span class="stl_167 stl_08 stl_20" style="word-spacing:0.0164em;">and partial redemption (DKK 0.6 million) of a financial subsidy from the government were recognised in the income statement under other external  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:29.1854em;"><span class="stl_167 stl_08 stl_91">expenses.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:32.9373em;"><span class="stl_162 stl_08 stl_20" style="word-spacing:0.875em;">26. FEE</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:8.423em;top:32.9373em;"><span class="stl_162 stl_08 stl_32" style="word-spacing:-0.0044em;">FOR AUDITORS APPOINTED BY THE GENERAL MEETING  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:6.51em;top:35.6373em;"><span class="stl_154 stl_08 stl_54" style="word-spacing:-0.0221em;">PARENT COMPANY  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.08em;top:35.6373em;"><span class="stl_154 stl_08 stl_36">GROUP  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:6.2324em;top:36.9773em;"><span class="stl_154 stl_08 stl_28">2022  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:10.3704em;top:36.9773em;"><span class="stl_154 stl_08 stl_28">2021  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.5783em;top:36.9773em;"><span class="stl_154 stl_08 stl_67">DKK'000  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.5331em;top:36.9773em;"><span class="stl_154 stl_08 stl_51">2022  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.2505em;top:36.9773em;"><span class="stl_154 stl_08 stl_51">2021  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:6.7172em;top:39.4135em;"><span class="stl_155 stl_08 stl_51">140  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:10.8577em;top:39.4135em;"><span class="stl_155 stl_08 stl_51">135  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.5807em;top:39.4135em;"><span class="stl_155 stl_08 stl_90" style="word-spacing:-0.0032em;">Audit of annual report  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.0231em;top:39.4135em;"><span class="stl_155 stl_08 stl_51">263  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.7433em;top:39.4135em;"><span class="stl_155 stl_08 stl_51">258  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.0385em;top:40.4435em;"><span class="stl_155 stl_08 stl_51">48  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.1815em;top:40.4435em;"><span class="stl_155 stl_08 stl_158">26  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.5819em;top:40.4435em;"><span class="stl_155 stl_08 stl_134" style="word-spacing:0.0069em;">Non-audit services  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.3501em;top:40.4435em;"><span class="stl_155 stl_08 stl_158">48  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.069em;top:40.4435em;"><span class="stl_155 stl_08 stl_51">26  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:6.7172em;top:41.6035em;"><span class="stl_155 stl_08 stl_51">188  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:10.86em;top:41.6035em;"><span class="stl_157 stl_08 stl_51">161  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.58em;top:41.6035em;"><span class="stl_157 stl_08 stl_72">Total  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.0282em;top:41.6035em;"><span class="stl_155 stl_08 stl_51">311  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.75em;top:41.6035em;"><span class="stl_157 stl_08 stl_51">284  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:45.4773em;"><span class="stl_162 stl_08 stl_30" style="word-spacing:0.8723em;">27. RELATED</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:10.491em;top:45.4773em;"><span class="stl_162 stl_08 stl_20">PARTIES  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:48.1254em;"><span class="stl_167 stl_08 stl_19" style="word-spacing:0.0001em;">The Group has no related parties exercising control.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:49.9854em;"><span class="stl_167 stl_08 stl_90" style="word-spacing:0.0036em;">The Group has the following related parties:  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:51.0354em;"><span class="stl_167 stl_08 stl_63" style="word-spacing:0.267em;">• Ambit</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.173em;top:51.0354em;"><span class="stl_167 stl_08 stl_50" style="word-spacing:0.0032em;">Jarosław Lipiński, owned by member of the Management Board  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:52.9054em;"><span class="stl_167 stl_08 stl_18" style="word-spacing:0.0013em;">The parent company has the following related parties:  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:53.9554em;"><span class="stl_167 stl_08 stl_73" style="word-spacing:0.2703em;">• CeMat</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.325em;top:53.9554em;"><span class="stl_167 stl_08 stl_46" style="word-spacing:-0.0014em;">Real Estate S.A., subsidiary in Poland  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:55.0054em;"><span class="stl_167 stl_08 stl_73" style="word-spacing:0.2703em;">• CeMat</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.325em;top:55.0054em;"><span class="stl_167 stl_08 stl_21" style="word-spacing:-0.0023em;">'70 S.A., subsidiary in Poland  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:56.8654em;"><span class="stl_167 stl_08 stl_73" style="word-spacing:-0.0003em;">The parent company had transactions with the following related parties in 2021 and 2022:  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:57.9254em;"><span class="stl_167 stl_08 stl_73" style="word-spacing:0.2703em;">• CeMat</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.325em;top:57.9254em;"><span class="stl_167 stl_08 stl_46" style="word-spacing:-0.0014em;">Real Estate S.A., subsidiary in Poland  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:58.9754em;"><span class="stl_167 stl_08 stl_73" style="word-spacing:0.2703em;">• CeMat</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.325em;top:58.9754em;"><span class="stl_167 stl_08 stl_21" style="word-spacing:-0.0023em;">'70 S.A., subsidiary in Poland  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:5.8373em;"><span class="stl_162 stl_08 stl_30" style="word-spacing:0.8723em;">28. RELATED</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:10.491em;top:5.8373em;"><span class="stl_162 stl_08 stl_34" style="word-spacing:-0.0025em;">PARTY TRANSACTIONS  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:6.51em;top:8.5273em;"><span class="stl_154 stl_08 stl_54" style="word-spacing:-0.0221em;">PARENT COMPANY  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.08em;top:8.5273em;"><span class="stl_154 stl_08 stl_36">GROUP  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:6.2324em;top:9.8673em;"><span class="stl_154 stl_08 stl_28">2022  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:10.3704em;top:9.8673em;"><span class="stl_154 stl_08 stl_28">2021  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.5783em;top:9.8673em;"><span class="stl_154 stl_08 stl_67">DKK'000  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.5331em;top:9.8673em;"><span class="stl_154 stl_08 stl_51">2022  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.2505em;top:9.8673em;"><span class="stl_154 stl_08 stl_51">2021  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.0385em;top:12.3035em;"><span class="stl_155 stl_08 stl_51">54  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.1815em;top:12.3035em;"><span class="stl_155 stl_08 stl_158">55  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.5819em;top:12.3035em;"><span class="stl_155 stl_08 stl_52" style="word-spacing:0.0022em;">Subsidiaries, interest income  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.655em;top:12.3035em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.3777em;top:12.3035em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:6.251em;top:13.3335em;"><span class="stl_155 stl_08 stl_25">1,147  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:10.3909em;top:13.3335em;"><span class="stl_155 stl_08 stl_78">1,083  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.5763em;top:13.3335em;"><span class="stl_155 stl_08 stl_64" style="word-spacing:0.0095em;">Subsidiaries, interest expenses  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.6525em;top:13.3335em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.3752em;top:13.3335em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:6.24em;top:14.4935em;"><span class="stl_157 stl_08 stl_51">1,201  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:10.38em;top:14.4935em;"><span class="stl_157 stl_08 stl_51">1,138  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.58em;top:14.4935em;"><span class="stl_157 stl_08 stl_70" style="word-spacing:0.0165em;">Total transactions  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.66em;top:14.4935em;"><span class="stl_157 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.38em;top:14.4935em;"><span class="stl_157 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:16.6454em;"><span class="stl_167 stl_08 stl_26" style="word-spacing:-0.0025em;">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:6.51em;top:18.7273em;"><span class="stl_154 stl_08 stl_54" style="word-spacing:-0.0221em;">PARENT COMPANY  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.08em;top:18.7273em;"><span class="stl_154 stl_08 stl_36">GROUP  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:6.2324em;top:20.0673em;"><span class="stl_154 stl_08 stl_28">2022  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:10.3704em;top:20.0673em;"><span class="stl_154 stl_08 stl_28">2021  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.5783em;top:20.0673em;"><span class="stl_154 stl_08 stl_67">DKK'000  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.5331em;top:20.0673em;"><span class="stl_154 stl_08 stl_51">2022  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.2505em;top:20.0673em;"><span class="stl_154 stl_08 stl_51">2021  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:6.251em;top:22.5135em;"><span class="stl_155 stl_08 stl_25">1,341  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:10.3909em;top:22.5135em;"><span class="stl_155 stl_08 stl_78">1,312  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.5763em;top:22.5135em;"><span class="stl_155 stl_08 stl_127" style="word-spacing:0.0112em;">Subsidiaries, loans receivable  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.655em;top:22.5135em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.3777em;top:22.5135em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:6.6605em;top:23.5435em;"><span class="stl_155 stl_08 stl_63">(64)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.4896em;top:23.5435em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.5788em;top:23.5435em;"><span class="stl_155 stl_08 stl_25" style="word-spacing:-0.0071em;">Subsidiaries, creditor payable  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.6531em;top:23.5435em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.3758em;top:23.5435em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:5.5516em;top:24.5635em;"><span class="stl_155 stl_08 stl_25">(30,559)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:9.6852em;top:24.5635em;"><span class="stl_155 stl_08 stl_21">(27,366)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.5775em;top:24.5635em;"><span class="stl_155 stl_08 stl_50" style="word-spacing:-0.0005em;">Subsidiaries, loans payable  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.6519em;top:24.5635em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.3746em;top:24.5635em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:5.54em;top:25.7235em;"><span class="stl_157 stl_08 stl_90">(29,282)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:9.68em;top:25.7235em;"><span class="stl_157 stl_08 stl_90">(26,054)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.58em;top:25.7235em;"><span class="stl_157 stl_08 stl_163" style="word-spacing:0.0133em;">Total outstanding amount  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.66em;top:25.7235em;"><span class="stl_157 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.38em;top:25.7235em;"><span class="stl_157 stl_08 stl_09">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:29.7573em;"><span class="stl_162 stl_08 stl_34" style="word-spacing:0.8708em;">29. SHAREHOLDER</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:12.760em;top:29.7573em;"><span class="stl_162 stl_08 stl_34">INFORMATION  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:32.3954em;"><span class="stl_167 stl_08 stl_26" style="word-spacing:0.0168em;">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  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:33.2154em;"><span class="stl_167 stl_08 stl_32">31.12.2022  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:35.5373em;"><span class="stl_154 stl_08 stl_24" style="word-spacing:0.0034em;">Composition of shareholders  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.1865em;top:35.5373em;"><span class="stl_154 stl_08 stl_14" style="word-spacing:-0.0036em;">Number of shares  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.723em;top:35.5373em;"><span class="stl_154 stl_08 stl_122" style="word-spacing:-0.0195em;">Capital DKK  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.1504em;top:35.5373em;"><span class="stl_154 stl_08 stl_132" style="word-spacing:-0.0129em;">Capital %  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:37.9735em;"><span class="stl_155 stl_08 stl_77" style="word-spacing:0.0012em;">EDJ-Gruppen Havnegade 19 6700 Esbjerg, Denmark  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.574em;top:37.9735em;"><span class="stl_155 stl_08 stl_25">81,250,000  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.8305em;top:37.9735em;"><span class="stl_155 stl_08 stl_78">1,625,000.00  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.4445em;top:37.9735em;"><span class="stl_155 stl_08 stl_18">32.52  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:39.0035em;"><span class="stl_155 stl_08 stl_90" style="word-spacing:-0.0002em;">Gist Holding ApS C.F Richs Vej 31  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.5766em;top:39.0035em;"><span class="stl_155 stl_08 stl_25">25,691,023  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.3055em;top:39.0035em;"><span class="stl_155 stl_08 stl_28">513,820.46  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.4514em;top:39.0035em;"><span class="stl_155 stl_08 stl_18">10.28  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:43.8073em;"><span class="stl_162 stl_08 stl_47" style="word-spacing:0.9159em;">30. BOARD</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:9.929em;top:43.8073em;"><span class="stl_162 stl_08 stl_19" style="word-spacing:0.0029em;">OF DIRECTORS AND MANAGEMENT BOARD  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:46.4354em;"><span class="stl_167 stl_08 stl_32" style="word-spacing:-0.0036em;">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:39.923em;top:47.7373em;"><span class="stl_154 stl_08 stl_46">Shareholding,  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.8995em;top:48.6073em;"><span class="stl_154 stl_08 stl_33" style="word-spacing:-0.0107em;">nominal value, DKK'000  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:49.9473em;"><span class="stl_154 stl_08 stl_42" style="word-spacing:-0.0055em;">Shares (own and related parties*)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.716em;top:49.9473em;"><span class="stl_154 stl_08 stl_51">2022  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.4334em;top:49.9473em;"><span class="stl_154 stl_08 stl_51">2021  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:52.3835em;"><span class="stl_155 stl_08 stl_110" style="word-spacing:0.0031em;">Frede Clausen, Chairman  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.2088em;top:52.3835em;"><span class="stl_155 stl_08 stl_51">190  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.929em;top:52.3835em;"><span class="stl_155 stl_08 stl_127">190  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:53.4035em;"><span class="stl_155 stl_08 stl_110" 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:38.7351em;top:53.4035em;"><span class="stl_155 stl_08 stl_25">1,625  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.4546em;top:53.4035em;"><span class="stl_155 stl_08 stl_25">1,625  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:54.4335em;"><span class="stl_155 stl_08 stl_91" style="word-spacing:-0.0017em;">Joanna Iwanowska-Nielsen, Member of the Board of Directors  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.5245em;top:54.4335em;"><span class="stl_155 stl_08 stl_51">22  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.2408em;top:54.4335em;"><span class="stl_155 stl_08 stl_51">20  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:55.4635em;"><span class="stl_155 stl_08 stl_18" style="word-spacing:-0.0028em;">Jarosław Lipiński, CEO  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.5301em;top:55.4635em;"><span class="stl_155 stl_08 stl_51">40  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.2465em;top:55.4635em;"><span class="stl_155 stl_08 stl_51">36  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:56.6235em;"><span class="stl_157 stl_08 stl_72">Total  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.73em;top:56.6235em;"><span class="stl_157 stl_08 stl_51">1,877  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.45em;top:56.6235em;"><span class="stl_157 stl_08 stl_51">1,871  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:57.7735em;"><span class="stl_155 stl_08 stl_90" style="word-spacing:-0.0017em;">* 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:4.72em;top:5.8373em;"><span class="stl_162 stl_08 stl_27" style="word-spacing:0.919em;">31. EVENTS</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:10.073em;top:5.8373em;"><span class="stl_162 stl_08 stl_20" style="word-spacing:0.0015em;">AFTER THE BALANCE SHEET DATE  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:8.4754em;"><span class="stl_167 stl_08 stl_52" style="word-spacing:0.0041em;">No significant events have occurred after the balance sheet date.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:11.1873em;"><span class="stl_162 stl_08 stl_25" style="word-spacing:0.9184em;">32. APPROVAL</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.300em;top:11.1873em;"><span class="stl_162 stl_08 stl_25" style="word-spacing:0.0006em;">OF THE ANNUAL REPORT FOR PUBLICATION  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:13.8254em;"><span class="stl_167 stl_08 stl_26" style="word-spacing:-0.0016em;">The Board of Directors approved this annual report for publication at a board meeting held on 22 February 2023. The annual report will be  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:14.6454em;"><span class="stl_167 stl_08 stl_26" style="word-spacing:-0.0015em;">presented to the shareholders of the parent company for approval at the annual general meeting to be held on 23 March 2023.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4em;top:32.9535em;"><span class="stl_157 stl_08 stl_50">Tax  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4em;top:33.7135em;"><span class="stl_155 stl_08 stl_139" style="word-spacing:-0.0103em;">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:25.4em;top:34.4735em;"><span class="stl_155 stl_08 stl_25" style="word-spacing:0.0456em;">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:25.4em;top:35.2435em;"><span class="stl_155 stl_08 stl_134" style="word-spacing:0.019em;">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:25.4em;top:36.0035em;"><span class="stl_155 stl_08 stl_52" style="word-spacing:-0.0001em;">to the portion attributable to entries directly in equity.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4em;top:37.5335em;"><span class="stl_155 stl_08 stl_90" style="word-spacing:0.032em;">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:25.4em;top:38.2935em;"><span class="stl_155 stl_08 stl_45" style="word-spacing:0.0776em;">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:25.4em;top:39.0535em;"><span class="stl_155 stl_08 stl_25">account.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4em;top:40.5835em;"><span class="stl_155 stl_08 stl_109" style="word-spacing:-0.028em;">The calculation of the year’s current tax is based on the tax rates and tax rules  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4em;top:41.3435em;"><span class="stl_155 stl_08 stl_20" style="word-spacing:-0.0037em;">applicable at the balance sheet date.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4em;top:42.8735em;"><span class="stl_155 stl_08 stl_50" style="word-spacing:0.1278em;">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:25.4em;top:43.6335em;"><span class="stl_155 stl_08 stl_77" style="word-spacing:-0.0512em;">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:25.4em;top:44.3935em;"><span class="stl_155 stl_08 stl_134" style="word-spacing:0.1403em;">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:25.4em;top:45.1535em;"><span class="stl_155 stl_08 stl_19" style="word-spacing:0.0481em;">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:25.4em;top:45.9235em;"><span class="stl_155 stl_08 stl_18" style="word-spacing:-0.0456em;">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:25.4em;top:46.6835em;"><span class="stl_155 stl_08 stl_66" style="word-spacing:0.1469em;">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:25.4em;top:47.4435em;"><span class="stl_155 stl_08 stl_28" style="word-spacing:0.0002em;">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:25.4em;top:48.9735em;"><span class="stl_155 stl_08 stl_77" style="word-spacing:0.1913em;">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:25.4em;top:49.7335em;"><span class="stl_155 stl_08 stl_91" style="word-spacing:0.1751em;">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:25.4em;top:50.5035em;"><span class="stl_155 stl_08 stl_91" style="word-spacing:0.0516em;">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:25.4em;top:51.2635em;"><span class="stl_155 stl_08 stl_64" style="word-spacing:0.3377em;">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:25.4em;top:52.0235em;"><span class="stl_155 stl_08 stl_137" style="word-spacing:0.0987em;">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:25.4em;top:52.7835em;"><span class="stl_155 stl_08 stl_28" style="word-spacing:0.1467em;">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:25.4em;top:53.5535em;"><span class="stl_155 stl_08 stl_70" style="word-spacing:0.0046em;">neither profit/loss for the year nor taxable income.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4em;top:55.0735em;"><span class="stl_155 stl_08 stl_140" style="word-spacing:0.0525em;">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:25.4em;top:55.8435em;"><span class="stl_155 stl_08 stl_127" style="word-spacing:0.1773em;">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:25.4em;top:56.6035em;"><span class="stl_155 stl_08 stl_127" style="word-spacing:0.0692em;">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:25.4em;top:57.3635em;"><span class="stl_155 stl_08 stl_28" style="word-spacing:-0.0025em;">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:25.4em;top:58.8935em;"><span class="stl_155 stl_08 stl_19" style="word-spacing:0.0801em;">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:25.4em;top:59.6535em;"><span class="stl_155 stl_08 stl_27" style="word-spacing:-0.0035em;">and the settlement of the individual liability, respectively.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4em;top:61.1835em;"><span class="stl_155 stl_08 stl_78" style="word-spacing:0.1554em;">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:25.4em;top:61.9435em;"><span class="stl_155 stl_08 stl_66" style="word-spacing:-0.014em;">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:7.0135em;"><span class="stl_155 stl_08 stl_137" style="word-spacing:0.0683em;">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:7.7735em;"><span class="stl_155 stl_08 stl_110" style="word-spacing:-0.0288em;">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:8.5335em;"><span class="stl_155 stl_08 stl_66" style="word-spacing:0.0037em;">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:9.3035em;"><span class="stl_155 stl_08 stl_19" style="word-spacing:-0.004em;">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:25.4em;top:32.9535em;"><span class="stl_157 stl_08 stl_50">Tax  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4em;top:33.7135em;"><span class="stl_155 stl_08 stl_139" style="word-spacing:-0.0103em;">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:25.4em;top:34.4735em;"><span class="stl_155 stl_08 stl_25" style="word-spacing:0.0456em;">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:25.4em;top:35.2435em;"><span class="stl_155 stl_08 stl_134" style="word-spacing:0.019em;">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:25.4em;top:36.0035em;"><span class="stl_155 stl_08 stl_52" style="word-spacing:-0.0001em;">to the portion attributable to entries directly in equity.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4em;top:37.5335em;"><span class="stl_155 stl_08 stl_90" style="word-spacing:0.032em;">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:25.4em;top:38.2935em;"><span class="stl_155 stl_08 stl_45" style="word-spacing:0.0776em;">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:25.4em;top:39.0535em;"><span class="stl_155 stl_08 stl_25">account.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4em;top:40.5835em;"><span class="stl_155 stl_08 stl_109" style="word-spacing:-0.028em;">The calculation of the year’s current tax is based on the tax rates and tax rules  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4em;top:41.3435em;"><span class="stl_155 stl_08 stl_20" style="word-spacing:-0.0037em;">applicable at the balance sheet date.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4em;top:42.8735em;"><span class="stl_155 stl_08 stl_50" style="word-spacing:0.1278em;">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:25.4em;top:43.6335em;"><span class="stl_155 stl_08 stl_77" style="word-spacing:-0.0512em;">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:25.4em;top:44.3935em;"><span class="stl_155 stl_08 stl_134" style="word-spacing:0.1403em;">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:25.4em;top:45.1535em;"><span class="stl_155 stl_08 stl_19" style="word-spacing:0.0481em;">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:25.4em;top:45.9235em;"><span class="stl_155 stl_08 stl_18" style="word-spacing:-0.0456em;">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:25.4em;top:46.6835em;"><span class="stl_155 stl_08 stl_66" style="word-spacing:0.1469em;">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:25.4em;top:47.4435em;"><span class="stl_155 stl_08 stl_28" style="word-spacing:0.0002em;">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:25.4em;top:48.9735em;"><span class="stl_155 stl_08 stl_77" style="word-spacing:0.1913em;">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:25.4em;top:49.7335em;"><span class="stl_155 stl_08 stl_91" style="word-spacing:0.1751em;">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:25.4em;top:50.5035em;"><span class="stl_155 stl_08 stl_91" style="word-spacing:0.0516em;">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:25.4em;top:51.2635em;"><span class="stl_155 stl_08 stl_64" style="word-spacing:0.3377em;">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:25.4em;top:52.0235em;"><span class="stl_155 stl_08 stl_137" style="word-spacing:0.0987em;">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:25.4em;top:52.7835em;"><span class="stl_155 stl_08 stl_28" style="word-spacing:0.1467em;">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:25.4em;top:53.5535em;"><span class="stl_155 stl_08 stl_70" style="word-spacing:0.0046em;">neither profit/loss for the year nor taxable income.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4em;top:55.0735em;"><span class="stl_155 stl_08 stl_140" style="word-spacing:0.0525em;">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:25.4em;top:55.8435em;"><span class="stl_155 stl_08 stl_127" style="word-spacing:0.1773em;">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:25.4em;top:56.6035em;"><span class="stl_155 stl_08 stl_127" style="word-spacing:0.0692em;">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:25.4em;top:57.3635em;"><span class="stl_155 stl_08 stl_28" style="word-spacing:-0.0025em;">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:25.4em;top:58.8935em;"><span class="stl_155 stl_08 stl_19" style="word-spacing:0.0801em;">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:25.4em;top:59.6535em;"><span class="stl_155 stl_08 stl_27" style="word-spacing:-0.0035em;">and the settlement of the individual liability, respectively.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4em;top:61.1835em;"><span class="stl_155 stl_08 stl_78" style="word-spacing:0.1554em;">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:25.4em;top:61.9435em;"><span class="stl_155 stl_08 stl_66" style="word-spacing:-0.014em;">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:7.0135em;"><span class="stl_155 stl_08 stl_137" style="word-spacing:0.0683em;">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:7.7735em;"><span class="stl_155 stl_08 stl_110" style="word-spacing:-0.0288em;">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:8.5335em;"><span class="stl_155 stl_08 stl_66" style="word-spacing:0.0037em;">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:9.3035em;"><span class="stl_155 stl_08 stl_19" style="word-spacing:-0.004em;">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:25.4em;top:32.9535em;"><span class="stl_157 stl_08 stl_50">Tax  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4em;top:33.7135em;"><span class="stl_155 stl_08 stl_139" style="word-spacing:-0.0103em;">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:25.4em;top:34.4735em;"><span class="stl_155 stl_08 stl_25" style="word-spacing:0.0456em;">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:25.4em;top:35.2435em;"><span class="stl_155 stl_08 stl_134" style="word-spacing:0.019em;">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:25.4em;top:36.0035em;"><span class="stl_155 stl_08 stl_52" style="word-spacing:-0.0001em;">to the portion attributable to entries directly in equity.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4em;top:37.5335em;"><span class="stl_155 stl_08 stl_90" style="word-spacing:0.032em;">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:25.4em;top:38.2935em;"><span class="stl_155 stl_08 stl_45" style="word-spacing:0.0776em;">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:25.4em;top:39.0535em;"><span class="stl_155 stl_08 stl_25">account.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4em;top:40.5835em;"><span class="stl_155 stl_08 stl_109" style="word-spacing:-0.028em;">The calculation of the year’s current tax is based on the tax rates and tax rules  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4em;top:41.3435em;"><span class="stl_155 stl_08 stl_20" style="word-spacing:-0.0037em;">applicable at the balance sheet date.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4em;top:42.8735em;"><span class="stl_155 stl_08 stl_50" style="word-spacing:0.1278em;">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:25.4em;top:43.6335em;"><span class="stl_155 stl_08 stl_77" style="word-spacing:-0.0512em;">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:25.4em;top:44.3935em;"><span class="stl_155 stl_08 stl_134" style="word-spacing:0.1403em;">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:25.4em;top:45.1535em;"><span class="stl_155 stl_08 stl_19" style="word-spacing:0.0481em;">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:25.4em;top:45.9235em;"><span class="stl_155 stl_08 stl_18" style="word-spacing:-0.0456em;">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:25.4em;top:46.6835em;"><span class="stl_155 stl_08 stl_66" style="word-spacing:0.1469em;">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:25.4em;top:47.4435em;"><span class="stl_155 stl_08 stl_28" style="word-spacing:0.0002em;">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:25.4em;top:48.9735em;"><span class="stl_155 stl_08 stl_77" style="word-spacing:0.1913em;">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:25.4em;top:49.7335em;"><span class="stl_155 stl_08 stl_91" style="word-spacing:0.1751em;">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:25.4em;top:50.5035em;"><span class="stl_155 stl_08 stl_91" style="word-spacing:0.0516em;">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:25.4em;top:51.2635em;"><span class="stl_155 stl_08 stl_64" style="word-spacing:0.3377em;">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:25.4em;top:52.0235em;"><span class="stl_155 stl_08 stl_137" style="word-spacing:0.0987em;">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:25.4em;top:52.7835em;"><span class="stl_155 stl_08 stl_28" style="word-spacing:0.1467em;">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:25.4em;top:53.5535em;"><span class="stl_155 stl_08 stl_70" style="word-spacing:0.0046em;">neither profit/loss for the year nor taxable income.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4em;top:55.0735em;"><span class="stl_155 stl_08 stl_140" style="word-spacing:0.0525em;">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:25.4em;top:55.8435em;"><span class="stl_155 stl_08 stl_127" style="word-spacing:0.1773em;">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:25.4em;top:56.6035em;"><span class="stl_155 stl_08 stl_127" style="word-spacing:0.0692em;">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:25.4em;top:57.3635em;"><span class="stl_155 stl_08 stl_28" style="word-spacing:-0.0025em;">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:25.4em;top:58.8935em;"><span class="stl_155 stl_08 stl_19" style="word-spacing:0.0801em;">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:25.4em;top:59.6535em;"><span class="stl_155 stl_08 stl_27" style="word-spacing:-0.0035em;">and the settlement of the individual liability, respectively.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4em;top:61.1835em;"><span class="stl_155 stl_08 stl_78" style="word-spacing:0.1554em;">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:25.4em;top:61.9435em;"><span class="stl_155 stl_08 stl_66" style="word-spacing:-0.014em;">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:7.0135em;"><span class="stl_155 stl_08 stl_137" style="word-spacing:0.0683em;">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:7.7735em;"><span class="stl_155 stl_08 stl_110" style="word-spacing:-0.0288em;">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:8.5335em;"><span class="stl_155 stl_08 stl_66" style="word-spacing:0.0037em;">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:9.3035em;"><span class="stl_155 stl_08 stl_19" style="word-spacing:-0.004em;">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:25.4em;top:42.8735em;"><span class="stl_157 stl_08 stl_26" style="word-spacing:-0.0075em;">Tax asset utilisation  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4em;top:44.3935em;"><span class="stl_155 stl_08 stl_18" style="word-spacing:-0.0334em;">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:25.4em;top:45.1535em;"><span class="stl_155 stl_08 stl_90" style="word-spacing:0.0357em;">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:25.4em;top:45.9235em;"><span class="stl_155 stl_08 stl_66" style="word-spacing:-0.002em;">income within a foreseeable number of years.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:5.8373em;"><span class="stl_162 stl_08 stl_51">7.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:6.9em;top:5.8373em;"><span class="stl_162 stl_08 stl_27" style="word-spacing:0.0038em;">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:4.72em;top:8.5273em;"><span class="stl_154 stl_08 stl_36">GROUP  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:9.6535em;"><span class="stl_155 stl_08 stl_50" style="word-spacing:-0.0008em;">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:4.72em;top:11.9273em;"><span class="stl_154 stl_08 stl_54">DKK’000  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.2713em;top:11.9273em;"><span class="stl_154 stl_08 stl_28">2022  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7132em;top:11.9273em;"><span class="stl_154 stl_08 stl_51">2021  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:14.3635em;"><span class="stl_155 stl_08 stl_34" style="word-spacing:0.0029em;">Current tax  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.3773em;top:14.3635em;"><span class="stl_155 stl_08 stl_22">(901)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.8283em;top:14.3635em;"><span class="stl_155 stl_08 stl_73">(516)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:15.3935em;"><span class="stl_155 stl_08 stl_91" style="word-spacing:-0.0023em;">Change in deferred tax including change in value  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.9048em;top:15.3935em;"><span class="stl_155 stl_08 stl_46">(4,823)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.3551em;top:15.3935em;"><span class="stl_155 stl_08 stl_19">(6,353)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:16.4235em;"><span class="stl_155 stl_08 stl_64" style="word-spacing:0.0035em;">Adjustment of current tax relating to prior years  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.0079em;top:16.4235em;"><span class="stl_155 stl_08 stl_78">(6)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.1471em;top:16.4235em;"><span class="stl_155 stl_08 stl_27">(29)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:17.5835em;"><span class="stl_157 stl_08 stl_72">Total  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.89em;top:17.5835em;"><span class="stl_157 stl_08 stl_20">(5,730)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.34em;top:17.5835em;"><span class="stl_157 stl_08 stl_20">(6,898)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:19.7635em;"><span class="stl_155 stl_08 stl_18" style="word-spacing:-0.0027em;">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:4.72em;top:21.8235em;"><span class="stl_157 stl_08 stl_28" style="word-spacing:0.0021em;">Profit/(loss) before tax  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.96em;top:21.8235em;"><span class="stl_157 stl_08 stl_51">27,858  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.41em;top:21.8235em;"><span class="stl_157 stl_08 stl_51">33,159  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:24.0035em;"><span class="stl_155 stl_08 stl_36" style="word-spacing:-0.0048em;">Tax at a rate of 22.0%  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.9067em;top:24.0035em;"><span class="stl_155 stl_08 stl_18">(6,118)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.4958em;top:24.0035em;"><span class="stl_155 stl_08 stl_25">(22.0%)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.3514em;top:24.0035em;"><span class="stl_155 stl_08 stl_46">(7,295)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.9443em;top:24.0035em;"><span class="stl_155 stl_08 stl_25">(22.0%)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:25.0335em;"><span class="stl_155 stl_08 stl_127" style="word-spacing:0.0019em;">Effect of different tax rate in foreign entities  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.7559em;top:25.0335em;"><span class="stl_155 stl_08 stl_51">950  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.1863em;top:25.0335em;"><span class="stl_155 stl_08 stl_09">3.4%  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7325em;top:25.0335em;"><span class="stl_155 stl_08 stl_30">1,095  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.6316em;top:25.0335em;"><span class="stl_155 stl_08 stl_120">3.3%  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:26.0635em;"><span class="stl_155 stl_08 stl_28" style="word-spacing:-0.0041em;">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:29.754em;top:26.0635em;"><span class="stl_155 stl_08 stl_51">200  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.1844em;top:26.0635em;"><span class="stl_155 stl_08 stl_09">0.7%  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.5245em;top:26.0635em;"><span class="stl_155 stl_08 stl_51">82  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.636em;top:26.0635em;"><span class="stl_155 stl_08 stl_09">0.2%  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:27.0935em;"><span class="stl_155 stl_08 stl_64" style="word-spacing:0.0035em;">Adjustment of current tax relating to prior years  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.0079em;top:27.0935em;"><span class="stl_155 stl_08 stl_78">(6)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.1825em;top:27.0935em;"><span class="stl_155 stl_08 stl_120">0.0%  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.1421em;top:27.0935em;"><span class="stl_155 stl_08 stl_63">(29)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.253em;top:27.0935em;"><span class="stl_155 stl_08 stl_132">(0.1%)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:28.1235em;"><span class="stl_155 stl_08 stl_18" style="word-spacing:-0.001em;">Value adjustment of deferred tax  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.3792em;top:28.1235em;"><span class="stl_155 stl_08 stl_73">(756)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.8051em;top:28.1235em;"><span class="stl_155 stl_08 stl_132">(2,7%)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.8226em;top:28.1235em;"><span class="stl_155 stl_08 stl_22">(751)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.2523em;top:28.1235em;"><span class="stl_155 stl_08 stl_132">(2.3%)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:29.2835em;"><span class="stl_157 stl_08 stl_50" style="word-spacing:0.0006em;">Effective tax/tax rate for the year  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.89em;top:29.2835em;"><span class="stl_157 stl_08 stl_20">(5,730)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.4659em;top:29.2835em;"><span class="stl_157 stl_08 stl_61">(20.6%)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.3347em;top:29.2835em;"><span class="stl_157 stl_08 stl_45">(6,898)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.9181em;top:29.2835em;"><span class="stl_157 stl_08 stl_140">(20.8%)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:5.8273em;"><span class="stl_162 stl_08 stl_51">7.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:6.9em;top:5.8273em;"><span class="stl_162 stl_08 stl_19" style="word-spacing:0.0036em;">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:4.72em;top:8.5273em;"><span class="stl_154 stl_08 stl_36">GROUP  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:9.8673em;"><span class="stl_154 stl_08 stl_47" style="word-spacing:-0.0012em;">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:38.7061em;top:9.8673em;"><span class="stl_154 stl_08 stl_51">2022  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.4235em;top:9.8673em;"><span class="stl_154 stl_08 stl_51">2021  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:12.3035em;"><span class="stl_155 stl_08 stl_90" style="word-spacing:-0.0014em;">Deferred tax liabilities, see balance sheet  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.0351em;top:12.3035em;"><span class="stl_155 stl_08 stl_31">(30,000)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.7521em;top:12.3035em;"><span class="stl_155 stl_08 stl_31">(25,636)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:13.4635em;"><span class="stl_157 stl_08 stl_46" style="word-spacing:-0.009em;">Deferred tax, net  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.0294em;top:13.4635em;"><span class="stl_157 stl_08 stl_78">(30,000)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.7477em;top:13.4635em;"><span class="stl_157 stl_08 stl_78">(25,636)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.7532em;top:15.8573em;"><span class="stl_154 stl_08 stl_24">Recognise  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.4185em;top:15.8573em;"><span class="stl_154 stl_08 stl_19" style="word-spacing:-0.004em;">Loss of  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.9549em;top:15.8573em;"><span class="stl_154 stl_08 stl_80">Foreign  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:16.7173em;"><span class="stl_154 stl_08 stl_51">2022  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.8171em;top:16.7173em;"><span class="stl_154 stl_08 stl_132" style="word-spacing:-0.0079em;">in Income  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.9279em;top:16.7173em;"><span class="stl_154 stl_08 stl_134">usability  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.3634em;top:16.7173em;"><span class="stl_154 stl_08 stl_42">exchange  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.2576em;top:17.5773em;"><span class="stl_154 stl_08 stl_120" style="word-spacing:-0.0106em;">Deferred tax  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.619em;top:17.5773em;"><span class="stl_154 stl_08 stl_42">Statement  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.8195em;top:17.5773em;"><span class="stl_154 stl_08 stl_31" style="word-spacing:0.0088em;">of tax losses  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.7762em;top:17.5773em;"><span class="stl_154 stl_08 stl_71" style="word-spacing:1.1869em;">adjustment Deferred</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.936em;top:17.5773em;"><span class="stl_154 stl_08 stl_183">tax  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:18.4573em;"><span class="stl_154 stl_08 stl_54">DKK’000  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.7248em;top:18.4573em;"><span class="stl_154 stl_08 stl_22">01.01.2022  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.2613em;top:18.4573em;"><span class="stl_154 stl_08 stl_51">2022  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.9787em;top:18.4573em;"><span class="stl_154 stl_08 stl_51">2022  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7103em;top:18.4573em;"><span class="stl_154 stl_08 stl_51">2022  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.6172em;top:18.4573em;"><span class="stl_154 stl_08 stl_22">31.12.2022  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:20.8935em;"><span class="stl_155 stl_08 stl_66" style="word-spacing:-0.002em;">Property, plant and equipment  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.8564em;top:20.8935em;"><span class="stl_155 stl_08 stl_32">(24,715)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.9067em;top:20.8935em;"><span class="stl_155 stl_08 stl_28">(4,469)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.8251em;top:20.8935em;"><span class="stl_155 stl_08 stl_73">(103)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.7534em;top:20.8935em;"><span class="stl_155 stl_08 stl_20">(29,287)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:21.9235em;"><span class="stl_155 stl_08 stl_28" style="word-spacing:-0.002em;">Trade receivables  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.179em;top:21.9235em;"><span class="stl_155 stl_08 stl_19">(1,186)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.3735em;top:21.9235em;"><span class="stl_155 stl_08 stl_62">(321)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.0778em;top:21.9235em;"><span class="stl_155 stl_08 stl_28">(1,507)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:22.9535em;"><span class="stl_155 stl_08 stl_90" style="word-spacing:0.0042em;">Other payables etc  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.0251em;top:22.9535em;"><span class="stl_155 stl_08 stl_51">265  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.6948em;top:22.9535em;"><span class="stl_155 stl_08 stl_63">(33)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.9239em;top:22.9535em;"><span class="stl_155 stl_08 stl_51">232  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:24.1135em;"><span class="stl_157 stl_08 stl_52" style="word-spacing:-0.0007em;">Temporary differences  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.845em;top:24.1135em;"><span class="stl_157 stl_08 stl_70">(25,636)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.8827em;top:24.1135em;"><span class="stl_157 stl_08 stl_45">(4,823)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.1042em;top:24.1135em;"><span class="stl_157 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.8125em;top:24.1135em;"><span class="stl_157 stl_08 stl_19">(103)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.7389em;top:24.1135em;"><span class="stl_157 stl_08 stl_27">(30,562)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:26.2835em;"><span class="stl_155 stl_08 stl_25" style="word-spacing:-0.0065em;">Tax loss carry-forwards  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.2401em;top:26.2835em;"><span class="stl_155 stl_08 stl_66">24,140  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.7597em;top:26.2835em;"><span class="stl_155 stl_08 stl_127">750  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.1061em;top:26.2835em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.4571em;top:26.2835em;"><span class="stl_155 stl_08 stl_67">(2)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.1377em;top:26.2835em;"><span class="stl_155 stl_08 stl_52">24,888  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:27.4435em;"><span class="stl_157 stl_08 stl_17" style="word-spacing:-0.0199em;">Unutilised tax losses  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.2243em;top:27.4435em;"><span class="stl_157 stl_08 stl_51">24,140  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.7503em;top:27.4435em;"><span class="stl_157 stl_08 stl_51">750  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.1004em;top:27.4435em;"><span class="stl_157 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.4388em;top:27.4435em;"><span class="stl_157 stl_08 stl_184">(2)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.1225em;top:27.4435em;"><span class="stl_157 stl_08 stl_73">24,888  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:29.6235em;"><span class="stl_155 stl_08 stl_25" style="word-spacing:-0.003em;">Value adjustment  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.8564em;top:29.6235em;"><span class="stl_155 stl_08 stl_21">(24,140)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.3741em;top:29.6235em;"><span class="stl_155 stl_08 stl_62">(756)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.4786em;top:29.6235em;"><span class="stl_155 stl_08 stl_127">568  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.8376em;top:29.6235em;"><span class="stl_155 stl_08 stl_09">2</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.7546em;top:29.6235em;"><span class="stl_155 stl_08 stl_31">(24,325)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:30.7835em;"><span class="stl_157 stl_08 stl_72">Total  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.8495em;top:30.7835em;"><span class="stl_157 stl_08 stl_90">(25,636)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.8909em;top:30.7835em;"><span class="stl_157 stl_08 stl_61">(4,829)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.4767em;top:30.7835em;"><span class="stl_157 stl_08 stl_51">568  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.8125em;top:30.7835em;"><span class="stl_157 stl_08 stl_09">(103)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.7452em;top:30.7835em;"><span class="stl_157 stl_08 stl_78">(30,000)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:31.9335em;"><span class="stl_155 stl_08 stl_185" style="word-spacing:0.0006em;">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  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:32.7235em;"><span class="stl_155 stl_08 stl_186">sheet.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.7532em;top:36.0273em;"><span class="stl_154 stl_08 stl_24">Recognise  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.4185em;top:36.0273em;"><span class="stl_154 stl_08 stl_19" style="word-spacing:-0.004em;">Loss of  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.9549em;top:36.0273em;"><span class="stl_154 stl_08 stl_80">Foreign  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:36.8873em;"><span class="stl_154 stl_08 stl_51">2021  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.8171em;top:36.8873em;"><span class="stl_154 stl_08 stl_132" style="word-spacing:-0.0079em;">in Income  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.9279em;top:36.8873em;"><span class="stl_154 stl_08 stl_134">usability  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.3634em;top:36.8873em;"><span class="stl_154 stl_08 stl_42">exchange  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.2576em;top:37.7473em;"><span class="stl_154 stl_08 stl_120" style="word-spacing:-0.0106em;">Deferred tax  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.619em;top:37.7473em;"><span class="stl_154 stl_08 stl_42">Statement  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.8195em;top:37.7473em;"><span class="stl_154 stl_08 stl_31" style="word-spacing:0.0088em;">of tax losses  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.7762em;top:37.7473em;"><span class="stl_154 stl_08 stl_71" style="word-spacing:1.1869em;">adjustment Deferred</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.936em;top:37.7473em;"><span class="stl_154 stl_08 stl_183">tax  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:38.6273em;"><span class="stl_154 stl_08 stl_54">DKK’000  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.7248em;top:38.6273em;"><span class="stl_154 stl_08 stl_22">01.01.2021  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.2613em;top:38.6273em;"><span class="stl_154 stl_08 stl_51">2021  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.9787em;top:38.6273em;"><span class="stl_154 stl_08 stl_51">2021  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7103em;top:38.6273em;"><span class="stl_154 stl_08 stl_51">2021  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.6172em;top:38.6273em;"><span class="stl_154 stl_08 stl_22">31.12.2021  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:41.0635em;"><span class="stl_155 stl_08 stl_66" style="word-spacing:-0.002em;">Property, plant and equipment  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.8564em;top:41.0635em;"><span class="stl_155 stl_08 stl_32">(18,697)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.9067em;top:41.0635em;"><span class="stl_155 stl_08 stl_28">(6,210)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.1017em;top:41.0635em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.2006em;top:41.0635em;"><span class="stl_155 stl_08 stl_51">192  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.7552em;top:41.0635em;"><span class="stl_155 stl_08 stl_25">(24,715)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:42.0835em;"><span class="stl_155 stl_08 stl_28" style="word-spacing:-0.002em;">Trade receivables  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.6452em;top:42.0835em;"><span class="stl_155 stl_08 stl_62">(955)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.3779em;top:42.0835em;"><span class="stl_155 stl_08 stl_73">(231)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.108em;top:42.0835em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.8332em;top:42.0835em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.0753em;top:42.0835em;"><span class="stl_155 stl_08 stl_18">(1,186)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:43.1135em;"><span class="stl_155 stl_08 stl_90" style="word-spacing:0.0042em;">Other payables etc  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.0251em;top:43.1135em;"><span class="stl_155 stl_08 stl_51">177  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.0791em;top:43.1135em;"><span class="stl_155 stl_08 stl_158">88  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.1067em;top:43.1135em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.8357em;top:43.1135em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.9284em;top:43.1135em;"><span class="stl_155 stl_08 stl_127">265  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:44.2735em;"><span class="stl_157 stl_08 stl_52" style="word-spacing:-0.0007em;">Temporary differences  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.845em;top:44.2735em;"><span class="stl_157 stl_08 stl_70">(19,475)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.8827em;top:44.2735em;"><span class="stl_157 stl_08 stl_45">(6,353)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.1042em;top:44.2735em;"><span class="stl_157 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.2032em;top:44.2735em;"><span class="stl_157 stl_08 stl_51">192  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.7389em;top:44.2735em;"><span class="stl_157 stl_08 stl_27">(25,636)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:46.4535em;"><span class="stl_155 stl_08 stl_25" style="word-spacing:-0.0065em;">Tax loss carry-forwards  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.2401em;top:46.4535em;"><span class="stl_155 stl_08 stl_66">29,704  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.7597em;top:46.4535em;"><span class="stl_155 stl_08 stl_127">751  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.6256em;top:46.4535em;"><span class="stl_155 stl_08 stl_36">(6,254)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.1439em;top:46.4535em;"><span class="stl_155 stl_08 stl_40">(61)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.1358em;top:46.4535em;"><span class="stl_155 stl_08 stl_36">24,140  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:47.6135em;"><span class="stl_157 stl_08 stl_17" style="word-spacing:-0.0199em;">Unutilised tax losses  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.2243em;top:47.6135em;"><span class="stl_157 stl_08 stl_51">29,704  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.7503em;top:47.6135em;"><span class="stl_157 stl_08 stl_51">751  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.601em;top:47.6135em;"><span class="stl_157 stl_08 stl_31">(6,254)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.1313em;top:47.6135em;"><span class="stl_157 stl_08 stl_46">(61)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.1194em;top:47.6135em;"><span class="stl_157 stl_08 stl_51">24,140  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:49.7935em;"><span class="stl_155 stl_08 stl_25" style="word-spacing:-0.003em;">Value adjustment  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.8564em;top:49.7935em;"><span class="stl_155 stl_08 stl_21">(29,704)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.3741em;top:49.7935em;"><span class="stl_155 stl_08 stl_62">(751)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.0061em;top:49.7935em;"><span class="stl_155 stl_08 stl_25">6,254  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.5257em;top:49.7935em;"><span class="stl_155 stl_08 stl_51">61  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.7553em;top:49.7935em;"><span class="stl_155 stl_08 stl_25">(24,140)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:50.9535em;"><span class="stl_157 stl_08 stl_72">Total  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.8495em;top:50.9535em;"><span class="stl_157 stl_08 stl_90">(19,475)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.8909em;top:50.9535em;"><span class="stl_157 stl_08 stl_61">(6,353)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.1067em;top:50.9535em;"><span class="stl_157 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.2057em;top:50.9535em;"><span class="stl_157 stl_08 stl_51">192  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.7414em;top:50.9535em;"><span class="stl_157 stl_08 stl_27">(25,636)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:52.1035em;"><span class="stl_155 stl_08 stl_187" style="word-spacing:-0.0002em;">The Group does not expect to be able to utilise 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:4.72em;top:5.8273em;"><span class="stl_162 stl_08 stl_51">7.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:6.9em;top:5.8273em;"><span class="stl_162 stl_08 stl_19" style="word-spacing:0.0036em;">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:4.72em;top:8.5273em;"><span class="stl_154 stl_08 stl_54" style="word-spacing:-0.0221em;">PARENT COMPANY  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:9.6535em;"><span class="stl_155 stl_08 stl_50" style="word-spacing:-0.0008em;">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:4.72em;top:11.9273em;"><span class="stl_154 stl_08 stl_54">DKK’000  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.2713em;top:11.9273em;"><span class="stl_154 stl_08 stl_28">2022  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7132em;top:11.9273em;"><span class="stl_154 stl_08 stl_51">2021  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:14.3635em;"><span class="stl_155 stl_08 stl_34" style="word-spacing:0.0029em;">Current tax  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.3853em;top:14.3635em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.8395em;top:14.3635em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:15.3935em;"><span class="stl_155 stl_08 stl_52" style="word-spacing:-0.0021em;">Change in deferred tax  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.3853em;top:15.3935em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.8395em;top:15.3935em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:16.4235em;"><span class="stl_155 stl_08 stl_64" style="word-spacing:0.0035em;">Adjustment of current tax relating to prior years  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.386em;top:16.4235em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.8338em;top:16.4235em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:17.4535em;"><span class="stl_155 stl_08 stl_61" style="word-spacing:0.0017em;">Adjustment of deferred tax relating to prior years  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.3816em;top:17.4535em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.8357em;top:17.4535em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:18.6135em;"><span class="stl_157 stl_08 stl_72">Total  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.39em;top:18.6135em;"><span class="stl_157 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.84em;top:18.6135em;"><span class="stl_157 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:20.7935em;"><span class="stl_155 stl_08 stl_18" style="word-spacing:-0.0027em;">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:4.72em;top:21.8235em;"><span class="stl_157 stl_08 stl_28" style="word-spacing:0.0021em;">Profit/(loss) before tax  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.89em;top:21.8235em;"><span class="stl_157 stl_08 stl_20">(3,383)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.34em;top:21.8235em;"><span class="stl_157 stl_08 stl_20">(3,161)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:24.0035em;"><span class="stl_155 stl_08 stl_36" style="word-spacing:-0.0048em;">Tax at a rate of 22.0%  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.7547em;top:24.0035em;"><span class="stl_155 stl_08 stl_51">744  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.4983em;top:24.0035em;"><span class="stl_155 stl_08 stl_52">(22.0%)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.2019em;top:24.0035em;"><span class="stl_155 stl_08 stl_51">695  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.9455em;top:24.0035em;"><span class="stl_155 stl_08 stl_34">(22.0%)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:25.0335em;"><span class="stl_155 stl_08 stl_64" style="word-spacing:0.0035em;">Adjustment of current tax relating to prior years  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.0079em;top:25.0335em;"><span class="stl_155 stl_08 stl_78">(5)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.1825em;top:25.0335em;"><span class="stl_155 stl_08 stl_120">0.1%  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.1421em;top:25.0335em;"><span class="stl_155 stl_08 stl_63">(29)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.631em;top:25.0335em;"><span class="stl_155 stl_08 stl_120">0.9%  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:26.0635em;"><span class="stl_155 stl_08 stl_18" style="word-spacing:-0.001em;">Value adjustment of deferred tax  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.3792em;top:26.0635em;"><span class="stl_155 stl_08 stl_73">(739)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.8744em;top:26.0635em;"><span class="stl_155 stl_08 stl_18">21.8%  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.8277em;top:26.0635em;"><span class="stl_155 stl_08 stl_73">(666)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.3229em;top:26.0635em;"><span class="stl_155 stl_08 stl_18">21.1%  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:27.2235em;"><span class="stl_157 stl_08 stl_50" style="word-spacing:0.0006em;">Effective tax/tax rate for the year  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.39em;top:27.2235em;"><span class="stl_157 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.17em;top:27.2235em;"><span class="stl_157 stl_08 stl_63">0.0%  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.84em;top:27.2235em;"><span class="stl_157 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.62em;top:27.2235em;"><span class="stl_157 stl_08 stl_63">0.0%  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.8202em;top:30.6173em;"><span class="stl_154 stl_08 stl_62">Recognised  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:31.4873em;"><span class="stl_154 stl_08 stl_51">2022  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.2775em;top:31.4873em;"><span class="stl_154 stl_08 stl_47" style="word-spacing:-0.0046em;">in income  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.7081em;top:32.3473em;"><span class="stl_154 stl_08 stl_115" style="word-spacing:-0.0091em;">Deferred tax  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.122em;top:32.3473em;"><span class="stl_154 stl_08 stl_107" style="word-spacing:1.1876em;">statement Deferred</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.934em;top:32.3473em;"><span class="stl_154 stl_08 stl_188">tax  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:33.2273em;"><span class="stl_154 stl_08 stl_54">DKK’000  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.1753em;top:33.2273em;"><span class="stl_154 stl_08 stl_22">01.01.2022  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7117em;top:33.2273em;"><span class="stl_154 stl_08 stl_22" style="word-spacing:1.8445em;">2022 31.12.2022  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:35.6635em;"><span class="stl_155 stl_08 stl_25" style="word-spacing:-0.003em;">Intangible assets  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:36.6935em;"><span class="stl_155 stl_08 stl_66" style="word-spacing:-0.002em;">Property, plant and equipment  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:37.7235em;"><span class="stl_155 stl_08 stl_66">Inventories  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:38.7435em;"><span class="stl_155 stl_08 stl_127" style="word-spacing:0.0056em;">Other payables etc.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:39.9035em;"><span class="stl_157 stl_08 stl_52" style="word-spacing:-0.0007em;">Temporary differences  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.1076em;top:39.9035em;"><span class="stl_157 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.8365em;top:39.9035em;"><span class="stl_157 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.5592em;top:39.9035em;"><span class="stl_157 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:42.0835em;"><span class="stl_155 stl_08 stl_25" style="word-spacing:-0.0065em;">Tax loss carry-forwards  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.6904em;top:42.0835em;"><span class="stl_155 stl_08 stl_66">23,587  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.2101em;top:42.0835em;"><span class="stl_155 stl_08 stl_127">739  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.1389em;top:42.0835em;"><span class="stl_155 stl_08 stl_52">24,326  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:43.2435em;"><span class="stl_157 stl_08 stl_17" style="word-spacing:-0.0199em;">Unutilised tax losses  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.68em;top:43.2435em;"><span class="stl_157 stl_08 stl_51">23,587  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.206em;top:43.2435em;"><span class="stl_157 stl_08 stl_51">739  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.126em;top:43.2435em;"><span class="stl_157 stl_08 stl_51">24,326  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:45.4235em;"><span class="stl_155 stl_08 stl_25" style="word-spacing:-0.003em;">Value adjustment  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.3068em;top:45.4235em;"><span class="stl_155 stl_08 stl_31">(23,587)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.8239em;top:45.4235em;"><span class="stl_155 stl_08 stl_62">(739)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.7565em;top:45.4235em;"><span class="stl_155 stl_08 stl_25">(24,326)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:46.5835em;"><span class="stl_157 stl_08 stl_72">Total  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.11em;top:46.5835em;"><span class="stl_157 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.839em;top:46.5835em;"><span class="stl_157 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.5616em;top:46.5835em;"><span class="stl_157 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:47.9335em;"><span class="stl_155 stl_08 stl_52" style="word-spacing:-0.0011em;">Tax losses are not expected to be utilised in full within a period of 3-5 years. Accordingly, no tax asset has been recognised in the parent company’s balance  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:48.6935em;"><span class="stl_155 stl_08 stl_21">sheet.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.8202em;top:5.8373em;"><span class="stl_154 stl_08 stl_62">Recognised  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:6.6973em;"><span class="stl_154 stl_08 stl_51">2021  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.2775em;top:6.6973em;"><span class="stl_154 stl_08 stl_47" style="word-spacing:-0.0046em;">in income  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.7081em;top:7.5673em;"><span class="stl_154 stl_08 stl_115" style="word-spacing:-0.0091em;">Deferred tax  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.122em;top:7.5673em;"><span class="stl_154 stl_08 stl_107" style="word-spacing:1.1876em;">statement Deferred</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.934em;top:7.5673em;"><span class="stl_154 stl_08 stl_188">tax  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:8.4373em;"><span class="stl_154 stl_08 stl_54">DKK’000  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.1753em;top:8.4373em;"><span class="stl_154 stl_08 stl_22">01.01.2021  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7117em;top:8.4373em;"><span class="stl_154 stl_08 stl_51">2021  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.6186em;top:8.4373em;"><span class="stl_154 stl_08 stl_22">31.12.2021  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:10.8735em;"><span class="stl_155 stl_08 stl_25" style="word-spacing:-0.003em;">Intangible assets  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.1055em;top:10.8735em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.8345em;top:10.8735em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.5571em;top:10.8735em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:11.9035em;"><span class="stl_155 stl_08 stl_66" style="word-spacing:-0.002em;">Property, plant and equipment  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.1086em;top:11.9035em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.8338em;top:11.9035em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.5565em;top:11.9035em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:12.9335em;"><span class="stl_155 stl_08 stl_66">Inventories  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.1112em;top:12.9335em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.8363em;top:12.9335em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.559em;top:12.9335em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:13.9635em;"><span class="stl_155 stl_08 stl_127" style="word-spacing:0.0056em;">Other payables etc.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.1055em;top:13.9635em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.8345em;top:13.9635em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.5571em;top:13.9635em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:15.1235em;"><span class="stl_157 stl_08 stl_52" style="word-spacing:-0.0007em;">Temporary differences  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.1076em;top:15.1235em;"><span class="stl_157 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.8365em;top:15.1235em;"><span class="stl_157 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.5592em;top:15.1235em;"><span class="stl_157 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:17.3035em;"><span class="stl_155 stl_08 stl_25" style="word-spacing:-0.0065em;">Tax loss carry-forwards  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.6904em;top:17.3035em;"><span class="stl_155 stl_08 stl_66">22,921  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.2101em;top:17.3035em;"><span class="stl_155 stl_08 stl_127">666  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.1389em;top:17.3035em;"><span class="stl_155 stl_08 stl_52">23,587  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:18.4635em;"><span class="stl_157 stl_08 stl_17" style="word-spacing:-0.0199em;">Unutilised tax losses  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.68em;top:18.4635em;"><span class="stl_157 stl_08 stl_51">22,921  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.206em;top:18.4635em;"><span class="stl_157 stl_08 stl_51">666  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.126em;top:18.4635em;"><span class="stl_157 stl_08 stl_51">23,587  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:20.6335em;"><span class="stl_155 stl_08 stl_25" style="word-spacing:-0.003em;">Value adjustment  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.3068em;top:20.6335em;"><span class="stl_155 stl_08 stl_31">(22,921)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.8239em;top:20.6335em;"><span class="stl_155 stl_08 stl_62">(666)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.7565em;top:20.6335em;"><span class="stl_155 stl_08 stl_25">(23,587)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:21.7935em;"><span class="stl_157 stl_08 stl_72">Total  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.11em;top:21.7935em;"><span class="stl_157 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.839em;top:21.7935em;"><span class="stl_157 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.5616em;top:21.7935em;"><span class="stl_157 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:23.1535em;"><span class="stl_155 stl_08 stl_52" style="word-spacing:-0.0011em;">Tax losses are not expected to be utilised in full within a period of 3-5 years. Accordingly, no tax asset has been recognised in the parent company’s balance  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:23.9135em;"><span class="stl_155 stl_08 stl_21">sheet.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4em;top:32.9535em;"><span class="stl_157 stl_08 stl_50">Tax  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4em;top:33.7135em;"><span class="stl_155 stl_08 stl_139" style="word-spacing:-0.0103em;">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:25.4em;top:34.4735em;"><span class="stl_155 stl_08 stl_25" style="word-spacing:0.0456em;">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:25.4em;top:35.2435em;"><span class="stl_155 stl_08 stl_134" style="word-spacing:0.019em;">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:25.4em;top:36.0035em;"><span class="stl_155 stl_08 stl_52" style="word-spacing:-0.0001em;">to the portion attributable to entries directly in equity.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4em;top:37.5335em;"><span class="stl_155 stl_08 stl_90" style="word-spacing:0.032em;">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:25.4em;top:38.2935em;"><span class="stl_155 stl_08 stl_45" style="word-spacing:0.0776em;">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:25.4em;top:39.0535em;"><span class="stl_155 stl_08 stl_25">account.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4em;top:40.5835em;"><span class="stl_155 stl_08 stl_109" style="word-spacing:-0.028em;">The calculation of the year’s current tax is based on the tax rates and tax rules  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4em;top:41.3435em;"><span class="stl_155 stl_08 stl_20" style="word-spacing:-0.0037em;">applicable at the balance sheet date.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4em;top:42.8735em;"><span class="stl_155 stl_08 stl_50" style="word-spacing:0.1278em;">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:25.4em;top:43.6335em;"><span class="stl_155 stl_08 stl_77" style="word-spacing:-0.0512em;">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:25.4em;top:44.3935em;"><span class="stl_155 stl_08 stl_134" style="word-spacing:0.1403em;">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:25.4em;top:45.1535em;"><span class="stl_155 stl_08 stl_19" style="word-spacing:0.0481em;">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:25.4em;top:45.9235em;"><span class="stl_155 stl_08 stl_18" style="word-spacing:-0.0456em;">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:25.4em;top:46.6835em;"><span class="stl_155 stl_08 stl_66" style="word-spacing:0.1469em;">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:25.4em;top:47.4435em;"><span class="stl_155 stl_08 stl_28" style="word-spacing:0.0002em;">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:25.4em;top:48.9735em;"><span class="stl_155 stl_08 stl_77" style="word-spacing:0.1913em;">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:25.4em;top:49.7335em;"><span class="stl_155 stl_08 stl_91" style="word-spacing:0.1751em;">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:25.4em;top:50.5035em;"><span class="stl_155 stl_08 stl_91" style="word-spacing:0.0516em;">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:25.4em;top:51.2635em;"><span class="stl_155 stl_08 stl_64" style="word-spacing:0.3377em;">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:25.4em;top:52.0235em;"><span class="stl_155 stl_08 stl_137" style="word-spacing:0.0987em;">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:25.4em;top:52.7835em;"><span class="stl_155 stl_08 stl_28" style="word-spacing:0.1467em;">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:25.4em;top:53.5535em;"><span class="stl_155 stl_08 stl_70" style="word-spacing:0.0046em;">neither profit/loss for the year nor taxable income.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4em;top:55.0735em;"><span class="stl_155 stl_08 stl_140" style="word-spacing:0.0525em;">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:25.4em;top:55.8435em;"><span class="stl_155 stl_08 stl_127" style="word-spacing:0.1773em;">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:25.4em;top:56.6035em;"><span class="stl_155 stl_08 stl_127" style="word-spacing:0.0692em;">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:25.4em;top:57.3635em;"><span class="stl_155 stl_08 stl_28" style="word-spacing:-0.0025em;">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:25.4em;top:58.8935em;"><span class="stl_155 stl_08 stl_19" style="word-spacing:0.0801em;">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:25.4em;top:59.6535em;"><span class="stl_155 stl_08 stl_27" style="word-spacing:-0.0035em;">and the settlement of the individual liability, respectively.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4em;top:61.1835em;"><span class="stl_155 stl_08 stl_78" style="word-spacing:0.1554em;">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:25.4em;top:61.9435em;"><span class="stl_155 stl_08 stl_66" style="word-spacing:-0.014em;">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:7.0135em;"><span class="stl_155 stl_08 stl_137" style="word-spacing:0.0683em;">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:7.7735em;"><span class="stl_155 stl_08 stl_110" style="word-spacing:-0.0288em;">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:8.5335em;"><span class="stl_155 stl_08 stl_66" style="word-spacing:0.0037em;">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:9.3035em;"><span class="stl_155 stl_08 stl_19" style="word-spacing:-0.004em;">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:5.8373em;"><span class="stl_162 stl_08 stl_51">7.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:6.9em;top:5.8373em;"><span class="stl_162 stl_08 stl_27" style="word-spacing:0.0038em;">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:4.72em;top:8.5273em;"><span class="stl_154 stl_08 stl_36">GROUP  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:9.6535em;"><span class="stl_155 stl_08 stl_50" style="word-spacing:-0.0008em;">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:4.72em;top:11.9273em;"><span class="stl_154 stl_08 stl_54">DKK’000  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.2713em;top:11.9273em;"><span class="stl_154 stl_08 stl_28">2022  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7132em;top:11.9273em;"><span class="stl_154 stl_08 stl_51">2021  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:14.3635em;"><span class="stl_155 stl_08 stl_34" style="word-spacing:0.0029em;">Current tax  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.3773em;top:14.3635em;"><span class="stl_155 stl_08 stl_22">(901)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.8283em;top:14.3635em;"><span class="stl_155 stl_08 stl_73">(516)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:15.3935em;"><span class="stl_155 stl_08 stl_91" style="word-spacing:-0.0023em;">Change in deferred tax including change in value  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.9048em;top:15.3935em;"><span class="stl_155 stl_08 stl_46">(4,823)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.3551em;top:15.3935em;"><span class="stl_155 stl_08 stl_19">(6,353)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:16.4235em;"><span class="stl_155 stl_08 stl_64" style="word-spacing:0.0035em;">Adjustment of current tax relating to prior years  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.0079em;top:16.4235em;"><span class="stl_155 stl_08 stl_78">(6)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.1471em;top:16.4235em;"><span class="stl_155 stl_08 stl_27">(29)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:17.5835em;"><span class="stl_157 stl_08 stl_72">Total  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.89em;top:17.5835em;"><span class="stl_157 stl_08 stl_20">(5,730)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.34em;top:17.5835em;"><span class="stl_157 stl_08 stl_20">(6,898)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:19.7635em;"><span class="stl_155 stl_08 stl_18" style="word-spacing:-0.0027em;">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:4.72em;top:21.8235em;"><span class="stl_157 stl_08 stl_28" style="word-spacing:0.0021em;">Profit/(loss) before tax  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.96em;top:21.8235em;"><span class="stl_157 stl_08 stl_51">27,858  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.41em;top:21.8235em;"><span class="stl_157 stl_08 stl_51">33,159  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:24.0035em;"><span class="stl_155 stl_08 stl_36" style="word-spacing:-0.0048em;">Tax at a rate of 22.0%  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.9067em;top:24.0035em;"><span class="stl_155 stl_08 stl_18">(6,118)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.4958em;top:24.0035em;"><span class="stl_155 stl_08 stl_25">(22.0%)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.3514em;top:24.0035em;"><span class="stl_155 stl_08 stl_46">(7,295)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.9443em;top:24.0035em;"><span class="stl_155 stl_08 stl_25">(22.0%)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:25.0335em;"><span class="stl_155 stl_08 stl_127" style="word-spacing:0.0019em;">Effect of different tax rate in foreign entities  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.7559em;top:25.0335em;"><span class="stl_155 stl_08 stl_51">950  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.1863em;top:25.0335em;"><span class="stl_155 stl_08 stl_09">3.4%  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7325em;top:25.0335em;"><span class="stl_155 stl_08 stl_30">1,095  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.6316em;top:25.0335em;"><span class="stl_155 stl_08 stl_120">3.3%  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:26.0635em;"><span class="stl_155 stl_08 stl_28" style="word-spacing:-0.0041em;">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:29.754em;top:26.0635em;"><span class="stl_155 stl_08 stl_51">200  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.1844em;top:26.0635em;"><span class="stl_155 stl_08 stl_09">0.7%  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.5245em;top:26.0635em;"><span class="stl_155 stl_08 stl_51">82  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.636em;top:26.0635em;"><span class="stl_155 stl_08 stl_09">0.2%  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:27.0935em;"><span class="stl_155 stl_08 stl_64" style="word-spacing:0.0035em;">Adjustment of current tax relating to prior years  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.0079em;top:27.0935em;"><span class="stl_155 stl_08 stl_78">(6)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.1825em;top:27.0935em;"><span class="stl_155 stl_08 stl_120">0.0%  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.1421em;top:27.0935em;"><span class="stl_155 stl_08 stl_63">(29)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.253em;top:27.0935em;"><span class="stl_155 stl_08 stl_132">(0.1%)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:28.1235em;"><span class="stl_155 stl_08 stl_18" style="word-spacing:-0.001em;">Value adjustment of deferred tax  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.3792em;top:28.1235em;"><span class="stl_155 stl_08 stl_73">(756)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.8051em;top:28.1235em;"><span class="stl_155 stl_08 stl_132">(2,7%)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.8226em;top:28.1235em;"><span class="stl_155 stl_08 stl_22">(751)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.2523em;top:28.1235em;"><span class="stl_155 stl_08 stl_132">(2.3%)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:29.2835em;"><span class="stl_157 stl_08 stl_50" style="word-spacing:0.0006em;">Effective tax/tax rate for the year  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.89em;top:29.2835em;"><span class="stl_157 stl_08 stl_20">(5,730)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.4659em;top:29.2835em;"><span class="stl_157 stl_08 stl_61">(20.6%)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.3347em;top:29.2835em;"><span class="stl_157 stl_08 stl_45">(6,898)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.9181em;top:29.2835em;"><span class="stl_157 stl_08 stl_140">(20.8%)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:5.8273em;"><span class="stl_162 stl_08 stl_51">7.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:6.9em;top:5.8273em;"><span class="stl_162 stl_08 stl_19" style="word-spacing:0.0036em;">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:4.72em;top:8.5273em;"><span class="stl_154 stl_08 stl_36">GROUP  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:9.8673em;"><span class="stl_154 stl_08 stl_47" style="word-spacing:-0.0012em;">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:38.7061em;top:9.8673em;"><span class="stl_154 stl_08 stl_51">2022  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.4235em;top:9.8673em;"><span class="stl_154 stl_08 stl_51">2021  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:12.3035em;"><span class="stl_155 stl_08 stl_90" style="word-spacing:-0.0014em;">Deferred tax liabilities, see balance sheet  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.0351em;top:12.3035em;"><span class="stl_155 stl_08 stl_31">(30,000)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.7521em;top:12.3035em;"><span class="stl_155 stl_08 stl_31">(25,636)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:13.4635em;"><span class="stl_157 stl_08 stl_46" style="word-spacing:-0.009em;">Deferred tax, net  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.0294em;top:13.4635em;"><span class="stl_157 stl_08 stl_78">(30,000)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.7477em;top:13.4635em;"><span class="stl_157 stl_08 stl_78">(25,636)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.7532em;top:15.8573em;"><span class="stl_154 stl_08 stl_24">Recognise  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.4185em;top:15.8573em;"><span class="stl_154 stl_08 stl_19" style="word-spacing:-0.004em;">Loss of  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.9549em;top:15.8573em;"><span class="stl_154 stl_08 stl_80">Foreign  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:16.7173em;"><span class="stl_154 stl_08 stl_51">2022  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.8171em;top:16.7173em;"><span class="stl_154 stl_08 stl_132" style="word-spacing:-0.0079em;">in Income  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.9279em;top:16.7173em;"><span class="stl_154 stl_08 stl_134">usability  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.3634em;top:16.7173em;"><span class="stl_154 stl_08 stl_42">exchange  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.2576em;top:17.5773em;"><span class="stl_154 stl_08 stl_120" style="word-spacing:-0.0106em;">Deferred tax  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.619em;top:17.5773em;"><span class="stl_154 stl_08 stl_42">Statement  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.8195em;top:17.5773em;"><span class="stl_154 stl_08 stl_31" style="word-spacing:0.0088em;">of tax losses  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.7762em;top:17.5773em;"><span class="stl_154 stl_08 stl_71" style="word-spacing:1.1869em;">adjustment Deferred</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.936em;top:17.5773em;"><span class="stl_154 stl_08 stl_183">tax  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:18.4573em;"><span class="stl_154 stl_08 stl_54">DKK’000  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.7248em;top:18.4573em;"><span class="stl_154 stl_08 stl_22">01.01.2022  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.2613em;top:18.4573em;"><span class="stl_154 stl_08 stl_51">2022  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.9787em;top:18.4573em;"><span class="stl_154 stl_08 stl_51">2022  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7103em;top:18.4573em;"><span class="stl_154 stl_08 stl_51">2022  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.6172em;top:18.4573em;"><span class="stl_154 stl_08 stl_22">31.12.2022  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:20.8935em;"><span class="stl_155 stl_08 stl_66" style="word-spacing:-0.002em;">Property, plant and equipment  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.8564em;top:20.8935em;"><span class="stl_155 stl_08 stl_32">(24,715)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.9067em;top:20.8935em;"><span class="stl_155 stl_08 stl_28">(4,469)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.8251em;top:20.8935em;"><span class="stl_155 stl_08 stl_73">(103)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.7534em;top:20.8935em;"><span class="stl_155 stl_08 stl_20">(29,287)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:21.9235em;"><span class="stl_155 stl_08 stl_28" style="word-spacing:-0.002em;">Trade receivables  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.179em;top:21.9235em;"><span class="stl_155 stl_08 stl_19">(1,186)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.3735em;top:21.9235em;"><span class="stl_155 stl_08 stl_62">(321)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.0778em;top:21.9235em;"><span class="stl_155 stl_08 stl_28">(1,507)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:22.9535em;"><span class="stl_155 stl_08 stl_90" style="word-spacing:0.0042em;">Other payables etc  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.0251em;top:22.9535em;"><span class="stl_155 stl_08 stl_51">265  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.6948em;top:22.9535em;"><span class="stl_155 stl_08 stl_63">(33)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.9239em;top:22.9535em;"><span class="stl_155 stl_08 stl_51">232  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:24.1135em;"><span class="stl_157 stl_08 stl_52" style="word-spacing:-0.0007em;">Temporary differences  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.845em;top:24.1135em;"><span class="stl_157 stl_08 stl_70">(25,636)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.8827em;top:24.1135em;"><span class="stl_157 stl_08 stl_45">(4,823)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.1042em;top:24.1135em;"><span class="stl_157 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.8125em;top:24.1135em;"><span class="stl_157 stl_08 stl_19">(103)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.7389em;top:24.1135em;"><span class="stl_157 stl_08 stl_27">(30,562)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:26.2835em;"><span class="stl_155 stl_08 stl_25" style="word-spacing:-0.0065em;">Tax loss carry-forwards  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.2401em;top:26.2835em;"><span class="stl_155 stl_08 stl_66">24,140  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.7597em;top:26.2835em;"><span class="stl_155 stl_08 stl_127">750  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.1061em;top:26.2835em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.4571em;top:26.2835em;"><span class="stl_155 stl_08 stl_67">(2)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.1377em;top:26.2835em;"><span class="stl_155 stl_08 stl_52">24,888  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:27.4435em;"><span class="stl_157 stl_08 stl_17" style="word-spacing:-0.0199em;">Unutilised tax losses  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.2243em;top:27.4435em;"><span class="stl_157 stl_08 stl_51">24,140  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.7503em;top:27.4435em;"><span class="stl_157 stl_08 stl_51">750  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.1004em;top:27.4435em;"><span class="stl_157 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.4388em;top:27.4435em;"><span class="stl_157 stl_08 stl_184">(2)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.1225em;top:27.4435em;"><span class="stl_157 stl_08 stl_73">24,888  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:29.6235em;"><span class="stl_155 stl_08 stl_25" style="word-spacing:-0.003em;">Value adjustment  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.8564em;top:29.6235em;"><span class="stl_155 stl_08 stl_21">(24,140)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.3741em;top:29.6235em;"><span class="stl_155 stl_08 stl_62">(756)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.4786em;top:29.6235em;"><span class="stl_155 stl_08 stl_127">568  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.8376em;top:29.6235em;"><span class="stl_155 stl_08 stl_09">2</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.7546em;top:29.6235em;"><span class="stl_155 stl_08 stl_31">(24,325)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:30.7835em;"><span class="stl_157 stl_08 stl_72">Total  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.8495em;top:30.7835em;"><span class="stl_157 stl_08 stl_90">(25,636)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.8909em;top:30.7835em;"><span class="stl_157 stl_08 stl_61">(4,829)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.4767em;top:30.7835em;"><span class="stl_157 stl_08 stl_51">568  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.8125em;top:30.7835em;"><span class="stl_157 stl_08 stl_09">(103)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.7452em;top:30.7835em;"><span class="stl_157 stl_08 stl_78">(30,000)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:31.9335em;"><span class="stl_155 stl_08 stl_185" style="word-spacing:0.0006em;">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  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:32.7235em;"><span class="stl_155 stl_08 stl_186">sheet.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.7532em;top:36.0273em;"><span class="stl_154 stl_08 stl_24">Recognise  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.4185em;top:36.0273em;"><span class="stl_154 stl_08 stl_19" style="word-spacing:-0.004em;">Loss of  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.9549em;top:36.0273em;"><span class="stl_154 stl_08 stl_80">Foreign  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:36.8873em;"><span class="stl_154 stl_08 stl_51">2021  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.8171em;top:36.8873em;"><span class="stl_154 stl_08 stl_132" style="word-spacing:-0.0079em;">in Income  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.9279em;top:36.8873em;"><span class="stl_154 stl_08 stl_134">usability  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.3634em;top:36.8873em;"><span class="stl_154 stl_08 stl_42">exchange  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.2576em;top:37.7473em;"><span class="stl_154 stl_08 stl_120" style="word-spacing:-0.0106em;">Deferred tax  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.619em;top:37.7473em;"><span class="stl_154 stl_08 stl_42">Statement  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.8195em;top:37.7473em;"><span class="stl_154 stl_08 stl_31" style="word-spacing:0.0088em;">of tax losses  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.7762em;top:37.7473em;"><span class="stl_154 stl_08 stl_71" style="word-spacing:1.1869em;">adjustment Deferred</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.936em;top:37.7473em;"><span class="stl_154 stl_08 stl_183">tax  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:38.6273em;"><span class="stl_154 stl_08 stl_54">DKK’000  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.7248em;top:38.6273em;"><span class="stl_154 stl_08 stl_22">01.01.2021  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.2613em;top:38.6273em;"><span class="stl_154 stl_08 stl_51">2021  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.9787em;top:38.6273em;"><span class="stl_154 stl_08 stl_51">2021  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7103em;top:38.6273em;"><span class="stl_154 stl_08 stl_51">2021  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.6172em;top:38.6273em;"><span class="stl_154 stl_08 stl_22">31.12.2021  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:41.0635em;"><span class="stl_155 stl_08 stl_66" style="word-spacing:-0.002em;">Property, plant and equipment  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.8564em;top:41.0635em;"><span class="stl_155 stl_08 stl_32">(18,697)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.9067em;top:41.0635em;"><span class="stl_155 stl_08 stl_28">(6,210)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.1017em;top:41.0635em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.2006em;top:41.0635em;"><span class="stl_155 stl_08 stl_51">192  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.7552em;top:41.0635em;"><span class="stl_155 stl_08 stl_25">(24,715)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:42.0835em;"><span class="stl_155 stl_08 stl_28" style="word-spacing:-0.002em;">Trade receivables  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.6452em;top:42.0835em;"><span class="stl_155 stl_08 stl_62">(955)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.3779em;top:42.0835em;"><span class="stl_155 stl_08 stl_73">(231)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.108em;top:42.0835em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.8332em;top:42.0835em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.0753em;top:42.0835em;"><span class="stl_155 stl_08 stl_18">(1,186)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:43.1135em;"><span class="stl_155 stl_08 stl_90" style="word-spacing:0.0042em;">Other payables etc  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.0251em;top:43.1135em;"><span class="stl_155 stl_08 stl_51">177  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.0791em;top:43.1135em;"><span class="stl_155 stl_08 stl_158">88  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.1067em;top:43.1135em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.8357em;top:43.1135em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.9284em;top:43.1135em;"><span class="stl_155 stl_08 stl_127">265  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:44.2735em;"><span class="stl_157 stl_08 stl_52" style="word-spacing:-0.0007em;">Temporary differences  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.845em;top:44.2735em;"><span class="stl_157 stl_08 stl_70">(19,475)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.8827em;top:44.2735em;"><span class="stl_157 stl_08 stl_45">(6,353)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.1042em;top:44.2735em;"><span class="stl_157 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.2032em;top:44.2735em;"><span class="stl_157 stl_08 stl_51">192  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.7389em;top:44.2735em;"><span class="stl_157 stl_08 stl_27">(25,636)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:46.4535em;"><span class="stl_155 stl_08 stl_25" style="word-spacing:-0.0065em;">Tax loss carry-forwards  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.2401em;top:46.4535em;"><span class="stl_155 stl_08 stl_66">29,704  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.7597em;top:46.4535em;"><span class="stl_155 stl_08 stl_127">751  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.6256em;top:46.4535em;"><span class="stl_155 stl_08 stl_36">(6,254)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.1439em;top:46.4535em;"><span class="stl_155 stl_08 stl_40">(61)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.1358em;top:46.4535em;"><span class="stl_155 stl_08 stl_36">24,140  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:47.6135em;"><span class="stl_157 stl_08 stl_17" style="word-spacing:-0.0199em;">Unutilised tax losses  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.2243em;top:47.6135em;"><span class="stl_157 stl_08 stl_51">29,704  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.7503em;top:47.6135em;"><span class="stl_157 stl_08 stl_51">751  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.601em;top:47.6135em;"><span class="stl_157 stl_08 stl_31">(6,254)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.1313em;top:47.6135em;"><span class="stl_157 stl_08 stl_46">(61)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.1194em;top:47.6135em;"><span class="stl_157 stl_08 stl_51">24,140  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:49.7935em;"><span class="stl_155 stl_08 stl_25" style="word-spacing:-0.003em;">Value adjustment  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.8564em;top:49.7935em;"><span class="stl_155 stl_08 stl_21">(29,704)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.3741em;top:49.7935em;"><span class="stl_155 stl_08 stl_62">(751)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.0061em;top:49.7935em;"><span class="stl_155 stl_08 stl_25">6,254  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.5257em;top:49.7935em;"><span class="stl_155 stl_08 stl_51">61  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.7553em;top:49.7935em;"><span class="stl_155 stl_08 stl_25">(24,140)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:50.9535em;"><span class="stl_157 stl_08 stl_72">Total  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.8495em;top:50.9535em;"><span class="stl_157 stl_08 stl_90">(19,475)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.8909em;top:50.9535em;"><span class="stl_157 stl_08 stl_61">(6,353)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.1067em;top:50.9535em;"><span class="stl_157 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.2057em;top:50.9535em;"><span class="stl_157 stl_08 stl_51">192  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.7414em;top:50.9535em;"><span class="stl_157 stl_08 stl_27">(25,636)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:52.1035em;"><span class="stl_155 stl_08 stl_187" style="word-spacing:-0.0002em;">The Group does not expect to be able to utilise 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:4.72em;top:5.8273em;"><span class="stl_162 stl_08 stl_51">7.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:6.9em;top:5.8273em;"><span class="stl_162 stl_08 stl_19" style="word-spacing:0.0036em;">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:4.72em;top:8.5273em;"><span class="stl_154 stl_08 stl_54" style="word-spacing:-0.0221em;">PARENT COMPANY  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:9.6535em;"><span class="stl_155 stl_08 stl_50" style="word-spacing:-0.0008em;">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:4.72em;top:11.9273em;"><span class="stl_154 stl_08 stl_54">DKK’000  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.2713em;top:11.9273em;"><span class="stl_154 stl_08 stl_28">2022  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7132em;top:11.9273em;"><span class="stl_154 stl_08 stl_51">2021  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:14.3635em;"><span class="stl_155 stl_08 stl_34" style="word-spacing:0.0029em;">Current tax  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.3853em;top:14.3635em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.8395em;top:14.3635em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:15.3935em;"><span class="stl_155 stl_08 stl_52" style="word-spacing:-0.0021em;">Change in deferred tax  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.3853em;top:15.3935em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.8395em;top:15.3935em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:16.4235em;"><span class="stl_155 stl_08 stl_64" style="word-spacing:0.0035em;">Adjustment of current tax relating to prior years  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.386em;top:16.4235em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.8338em;top:16.4235em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:17.4535em;"><span class="stl_155 stl_08 stl_61" style="word-spacing:0.0017em;">Adjustment of deferred tax relating to prior years  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.3816em;top:17.4535em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.8357em;top:17.4535em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:18.6135em;"><span class="stl_157 stl_08 stl_72">Total  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.39em;top:18.6135em;"><span class="stl_157 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.84em;top:18.6135em;"><span class="stl_157 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:20.7935em;"><span class="stl_155 stl_08 stl_18" style="word-spacing:-0.0027em;">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:4.72em;top:21.8235em;"><span class="stl_157 stl_08 stl_28" style="word-spacing:0.0021em;">Profit/(loss) before tax  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.89em;top:21.8235em;"><span class="stl_157 stl_08 stl_20">(3,383)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.34em;top:21.8235em;"><span class="stl_157 stl_08 stl_20">(3,161)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:24.0035em;"><span class="stl_155 stl_08 stl_36" style="word-spacing:-0.0048em;">Tax at a rate of 22.0%  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.7547em;top:24.0035em;"><span class="stl_155 stl_08 stl_51">744  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.4983em;top:24.0035em;"><span class="stl_155 stl_08 stl_52">(22.0%)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.2019em;top:24.0035em;"><span class="stl_155 stl_08 stl_51">695  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.9455em;top:24.0035em;"><span class="stl_155 stl_08 stl_34">(22.0%)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:25.0335em;"><span class="stl_155 stl_08 stl_64" style="word-spacing:0.0035em;">Adjustment of current tax relating to prior years  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.0079em;top:25.0335em;"><span class="stl_155 stl_08 stl_78">(5)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.1825em;top:25.0335em;"><span class="stl_155 stl_08 stl_120">0.1%  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.1421em;top:25.0335em;"><span class="stl_155 stl_08 stl_63">(29)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.631em;top:25.0335em;"><span class="stl_155 stl_08 stl_120">0.9%  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:26.0635em;"><span class="stl_155 stl_08 stl_18" style="word-spacing:-0.001em;">Value adjustment of deferred tax  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.3792em;top:26.0635em;"><span class="stl_155 stl_08 stl_73">(739)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.8744em;top:26.0635em;"><span class="stl_155 stl_08 stl_18">21.8%  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.8277em;top:26.0635em;"><span class="stl_155 stl_08 stl_73">(666)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.3229em;top:26.0635em;"><span class="stl_155 stl_08 stl_18">21.1%  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:27.2235em;"><span class="stl_157 stl_08 stl_50" style="word-spacing:0.0006em;">Effective tax/tax rate for the year  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.39em;top:27.2235em;"><span class="stl_157 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.17em;top:27.2235em;"><span class="stl_157 stl_08 stl_63">0.0%  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.84em;top:27.2235em;"><span class="stl_157 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.62em;top:27.2235em;"><span class="stl_157 stl_08 stl_63">0.0%  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.8202em;top:30.6173em;"><span class="stl_154 stl_08 stl_62">Recognised  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:31.4873em;"><span class="stl_154 stl_08 stl_51">2022  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.2775em;top:31.4873em;"><span class="stl_154 stl_08 stl_47" style="word-spacing:-0.0046em;">in income  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.7081em;top:32.3473em;"><span class="stl_154 stl_08 stl_115" style="word-spacing:-0.0091em;">Deferred tax  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.122em;top:32.3473em;"><span class="stl_154 stl_08 stl_107" style="word-spacing:1.1876em;">statement Deferred</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.934em;top:32.3473em;"><span class="stl_154 stl_08 stl_188">tax  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:33.2273em;"><span class="stl_154 stl_08 stl_54">DKK’000  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.1753em;top:33.2273em;"><span class="stl_154 stl_08 stl_22">01.01.2022  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7117em;top:33.2273em;"><span class="stl_154 stl_08 stl_22" style="word-spacing:1.8445em;">2022 31.12.2022  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:35.6635em;"><span class="stl_155 stl_08 stl_25" style="word-spacing:-0.003em;">Intangible assets  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:36.6935em;"><span class="stl_155 stl_08 stl_66" style="word-spacing:-0.002em;">Property, plant and equipment  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:37.7235em;"><span class="stl_155 stl_08 stl_66">Inventories  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:38.7435em;"><span class="stl_155 stl_08 stl_127" style="word-spacing:0.0056em;">Other payables etc.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:39.9035em;"><span class="stl_157 stl_08 stl_52" style="word-spacing:-0.0007em;">Temporary differences  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.1076em;top:39.9035em;"><span class="stl_157 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.8365em;top:39.9035em;"><span class="stl_157 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.5592em;top:39.9035em;"><span class="stl_157 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:42.0835em;"><span class="stl_155 stl_08 stl_25" style="word-spacing:-0.0065em;">Tax loss carry-forwards  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.6904em;top:42.0835em;"><span class="stl_155 stl_08 stl_66">23,587  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.2101em;top:42.0835em;"><span class="stl_155 stl_08 stl_127">739  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.1389em;top:42.0835em;"><span class="stl_155 stl_08 stl_52">24,326  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:43.2435em;"><span class="stl_157 stl_08 stl_17" style="word-spacing:-0.0199em;">Unutilised tax losses  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.68em;top:43.2435em;"><span class="stl_157 stl_08 stl_51">23,587  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.206em;top:43.2435em;"><span class="stl_157 stl_08 stl_51">739  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.126em;top:43.2435em;"><span class="stl_157 stl_08 stl_51">24,326  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:45.4235em;"><span class="stl_155 stl_08 stl_25" style="word-spacing:-0.003em;">Value adjustment  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.3068em;top:45.4235em;"><span class="stl_155 stl_08 stl_31">(23,587)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.8239em;top:45.4235em;"><span class="stl_155 stl_08 stl_62">(739)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.7565em;top:45.4235em;"><span class="stl_155 stl_08 stl_25">(24,326)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:46.5835em;"><span class="stl_157 stl_08 stl_72">Total  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.11em;top:46.5835em;"><span class="stl_157 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.839em;top:46.5835em;"><span class="stl_157 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.5616em;top:46.5835em;"><span class="stl_157 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:47.9335em;"><span class="stl_155 stl_08 stl_52" style="word-spacing:-0.0011em;">Tax losses are not expected to be utilised in full within a period of 3-5 years. Accordingly, no tax asset has been recognised in the parent company’s balance  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:48.6935em;"><span class="stl_155 stl_08 stl_21">sheet.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.8202em;top:5.8373em;"><span class="stl_154 stl_08 stl_62">Recognised  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:6.6973em;"><span class="stl_154 stl_08 stl_51">2021  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.2775em;top:6.6973em;"><span class="stl_154 stl_08 stl_47" style="word-spacing:-0.0046em;">in income  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.7081em;top:7.5673em;"><span class="stl_154 stl_08 stl_115" style="word-spacing:-0.0091em;">Deferred tax  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.122em;top:7.5673em;"><span class="stl_154 stl_08 stl_107" style="word-spacing:1.1876em;">statement Deferred</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.934em;top:7.5673em;"><span class="stl_154 stl_08 stl_188">tax  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:8.4373em;"><span class="stl_154 stl_08 stl_54">DKK’000  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.1753em;top:8.4373em;"><span class="stl_154 stl_08 stl_22">01.01.2021  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7117em;top:8.4373em;"><span class="stl_154 stl_08 stl_51">2021  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.6186em;top:8.4373em;"><span class="stl_154 stl_08 stl_22">31.12.2021  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:10.8735em;"><span class="stl_155 stl_08 stl_25" style="word-spacing:-0.003em;">Intangible assets  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.1055em;top:10.8735em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.8345em;top:10.8735em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.5571em;top:10.8735em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:11.9035em;"><span class="stl_155 stl_08 stl_66" style="word-spacing:-0.002em;">Property, plant and equipment  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.1086em;top:11.9035em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.8338em;top:11.9035em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.5565em;top:11.9035em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:12.9335em;"><span class="stl_155 stl_08 stl_66">Inventories  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.1112em;top:12.9335em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.8363em;top:12.9335em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.559em;top:12.9335em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:13.9635em;"><span class="stl_155 stl_08 stl_127" style="word-spacing:0.0056em;">Other payables etc.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.1055em;top:13.9635em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.8345em;top:13.9635em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.5571em;top:13.9635em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:15.1235em;"><span class="stl_157 stl_08 stl_52" style="word-spacing:-0.0007em;">Temporary differences  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.1076em;top:15.1235em;"><span class="stl_157 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.8365em;top:15.1235em;"><span class="stl_157 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.5592em;top:15.1235em;"><span class="stl_157 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:17.3035em;"><span class="stl_155 stl_08 stl_25" style="word-spacing:-0.0065em;">Tax loss carry-forwards  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.6904em;top:17.3035em;"><span class="stl_155 stl_08 stl_66">22,921  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.2101em;top:17.3035em;"><span class="stl_155 stl_08 stl_127">666  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.1389em;top:17.3035em;"><span class="stl_155 stl_08 stl_52">23,587  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:18.4635em;"><span class="stl_157 stl_08 stl_17" style="word-spacing:-0.0199em;">Unutilised tax losses  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.68em;top:18.4635em;"><span class="stl_157 stl_08 stl_51">22,921  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.206em;top:18.4635em;"><span class="stl_157 stl_08 stl_51">666  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.126em;top:18.4635em;"><span class="stl_157 stl_08 stl_51">23,587  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:20.6335em;"><span class="stl_155 stl_08 stl_25" style="word-spacing:-0.003em;">Value adjustment  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.3068em;top:20.6335em;"><span class="stl_155 stl_08 stl_31">(22,921)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.8239em;top:20.6335em;"><span class="stl_155 stl_08 stl_62">(666)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.7565em;top:20.6335em;"><span class="stl_155 stl_08 stl_25">(23,587)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:21.7935em;"><span class="stl_157 stl_08 stl_72">Total  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.11em;top:21.7935em;"><span class="stl_157 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.839em;top:21.7935em;"><span class="stl_157 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.5616em;top:21.7935em;"><span class="stl_157 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:23.1535em;"><span class="stl_155 stl_08 stl_52" style="word-spacing:-0.0011em;">Tax losses are not expected to be utilised in full within a period of 3-5 years. Accordingly, no tax asset has been recognised in the parent company’s balance  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:23.9135em;"><span class="stl_155 stl_08 stl_21">sheet.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:5.8373em;"><span class="stl_162 stl_08 stl_26" style="word-spacing:0.8746em;">24. FINANCIAL</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.202em;top:5.8373em;"><span class="stl_162 stl_08 stl_45" style="word-spacing:0.0005em;">RISKS AND FINANCIAL INSTRUMENTS  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:6.51em;top:8.5273em;"><span class="stl_154 stl_08 stl_54" style="word-spacing:-0.0221em;">PARENT COMPANY  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.08em;top:8.5273em;"><span class="stl_154 stl_08 stl_36">GROUP  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:6.2324em;top:9.8673em;"><span class="stl_154 stl_08 stl_28">2022  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:10.3704em;top:9.8673em;"><span class="stl_154 stl_08 stl_28">2021  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.5783em;top:9.8673em;"><span class="stl_154 stl_08 stl_67">DKK'000  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.5331em;top:9.8673em;"><span class="stl_154 stl_08 stl_51">2022  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.2505em;top:9.8673em;"><span class="stl_154 stl_08 stl_51">2021  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.3472em;top:12.3035em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.4903em;top:12.3035em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.5794em;top:12.3035em;"><span class="stl_155 stl_08 stl_28" style="word-spacing:-0.008em;">Trade receivables  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.5582em;top:12.3035em;"><span class="stl_155 stl_08 stl_25">2,200  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.2777em;top:12.3035em;"><span class="stl_155 stl_08 stl_78">1,727  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:6.251em;top:13.3335em;"><span class="stl_155 stl_08 stl_25">1,341  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:10.3909em;top:13.3335em;"><span class="stl_155 stl_08 stl_78">1,312  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.5763em;top:13.3335em;"><span class="stl_155 stl_08 stl_52" style="word-spacing:0.0006em;">Intra-group receivables  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.6532em;top:13.3335em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.3758em;top:13.3335em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.3472em;top:14.3635em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.4903em;top:14.3635em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.5794em;top:14.3635em;"><span class="stl_155 stl_08 stl_78" style="word-spacing:0.0033em;">Other receivables, current  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.0238em;top:14.3635em;"><span class="stl_155 stl_08 stl_51">472  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.7439em;top:14.3635em;"><span class="stl_155 stl_08 stl_51">257  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.3472em;top:15.3935em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.4903em;top:15.3935em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.5794em;top:15.3935em;"><span class="stl_155 stl_08 stl_61" style="word-spacing:0.0032em;">Other receivables, non-current  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.025em;top:15.3935em;"><span class="stl_155 stl_08 stl_51">366  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.7452em;top:15.3935em;"><span class="stl_155 stl_08 stl_51">273  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:6.7172em;top:16.4235em;"><span class="stl_155 stl_08 stl_51">307  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:10.8577em;top:16.4235em;"><span class="stl_155 stl_08 stl_51">206  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.5807em;top:16.4235em;"><span class="stl_155 stl_08 stl_91" style="word-spacing:-0.0012em;">Cash and cash equivalents  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.5582em;top:16.4235em;"><span class="stl_155 stl_08 stl_78">7,139  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9532em;top:16.4235em;"><span class="stl_155 stl_08 stl_36">16,204  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:6.251em;top:17.5835em;"><span class="stl_155 stl_08 stl_25">1,648  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:10.38em;top:17.5835em;"><span class="stl_157 stl_08 stl_51">1,518  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.58em;top:17.5835em;"><span class="stl_157 stl_08 stl_91" style="word-spacing:-0.0007em;">Loans, advances and receivables  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.23em;top:17.5835em;"><span class="stl_157 stl_08 stl_51">10,177  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.95em;top:17.5835em;"><span class="stl_157 stl_08 stl_51">18,461  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:5.9296em;top:19.7635em;"><span class="stl_155 stl_08 stl_36">30,635  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:10.0677em;top:19.7635em;"><span class="stl_155 stl_08 stl_36">27,366  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.5756em;top:19.7635em;"><span class="stl_155 stl_08 stl_90" style="word-spacing:-0.0009em;">Debt to subsidiaries  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.6563em;top:19.7635em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.3727em;top:19.7635em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.3472em;top:20.7935em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.4903em;top:20.7935em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.5794em;top:20.7935em;"><span class="stl_155 stl_08 stl_19" style="word-spacing:-0.0043em;">Finance lease liabilities, current  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.0244em;top:20.7935em;"><span class="stl_155 stl_08 stl_51">815  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.7445em;top:20.7935em;"><span class="stl_155 stl_08 stl_51">943  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.3472em;top:21.8235em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.4903em;top:21.8235em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.5794em;top:21.8235em;"><span class="stl_155 stl_08 stl_27" style="word-spacing:-0.0042em;">Finance lease liabilities, non-current  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.2381em;top:21.8235em;"><span class="stl_155 stl_08 stl_52">13,128  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.952em;top:21.8235em;"><span class="stl_155 stl_08 stl_36">15,751  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:6.251em;top:22.8535em;"><span class="stl_155 stl_08 stl_25">1,033  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:10.8571em;top:22.8535em;"><span class="stl_155 stl_08 stl_51">976  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.58em;top:22.8535em;"><span class="stl_155 stl_08 stl_70" style="word-spacing:0.0075em;">Bank loans  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.5594em;top:22.8535em;"><span class="stl_155 stl_08 stl_78">1,033  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.7483em;top:22.8535em;"><span class="stl_155 stl_08 stl_127">976  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.3472em;top:23.8835em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.4903em;top:23.8835em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.5794em;top:23.8835em;"><span class="stl_155 stl_08 stl_64" style="word-spacing:0.0008em;">Other non-current liabilities  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.5556em;top:23.8835em;"><span class="stl_155 stl_08 stl_25">3,263  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.2752em;top:23.8835em;"><span class="stl_155 stl_08 stl_78">2,173  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:6.7172em;top:24.9035em;"><span class="stl_155 stl_08 stl_51">287  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:10.8577em;top:24.9035em;"><span class="stl_155 stl_08 stl_51">244  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.5807em;top:24.9035em;"><span class="stl_155 stl_08 stl_77" style="word-spacing:-0.0002em;">Trade payables  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.5563em;top:24.9035em;"><span class="stl_155 stl_08 stl_30">1,715  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.279em;top:24.9035em;"><span class="stl_155 stl_08 stl_78">1,447  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.3472em;top:25.9335em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.4903em;top:25.9335em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.5794em;top:25.9335em;"><span class="stl_155 stl_08 stl_32" style="word-spacing:-0.0116em;">Income tax payable  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.0263em;top:25.9335em;"><span class="stl_155 stl_08 stl_51">222  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.0677em;top:25.9335em;"><span class="stl_155 stl_08 stl_158">20  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:6.7172em;top:26.9635em;"><span class="stl_155 stl_08 stl_51">901  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:10.8577em;top:26.9635em;"><span class="stl_155 stl_08 stl_51">756  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.5807em;top:26.9635em;"><span class="stl_155 stl_08 stl_109" style="word-spacing:0.0079em;">Other payables  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.0294em;top:26.9635em;"><span class="stl_155 stl_08 stl_127">436  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.2733em;top:26.9635em;"><span class="stl_155 stl_08 stl_34">2,504  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:5.92em;top:28.1235em;"><span class="stl_157 stl_08 stl_51">32,856  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:10.06em;top:28.1235em;"><span class="stl_157 stl_08 stl_51">29,342  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.58em;top:28.1235em;"><span class="stl_157 stl_08 stl_26" style="word-spacing:-0.0124em;">Financial liabilities  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.23em;top:28.1235em;"><span class="stl_157 stl_08 stl_51">20,612  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.95em;top:28.1235em;"><span class="stl_157 stl_08 stl_51">23,814  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.8586em;top:29.2735em;"><span class="stl_155 stl_08 stl_91" style="word-spacing:0.0014em;">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:38.3535em;"><span class="stl_157 stl_08 stl_110" style="word-spacing:0.0064em;">Basis of consolidation  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:39.1135em;"><span class="stl_155 stl_08 stl_134" style="word-spacing:0.2517em;">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:39.8835em;"><span class="stl_155 stl_08 stl_78" style="word-spacing:0.1263em;">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:40.6435em;"><span class="stl_155 stl_08 stl_28" style="word-spacing:-0.0014em;">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:42.1735em;"><span class="stl_155 stl_08 stl_110" style="word-spacing:0.064em;">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:42.9335em;"><span class="stl_155 stl_08 stl_78" style="word-spacing:0.6188em;">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:43.6935em;"><span class="stl_155 stl_08 stl_110" style="word-spacing:0.7032em;">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:44.4635em;"><span class="stl_155 stl_08 stl_52" style="word-spacing:-0.0037em;">consolidated companies are also eliminated.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:45.9835em;"><span class="stl_155 stl_08 stl_78" style="word-spacing:0.1773em;">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:46.7435em;"><span class="stl_155 stl_08 stl_91" style="word-spacing:0.0187em;">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:47.5135em;"><span class="stl_155 stl_08 stl_64" style="word-spacing:0.1567em;">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:48.2735em;"><span class="stl_155 stl_08 stl_28" style="word-spacing:-0.0061em;">separate item under consolidated equity.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:49.8035em;"><span class="stl_157 stl_08 stl_90" style="word-spacing:0.0061em;">Non-controlling interests  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:50.5635em;"><span class="stl_155 stl_08 stl_28" style="word-spacing:0.0009em;">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:51.3235em;"><span class="stl_155 stl_08 stl_27" style="word-spacing:-0.0471em;">fair value or at their pro-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:52.0835em;"><span class="stl_155 stl_08 stl_110" style="word-spacing:0.0303em;">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:52.8535em;"><span class="stl_155 stl_08 stl_139" style="word-spacing:0.1199em;">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:53.6135em;"><span class="stl_155 stl_08 stl_78" style="word-spacing:-0.004em;">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:54.3735em;"><span class="stl_155 stl_08 stl_66" style="word-spacing:0.3138em;">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:55.1435em;"><span class="stl_155 stl_08 stl_137" style="word-spacing:-0.0153em;">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:55.9035em;"><span class="stl_155 stl_08 stl_70" style="word-spacing:0.0115em;">becoming negative.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:57.4335em;"><span class="stl_155 stl_08 stl_52" style="word-spacing:0.0019em;">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:58.1935em;"><span class="stl_155 stl_08 stl_66" style="word-spacing:0.3133em;">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:58.9535em;"><span class="stl_155 stl_08 stl_110" style="word-spacing:0.3632em;">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:59.7135em;"><span class="stl_155 stl_08 stl_70" style="word-spacing:0.0319em;">remuneration and the carrying amount 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:60.4835em;"><span class="stl_155 stl_08 stl_40" style="word-spacing:-0.0119em;">share of equity.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:13.1135em;"><span class="stl_157 stl_08 stl_61">Revenue  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:13.8735em;"><span class="stl_155 stl_08 stl_134" style="word-spacing:0.2376em;">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:14.6435em;"><span class="stl_155 stl_08 stl_127" style="word-spacing:0.2865em;">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:15.4035em;"><span class="stl_155 stl_08 stl_77" style="word-spacing:0.0169em;">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:16.1635em;"><span class="stl_155 stl_08 stl_140" style="word-spacing:0.2265em;">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:16.9335em;"><span class="stl_155 stl_08 stl_61" style="word-spacing:-0.0103em;">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:17.6935em;"><span class="stl_155 stl_08 stl_91" style="word-spacing:0.0002em;">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:18.4535em;"><span class="stl_155 stl_08 stl_64" style="word-spacing:0.0049em;">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:19.9835em;"><span class="stl_155 stl_08 stl_52" style="word-spacing:0.0028em;">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:20.7435em;"><span class="stl_155 stl_08 stl_35" style="word-spacing:-0.0038em;">a third party.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:22.2735em;"><span class="stl_155 stl_08 stl_109" style="word-spacing:0.0325em;">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:23.0335em;"><span class="stl_155 stl_08 stl_24" style="word-spacing:-0.0089em;">the entire contract period is used.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:24.5635em;"><span class="stl_155 stl_08 stl_52" style="word-spacing:0.093em;">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:25.3235em;"><span class="stl_155 stl_08 stl_109" style="word-spacing:0.0969em;">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:26.0835em;"><span class="stl_155 stl_08 stl_64" style="word-spacing:0.0293em;">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:26.8435em;"><span class="stl_155 stl_08 stl_28" style="word-spacing:0.2712em;">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:27.6135em;"><span class="stl_155 stl_08 stl_164" style="word-spacing:0.0545em;">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:28.3735em;"><span class="stl_155 stl_08 stl_139" style="word-spacing:0.1763em;">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:29.1335em;"><span class="stl_155 stl_08 stl_139" style="word-spacing:0.1622em;">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:29.9035em;"><span class="stl_155 stl_08 stl_36" style="word-spacing:-0.0065em;">price of the real estate.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:5.8373em;"><span class="stl_162 stl_08 stl_51">9.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:6.9em;top:5.8373em;"><span class="stl_162 stl_08 stl_26" style="word-spacing:0.0021em;">PROPERTY, PLANT AND EQUIPMENT (CONTINUED)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:8.4835em;"><span class="stl_157 stl_08 stl_64" 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:6.51em;top:10.5173em;"><span class="stl_154 stl_08 stl_54" style="word-spacing:-0.0221em;">PARENT COMPANY  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.08em;top:10.5173em;"><span class="stl_154 stl_08 stl_36">GROUP  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:6.2324em;top:11.8573em;"><span class="stl_154 stl_08 stl_28">2022  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:10.3704em;top:11.8573em;"><span class="stl_154 stl_08 stl_28">2021  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.5783em;top:11.8573em;"><span class="stl_154 stl_08 stl_67">DKK'000  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.5331em;top:11.8573em;"><span class="stl_154 stl_08 stl_51">2022  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.2505em;top:11.8573em;"><span class="stl_154 stl_08 stl_51">2021  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.3472em;top:14.2935em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.4903em;top:14.2935em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.5794em;top:14.2935em;"><span class="stl_155 stl_08 stl_66" style="word-spacing:-0.0033em;">Rental income from investment property  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.235em;top:14.2935em;"><span class="stl_155 stl_08 stl_66">18,639  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9545em;top:14.2935em;"><span class="stl_155 stl_08 stl_52">15,736  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.3472em;top:15.4535em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.49em;top:15.4535em;"><span class="stl_157 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.58em;top:15.4535em;"><span class="stl_157 stl_08 stl_64" 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:37.23em;top:15.4535em;"><span class="stl_157 stl_08 stl_51">18,639  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.95em;top:15.4535em;"><span class="stl_157 stl_08 stl_51">15,736  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:13.1135em;"><span class="stl_157 stl_08 stl_61">Revenue  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:13.8735em;"><span class="stl_155 stl_08 stl_134" style="word-spacing:0.2376em;">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:14.6435em;"><span class="stl_155 stl_08 stl_127" style="word-spacing:0.2865em;">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:15.4035em;"><span class="stl_155 stl_08 stl_77" style="word-spacing:0.0169em;">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:16.1635em;"><span class="stl_155 stl_08 stl_140" style="word-spacing:0.2265em;">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:16.9335em;"><span class="stl_155 stl_08 stl_61" style="word-spacing:-0.0103em;">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:17.6935em;"><span class="stl_155 stl_08 stl_91" style="word-spacing:0.0002em;">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:18.4535em;"><span class="stl_155 stl_08 stl_64" style="word-spacing:0.0049em;">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:19.9835em;"><span class="stl_155 stl_08 stl_52" style="word-spacing:0.0028em;">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:20.7435em;"><span class="stl_155 stl_08 stl_35" style="word-spacing:-0.0038em;">a third party.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:22.2735em;"><span class="stl_155 stl_08 stl_109" style="word-spacing:0.0325em;">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:23.0335em;"><span class="stl_155 stl_08 stl_24" style="word-spacing:-0.0089em;">the entire contract period is used.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:24.5635em;"><span class="stl_155 stl_08 stl_52" style="word-spacing:0.093em;">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:25.3235em;"><span class="stl_155 stl_08 stl_109" style="word-spacing:0.0969em;">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:26.0835em;"><span class="stl_155 stl_08 stl_64" style="word-spacing:0.0293em;">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:26.8435em;"><span class="stl_155 stl_08 stl_28" style="word-spacing:0.2712em;">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:27.6135em;"><span class="stl_155 stl_08 stl_164" style="word-spacing:0.0545em;">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:28.3735em;"><span class="stl_155 stl_08 stl_139" style="word-spacing:0.1763em;">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:29.1335em;"><span class="stl_155 stl_08 stl_139" style="word-spacing:0.1622em;">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:29.9035em;"><span class="stl_155 stl_08 stl_36" style="word-spacing:-0.0065em;">price of the real estate.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4em;top:27.6135em;"><span class="stl_157 stl_08 stl_78" style="word-spacing:0.0032em;">Investments in subsidiaries  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4em;top:28.3735em;"><span class="stl_155 stl_08 stl_90" style="word-spacing:0.0514em;">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:25.4em;top:29.1335em;"><span class="stl_155 stl_08 stl_90" style="word-spacing:-0.0287em;">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:25.4em;top:29.9035em;"><span class="stl_155 stl_08 stl_66" style="word-spacing:-0.0013em;">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:25.4em;top:27.6135em;"><span class="stl_157 stl_08 stl_78" style="word-spacing:0.0032em;">Investments in subsidiaries  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4em;top:28.3735em;"><span class="stl_155 stl_08 stl_90" style="word-spacing:0.0514em;">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:25.4em;top:29.1335em;"><span class="stl_155 stl_08 stl_90" style="word-spacing:-0.0287em;">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:25.4em;top:29.9035em;"><span class="stl_155 stl_08 stl_66" style="word-spacing:-0.0013em;">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:25.4em;top:29.1335em;"><span class="stl_157 stl_08 stl_78" style="word-spacing:0.0032em;">Investments in subsidiaries  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4em;top:30.6635em;"><span class="stl_155 stl_08 stl_77" style="word-spacing:0.0337em;">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:25.4em;top:31.4235em;"><span class="stl_155 stl_08 stl_91" style="word-spacing:-0.0006em;">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:4.72em;top:5.8273em;"><span class="stl_162 stl_08 stl_19" style="word-spacing:0.8754em;">10. INVESTMENTS</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:12.573em;top:5.8273em;"><span class="stl_162 stl_08 stl_20" style="word-spacing:-0.0021em;">IN SUBSIDIARIES  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:6.5093em;top:8.5273em;"><span class="stl_154 stl_08 stl_43" style="word-spacing:-0.0164em;">PARENT COMPANY  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:6.2324em;top:9.8673em;"><span class="stl_154 stl_08 stl_28">2022  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:10.3704em;top:9.8673em;"><span class="stl_154 stl_08 stl_28">2021  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.5783em;top:9.8673em;"><span class="stl_154 stl_08 stl_67">DKK'000  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:5.9296em;top:12.3035em;"><span class="stl_155 stl_08 stl_36">93,339  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:10.0677em;top:12.3035em;"><span class="stl_155 stl_08 stl_36">93,339  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.5756em;top:12.3035em;"><span class="stl_155 stl_08 stl_45" style="word-spacing:-0.0079em;">Cost at 1 January  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:5.9296em;top:13.4635em;"><span class="stl_155 stl_08 stl_36">93,339  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:10.06em;top:13.4635em;"><span class="stl_157 stl_08 stl_51">93,339  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.58em;top:13.4635em;"><span class="stl_157 stl_08 stl_66" style="word-spacing:0.0017em;">Value at 31 December  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:17.2673em;"><span class="stl_162 stl_08 stl_19" style="word-spacing:0.8754em;">10. INVESTMENTS</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:12.573em;top:17.2673em;"><span class="stl_162 stl_08 stl_20" style="word-spacing:0.001em;">IN SUBSIDIARIES (CONTINUED)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.9932em;top:18.8673em;"><span class="stl_154 stl_08 stl_32" style="word-spacing:0.0037em;">Share of  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.7205em;top:18.8673em;"><span class="stl_154 stl_08 stl_35" style="word-spacing:0.0029em;">Share of  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.6635em;top:19.7273em;"><span class="stl_154 stl_08 stl_63">Interest  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.3873em;top:19.7273em;"><span class="stl_154 stl_08 stl_14">Interest  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.5768em;top:19.7273em;"><span class="stl_154 stl_08 stl_22">voting  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.3056em;top:19.7273em;"><span class="stl_154 stl_08 stl_43">voting  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.0196em;top:20.5973em;"><span class="stl_154 stl_08 stl_40">(%)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.7491em;top:20.5973em;"><span class="stl_154 stl_08 stl_40">(%)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.6396em;top:20.5973em;"><span class="stl_154 stl_08 stl_43" style="word-spacing:-0.0093em;">rights (%)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.3662em;top:20.5973em;"><span class="stl_154 stl_08 stl_30" style="word-spacing:0.001em;">rights (%)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:18.6791em;top:21.4673em;"><span class="stl_154 stl_08 stl_46">Domicile  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.5404em;top:21.4673em;"><span class="stl_154 stl_08 stl_51">2022  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.2649em;top:21.4673em;"><span class="stl_154 stl_08 stl_51">2021  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.9823em;top:21.4673em;"><span class="stl_154 stl_08 stl_51">2022  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7139em;top:21.4673em;"><span class="stl_154 stl_08 stl_28">2021  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.6318em;top:21.4673em;"><span class="stl_154 stl_08 stl_09">Activity  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.112em;top:23.9035em;"><span class="stl_155 stl_08 stl_61">Ownership  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.8617em;top:24.6935em;"><span class="stl_155 stl_08 stl_40" style="word-spacing:-0.013em;">share in  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:25.4835em;"><span class="stl_155 stl_08 stl_34" style="word-spacing:-0.0061em;">CeMat Real Estate S.A.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:19.5086em;top:25.4835em;"><span class="stl_155 stl_08 stl_73">Poland  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.2382em;top:25.4835em;"><span class="stl_155 stl_08 stl_66">100.00  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.9659em;top:25.4835em;"><span class="stl_155 stl_08 stl_66">100.00  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.681em;top:25.4835em;"><span class="stl_155 stl_08 stl_34">100.00  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.4125em;top:25.4835em;"><span class="stl_155 stl_08 stl_66">100.00  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.1619em;top:25.4835em;"><span class="stl_155 stl_08 stl_34" style="word-spacing:-0.003em;">CeMat '70 S.A.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.4522em;top:27.5135em;"><span class="stl_155 stl_08 stl_66" style="word-spacing:0.0095em;">Letting of  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.8978em;top:28.3035em;"><span class="stl_155 stl_08 stl_24">commercial  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:29.0935em;"><span class="stl_155 stl_08 stl_27" style="word-spacing:0.0043em;">CeMat '70 S.A.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:19.5073em;top:29.0935em;"><span class="stl_155 stl_08 stl_36">Poland  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.5595em;top:29.0935em;"><span class="stl_155 stl_08 stl_18">93.28  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.2859em;top:29.0935em;"><span class="stl_155 stl_08 stl_18">93.15  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.0061em;top:29.0935em;"><span class="stl_155 stl_08 stl_18">93.28  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7388em;top:29.0935em;"><span class="stl_155 stl_08 stl_137">93.15  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.233em;top:29.0935em;"><span class="stl_155 stl_08 stl_50">properties  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.9184em;top:31.1235em;"><span class="stl_155 stl_08 stl_64">Holding  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:31.9235em;"><span class="stl_155 stl_08 stl_35" style="word-spacing:-0.0048em;">W133 Sp. z o.o.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:19.5048em;top:31.9235em;"><span class="stl_155 stl_08 stl_36">Poland  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.557em;top:31.9235em;"><span class="stl_155 stl_08 stl_18">93.28  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.2834em;top:31.9235em;"><span class="stl_155 stl_08 stl_18">93.15  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.0036em;top:31.9235em;"><span class="stl_155 stl_08 stl_18">93.28  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7363em;top:31.9235em;"><span class="stl_155 stl_08 stl_137">93.15  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.7723em;top:31.9235em;"><span class="stl_155 stl_08 stl_62" style="word-spacing:-0.0104em;">of rights  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.9184em;top:33.9435em;"><span class="stl_155 stl_08 stl_64">Holding  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:34.7435em;"><span class="stl_155 stl_08 stl_35" style="word-spacing:-0.0048em;">W131 Sp. z o.o.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:19.5048em;top:34.7435em;"><span class="stl_155 stl_08 stl_36">Poland  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.557em;top:34.7435em;"><span class="stl_155 stl_08 stl_18">93.28  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.2834em;top:34.7435em;"><span class="stl_155 stl_08 stl_18">93.15  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.0036em;top:34.7435em;"><span class="stl_155 stl_08 stl_18">93.28  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7363em;top:34.7435em;"><span class="stl_155 stl_08 stl_137">93.15  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.7723em;top:34.7435em;"><span class="stl_155 stl_08 stl_62" style="word-spacing:-0.0104em;">of rights  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.9184em;top:36.7735em;"><span class="stl_155 stl_08 stl_64">Holding  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:37.5635em;"><span class="stl_155 stl_08 stl_77" style="word-spacing:0.0031em;">Arkuszowa 56 Sp. z o.o.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:19.508em;top:37.5635em;"><span class="stl_155 stl_08 stl_73">Poland  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.5589em;top:37.5635em;"><span class="stl_155 stl_08 stl_137">93.28  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.2878em;top:37.5635em;"><span class="stl_155 stl_08 stl_137">93.15  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.0042em;top:37.5635em;"><span class="stl_155 stl_08 stl_18">93.28  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7369em;top:37.5635em;"><span class="stl_155 stl_08 stl_137">93.15  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.7729em;top:37.5635em;"><span class="stl_155 stl_08 stl_40" style="word-spacing:-0.0107em;">of rights  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:39.7435em;"><span class="stl_155 stl_08 stl_189" style="word-spacing:-0.0014em;">CeMat Real Estate S.A. holds the ownership interest in CeMat '70 S.A., while CeMat '70 S.A. holds the ownership interests in W133 Sp. z o.o., W131 Sp. z o.o. and  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:40.5335em;"><span class="stl_155 stl_08 stl_190" style="word-spacing:-0.0009em;">Arkuszowa 56 Sp. z o.o.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:40.4173em;"><span class="stl_154 stl_08 stl_51">2021  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.1267em;top:40.4173em;"><span class="stl_154 stl_08 stl_14" style="word-spacing:-0.0072em;">Cash flow  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.8547em;top:40.4173em;"><span class="stl_154 stl_08 stl_42" style="word-spacing:-0.0005em;">Cash flow  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.4067em;top:40.4173em;"><span class="stl_154 stl_08 stl_17">Non-cash  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:18.3525em;top:41.2773em;"><span class="stl_154 stl_08 stl_31">Beginning  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.2857em;top:41.2773em;"><span class="stl_154 stl_08 stl_60">Proceeds  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.3279em;top:41.2773em;"><span class="stl_154 stl_08 stl_47">Repayment  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.6779em;top:41.2773em;"><span class="stl_154 stl_08 stl_17">Non-cash  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.3811em;top:41.2773em;"><span class="stl_154 stl_08 stl_80">Exchange  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:42.1573em;"><span class="stl_154 stl_08 stl_54">DKK’000  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:19.196em;top:42.1573em;"><span class="stl_154 stl_08 stl_191" style="word-spacing:-0.0078em;">of year  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.8136em;top:42.1573em;"><span class="stl_154 stl_08 stl_51" style="word-spacing:0.0011em;">from loans  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.3759em;top:42.1573em;"><span class="stl_154 stl_08 stl_137" style="word-spacing:0.0159em;">of loans  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.7139em;top:42.1573em;"><span class="stl_154 stl_08 stl_118">Other  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.7812em;top:42.1573em;"><span class="stl_154 stl_08 stl_54" style="word-spacing:-0.0002em;">rate adjust.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.5504em;top:42.1573em;"><span class="stl_154 stl_08 stl_33" style="word-spacing:-0.0017em;">End of year  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:44.5935em;"><span class="stl_155 stl_08 stl_91" style="word-spacing:-0.0009em;">Loans from subsidiaries  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:19.5212em;top:44.5935em;"><span class="stl_155 stl_08 stl_52">25,715  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.0289em;top:44.5935em;"><span class="stl_155 stl_08 stl_51">797  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.39em;top:44.5935em;"><span class="stl_157 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.0113em;top:44.5935em;"><span class="stl_155 stl_08 stl_25">1,082  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.8317em;top:44.5935em;"><span class="stl_155 stl_08 stl_109">(</span><span class="stl_157 stl_08 stl_192">227)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.13em;top:44.5935em;"><span class="stl_157 stl_08 stl_51">27,367  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:45.6135em;"><span class="stl_155 stl_08 stl_61" style="word-spacing:0.0061em;">Bank loans  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:20.9406em;top:45.6135em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.027em;top:45.6135em;"><span class="stl_155 stl_08 stl_51">950  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.39em;top:45.6135em;"><span class="stl_157 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.7989em;top:45.6135em;"><span class="stl_155 stl_08 stl_51">26  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.84em;top:45.6135em;"><span class="stl_157 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.93em;top:45.6135em;"><span class="stl_157 stl_08 stl_51">976  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:46.7735em;"><span class="stl_157 stl_08 stl_45">Loans  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:19.5086em;top:46.7735em;"><span class="stl_157 stl_08 stl_51">25,715  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.5494em;top:46.7735em;"><span class="stl_157 stl_08 stl_25">1,747  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.3828em;top:46.7735em;"><span class="stl_157 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.9966em;top:46.7735em;"><span class="stl_157 stl_08 stl_25">1,108  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.8157em;top:46.7735em;"><span class="stl_157 stl_08 stl_25">(227)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.1207em;top:46.7735em;"><span class="stl_157 stl_08 stl_51">28,343  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:6.51em;top:18.7273em;"><span class="stl_154 stl_08 stl_54" style="word-spacing:-0.0221em;">PARENT COMPANY  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.08em;top:18.7273em;"><span class="stl_154 stl_08 stl_36">GROUP  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:6.2324em;top:20.0673em;"><span class="stl_154 stl_08 stl_28">2022  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:10.3704em;top:20.0673em;"><span class="stl_154 stl_08 stl_28">2021  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.5783em;top:20.0673em;"><span class="stl_154 stl_08 stl_67">DKK'000  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.5331em;top:20.0673em;"><span class="stl_154 stl_08 stl_51">2022  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.2505em;top:20.0673em;"><span class="stl_154 stl_08 stl_51">2021  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:6.251em;top:22.5135em;"><span class="stl_155 stl_08 stl_25">1,341  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:10.3909em;top:22.5135em;"><span class="stl_155 stl_08 stl_78">1,312  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.5763em;top:22.5135em;"><span class="stl_155 stl_08 stl_127" style="word-spacing:0.0112em;">Subsidiaries, loans receivable  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.655em;top:22.5135em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.3777em;top:22.5135em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:6.6605em;top:23.5435em;"><span class="stl_155 stl_08 stl_63">(64)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.4896em;top:23.5435em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.5788em;top:23.5435em;"><span class="stl_155 stl_08 stl_25" style="word-spacing:-0.0071em;">Subsidiaries, creditor payable  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.6531em;top:23.5435em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.3758em;top:23.5435em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:5.5516em;top:24.5635em;"><span class="stl_155 stl_08 stl_25">(30,559)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:9.6852em;top:24.5635em;"><span class="stl_155 stl_08 stl_21">(27,366)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.5775em;top:24.5635em;"><span class="stl_155 stl_08 stl_50" style="word-spacing:-0.0005em;">Subsidiaries, loans payable  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.6519em;top:24.5635em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.3746em;top:24.5635em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:5.54em;top:25.7235em;"><span class="stl_157 stl_08 stl_90">(29,282)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:9.68em;top:25.7235em;"><span class="stl_157 stl_08 stl_90">(26,054)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.58em;top:25.7235em;"><span class="stl_157 stl_08 stl_163" style="word-spacing:0.0133em;">Total outstanding amount  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.66em;top:25.7235em;"><span class="stl_157 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.38em;top:25.7235em;"><span class="stl_157 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:31.4235em;"><span class="stl_157 stl_08 stl_137" style="word-spacing:0.0052em;">Cost of goods and services sold  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:32.1835em;"><span class="stl_155 stl_08 stl_77" style="word-spacing:0.0447em;">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:32.9535em;"><span class="stl_155 stl_08 stl_134" style="word-spacing:0.0004em;">the revenue.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:34.4735em;"><span class="stl_157 stl_08 stl_26" style="word-spacing:-0.0099em;">Other external expenses  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:35.2435em;"><span class="stl_155 stl_08 stl_110" style="word-spacing:0.1952em;">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:36.0035em;"><span class="stl_155 stl_08 stl_110" style="word-spacing:0.036em;">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:36.7635em;"><span class="stl_155 stl_08 stl_27" style="word-spacing:-0.0155em;">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:37.5335em;"><span class="stl_155 stl_08 stl_34" style="word-spacing:-0.0031em;">the balance sheet.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:31.4235em;"><span class="stl_157 stl_08 stl_137" style="word-spacing:0.0052em;">Cost of goods and services sold  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:32.1835em;"><span class="stl_155 stl_08 stl_77" style="word-spacing:0.0447em;">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:32.9535em;"><span class="stl_155 stl_08 stl_134" style="word-spacing:0.0004em;">the revenue.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:34.4735em;"><span class="stl_157 stl_08 stl_26" style="word-spacing:-0.0099em;">Other external expenses  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:35.2435em;"><span class="stl_155 stl_08 stl_110" style="word-spacing:0.1952em;">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:36.0035em;"><span class="stl_155 stl_08 stl_110" style="word-spacing:0.036em;">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:36.7635em;"><span class="stl_155 stl_08 stl_27" style="word-spacing:-0.0155em;">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:37.5335em;"><span class="stl_155 stl_08 stl_34" style="word-spacing:-0.0031em;">the balance sheet.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:19.4873em;"><span class="stl_162 stl_08 stl_51">9.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:6.9em;top:19.4873em;"><span class="stl_162 stl_08 stl_26" style="word-spacing:0.0021em;">PROPERTY, PLANT AND EQUIPMENT (CONTINUED)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:22.1335em;"><span class="stl_157 stl_08 stl_127" style="word-spacing:0.0029em;">Direct operating expenses arising from investment property  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:6.51em;top:24.1573em;"><span class="stl_154 stl_08 stl_54" style="word-spacing:-0.0221em;">PARENT COMPANY  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.08em;top:24.1573em;"><span class="stl_154 stl_08 stl_36">GROUP  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:6.2324em;top:25.5073em;"><span class="stl_154 stl_08 stl_28">2022  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:10.3704em;top:25.5073em;"><span class="stl_154 stl_08 stl_28">2021  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.5783em;top:25.5073em;"><span class="stl_154 stl_08 stl_67">DKK'000  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.5331em;top:25.5073em;"><span class="stl_154 stl_08 stl_51">2022  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.2505em;top:25.5073em;"><span class="stl_154 stl_08 stl_51">2021  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.3472em;top:27.9435em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.4903em;top:27.9435em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.5794em;top:27.9435em;"><span class="stl_155 stl_08 stl_127" style="word-spacing:0.0065em;">Direct operating expenses (including repairs and maintenance) arising from  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.5531em;top:27.9435em;"><span class="stl_155 stl_08 stl_78">6,946  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.2695em;top:27.9435em;"><span class="stl_155 stl_08 stl_30">5,657  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.5782em;top:28.9735em;"><span class="stl_155 stl_08 stl_77" style="word-spacing:0.0016em;">investment property that generated rental income during the period  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.3472em;top:30.0035em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.4903em;top:30.0035em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.5794em;top:30.0035em;"><span class="stl_155 stl_08 stl_64" style="word-spacing:0.0052em;">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:38.0181em;top:30.0035em;"><span class="stl_155 stl_08 stl_51">671  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.7382em;top:30.0035em;"><span class="stl_155 stl_08 stl_51">834  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.5782em;top:31.0335em;"><span class="stl_155 stl_08 stl_61" style="word-spacing:0.0007em;">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:7.3472em;top:32.1835em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.49em;top:32.1835em;"><span class="stl_157 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.58em;top:32.1835em;"><span class="stl_157 stl_08 stl_127" style="word-spacing:0.0029em;">Direct operating expenses arising from investment property  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.55em;top:32.1835em;"><span class="stl_157 stl_08 stl_51">7,617  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.27em;top:32.1835em;"><span class="stl_157 stl_08 stl_51">6,491  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4em;top:31.4235em;"><span class="stl_157 stl_08 stl_19">Inventory  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4em;top:32.9435em;"><span class="stl_165 stl_08 stl_25" style="word-spacing:-0.0092em;">Finished products  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4em;top:33.7035em;"><span class="stl_155 stl_08 stl_28" style="word-spacing:0.098em;">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:25.4em;top:34.4635em;"><span class="stl_155 stl_08 stl_137" style="word-spacing:0.0508em;">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:25.4em;top:35.2335em;"><span class="stl_155 stl_08 stl_134" style="word-spacing:0.1294em;">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:25.4em;top:35.9935em;"><span class="stl_155 stl_08 stl_64" style="word-spacing:-0.0043em;">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:25.4em;top:37.5235em;"><span class="stl_165 stl_08 stl_78" style="word-spacing:0.0017em;">Work in progress  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4em;top:38.2835em;"><span class="stl_155 stl_08 stl_66" style="word-spacing:0.0697em;">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:25.4em;top:39.0435em;"><span class="stl_155 stl_08 stl_61" style="word-spacing:0.0596em;">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:25.4em;top:39.8035em;"><span class="stl_155 stl_08 stl_66" style="word-spacing:0.2646em;">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:25.4em;top:40.5735em;"><span class="stl_155 stl_08 stl_25" style="word-spacing:0.4122em;">discrepancies, a 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:25.4em;top:41.3335em;"><span class="stl_155 stl_08 stl_77" style="word-spacing:0.0294em;">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:25.4em;top:42.0935em;"><span class="stl_155 stl_08 stl_137" style="word-spacing:0.0344em;">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:25.4em;top:42.8635em;"><span class="stl_155 stl_08 stl_127" style="word-spacing:0.0014em;">of the production cost and the net realisable value.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4em;top:44.3835em;"><span class="stl_165 stl_08 stl_90" style="word-spacing:-0.0023em;">Inventory impairment test  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4em;top:45.9135em;"><span class="stl_155 stl_08 stl_127" style="word-spacing:0.0448em;">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:25.4em;top:46.6735em;"><span class="stl_155 stl_08 stl_156" style="word-spacing:0.0358em;">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:25.4em;top:47.4335em;"><span class="stl_155 stl_08 stl_28" style="word-spacing:-0.0006em;">loss account.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4em;top:48.9635em;"><span class="stl_155 stl_08 stl_110" style="word-spacing:0.0494em;">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:25.4em;top:49.7235em;"><span class="stl_155 stl_08 stl_25" style="word-spacing:0.206em;">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:25.4em;top:50.4935em;"><span class="stl_155 stl_08 stl_70" style="word-spacing:0.2262em;">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:25.4em;top:51.2535em;"><span class="stl_155 stl_08 stl_18" style="word-spacing:0.0968em;">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:25.4em;top:52.0135em;"><span class="stl_155 stl_08 stl_19" style="word-spacing:0.1916em;">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:25.4em;top:52.7735em;"><span class="stl_155 stl_08 stl_78" style="word-spacing:0.1808em;">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:25.4em;top:53.5435em;"><span class="stl_155 stl_08 stl_91" style="word-spacing:0.229em;">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:25.4em;top:54.3035em;"><span class="stl_155 stl_08 stl_91" style="word-spacing:0.3483em;">borrowing costs and projected customer claims (if applicable). Project  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4em;top:55.0635em;"><span class="stl_155 stl_08 stl_66" style="word-spacing:0.0337em;">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:25.4em;top:55.8335em;"><span class="stl_155 stl_08 stl_90" style="word-spacing:0.1128em;">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:25.4em;top:56.5935em;"><span class="stl_155 stl_08 stl_163" style="word-spacing:0.1295em;">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:25.4em;top:57.3535em;"><span class="stl_155 stl_08 stl_91" style="word-spacing:0.0151em;">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:25.4em;top:58.1135em;"><span class="stl_155 stl_08 stl_140" style="word-spacing:0.1171em;">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:25.4em;top:58.8835em;"><span class="stl_155 stl_08 stl_91" style="word-spacing:0.0668em;">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:25.4em;top:59.6435em;"><span class="stl_155 stl_08 stl_91" style="word-spacing:0.0004em;">the estimated negative value of this margin.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4em;top:61.1735em;"><span class="stl_155 stl_08 stl_91" style="word-spacing:0.2559em;">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:25.4em;top:61.9335em;"><span class="stl_155 stl_08 stl_61" style="word-spacing:-0.0553em;">"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:7.0035em;"><span class="stl_155 stl_08 stl_163" style="word-spacing:0.1934em;">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:7.7635em;"><span class="stl_155 stl_08 stl_66" style="word-spacing:-0.0006em;">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:9.2935em;"><span class="stl_165 stl_08 stl_66" style="word-spacing:-0.0011em;">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:10.0535em;"><span class="stl_155 stl_08 stl_77" style="word-spacing:0.2723em;">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:10.8135em;"><span class="stl_155 stl_08 stl_72" style="word-spacing:0.134em;">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:11.5835em;"><span class="stl_155 stl_08 stl_91" style="word-spacing:0.0522em;">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:12.3435em;"><span class="stl_155 stl_08 stl_61" style="word-spacing:0.0025em;">have already taken place.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4em;top:31.4235em;"><span class="stl_157 stl_08 stl_19">Inventory  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4em;top:32.9435em;"><span class="stl_165 stl_08 stl_25" style="word-spacing:-0.0092em;">Finished products  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4em;top:33.7035em;"><span class="stl_155 stl_08 stl_28" style="word-spacing:0.098em;">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:25.4em;top:34.4635em;"><span class="stl_155 stl_08 stl_137" style="word-spacing:0.0508em;">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:25.4em;top:35.2335em;"><span class="stl_155 stl_08 stl_134" style="word-spacing:0.1294em;">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:25.4em;top:35.9935em;"><span class="stl_155 stl_08 stl_64" style="word-spacing:-0.0043em;">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:25.4em;top:37.5235em;"><span class="stl_165 stl_08 stl_78" style="word-spacing:0.0017em;">Work in progress  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4em;top:38.2835em;"><span class="stl_155 stl_08 stl_66" style="word-spacing:0.0697em;">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:25.4em;top:39.0435em;"><span class="stl_155 stl_08 stl_61" style="word-spacing:0.0596em;">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:25.4em;top:39.8035em;"><span class="stl_155 stl_08 stl_66" style="word-spacing:0.2646em;">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:25.4em;top:40.5735em;"><span class="stl_155 stl_08 stl_25" style="word-spacing:0.4122em;">discrepancies, a 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:25.4em;top:41.3335em;"><span class="stl_155 stl_08 stl_77" style="word-spacing:0.0294em;">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:25.4em;top:42.0935em;"><span class="stl_155 stl_08 stl_137" style="word-spacing:0.0344em;">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:25.4em;top:42.8635em;"><span class="stl_155 stl_08 stl_127" style="word-spacing:0.0014em;">of the production cost and the net realisable value.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4em;top:44.3835em;"><span class="stl_165 stl_08 stl_90" style="word-spacing:-0.0023em;">Inventory impairment test  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4em;top:45.9135em;"><span class="stl_155 stl_08 stl_127" style="word-spacing:0.0448em;">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:25.4em;top:46.6735em;"><span class="stl_155 stl_08 stl_156" style="word-spacing:0.0358em;">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:25.4em;top:47.4335em;"><span class="stl_155 stl_08 stl_28" style="word-spacing:-0.0006em;">loss account.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4em;top:48.9635em;"><span class="stl_155 stl_08 stl_110" style="word-spacing:0.0494em;">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:25.4em;top:49.7235em;"><span class="stl_155 stl_08 stl_25" style="word-spacing:0.206em;">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:25.4em;top:50.4935em;"><span class="stl_155 stl_08 stl_70" style="word-spacing:0.2262em;">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:25.4em;top:51.2535em;"><span class="stl_155 stl_08 stl_18" style="word-spacing:0.0968em;">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:25.4em;top:52.0135em;"><span class="stl_155 stl_08 stl_19" style="word-spacing:0.1916em;">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:25.4em;top:52.7735em;"><span class="stl_155 stl_08 stl_78" style="word-spacing:0.1808em;">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:25.4em;top:53.5435em;"><span class="stl_155 stl_08 stl_91" style="word-spacing:0.229em;">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:25.4em;top:54.3035em;"><span class="stl_155 stl_08 stl_91" style="word-spacing:0.3483em;">borrowing costs and projected customer claims (if applicable). Project  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4em;top:55.0635em;"><span class="stl_155 stl_08 stl_66" style="word-spacing:0.0337em;">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:25.4em;top:55.8335em;"><span class="stl_155 stl_08 stl_90" style="word-spacing:0.1128em;">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:25.4em;top:56.5935em;"><span class="stl_155 stl_08 stl_163" style="word-spacing:0.1295em;">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:25.4em;top:57.3535em;"><span class="stl_155 stl_08 stl_91" style="word-spacing:0.0151em;">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:25.4em;top:58.1135em;"><span class="stl_155 stl_08 stl_140" style="word-spacing:0.1171em;">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:25.4em;top:58.8835em;"><span class="stl_155 stl_08 stl_91" style="word-spacing:0.0668em;">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:25.4em;top:59.6435em;"><span class="stl_155 stl_08 stl_91" style="word-spacing:0.0004em;">the estimated negative value of this margin.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4em;top:61.1735em;"><span class="stl_155 stl_08 stl_91" style="word-spacing:0.2559em;">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:25.4em;top:61.9335em;"><span class="stl_155 stl_08 stl_61" style="word-spacing:-0.0553em;">"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:7.0035em;"><span class="stl_155 stl_08 stl_163" style="word-spacing:0.1934em;">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:7.7635em;"><span class="stl_155 stl_08 stl_66" style="word-spacing:-0.0006em;">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:9.2935em;"><span class="stl_165 stl_08 stl_66" style="word-spacing:-0.0011em;">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:10.0535em;"><span class="stl_155 stl_08 stl_77" style="word-spacing:0.2723em;">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:10.8135em;"><span class="stl_155 stl_08 stl_72" style="word-spacing:0.134em;">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:11.5835em;"><span class="stl_155 stl_08 stl_91" style="word-spacing:0.0522em;">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:12.3435em;"><span class="stl_155 stl_08 stl_61" style="word-spacing:0.0025em;">have already taken place.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:16.2373em;"><span class="stl_162 stl_08 stl_24" style="word-spacing:0.8699em;">12. INVENTORIES  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:18.9373em;"><span class="stl_154 stl_08 stl_54" style="word-spacing:-0.0221em;">PARENT COMPANY  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.08em;top:18.9373em;"><span class="stl_154 stl_08 stl_36">GROUP  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:6.2324em;top:20.2773em;"><span class="stl_154 stl_08 stl_28">2022  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:10.3704em;top:20.2773em;"><span class="stl_154 stl_08 stl_28">2021  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.5783em;top:20.2773em;"><span class="stl_154 stl_08 stl_67">DKK'000  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.5331em;top:20.2773em;"><span class="stl_154 stl_08 stl_51">2022  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.2505em;top:20.2773em;"><span class="stl_154 stl_08 stl_51">2021  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.3472em;top:22.7135em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.4903em;top:22.7135em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.5794em;top:22.7135em;"><span class="stl_155 stl_08 stl_78" style="word-spacing:0.0005em;">Property under construction – land plot transferred from the investment property  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.2299em;top:22.7135em;"><span class="stl_155 stl_08 stl_66">26,928  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9494em;top:22.7135em;"><span class="stl_155 stl_08 stl_52">22,684  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.3472em;top:23.7435em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.4903em;top:23.7435em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.5794em;top:23.7435em;"><span class="stl_155 stl_08 stl_78" style="word-spacing:-0.0008em;">Other expenditures related to the development projects  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.55em;top:23.7435em;"><span class="stl_155 stl_08 stl_34">6,432  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.2701em;top:23.7435em;"><span class="stl_155 stl_08 stl_30">2,350  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.35em;top:24.9035em;"><span class="stl_157 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.49em;top:24.9035em;"><span class="stl_157 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.58em;top:24.9035em;"><span class="stl_157 stl_08 stl_72">Total  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.2407em;top:24.9035em;"><span class="stl_155 stl_08 stl_36">33,360  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.95em;top:24.9035em;"><span class="stl_157 stl_08 stl_51">25,034  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:27.6754em;"><span class="stl_167 stl_08 stl_46" style="word-spacing:-0.0019em;">No inventories are carried at fair value less costs to sell. There was not any write- down of inventories recognised as an expense in the period. There  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:28.4954em;"><span class="stl_167 stl_08 stl_73" style="word-spacing:0.0003em;">was not any reversal of a write-down to net realisable value. No inventories are pledged as security for liabilities. There was not any cost of  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:29.3054em;"><span class="stl_167 stl_08 stl_50" style="word-spacing:-0.0001em;">inventories recognised as expense.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:31.7235em;"><span class="stl_155 stl_08 stl_91" style="word-spacing:0.0078em;">Inventory recovery  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:33.8273em;"><span class="stl_154 stl_08 stl_54" style="word-spacing:-0.0221em;">PARENT COMPANY  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.08em;top:33.8273em;"><span class="stl_154 stl_08 stl_36">GROUP  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:6.2324em;top:35.1673em;"><span class="stl_154 stl_08 stl_28">2022  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:10.3704em;top:35.1673em;"><span class="stl_154 stl_08 stl_28">2021  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.5783em;top:35.1673em;"><span class="stl_154 stl_08 stl_67">DKK'000  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.5331em;top:35.1673em;"><span class="stl_154 stl_08 stl_51">2022  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.2505em;top:35.1673em;"><span class="stl_154 stl_08 stl_51">2021  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.3472em;top:37.6135em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.4903em;top:37.6135em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.5794em;top:37.6135em;"><span class="stl_155 stl_08 stl_127" style="word-spacing:0.0012em;">Recoverable within 12 months  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.6576em;top:37.6135em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.3765em;top:37.6135em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.3472em;top:38.6335em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.4903em;top:38.6335em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.5794em;top:38.6335em;"><span class="stl_155 stl_08 stl_77" style="word-spacing:0.0006em;">Recoverable after more than 12 months  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.2306em;top:38.6335em;"><span class="stl_155 stl_08 stl_36">33,360  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9545em;top:38.6335em;"><span class="stl_155 stl_08 stl_52">25,034  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.35em;top:39.7935em;"><span class="stl_157 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.49em;top:39.7935em;"><span class="stl_157 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.58em;top:39.7935em;"><span class="stl_157 stl_08 stl_72">Total  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.2407em;top:39.7935em;"><span class="stl_155 stl_08 stl_36">33,360  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.95em;top:39.7935em;"><span class="stl_157 stl_08 stl_51">25,034  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:24.8273em;"><span class="stl_162 stl_08 stl_31" style="word-spacing:0.8696em;">21. CHANGE</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:10.365em;top:24.8273em;"><span class="stl_162 stl_08 stl_90" style="word-spacing:0.006em;">IN NET WORKING CAPITAL  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:6.51em;top:27.4473em;"><span class="stl_154 stl_08 stl_54" style="word-spacing:-0.0221em;">PARENT COMPANY  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.08em;top:27.4473em;"><span class="stl_154 stl_08 stl_36">GROUP  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:6.2324em;top:28.7973em;"><span class="stl_154 stl_08 stl_28">2022  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:10.3704em;top:28.7973em;"><span class="stl_154 stl_08 stl_28">2021  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.5783em;top:28.7973em;"><span class="stl_154 stl_08 stl_67">DKK'000  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.5331em;top:28.7973em;"><span class="stl_154 stl_08 stl_51">2022  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.2505em;top:28.7973em;"><span class="stl_154 stl_08 stl_51">2021  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.3472em;top:31.2335em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.4903em;top:31.2335em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.5794em;top:31.2335em;"><span class="stl_155 stl_08 stl_110" style="word-spacing:0.0007em;">Change in receivables  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.6438em;top:31.2335em;"><span class="stl_155 stl_08 stl_62">(688)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.6853em;top:31.2335em;"><span class="stl_155 stl_08 stl_63">(85)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.3472em;top:32.2635em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.4903em;top:32.2635em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.5794em;top:32.2635em;"><span class="stl_155 stl_08 stl_109" style="word-spacing:0.0063em;">Change in inventories (work in progress)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.1776em;top:32.2635em;"><span class="stl_155 stl_08 stl_28">(3,946)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.8921em;top:32.2635em;"><span class="stl_155 stl_08 stl_21">(3,090)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:6.7172em;top:33.2935em;"><span class="stl_155 stl_08 stl_51">320  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:10.801em;top:33.2935em;"><span class="stl_155 stl_08 stl_27">(11)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.5788em;top:33.2935em;"><span class="stl_155 stl_08 stl_138" style="word-spacing:0.0048em;">Change in trade payables and other payables  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.1757em;top:33.2935em;"><span class="stl_155 stl_08 stl_18">(1,800)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3634em;top:33.2935em;"><span class="stl_155 stl_08 stl_22">(182)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:6.72em;top:34.4535em;"><span class="stl_157 stl_08 stl_51">320  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:10.79em;top:34.4535em;"><span class="stl_157 stl_08 stl_90">(11)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.58em;top:34.4535em;"><span class="stl_157 stl_08 stl_72">Total  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.16em;top:34.4535em;"><span class="stl_157 stl_08 stl_20">(6,434)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.88em;top:34.4535em;"><span class="stl_157 stl_08 stl_20">(3,357)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:39.0535em;"><span class="stl_157 stl_08 stl_25" style="word-spacing:0.004em;">Staff costs  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:39.8135em;"><span class="stl_155 stl_08 stl_110" style="word-spacing:0.0916em;">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:40.5835em;"><span class="stl_155 stl_08 stl_28" style="word-spacing:-0.0029em;">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:39.0535em;"><span class="stl_157 stl_08 stl_25" style="word-spacing:0.004em;">Staff costs  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:39.8135em;"><span class="stl_155 stl_08 stl_110" style="word-spacing:0.0916em;">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:40.5835em;"><span class="stl_155 stl_08 stl_28" style="word-spacing:-0.0029em;">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:21.6073em;"><span class="stl_162 stl_08 stl_51">4.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:6.9em;top:21.6073em;"><span class="stl_162 stl_08 stl_51" style="word-spacing:-0.0075em;">STAFF COSTS  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:6.5093em;top:24.3073em;"><span class="stl_154 stl_08 stl_43" style="word-spacing:-0.0164em;">PARENT COMPANY  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.08em;top:24.3073em;"><span class="stl_154 stl_08 stl_36">GROUP  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:6.2324em;top:25.6473em;"><span class="stl_154 stl_08 stl_28">2022  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:10.3704em;top:25.6473em;"><span class="stl_154 stl_08 stl_28">2021  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.5783em;top:25.6473em;"><span class="stl_154 stl_08 stl_67">DKK'000  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.5331em;top:25.6473em;"><span class="stl_154 stl_08 stl_51">2022  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.2505em;top:25.6473em;"><span class="stl_154 stl_08 stl_51">2021  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:6.251em;top:28.0835em;"><span class="stl_155 stl_08 stl_25">1,050  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:10.8571em;top:28.0835em;"><span class="stl_155 stl_08 stl_51">840  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.58em;top:28.0835em;"><span class="stl_155 stl_08 stl_66" style="word-spacing:-0.0004em;">Directors' fees  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.5582em;top:28.0835em;"><span class="stl_155 stl_08 stl_25">1,050  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.7439em;top:28.0835em;"><span class="stl_155 stl_08 stl_51">840  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.0385em;top:29.1135em;"><span class="stl_155 stl_08 stl_51">36  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.1815em;top:29.1135em;"><span class="stl_155 stl_08 stl_158">36  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.5819em;top:29.1135em;"><span class="stl_155 stl_08 stl_64" style="word-spacing:0.006em;">Wages and salaries  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.5607em;top:29.1135em;"><span class="stl_155 stl_08 stl_25">3,134  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.2802em;top:29.1135em;"><span class="stl_155 stl_08 stl_78">3,366  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.3472em;top:30.1435em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.4903em;top:30.1435em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.5794em;top:30.1435em;"><span class="stl_155 stl_08 stl_77" style="word-spacing:0.0025em;">Bonuses for Management Board  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.0244em;top:30.1435em;"><span class="stl_155 stl_08 stl_51">324  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.7445em;top:30.1435em;"><span class="stl_155 stl_08 stl_51">299  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.3472em;top:31.1735em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.4903em;top:31.1735em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.5794em;top:31.1735em;"><span class="stl_155 stl_08 stl_78" style="word-spacing:-0.0017em;">Pension contributions, defined contribution plans  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.0244em;top:31.1735em;"><span class="stl_155 stl_08 stl_51">550  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.7445em;top:31.1735em;"><span class="stl_155 stl_08 stl_127">642  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.3472em;top:32.2035em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.4903em;top:32.2035em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.5794em;top:32.2035em;"><span class="stl_155 stl_08 stl_77" style="word-spacing:0.0034em;">Other social security costs  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.0238em;top:32.2035em;"><span class="stl_155 stl_08 stl_51">169  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.7439em;top:32.2035em;"><span class="stl_155 stl_08 stl_51">133  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:6.24em;top:33.3635em;"><span class="stl_157 stl_08 stl_51">1,086  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:10.86em;top:33.3635em;"><span class="stl_157 stl_08 stl_51">876  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.7186em;top:33.3635em;"><span class="stl_157 stl_08 stl_74">Total  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.55em;top:33.3635em;"><span class="stl_157 stl_08 stl_51">5,227  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.27em;top:33.3635em;"><span class="stl_157 stl_08 stl_51">5,281  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.35em;top:35.5335em;"><span class="stl_157 stl_08 stl_09">1</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.49em;top:35.5335em;"><span class="stl_157 stl_08 stl_09">1</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.7186em;top:35.5335em;"><span class="stl_157 stl_08 stl_61" style="word-spacing:-0.0027em;">Average number of full-time employees  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.35em;top:35.5335em;"><span class="stl_157 stl_08 stl_51">22  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.07em;top:35.5335em;"><span class="stl_157 stl_08 stl_51">21  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:37.7235em;"><span class="stl_155 stl_08 stl_170" style="word-spacing:0.0078em;">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  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:38.5135em;"><span class="stl_155 stl_08 stl_171" style="word-spacing:-0.0112em;">of Directors. For the purpose of the above table, the Management Board is understood as the CEO of CeMat A/S and th</span><span class="stl_155 stl_08 stl_172">e</span><span class="stl_155 stl_08 stl_173">C</span><span class="stl_155 stl_08 stl_171" style="word-spacing:-0.0132em;">EO and CFO of the subsidiary companies CeMat  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:39.3035em;"><span class="stl_155 stl_08 stl_174" style="word-spacing:0.0496em;">'70, CeMat Real Estate, W131, W133 and Arkuszowa 56. Additional remuneration of the CEO for consultancy services of DKK 859 thousand (2021: DKK 698 thousand)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:40.0935em;"><span class="stl_155 stl_08 stl_175" style="word-spacing:0.0187em;">related to development project or preparation of land plots for divestment or development is recognised as inventories (work in progress) or investment property and is  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:40.8835em;"><span class="stl_155 stl_08 stl_176" style="word-spacing:0.0114em;">not included in the table above.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:41.8735em;"><span class="stl_155 stl_08 stl_177" style="word-spacing:-0.0003em;">CeMat has signed an annex which intends to a new performance-based remuneration system for CEO, contribute to business strategy, long-term interests and  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:42.6435em;"><span class="stl_155 stl_08 stl_178" style="word-spacing:0.0048em;">sustainability through the application of the long-term performance and development targets of the company. An additional bonus will be paid if the companies obtain a  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:43.4035em;"><span class="stl_155 stl_08 stl_179" style="word-spacing:0.0018em;">profit from the sale of the properties in an amount exceeding the limit of PLN 103,500,000. This limit is based on the sale of undeveloped real estate and profits from the  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:44.1635em;"><span class="stl_155 stl_08 stl_180" style="word-spacing:0.0073em;">sale of developed real estate.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:45.7335em;"><span class="stl_157 stl_08 stl_52" style="word-spacing:-0.002em;">Group and parent company  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:46.7635em;"><span class="stl_155 stl_08 stl_61" style="word-spacing:-0.0009em;">Remuneration of Board of Directors and Management Board  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.11em;top:47.7935em;"><span class="stl_157 stl_08 stl_36" style="word-spacing:-0.0081em;">Board of Directors  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.338em;top:47.7935em;"><span class="stl_157 stl_08 stl_137" style="word-spacing:0.0076em;">Management Board  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.8805em;top:49.0373em;"><span class="stl_154 stl_08 stl_51">DKK’000  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.8599em;top:49.0373em;"><span class="stl_154 stl_08 stl_28">2022  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.9837em;top:49.0373em;"><span class="stl_154 stl_08 stl_51">2021  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.126em;top:49.0373em;"><span class="stl_154 stl_08 stl_28">2022  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.2498em;top:49.0373em;"><span class="stl_154 stl_08 stl_51">2021  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:51.4735em;"><span class="stl_155 stl_08 stl_50" style="word-spacing:-0.0009em;">Directors' fees  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.8782em;top:51.4735em;"><span class="stl_155 stl_08 stl_25">1,050  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.478em;top:51.4735em;"><span class="stl_155 stl_08 stl_51">840  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.2485em;top:51.4735em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.3752em;top:51.4735em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:52.5035em;"><span class="stl_155 stl_08 stl_134">Salaries  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.9763em;top:52.5035em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.1067em;top:52.5035em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.1472em;top:52.5035em;"><span class="stl_155 stl_08 stl_30">1,468  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.2777em;top:52.5035em;"><span class="stl_155 stl_08 stl_30">1,220  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:53.5335em;"><span class="stl_155 stl_08 stl_26">Bonuses  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.9782em;top:53.5335em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.1086em;top:53.5335em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.6154em;top:53.5335em;"><span class="stl_155 stl_08 stl_51">324  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.7496em;top:53.5335em;"><span class="stl_155 stl_08 stl_127">299  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:54.5635em;"><span class="stl_155 stl_08 stl_52" style="word-spacing:-0.0106em;">Pension contributions  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.9769em;top:54.5635em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.1074em;top:54.5635em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.6141em;top:54.5635em;"><span class="stl_155 stl_08 stl_51">132  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.7483em;top:54.5635em;"><span class="stl_155 stl_08 stl_127">121  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:55.7135em;"><span class="stl_157 stl_08 stl_72">Total  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.87em;top:55.7135em;"><span class="stl_157 stl_08 stl_51">1,050  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.48em;top:55.7135em;"><span class="stl_157 stl_08 stl_51">840  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.14em;top:55.7135em;"><span class="stl_157 stl_08 stl_51">1,924  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.27em;top:55.7135em;"><span class="stl_157 stl_08 stl_51">1,640  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:57.8935em;"><span class="stl_155 stl_08 stl_20" style="word-spacing:-0.0002em;">The fee to the Chairman of the Board of Directors for the current term amounts to DKK 500 thousand (2021: DKK 400 thousand), to the Deputy Chairman DKK  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:58.6835em;"><span class="stl_155 stl_08 stl_140" style="word-spacing:0.0672em;">350 thousand (2021: DKK 280 thousand) and to an ordinary member DKK 200 thousand (2021: DKK 160 thousand). For the purpose of the above table, the  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:59.4835em;"><span class="stl_155 stl_08 stl_64" style="word-spacing:-0.0046em;">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, W133 and  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:60.2735em;"><span class="stl_155 stl_08 stl_181" style="word-spacing:0.1249em;">Arkuszowa 56. Additional remuneration of the CEO for consultancy services of DKK 859 thousand related to development project or preparation of land plots for  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:61.0635em;"><span class="stl_155 stl_08 stl_182" style="word-spacing:0.0089em;">divestment or development recognised as inventories (work in progress) or investment property 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:4.72em;top:5.8273em;"><span class="stl_162 stl_08 stl_30" style="word-spacing:0.8722em;">20. OTHER</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:9.718em;top:5.8273em;"><span class="stl_162 stl_08 stl_25">PAYABLES  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:6.51em;top:8.4573em;"><span class="stl_154 stl_08 stl_54" style="word-spacing:-0.0221em;">PARENT COMPANY  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.08em;top:8.4573em;"><span class="stl_154 stl_08 stl_36">GROUP  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:6.2324em;top:9.7973em;"><span class="stl_154 stl_08 stl_28">2022  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:10.3704em;top:9.7973em;"><span class="stl_154 stl_08 stl_28">2021  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.5783em;top:9.7973em;"><span class="stl_154 stl_08 stl_67">DKK'000  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.5331em;top:9.7973em;"><span class="stl_154 stl_08 stl_51">2022  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.2505em;top:9.7973em;"><span class="stl_154 stl_08 stl_51">2021  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:6.7172em;top:12.2335em;"><span class="stl_155 stl_08 stl_51">901  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:10.8577em;top:12.2335em;"><span class="stl_155 stl_08 stl_51">756  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.5807em;top:12.2335em;"><span class="stl_155 stl_08 stl_78" style="word-spacing:0.0024em;">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:37.55em;top:12.2335em;"><span class="stl_155 stl_08 stl_34">1,587  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.2701em;top:12.2335em;"><span class="stl_155 stl_08 stl_34">1,356  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.3472em;top:13.2635em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.4903em;top:13.2635em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.5794em;top:13.2635em;"><span class="stl_155 stl_08 stl_64" style="word-spacing:0.0065em;">Holiday pay obligation etc.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.0269em;top:13.2635em;"><span class="stl_155 stl_08 stl_51">230  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.7471em;top:13.2635em;"><span class="stl_155 stl_08 stl_127">100  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.3472em;top:14.2935em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.4903em;top:14.2935em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.5794em;top:14.2935em;"><span class="stl_155 stl_08 stl_109" style="word-spacing:0.009em;">VAT and other indirect taxes payable  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.1757em;top:14.2935em;"><span class="stl_155 stl_08 stl_46">(1,754)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3672em;top:14.2935em;"><span class="stl_155 stl_08 stl_73">(160)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.3472em;top:15.3235em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.4903em;top:15.3235em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.5794em;top:15.3235em;"><span class="stl_155 stl_08 stl_78" style="word-spacing:0.0002em;">Cost provisions and other payables  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.0275em;top:15.3235em;"><span class="stl_155 stl_08 stl_127">373  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.2777em;top:15.3235em;"><span class="stl_155 stl_08 stl_78">1,208  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:6.7172em;top:16.4835em;"><span class="stl_155 stl_08 stl_51">901  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:10.86em;top:16.4835em;"><span class="stl_157 stl_08 stl_51">756  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.58em;top:16.4835em;"><span class="stl_157 stl_08 stl_72">Total  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.0282em;top:16.4835em;"><span class="stl_155 stl_08 stl_51">436  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.27em;top:16.4835em;"><span class="stl_157 stl_08 stl_51">2,504  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:18.6354em;"><span class="stl_167 stl_08 stl_26" style="word-spacing:0.0019em;">The carrying amount of payables in respect of payroll, Board of Directors fees, tax deducted at source, social security contributions, holiday pay etc.,  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:19.4454em;"><span class="stl_167 stl_08 stl_50" style="word-spacing:0.0275em;">VAT and other indirect taxes and other payables corresponds to the fair value of these liabilities. Holiday pay obligations etc. represent the Group’s  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:20.2554em;"><span class="stl_167 stl_08 stl_91" style="word-spacing:0.062em;">obligation to pay wages and salaries during holidays in the next financial year, to which the employees have earned entitlement as at the balance  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:21.0754em;"><span class="stl_167 stl_08 stl_26" style="word-spacing:-0.0022em;">sheet date. All items under other payables are expected to be settled within one year.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:42.1035em;"><span class="stl_157 stl_08 stl_47" style="word-spacing:-0.0144em;">Financial items  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:42.8735em;"><span class="stl_155 stl_08 stl_64" style="word-spacing:0.0007em;">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:43.6335em;"><span class="stl_155 stl_08 stl_90" style="word-spacing:0.124em;">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:44.3935em;"><span class="stl_155 stl_08 stl_163" style="word-spacing:0.2877em;">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:45.1535em;"><span class="stl_155 stl_08 stl_27" style="word-spacing:-0.0157em;">prepayment scheme.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:42.1035em;"><span class="stl_157 stl_08 stl_47" style="word-spacing:-0.0144em;">Financial items  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:42.8735em;"><span class="stl_155 stl_08 stl_64" style="word-spacing:0.0007em;">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:43.6335em;"><span class="stl_155 stl_08 stl_90" style="word-spacing:0.124em;">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:44.3935em;"><span class="stl_155 stl_08 stl_163" style="word-spacing:0.2877em;">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:45.1535em;"><span class="stl_155 stl_08 stl_27" style="word-spacing:-0.0157em;">prepayment scheme.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:5.8373em;"><span class="stl_162 stl_08 stl_51">5.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:6.9em;top:5.8373em;"><span class="stl_162 stl_08 stl_35" style="word-spacing:-0.0065em;">FINANCIAL INCOME  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:6.51em;top:8.4573em;"><span class="stl_154 stl_08 stl_54" style="word-spacing:-0.0221em;">PARENT COMPANY  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.08em;top:8.4573em;"><span class="stl_154 stl_08 stl_36">GROUP  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:6.2324em;top:9.7973em;"><span class="stl_154 stl_08 stl_28">2022  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:10.3704em;top:9.7973em;"><span class="stl_154 stl_08 stl_28">2021  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.5783em;top:9.7973em;"><span class="stl_154 stl_08 stl_67">DKK'000  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.5331em;top:9.7973em;"><span class="stl_154 stl_08 stl_51">2022  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.2505em;top:9.7973em;"><span class="stl_154 stl_08 stl_51">2021  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.0385em;top:12.2335em;"><span class="stl_155 stl_08 stl_51">53  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.1815em;top:12.2335em;"><span class="stl_155 stl_08 stl_158">55  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.5819em;top:12.2335em;"><span class="stl_155 stl_08 stl_25" style="word-spacing:-0.0088em;">Interest from group entities  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.6557em;top:12.2335em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.372em;top:12.2335em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.3472em;top:13.2635em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.4903em;top:13.2635em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.5794em;top:13.2635em;"><span class="stl_155 stl_08 stl_77" style="word-spacing:0.0038em;">Interest on bank deposits etc.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.0238em;top:13.2635em;"><span class="stl_155 stl_08 stl_51">184  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.3739em;top:13.2635em;"><span class="stl_155 stl_08 stl_09">7</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.04em;top:14.4235em;"><span class="stl_157 stl_08 stl_51">53  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.18em;top:14.4235em;"><span class="stl_157 stl_08 stl_51">55  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.58em;top:14.4235em;"><span class="stl_157 stl_08 stl_26" style="word-spacing:-0.0126em;">Interest income  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.03em;top:14.4235em;"><span class="stl_157 stl_08 stl_51">184  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.38em;top:14.4235em;"><span class="stl_157 stl_08 stl_09">7</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:6.7172em;top:16.6035em;"><span class="stl_155 stl_08 stl_51">468  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:10.8577em;top:16.6035em;"><span class="stl_155 stl_08 stl_51">216  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.5807em;top:16.6035em;"><span class="stl_155 stl_08 stl_127" style="word-spacing:0.001em;">Foreign exchange adjustments  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.6582em;top:16.6035em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.3771em;top:16.6035em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:6.72em;top:17.7635em;"><span class="stl_157 stl_08 stl_51">521  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:10.86em;top:17.7635em;"><span class="stl_157 stl_08 stl_51">271  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.58em;top:17.7635em;"><span class="stl_157 stl_08 stl_72">Total  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.03em;top:17.7635em;"><span class="stl_157 stl_08 stl_51">184  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.38em;top:17.7635em;"><span class="stl_157 stl_08 stl_09">7</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:5.8373em;"><span class="stl_162 stl_08 stl_30" style="word-spacing:0.8723em;">28. RELATED</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:10.491em;top:5.8373em;"><span class="stl_162 stl_08 stl_34" style="word-spacing:-0.0025em;">PARTY TRANSACTIONS  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:6.51em;top:8.5273em;"><span class="stl_154 stl_08 stl_54" style="word-spacing:-0.0221em;">PARENT COMPANY  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.08em;top:8.5273em;"><span class="stl_154 stl_08 stl_36">GROUP  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:6.2324em;top:9.8673em;"><span class="stl_154 stl_08 stl_28">2022  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:10.3704em;top:9.8673em;"><span class="stl_154 stl_08 stl_28">2021  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.5783em;top:9.8673em;"><span class="stl_154 stl_08 stl_67">DKK'000  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.5331em;top:9.8673em;"><span class="stl_154 stl_08 stl_51">2022  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.2505em;top:9.8673em;"><span class="stl_154 stl_08 stl_51">2021  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.0385em;top:12.3035em;"><span class="stl_155 stl_08 stl_51">54  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.1815em;top:12.3035em;"><span class="stl_155 stl_08 stl_158">55  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.5819em;top:12.3035em;"><span class="stl_155 stl_08 stl_52" style="word-spacing:0.0022em;">Subsidiaries, interest income  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.655em;top:12.3035em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.3777em;top:12.3035em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:6.251em;top:13.3335em;"><span class="stl_155 stl_08 stl_25">1,147  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:10.3909em;top:13.3335em;"><span class="stl_155 stl_08 stl_78">1,083  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.5763em;top:13.3335em;"><span class="stl_155 stl_08 stl_64" style="word-spacing:0.0095em;">Subsidiaries, interest expenses  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.6525em;top:13.3335em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.3752em;top:13.3335em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:6.24em;top:14.4935em;"><span class="stl_157 stl_08 stl_51">1,201  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:10.38em;top:14.4935em;"><span class="stl_157 stl_08 stl_51">1,138  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.58em;top:14.4935em;"><span class="stl_157 stl_08 stl_70" style="word-spacing:0.0165em;">Total transactions  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.66em;top:14.4935em;"><span class="stl_157 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.38em;top:14.4935em;"><span class="stl_157 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:16.6454em;"><span class="stl_167 stl_08 stl_26" style="word-spacing:-0.0025em;">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:42.1035em;"><span class="stl_157 stl_08 stl_47" style="word-spacing:-0.0144em;">Financial items  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:42.8735em;"><span class="stl_155 stl_08 stl_64" style="word-spacing:0.0007em;">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:43.6335em;"><span class="stl_155 stl_08 stl_90" style="word-spacing:0.124em;">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:44.3935em;"><span class="stl_155 stl_08 stl_163" style="word-spacing:0.2877em;">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:45.1535em;"><span class="stl_155 stl_08 stl_27" style="word-spacing:-0.0157em;">prepayment scheme.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:5.8373em;"><span class="stl_162 stl_08 stl_30" style="word-spacing:0.8723em;">28. RELATED</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:10.491em;top:5.8373em;"><span class="stl_162 stl_08 stl_34" style="word-spacing:-0.0025em;">PARTY TRANSACTIONS  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:6.51em;top:8.5273em;"><span class="stl_154 stl_08 stl_54" style="word-spacing:-0.0221em;">PARENT COMPANY  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.08em;top:8.5273em;"><span class="stl_154 stl_08 stl_36">GROUP  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:6.2324em;top:9.8673em;"><span class="stl_154 stl_08 stl_28">2022  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:10.3704em;top:9.8673em;"><span class="stl_154 stl_08 stl_28">2021  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.5783em;top:9.8673em;"><span class="stl_154 stl_08 stl_67">DKK'000  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.5331em;top:9.8673em;"><span class="stl_154 stl_08 stl_51">2022  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.2505em;top:9.8673em;"><span class="stl_154 stl_08 stl_51">2021  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.0385em;top:12.3035em;"><span class="stl_155 stl_08 stl_51">54  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.1815em;top:12.3035em;"><span class="stl_155 stl_08 stl_158">55  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.5819em;top:12.3035em;"><span class="stl_155 stl_08 stl_52" style="word-spacing:0.0022em;">Subsidiaries, interest income  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.655em;top:12.3035em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.3777em;top:12.3035em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:6.251em;top:13.3335em;"><span class="stl_155 stl_08 stl_25">1,147  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:10.3909em;top:13.3335em;"><span class="stl_155 stl_08 stl_78">1,083  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.5763em;top:13.3335em;"><span class="stl_155 stl_08 stl_64" style="word-spacing:0.0095em;">Subsidiaries, interest expenses  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.6525em;top:13.3335em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.3752em;top:13.3335em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:6.24em;top:14.4935em;"><span class="stl_157 stl_08 stl_51">1,201  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:10.38em;top:14.4935em;"><span class="stl_157 stl_08 stl_51">1,138  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.58em;top:14.4935em;"><span class="stl_157 stl_08 stl_70" style="word-spacing:0.0165em;">Total transactions  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.66em;top:14.4935em;"><span class="stl_157 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.38em;top:14.4935em;"><span class="stl_157 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:16.6454em;"><span class="stl_167 stl_08 stl_26" style="word-spacing:-0.0025em;">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:25.4em;top:44.3835em;"><span class="stl_165 stl_08 stl_90" style="word-spacing:-0.0023em;">Inventory impairment test  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4em;top:45.9135em;"><span class="stl_155 stl_08 stl_127" style="word-spacing:0.0448em;">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:25.4em;top:46.6735em;"><span class="stl_155 stl_08 stl_156" style="word-spacing:0.0358em;">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:25.4em;top:47.4335em;"><span class="stl_155 stl_08 stl_28" style="word-spacing:-0.0006em;">loss account.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4em;top:48.9635em;"><span class="stl_155 stl_08 stl_110" style="word-spacing:0.0494em;">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:25.4em;top:49.7235em;"><span class="stl_155 stl_08 stl_25" style="word-spacing:0.206em;">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:25.4em;top:50.4935em;"><span class="stl_155 stl_08 stl_70" style="word-spacing:0.2262em;">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:25.4em;top:51.2535em;"><span class="stl_155 stl_08 stl_18" style="word-spacing:0.0968em;">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:25.4em;top:52.0135em;"><span class="stl_155 stl_08 stl_19" style="word-spacing:0.1916em;">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:25.4em;top:52.7735em;"><span class="stl_155 stl_08 stl_78" style="word-spacing:0.1808em;">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:25.4em;top:53.5435em;"><span class="stl_155 stl_08 stl_91" style="word-spacing:0.229em;">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:25.4em;top:54.3035em;"><span class="stl_155 stl_08 stl_91" style="word-spacing:0.3483em;">borrowing costs and projected customer claims (if applicable). Project  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4em;top:55.0635em;"><span class="stl_155 stl_08 stl_66" style="word-spacing:0.0337em;">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:25.4em;top:55.8335em;"><span class="stl_155 stl_08 stl_90" style="word-spacing:0.1128em;">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:25.4em;top:56.5935em;"><span class="stl_155 stl_08 stl_163" style="word-spacing:0.1295em;">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:25.4em;top:57.3535em;"><span class="stl_155 stl_08 stl_91" style="word-spacing:0.0151em;">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:25.4em;top:58.1135em;"><span class="stl_155 stl_08 stl_140" style="word-spacing:0.1171em;">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:25.4em;top:58.8835em;"><span class="stl_155 stl_08 stl_91" style="word-spacing:0.0668em;">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:25.4em;top:59.6435em;"><span class="stl_155 stl_08 stl_91" style="word-spacing:0.0004em;">the estimated negative value of this margin.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4em;top:61.1735em;"><span class="stl_155 stl_08 stl_91" style="word-spacing:0.2559em;">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:25.4em;top:61.9335em;"><span class="stl_155 stl_08 stl_61" style="word-spacing:-0.0553em;">"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:7.0035em;"><span class="stl_155 stl_08 stl_163" style="word-spacing:0.1934em;">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:7.7635em;"><span class="stl_155 stl_08 stl_66" style="word-spacing:-0.0006em;">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:48.9735em;"><span class="stl_157 stl_08 stl_134" style="word-spacing:0.0073em;">Investment property  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:49.7235em;"><span class="stl_155 stl_08 stl_77" style="word-spacing:0.4151em;">Investment property comprises properties owned for the purpose of  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:50.4935em;"><span class="stl_155 stl_08 stl_90" style="word-spacing:0.0027em;">receiving rent or obtaining capital gains.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:52.0135em;"><span class="stl_155 stl_08 stl_52" style="word-spacing:0.0815em;">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:4.72em;top:52.7735em;"><span class="stl_155 stl_08 stl_50" style="word-spacing:-0.0025em;">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:4.72em;top:54.3035em;"><span class="stl_155 stl_08 stl_64" style="word-spacing:0.1272em;">Subsequently, investment property is measured at fair value, representing  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:55.0635em;"><span class="stl_155 stl_08 stl_166" style="word-spacing:0.2599em;">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:4.72em;top:55.8335em;"><span class="stl_155 stl_08 stl_50" style="word-spacing:-0.0038em;">independent buyer at the balance sheet date.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:57.3535em;"><span class="stl_155 stl_08 stl_127" style="word-spacing:0.3609em;">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:4.72em;top:58.1135em;"><span class="stl_155 stl_08 stl_28" style="word-spacing:0.002em;">designed for external</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:10.374em;top:58.1135em;"><span class="stl_155 stl_08 stl_61" style="word-spacing:0.0026em;">roads; development areas; and industrial buildings.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:59.6435em;"><span class="stl_155 stl_08 stl_91" 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:4.72em;top:60.4035em;"><span class="stl_155 stl_08 stl_163" style="word-spacing:0.1643em;">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:4.72em;top:61.1735em;"><span class="stl_155 stl_08 stl_134" style="word-spacing:0.1447em;">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:4.72em;top:61.9335em;"><span class="stl_155 stl_08 stl_166" style="word-spacing:0.1788em;">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:25.4em;top:7.0035em;"><span class="stl_155 stl_08 stl_52" style="word-spacing:0.8137em;">individual attributes such as location, surroundings, accessibility,  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4em;top:7.7635em;"><span class="stl_155 stl_08 stl_137" style="word-spacing:-0.017em;">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:25.4em;top:8.5235em;"><span class="stl_155 stl_08 stl_91" style="word-spacing:0.4615em;">is assigned a percentage weighting, and the characteristics of each  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4em;top:9.2935em;"><span class="stl_155 stl_08 stl_64" style="word-spacing:0.053em;">comparable and the subject are then rated, typically from 1-5, very good to  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4em;top:10.0535em;"><span class="stl_155 stl_08 stl_137" style="word-spacing:-0.0492em;">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:25.4em;top:10.8135em;"><span class="stl_155 stl_08 stl_24" style="word-spacing:0.3428em;">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:25.4em;top:11.5835em;"><span class="stl_155 stl_08 stl_109" style="word-spacing:-0.0442em;">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:25.4em;top:13.1035em;"><span class="stl_155 stl_08 stl_70" style="word-spacing:0.1132em;">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:25.4em;top:13.8635em;"><span class="stl_155 stl_08 stl_64" style="word-spacing:-0.0025em;">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:25.4em;top:14.6335em;"><span class="stl_155 stl_08 stl_138" style="word-spacing:0.1318em;">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:25.4em;top:15.3935em;"><span class="stl_155 stl_08 stl_66" style="word-spacing:0.0472em;">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:25.4em;top:16.1535em;"><span class="stl_155 stl_08 stl_66" style="word-spacing:0.1914em;">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:25.4em;top:16.9235em;"><span class="stl_155 stl_08 stl_90" style="word-spacing:0.0019em;">fitting-out deposits and un-obtainable running costs.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4em;top:18.4435em;"><span class="stl_155 stl_08 stl_66" style="word-spacing:0.223em;">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:25.4em;top:19.2035em;"><span class="stl_155 stl_08 stl_134" style="word-spacing:-0.0435em;">estimating the fair values. The required rate of return used ranges from 12.3%  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4em;top:19.9735em;"><span class="stl_155 stl_08 stl_36" style="word-spacing:-0.0098em;">to 13.0%.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4em;top:21.4935em;"><span class="stl_155 stl_08 stl_137" style="word-spacing:0.4801em;">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:25.4em;top:22.2635em;"><span class="stl_155 stl_08 stl_127" style="word-spacing:-0.0112em;">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:25.4em;top:23.0235em;"><span class="stl_155 stl_08 stl_91" style="word-spacing:0.0663em;">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:25.4em;top:23.7835em;"><span class="stl_155 stl_08 stl_46" style="word-spacing:-0.0122em;">transitional phase.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4em;top:25.3135em;"><span class="stl_155 stl_08 stl_78" style="word-spacing:0.0051em;">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:25.4em;top:26.0735em;"><span class="stl_155 stl_08 stl_19" 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:9.2935em;"><span class="stl_165 stl_08 stl_66" style="word-spacing:-0.0011em;">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:10.0535em;"><span class="stl_155 stl_08 stl_77" style="word-spacing:0.2723em;">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:10.8135em;"><span class="stl_155 stl_08 stl_72" style="word-spacing:0.134em;">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:11.5835em;"><span class="stl_155 stl_08 stl_91" style="word-spacing:0.0522em;">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:12.3435em;"><span class="stl_155 stl_08 stl_61" style="word-spacing:0.0025em;">have already taken place.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:48.9735em;"><span class="stl_157 stl_08 stl_134" style="word-spacing:0.0073em;">Investment property  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:49.7235em;"><span class="stl_155 stl_08 stl_77" style="word-spacing:0.4151em;">Investment property comprises properties owned for the purpose of  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:50.4935em;"><span class="stl_155 stl_08 stl_90" style="word-spacing:0.0027em;">receiving rent or obtaining capital gains.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:52.0135em;"><span class="stl_155 stl_08 stl_52" style="word-spacing:0.0815em;">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:4.72em;top:52.7735em;"><span class="stl_155 stl_08 stl_50" style="word-spacing:-0.0025em;">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:4.72em;top:54.3035em;"><span class="stl_155 stl_08 stl_64" style="word-spacing:0.1272em;">Subsequently, investment property is measured at fair value, representing  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:55.0635em;"><span class="stl_155 stl_08 stl_166" style="word-spacing:0.2599em;">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:4.72em;top:55.8335em;"><span class="stl_155 stl_08 stl_50" style="word-spacing:-0.0038em;">independent buyer at the balance sheet date.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:57.3535em;"><span class="stl_155 stl_08 stl_127" style="word-spacing:0.3609em;">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:4.72em;top:58.1135em;"><span class="stl_155 stl_08 stl_28" style="word-spacing:0.002em;">designed for external</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:10.374em;top:58.1135em;"><span class="stl_155 stl_08 stl_61" style="word-spacing:0.0026em;">roads; development areas; and industrial buildings.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:59.6435em;"><span class="stl_155 stl_08 stl_91" 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:4.72em;top:60.4035em;"><span class="stl_155 stl_08 stl_163" style="word-spacing:0.1643em;">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:4.72em;top:61.1735em;"><span class="stl_155 stl_08 stl_134" style="word-spacing:0.1447em;">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:4.72em;top:61.9335em;"><span class="stl_155 stl_08 stl_166" style="word-spacing:0.1788em;">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:25.4em;top:7.0035em;"><span class="stl_155 stl_08 stl_52" style="word-spacing:0.8137em;">individual attributes such as location, surroundings, accessibility,  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4em;top:7.7635em;"><span class="stl_155 stl_08 stl_137" style="word-spacing:-0.017em;">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:25.4em;top:8.5235em;"><span class="stl_155 stl_08 stl_91" style="word-spacing:0.4615em;">is assigned a percentage weighting, and the characteristics of each  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4em;top:9.2935em;"><span class="stl_155 stl_08 stl_64" style="word-spacing:0.053em;">comparable and the subject are then rated, typically from 1-5, very good to  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4em;top:10.0535em;"><span class="stl_155 stl_08 stl_137" style="word-spacing:-0.0492em;">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:25.4em;top:10.8135em;"><span class="stl_155 stl_08 stl_24" style="word-spacing:0.3428em;">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:25.4em;top:11.5835em;"><span class="stl_155 stl_08 stl_109" style="word-spacing:-0.0442em;">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:25.4em;top:13.1035em;"><span class="stl_155 stl_08 stl_70" style="word-spacing:0.1132em;">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:25.4em;top:13.8635em;"><span class="stl_155 stl_08 stl_64" style="word-spacing:-0.0025em;">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:25.4em;top:14.6335em;"><span class="stl_155 stl_08 stl_138" style="word-spacing:0.1318em;">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:25.4em;top:15.3935em;"><span class="stl_155 stl_08 stl_66" style="word-spacing:0.0472em;">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:25.4em;top:16.1535em;"><span class="stl_155 stl_08 stl_66" style="word-spacing:0.1914em;">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:25.4em;top:16.9235em;"><span class="stl_155 stl_08 stl_90" style="word-spacing:0.0019em;">fitting-out deposits and un-obtainable running costs.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4em;top:18.4435em;"><span class="stl_155 stl_08 stl_66" style="word-spacing:0.223em;">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:25.4em;top:19.2035em;"><span class="stl_155 stl_08 stl_134" style="word-spacing:-0.0435em;">estimating the fair values. The required rate of return used ranges from 12.3%  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4em;top:19.9735em;"><span class="stl_155 stl_08 stl_36" style="word-spacing:-0.0098em;">to 13.0%.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4em;top:21.4935em;"><span class="stl_155 stl_08 stl_137" style="word-spacing:0.4801em;">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:25.4em;top:22.2635em;"><span class="stl_155 stl_08 stl_127" style="word-spacing:-0.0112em;">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:25.4em;top:23.0235em;"><span class="stl_155 stl_08 stl_91" style="word-spacing:0.0663em;">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:25.4em;top:23.7835em;"><span class="stl_155 stl_08 stl_46" style="word-spacing:-0.0122em;">transitional phase.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4em;top:25.3135em;"><span class="stl_155 stl_08 stl_78" style="word-spacing:0.0051em;">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:25.4em;top:26.0735em;"><span class="stl_155 stl_08 stl_19" 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:9.2935em;"><span class="stl_165 stl_08 stl_66" style="word-spacing:-0.0011em;">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:10.0535em;"><span class="stl_155 stl_08 stl_77" style="word-spacing:0.2723em;">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:10.8135em;"><span class="stl_155 stl_08 stl_72" style="word-spacing:0.134em;">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:11.5835em;"><span class="stl_155 stl_08 stl_91" style="word-spacing:0.0522em;">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:12.3435em;"><span class="stl_155 stl_08 stl_61" style="word-spacing:0.0025em;">have already taken place.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4em;top:17.6935em;"><span class="stl_157 stl_08 stl_127" style="word-spacing:0.0017em;">Measurement of investment property  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4em;top:19.2135em;"><span class="stl_155 stl_08 stl_169" style="word-spacing:0.1015em;">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:25.4em;top:19.9835em;"><span class="stl_155 stl_08 stl_110" style="word-spacing:0.3515em;">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:25.4em;top:20.7435em;"><span class="stl_155 stl_08 stl_52" style="word-spacing:-0.0313em;">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:25.4em;top:21.5035em;"><span class="stl_155 stl_08 stl_110" style="word-spacing:0.0153em;">valuation report received in December 2022 and its underlying assumptions.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4em;top:22.2735em;"><span class="stl_155 stl_08 stl_61" style="word-spacing:0.0172em;">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:25.4em;top:23.0335em;"><span class="stl_155 stl_08 stl_66" style="word-spacing:-0.0005em;">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:25.4em;top:24.5635em;"><span class="stl_155 stl_08 stl_137" style="word-spacing:0.1321em;">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:25.4em;top:25.3235em;"><span class="stl_155 stl_08 stl_45" style="word-spacing:-0.0337em;">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:25.4em;top:26.0835em;"><span class="stl_155 stl_08 stl_110" style="word-spacing:0.0337em;">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:25.4em;top:26.8435em;"><span class="stl_155 stl_08 stl_19" style="word-spacing:0.0669em;">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:25.4em;top:27.6135em;"><span class="stl_155 stl_08 stl_90" style="word-spacing:0.0044em;">liquidity risk in a sales situation.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4em;top:42.8735em;"><span class="stl_157 stl_08 stl_26" style="word-spacing:-0.0075em;">Tax asset utilisation  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4em;top:44.3935em;"><span class="stl_155 stl_08 stl_18" style="word-spacing:-0.0334em;">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:25.4em;top:45.1535em;"><span class="stl_155 stl_08 stl_90" style="word-spacing:0.0357em;">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:25.4em;top:45.9235em;"><span class="stl_155 stl_08 stl_66" style="word-spacing:-0.002em;">income within a foreseeable number of years.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:5.8273em;"><span class="stl_162 stl_08 stl_51">9.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:6.9em;top:5.8273em;"><span class="stl_162 stl_08 stl_25" style="word-spacing:0.0033em;">PROPERTY, PLANT AND EQUIPMENT  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:8.5273em;"><span class="stl_154 stl_08 stl_36">GROUP  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:10.7273em;"><span class="stl_154 stl_08 stl_51">2022  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.6297em;top:10.7273em;"><span class="stl_154 stl_08 stl_40">Investment  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.2088em;top:10.7273em;"><span class="stl_154 stl_08 stl_09">Total  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.6261em;top:10.7273em;"><span class="stl_154 stl_08 stl_27" style="word-spacing:0.0124em;">Plant and  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.6345em;top:10.7273em;"><span class="stl_154 stl_08 stl_22" style="word-spacing:-0.0102em;">Total property  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:17.9123em;top:11.5973em;"><span class="stl_154 stl_08 stl_40">Investment  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.2062em;top:11.5973em;"><span class="stl_154 stl_08 stl_60">property,  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.3556em;top:11.5973em;"><span class="stl_154 stl_08 stl_71">Investment  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.3265em;top:11.5973em;"><span class="stl_154 stl_08 stl_51">machinery  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.6528em;top:11.5973em;"><span class="stl_154 stl_08 stl_115">Total  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.0737em;top:11.5973em;"><span class="stl_154 stl_08 stl_21" style="word-spacing:0.0018em;">plant and  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:12.4673em;"><span class="stl_154 stl_08 stl_54">DKK’000  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:18.6777em;top:12.4673em;"><span class="stl_154 stl_08 stl_71">property  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.6488em;top:12.4673em;"><span class="stl_154 stl_08 stl_34" style="word-spacing:0.0074em;">right of use  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.1253em;top:12.4673em;"><span class="stl_154 stl_08 stl_36">property  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.0957em;top:12.4673em;"><span class="stl_154 stl_08 stl_34" style="word-spacing:0.0074em;">right of use  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.8195em;top:12.4673em;"><span class="stl_154 stl_08 stl_47" style="word-spacing:0.0057em;">right of use  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.6399em;top:12.4673em;"><span class="stl_154 stl_08 stl_51">equipment  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:14.9035em;"><span class="stl_155 stl_08 stl_64" style="word-spacing:0.0046em;">Carrying amount at 1 January 2022  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:19.1955em;top:14.9035em;"><span class="stl_155 stl_08 stl_25">120,635  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.2357em;top:14.9035em;"><span class="stl_155 stl_08 stl_52">16,522  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.6408em;top:14.9035em;"><span class="stl_155 stl_08 stl_25">137,157  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.4685em;top:14.9035em;"><span class="stl_155 stl_08 stl_51">165  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.4074em;top:14.9035em;"><span class="stl_155 stl_08 stl_36">16,687  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.8101em;top:14.9035em;"><span class="stl_155 stl_08 stl_91">137,322  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:15.9335em;"><span class="stl_155 stl_08 stl_110" style="word-spacing:-0.0019em;">Foreign exchange adjustments  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:19.4588em;top:15.9335em;"><span class="stl_155 stl_08 stl_28">(2,252)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.6458em;top:15.9335em;"><span class="stl_155 stl_08 stl_22">(299)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.9054em;top:15.9335em;"><span class="stl_155 stl_08 stl_18">(2,551)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.723em;top:15.9335em;"><span class="stl_155 stl_08 stl_67">(3)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.8195em;top:15.9335em;"><span class="stl_155 stl_08 stl_62">(302)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.0734em;top:15.9335em;"><span class="stl_155 stl_08 stl_19">(2,554)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:16.9635em;"><span class="stl_155 stl_08 stl_110" style="word-spacing:0.0045em;">Right of use, depreciation  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:20.9368em;top:16.9635em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.6595em;top:16.9635em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.3847em;top:16.9635em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.4143em;top:16.9635em;"><span class="stl_155 stl_08 stl_63">(28)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.1427em;top:16.9635em;"><span class="stl_155 stl_08 stl_40">(28)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.8654em;top:16.9635em;"><span class="stl_155 stl_08 stl_63">(28)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:17.9935em;"><span class="stl_155 stl_08 stl_156">Additions  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:20.9419em;top:17.9935em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.6608em;top:17.9935em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.386em;top:17.9935em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.1086em;top:17.9935em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.8376em;top:17.9935em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.5603em;top:17.9935em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:19.0235em;"><span class="stl_155 stl_08 stl_78">Disposals  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:20.9368em;top:19.0235em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.6595em;top:19.0235em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.3885em;top:19.0235em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.4181em;top:19.0235em;"><span class="stl_155 stl_08 stl_63">(17)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.1465em;top:19.0235em;"><span class="stl_155 stl_08 stl_63">(17)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.8685em;top:19.0235em;"><span class="stl_155 stl_08 stl_27">(17)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:20.0435em;"><span class="stl_155 stl_08 stl_78" style="word-spacing:0.0033em;">Transfer to inventories (work in progress)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:19.1482em;top:20.0435em;"><span class="stl_155 stl_08 stl_73">(4,655)*  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.6551em;top:20.0435em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.9035em;top:20.0435em;"><span class="stl_155 stl_08 stl_36">(4,655)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.1023em;top:20.0435em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.8313em;top:20.0435em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.0734em;top:20.0435em;"><span class="stl_155 stl_08 stl_18">(4,655)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:21.0735em;"><span class="stl_155 stl_08 stl_134" style="word-spacing:0.0063em;">Shortening the leasing period  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:20.9356em;top:21.0735em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.1777em;top:21.0735em;"><span class="stl_155 stl_08 stl_19">(2,446)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.906em;top:21.0735em;"><span class="stl_155 stl_08 stl_19">(2,446)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.1023em;top:21.0735em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.3507em;top:21.0735em;"><span class="stl_155 stl_08 stl_46">(2,446)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.0759em;top:21.0735em;"><span class="stl_155 stl_08 stl_28">(2,446)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:22.1035em;"><span class="stl_155 stl_08 stl_90" style="word-spacing:0.0052em;">Enhancement costs  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:19.8393em;top:22.1035em;"><span class="stl_155 stl_08 stl_25">5,024  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.6551em;top:22.1035em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.2878em;top:22.1035em;"><span class="stl_155 stl_08 stl_25">5,024  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.1036em;top:22.1035em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.8326em;top:22.1035em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.4527em;top:22.1035em;"><span class="stl_155 stl_08 stl_34">5,024  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:23.1335em;"><span class="stl_155 stl_08 stl_78" style="word-spacing:-0.002em;">Revaluation to market value  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:19.5161em;top:23.1335em;"><span class="stl_155 stl_08 stl_36">25,277  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.3426em;top:23.1335em;"><span class="stl_155 stl_08 stl_51">48  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.9627em;top:23.1335em;"><span class="stl_155 stl_08 stl_36">25,325  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.1042em;top:23.1335em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.5245em;top:23.1335em;"><span class="stl_155 stl_08 stl_158">48  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.1345em;top:23.1335em;"><span class="stl_155 stl_08 stl_52">25,325  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:24.2935em;"><span class="stl_157 stl_08 stl_66" style="word-spacing:-0.004em;">Carrying amount at 31 December 2022  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:19.1973em;top:24.2935em;"><span class="stl_157 stl_08 stl_28">144,029  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.2218em;top:24.2935em;"><span class="stl_157 stl_08 stl_51">13,825  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.6389em;top:24.2935em;"><span class="stl_157 stl_08 stl_36">157,854  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.4673em;top:24.2935em;"><span class="stl_157 stl_08 stl_51">117  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.3999em;top:24.2935em;"><span class="stl_157 stl_08 stl_34">13,942  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.8069em;top:24.2935em;"><span class="stl_157 stl_08 stl_28">157,971  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:25.4435em;"><span class="stl_155 stl_08 stl_61" style="word-spacing:0.0007em;">*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:4.72em;top:27.4773em;"><span class="stl_154 stl_08 stl_51">2021  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.6297em;top:27.4773em;"><span class="stl_154 stl_08 stl_40">Investment  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.2088em;top:27.4773em;"><span class="stl_154 stl_08 stl_09">Total  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.6261em;top:27.4773em;"><span class="stl_154 stl_08 stl_27" style="word-spacing:0.0124em;">Plant and  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.6345em;top:27.4773em;"><span class="stl_154 stl_08 stl_22" style="word-spacing:-0.0102em;">Total property  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:17.9123em;top:28.3373em;"><span class="stl_154 stl_08 stl_40">Investment  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.2062em;top:28.3373em;"><span class="stl_154 stl_08 stl_60">property,  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.3556em;top:28.3373em;"><span class="stl_154 stl_08 stl_71">Investment  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.3265em;top:28.3373em;"><span class="stl_154 stl_08 stl_51">machinery  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.6528em;top:28.3373em;"><span class="stl_154 stl_08 stl_115">Total  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.0737em;top:28.3373em;"><span class="stl_154 stl_08 stl_21" style="word-spacing:0.0018em;">plant and  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:29.2073em;"><span class="stl_154 stl_08 stl_54">DKK’000  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:18.6777em;top:29.2073em;"><span class="stl_154 stl_08 stl_71">property  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.6488em;top:29.2073em;"><span class="stl_154 stl_08 stl_34" style="word-spacing:0.0074em;">right of use  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.1253em;top:29.2073em;"><span class="stl_154 stl_08 stl_36">property  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.0957em;top:29.2073em;"><span class="stl_154 stl_08 stl_34" style="word-spacing:0.0074em;">right of use  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.8195em;top:29.2073em;"><span class="stl_154 stl_08 stl_47" style="word-spacing:0.0057em;">right of use  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.6399em;top:29.2073em;"><span class="stl_154 stl_08 stl_51">equipment  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:31.6435em;"><span class="stl_155 stl_08 stl_64" style="word-spacing:0.0046em;">Carrying amount at 1 January 2021  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:19.1955em;top:31.6435em;"><span class="stl_155 stl_08 stl_25">112,833  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.2357em;top:31.6435em;"><span class="stl_155 stl_08 stl_52">13,808  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.65em;top:31.6435em;"><span class="stl_157 stl_08 stl_78">126,641  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.7989em;top:31.6435em;"><span class="stl_155 stl_08 stl_51">55  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.41em;top:31.6435em;"><span class="stl_157 stl_08 stl_51">13,863  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.82em;top:31.6435em;"><span class="stl_157 stl_08 stl_78">126,696  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:32.6735em;"><span class="stl_155 stl_08 stl_110" style="word-spacing:-0.0019em;">Foreign exchange adjustments  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:19.4588em;top:32.6735em;"><span class="stl_155 stl_08 stl_28">(1,480)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.6458em;top:32.6735em;"><span class="stl_155 stl_08 stl_22">(126)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.89em;top:32.6735em;"><span class="stl_157 stl_08 stl_20">(1,606)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.1076em;top:32.6735em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.82em;top:32.6735em;"><span class="stl_157 stl_08 stl_19">(126)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.06em;top:32.6735em;"><span class="stl_157 stl_08 stl_20">(1,606)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:33.7035em;"><span class="stl_155 stl_08 stl_110" style="word-spacing:0.0045em;">Right of use, depreciation  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:20.9368em;top:33.7035em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.6595em;top:33.7035em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.39em;top:33.7035em;"><span class="stl_157 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.4209em;top:33.7035em;"><span class="stl_155 stl_08 stl_27">(43)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.14em;top:33.7035em;"><span class="stl_157 stl_08 stl_90">(43)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.86em;top:33.7035em;"><span class="stl_157 stl_08 stl_90">(43)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:34.7335em;"><span class="stl_155 stl_08 stl_156">Additions  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:20.9419em;top:34.7335em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.5582em;top:34.7335em;"><span class="stl_155 stl_08 stl_30">2,692  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.28em;top:34.7335em;"><span class="stl_157 stl_08 stl_51">2,692  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.4776em;top:34.7335em;"><span class="stl_155 stl_08 stl_51">153  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.73em;top:34.7335em;"><span class="stl_157 stl_08 stl_51">2,845  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.45em;top:34.7335em;"><span class="stl_157 stl_08 stl_51">2,845  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:35.7635em;"><span class="stl_155 stl_08 stl_78" style="word-spacing:0.0033em;">Transfer to inventories (work in progress)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:18.8269em;top:35.7635em;"><span class="stl_155 stl_08 stl_21">(22,684)*  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.6564em;top:35.7635em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.58em;top:35.7635em;"><span class="stl_157 stl_08 stl_90">(22,684)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.1076em;top:35.7635em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.84em;top:35.7635em;"><span class="stl_157 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.75em;top:35.7635em;"><span class="stl_157 stl_08 stl_90">(22,684)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:36.7935em;"><span class="stl_155 stl_08 stl_90" style="word-spacing:0.0052em;">Enhancement costs  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:19.8393em;top:36.7935em;"><span class="stl_155 stl_08 stl_25">1,243  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.6551em;top:36.7935em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.28em;top:36.7935em;"><span class="stl_157 stl_08 stl_51">1,243  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.1076em;top:36.7935em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.84em;top:36.7935em;"><span class="stl_157 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.45em;top:36.7935em;"><span class="stl_157 stl_08 stl_51">1,243  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:37.8235em;"><span class="stl_155 stl_08 stl_78" style="word-spacing:-0.002em;">Revaluation to market value  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:19.5161em;top:37.8235em;"><span class="stl_155 stl_08 stl_36">30,723  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.0276em;top:37.8235em;"><span class="stl_155 stl_08 stl_127">148  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.96em;top:37.8235em;"><span class="stl_157 stl_08 stl_51">30,871  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.1076em;top:37.8235em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.21em;top:37.8235em;"><span class="stl_157 stl_08 stl_51">148  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.13em;top:37.8235em;"><span class="stl_157 stl_08 stl_51">30,871  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:38.9835em;"><span class="stl_157 stl_08 stl_66" style="word-spacing:-0.004em;">Carrying amount at 31 December 2021  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:19.1973em;top:38.9835em;"><span class="stl_157 stl_08 stl_28">120,635  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.2218em;top:38.9835em;"><span class="stl_157 stl_08 stl_51">16,522  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.6389em;top:38.9835em;"><span class="stl_157 stl_08 stl_36">137,157  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.4673em;top:38.9835em;"><span class="stl_157 stl_08 stl_51">165  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.3999em;top:38.9835em;"><span class="stl_157 stl_08 stl_34">16,687  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.8069em;top:38.9835em;"><span class="stl_157 stl_08 stl_28">137,322  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:40.1335em;"><span class="stl_155 stl_08 stl_61" style="word-spacing:0.0007em;">*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:4.72em;top:43.2135em;"><span class="stl_155 stl_08 stl_137" style="word-spacing:0.0484em;">The Polish properties have an assessed value of DKK 157,971 thousand, of which DKK 143,889 thousand is the real estate in Warsaw, DKK 140 thousand is a  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:44.0135em;"><span class="stl_155 stl_08 stl_20" style="word-spacing:0.002em;">land plot in Blichowo and DKK 13,942 thousand is right of use resulting from the application of IFRS 16. The value of the real estate in Warsaw is supported by  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:44.8035em;"><span class="stl_155 stl_08 stl_139" style="word-spacing:-0.0141em;">an external valuation report received in December 2022, prepared by a leading international estate agent in Warsaw. The value of the land plot in Blichowo has  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:45.5935em;"><span class="stl_155 stl_08 stl_137" style="word-spacing:0.0052em;">been assessed by the company’s management using a comparative method.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:46.6235em;"><span class="stl_155 stl_08 stl_27" style="word-spacing:0.0182em;">The value of the real estate in Warsaw represents the estate agent’s assessment of the current fair value. In addition to the general price level in the market,  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:47.4135em;"><span class="stl_155 stl_08 stl_50" style="word-spacing:0.0781em;">the assessment is based on these main assumptions: the present use of the property, the state of the buildings, the percentage of ownership, the income  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:48.2035em;"><span class="stl_155 stl_08 stl_110" style="word-spacing:0.0209em;">generated by the property and the zoning of the area. Any changes to these, particularly the percentage of ownership (i.e. the positive or negative resolution  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:48.9935em;"><span class="stl_155 stl_08 stl_28" style="word-spacing:0.097em;">of former owners’ claims), changes in zoning (e.g. to residential) and the general price development of similar properties in the area, could favourably or  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:49.7835em;"><span class="stl_155 stl_08 stl_134" style="word-spacing:0.005em;">adversely impact the property valuation.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:50.7735em;"><span class="stl_155 stl_08 stl_77" style="word-spacing:0.0362em;">For the valuation purposes, the property was divided into four groups: internal roads, industrial schemes (buildings), development land and plots designated  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:51.5435em;"><span class="stl_155 stl_08 stl_36" style="word-spacing:-0.0075em;">for external roads.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:53.3335em;"><span class="stl_155 stl_08 stl_109" style="word-spacing:-0.0147em;">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  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:54.0935em;"><span class="stl_155 stl_08 stl_77" style="word-spacing:0.0002em;">to determine the likely value of the subject. This approach assumes that the variation in prices between at least three comparable properties can be explained  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:54.8535em;"><span class="stl_155 stl_08 stl_90" style="word-spacing:0.0323em;">by differences in their individual attributes such as location, surroundings, accessibility, development potential, etc. The influence of each of these attributes  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:55.6235em;"><span class="stl_155 stl_08 stl_78" style="word-spacing:-0.02em;">on the value is assigned a percentage weighting, and the characteristics of each comparable and the subject are then rated, typically from 1 – 5, from very good  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:56.3835em;"><span class="stl_155 stl_08 stl_138" style="word-spacing:0.144em;">to very poor. The price of each comparable is adjusted according to how it differs 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:4.72em;top:57.1435em;"><span class="stl_155 stl_08 stl_77" style="word-spacing:0.0032em;">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:4.72em;top:58.6735em;"><span class="stl_155 stl_08 stl_64" style="word-spacing:0.0295em;">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  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:59.4335em;"><span class="stl_155 stl_08 stl_110" style="word-spacing:0.0279em;">as the lease is in force or until the first time it may be terminated if considered advantageous. Thereafter, income is expected to continue to be generated at  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:60.2035em;"><span class="stl_155 stl_08 stl_127" style="word-spacing:0.0109em;">market rent. Adjustments are made for lost rental income, fitting-out deposits and unobtainable running costs. Market rents applied range from DKK 55.6 per  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:60.9635em;"><span class="stl_155 stl_08 stl_28" style="word-spacing:-0.003em;">sqm for warehouses, to DKK 62.4 per sqm for offices and DKK 79.4 per sqm for self-storage boxes  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:62.4835em;"><span class="stl_155 stl_08 stl_61" style="word-spacing:-0.0465em;">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  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:63.2535em;"><span class="stl_155 stl_08 stl_28" style="word-spacing:0.0794em;">Terms (2nd edition), published by Estates Gazette, as “the constant capitalisation rate applied to all cash flows, that is, the internal rate of return from an  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.97em;top:66.1229em;"><span class="stl_37 stl_38 stl_29">69  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:5.8235em;"><span class="stl_155 stl_08 stl_134" style="word-spacing:-0.0254em;">investment property reflecting reversions to current market rent, and such items as voids and expenditures, but disregarding potential changes in market rents.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:6.5835em;"><span class="stl_155 stl_08 stl_127" style="word-spacing:0.0038em;">Conventionally calculated on a nominal basis, assuming that rents are receivable/payable annually in arrears”.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:8.1135em;"><span class="stl_155 stl_08 stl_90" style="word-spacing:0.0154em;">The required rates of return which have been set are an important factor in estimating the fair values. An equivalent yield of between 10.9% and 11.55% was  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:8.8735em;"><span class="stl_155 stl_08 stl_61" style="word-spacing:0.0508em;">adopted, which reflects the risks associated with a normal ownership or usufruct interest property including open-ended lease agreements and the physical  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:9.6335em;"><span class="stl_155 stl_08 stl_127" style="word-spacing:0.0187em;">state of the particular buildings. Using the equivalent yields mentioned above, a value of the subject was obtained reflecting an initial yield of between 9.79%  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:10.4035em;"><span class="stl_155 stl_08 stl_90" style="word-spacing:-0.0026em;">and 13.47% and a final yield of between 12.06% and 12.99%.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:11.9235em;"><span class="stl_155 stl_08 stl_90" style="word-spacing:-0.0006em;">Other assumptions:  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:12.6835em;"><span class="stl_155 stl_08 stl_50" style="word-spacing:-0.0034em;">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:4.72em;top:13.4535em;"><span class="stl_155 stl_08 stl_78" style="word-spacing:0.0011em;">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:4.72em;top:14.2135em;"><span class="stl_155 stl_08 stl_91" style="word-spacing:0.0006em;">Reletting voids: 10 months for offices / 5 for warehouse &amp; production space  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:14.9735em;"><span class="stl_155 stl_08 stl_61" style="word-spacing:0em;">No fit-out contributions  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:15.7435em;"><span class="stl_155 stl_08 stl_64" style="word-spacing:0.009em;">Letting fees: 16.5%  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:16.5035em;"><span class="stl_155 stl_08 stl_66" style="word-spacing:-0.0019em;">No rent-free periods and empty service charge  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:17.2635em;"><span class="stl_155 stl_08 stl_78" style="word-spacing:0.0016em;">Irrecoverable operating costs DKK 6.7 million (including property tax, perpetual usufruct fee, security, insurance, cost of the utilities based on the operating  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:18.0335em;"><span class="stl_155 stl_08 stl_110" style="word-spacing:0.0027em;">cost budget, plus management fee of 2% of market rent)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:18.7935em;"><span class="stl_155 stl_08 stl_77" style="word-spacing:0.0024em;">Capital expenditure of DKK 3.7 million  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:20.3135em;"><span class="stl_155 stl_08 stl_91" style="word-spacing:0.0003em;">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  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:21.0835em;"><span class="stl_155 stl_08 stl_90" style="word-spacing:-0.0022em;">protracted administrative proceedings, the value is further reduced by 20% due to the risk that such claims will be accommodated and due to the expenses  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:21.8435em;"><span class="stl_155 stl_08 stl_28" style="word-spacing:-0.0029em;">associated with the transitional phase.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:31.9335em;"><span class="stl_157 stl_08 stl_61" style="word-spacing:0.0049em;">Fair value hierarchy information  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.91em;top:31.9335em;"><span class="stl_157 stl_08 stl_66" style="word-spacing:0.0057em;">Level 1  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.63em;top:31.9335em;"><span class="stl_157 stl_08 stl_66" style="word-spacing:0.0057em;">Level 2  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.36em;top:31.9335em;"><span class="stl_157 stl_08 stl_66" style="word-spacing:0.0058em;">Level 3  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.68em;top:31.9335em;"><span class="stl_157 stl_08 stl_34" style="word-spacing:-0.0028em;">at 31/12  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:34.1135em;"><span class="stl_157 stl_08 stl_51">2022  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:35.1435em;"><span class="stl_155 stl_08 stl_110" style="word-spacing:0.0008em;">Land / roads  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.4207em;top:35.1435em;"><span class="stl_155 stl_08 stl_66">32,756  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.1402em;top:35.1435em;"><span class="stl_155 stl_08 stl_52">32,756  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:36.1735em;"><span class="stl_155 stl_08 stl_26" style="word-spacing:-0.0031em;">Plots of land with buildings  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.0994em;top:36.1735em;"><span class="stl_155 stl_08 stl_91">111,273  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.8145em;top:36.1735em;"><span class="stl_155 stl_08 stl_25">111,273  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:37.2035em;"><span class="stl_155 stl_08 stl_24" style="word-spacing:-0.0032em;">Right of use  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.4213em;top:37.2035em;"><span class="stl_155 stl_08 stl_52">13,942  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.1352em;top:37.2035em;"><span class="stl_155 stl_08 stl_36">13,942  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:38.2335em;"><span class="stl_157 stl_08 stl_138" style="word-spacing:0.0126em;">Total Investment property  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.52em;top:38.2335em;"><span class="stl_157 stl_08 stl_09">-</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.24em;top:38.2335em;"><span class="stl_157 stl_08 stl_09">-</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.1em;top:38.2335em;"><span class="stl_157 stl_08 stl_78">157,971  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.82em;top:38.2335em;"><span class="stl_157 stl_08 stl_78">157,971  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:40.2935em;"><span class="stl_157 stl_08 stl_51">2021  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:41.3135em;"><span class="stl_155 stl_08 stl_110" style="word-spacing:0.0008em;">Land / roads  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.4207em;top:41.3135em;"><span class="stl_155 stl_08 stl_66">36,402  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.1402em;top:41.3135em;"><span class="stl_155 stl_08 stl_52">36,402  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:42.3435em;"><span class="stl_155 stl_08 stl_26" style="word-spacing:-0.0031em;">Plots of land with buildings  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.4144em;top:42.3435em;"><span class="stl_155 stl_08 stl_36">84,233  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.1383em;top:42.3435em;"><span class="stl_155 stl_08 stl_52">84,233  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:43.3735em;"><span class="stl_155 stl_08 stl_24" style="word-spacing:-0.0032em;">Right of use  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.4213em;top:43.3735em;"><span class="stl_155 stl_08 stl_52">16,687  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.1352em;top:43.3735em;"><span class="stl_155 stl_08 stl_36">16,687  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:44.4035em;"><span class="stl_157 stl_08 stl_138" style="word-spacing:0.0126em;">Total Investment property  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.52em;top:44.4035em;"><span class="stl_157 stl_08 stl_09">-</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.24em;top:44.4035em;"><span class="stl_157 stl_08 stl_09">-</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.1em;top:44.4035em;"><span class="stl_157 stl_08 stl_78">137,322  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.82em;top:44.4035em;"><span class="stl_157 stl_08 stl_78">137,322  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:5.8373em;"><span class="stl_162 stl_08 stl_51">9.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:6.9em;top:5.8373em;"><span class="stl_162 stl_08 stl_26" style="word-spacing:0.0021em;">PROPERTY, PLANT AND EQUIPMENT (CONTINUED)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:8.4835em;"><span class="stl_157 stl_08 stl_64" 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:6.51em;top:10.5173em;"><span class="stl_154 stl_08 stl_54" style="word-spacing:-0.0221em;">PARENT COMPANY  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.08em;top:10.5173em;"><span class="stl_154 stl_08 stl_36">GROUP  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:6.2324em;top:11.8573em;"><span class="stl_154 stl_08 stl_28">2022  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:10.3704em;top:11.8573em;"><span class="stl_154 stl_08 stl_28">2021  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.5783em;top:11.8573em;"><span class="stl_154 stl_08 stl_67">DKK'000  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.5331em;top:11.8573em;"><span class="stl_154 stl_08 stl_51">2022  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.2505em;top:11.8573em;"><span class="stl_154 stl_08 stl_51">2021  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.3472em;top:14.2935em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.4903em;top:14.2935em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.5794em;top:14.2935em;"><span class="stl_155 stl_08 stl_66" style="word-spacing:-0.0033em;">Rental income from investment property  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.235em;top:14.2935em;"><span class="stl_155 stl_08 stl_66">18,639  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9545em;top:14.2935em;"><span class="stl_155 stl_08 stl_52">15,736  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.3472em;top:15.4535em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.49em;top:15.4535em;"><span class="stl_157 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.58em;top:15.4535em;"><span class="stl_157 stl_08 stl_64" 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:37.23em;top:15.4535em;"><span class="stl_157 stl_08 stl_51">18,639  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.95em;top:15.4535em;"><span class="stl_157 stl_08 stl_51">15,736  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:16.2373em;"><span class="stl_162 stl_08 stl_24" style="word-spacing:0.8699em;">12. INVENTORIES  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:18.9373em;"><span class="stl_154 stl_08 stl_54" style="word-spacing:-0.0221em;">PARENT COMPANY  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.08em;top:18.9373em;"><span class="stl_154 stl_08 stl_36">GROUP  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:6.2324em;top:20.2773em;"><span class="stl_154 stl_08 stl_28">2022  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:10.3704em;top:20.2773em;"><span class="stl_154 stl_08 stl_28">2021  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.5783em;top:20.2773em;"><span class="stl_154 stl_08 stl_67">DKK'000  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.5331em;top:20.2773em;"><span class="stl_154 stl_08 stl_51">2022  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.2505em;top:20.2773em;"><span class="stl_154 stl_08 stl_51">2021  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.3472em;top:22.7135em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.4903em;top:22.7135em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.5794em;top:22.7135em;"><span class="stl_155 stl_08 stl_78" style="word-spacing:0.0005em;">Property under construction – land plot transferred from the investment property  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.2299em;top:22.7135em;"><span class="stl_155 stl_08 stl_66">26,928  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9494em;top:22.7135em;"><span class="stl_155 stl_08 stl_52">22,684  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.3472em;top:23.7435em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.4903em;top:23.7435em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.5794em;top:23.7435em;"><span class="stl_155 stl_08 stl_78" style="word-spacing:-0.0008em;">Other expenditures related to the development projects  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.55em;top:23.7435em;"><span class="stl_155 stl_08 stl_34">6,432  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.2701em;top:23.7435em;"><span class="stl_155 stl_08 stl_30">2,350  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.35em;top:24.9035em;"><span class="stl_157 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.49em;top:24.9035em;"><span class="stl_157 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.58em;top:24.9035em;"><span class="stl_157 stl_08 stl_72">Total  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.2407em;top:24.9035em;"><span class="stl_155 stl_08 stl_36">33,360  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.95em;top:24.9035em;"><span class="stl_157 stl_08 stl_51">25,034  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:27.6754em;"><span class="stl_167 stl_08 stl_46" style="word-spacing:-0.0019em;">No inventories are carried at fair value less costs to sell. There was not any write- down of inventories recognised as an expense in the period. There  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:28.4954em;"><span class="stl_167 stl_08 stl_73" style="word-spacing:0.0003em;">was not any reversal of a write-down to net realisable value. No inventories are pledged as security for liabilities. There was not any cost of  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:29.3054em;"><span class="stl_167 stl_08 stl_50" style="word-spacing:-0.0001em;">inventories recognised as expense.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4em;top:7.7735em;"><span class="stl_157 stl_08 stl_156" style="word-spacing:0.006em;">CASH FLOW STATEMENT  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4em;top:9.3035em;"><span class="stl_155 stl_08 stl_90" style="word-spacing:0.0339em;">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:25.4em;top:10.0635em;"><span class="stl_155 stl_08 stl_90" style="word-spacing:0.3054em;">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:25.4em;top:10.8235em;"><span class="stl_155 stl_08 stl_139" style="word-spacing:-0.0134em;">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:25.4em;top:11.5935em;"><span class="stl_155 stl_08 stl_35" style="word-spacing:-0.0052em;">the year.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4em;top:13.1135em;"><span class="stl_155 stl_08 stl_70" style="word-spacing:-0.0462em;">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:25.4em;top:13.8735em;"><span class="stl_155 stl_08 stl_78" style="word-spacing:0.0111em;">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:25.4em;top:14.6435em;"><span class="stl_155 stl_08 stl_127" style="word-spacing:0.3613em;">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:25.4em;top:15.4035em;"><span class="stl_155 stl_08 stl_52" style="word-spacing:0.0118em;">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:25.4em;top:16.1635em;"><span class="stl_155 stl_08 stl_21" style="word-spacing:-0.0098em;">date of disposal.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4em;top:17.6935em;"><span class="stl_155 stl_08 stl_18" style="word-spacing:0.0484em;">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:25.4em;top:18.4535em;"><span class="stl_155 stl_08 stl_70" style="word-spacing:-0.026em;">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:25.4em;top:19.2135em;"><span class="stl_155 stl_08 stl_18" style="word-spacing:0.0646em;">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:25.4em;top:19.9835em;"><span class="stl_155 stl_08 stl_66" style="word-spacing:0.0001em;">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:25.4em;top:21.5035em;"><span class="stl_155 stl_08 stl_28" style="word-spacing:0.3194em;">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:25.4em;top:22.2735em;"><span class="stl_155 stl_08 stl_52" style="word-spacing:0.0167em;">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:25.4em;top:23.0335em;"><span class="stl_155 stl_08 stl_110" style="word-spacing:-0.0367em;">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:25.4em;top:23.7935em;"><span class="stl_155 stl_08 stl_78" style="word-spacing:0.0023em;">etc. of intangible assets and property, plant and equipment.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4em;top:25.3235em;"><span class="stl_155 stl_08 stl_134" style="word-spacing:0.2211em;">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:25.4em;top:26.0835em;"><span class="stl_155 stl_08 stl_90" style="word-spacing:0.033em;">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:25.4em;top:26.8435em;"><span class="stl_155 stl_08 stl_137" style="word-spacing:-0.0091em;">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:25.4em;top:27.6135em;"><span class="stl_155 stl_08 stl_140" style="word-spacing:0.292em;">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:25.4em;top:28.3735em;"><span class="stl_155 stl_08 stl_77" style="word-spacing:0.1321em;">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:25.4em;top:29.1335em;"><span class="stl_155 stl_08 stl_91" style="word-spacing:-0.0019em;">form of lease payments made are recognised.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4em;top:30.6635em;"><span class="stl_155 stl_08 stl_28" style="word-spacing:-0.0028em;">Cash and cash equivalents comprise cash deposits.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4em;top:7.7735em;"><span class="stl_157 stl_08 stl_156" style="word-spacing:0.006em;">CASH FLOW STATEMENT  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4em;top:9.3035em;"><span class="stl_155 stl_08 stl_90" style="word-spacing:0.0339em;">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:25.4em;top:10.0635em;"><span class="stl_155 stl_08 stl_90" style="word-spacing:0.3054em;">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:25.4em;top:10.8235em;"><span class="stl_155 stl_08 stl_139" style="word-spacing:-0.0134em;">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:25.4em;top:11.5935em;"><span class="stl_155 stl_08 stl_35" style="word-spacing:-0.0052em;">the year.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4em;top:13.1135em;"><span class="stl_155 stl_08 stl_70" style="word-spacing:-0.0462em;">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:25.4em;top:13.8735em;"><span class="stl_155 stl_08 stl_78" style="word-spacing:0.0111em;">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:25.4em;top:14.6435em;"><span class="stl_155 stl_08 stl_127" style="word-spacing:0.3613em;">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:25.4em;top:15.4035em;"><span class="stl_155 stl_08 stl_52" style="word-spacing:0.0118em;">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:25.4em;top:16.1635em;"><span class="stl_155 stl_08 stl_21" style="word-spacing:-0.0098em;">date of disposal.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4em;top:17.6935em;"><span class="stl_155 stl_08 stl_18" style="word-spacing:0.0484em;">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:25.4em;top:18.4535em;"><span class="stl_155 stl_08 stl_70" style="word-spacing:-0.026em;">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:25.4em;top:19.2135em;"><span class="stl_155 stl_08 stl_18" style="word-spacing:0.0646em;">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:25.4em;top:19.9835em;"><span class="stl_155 stl_08 stl_66" style="word-spacing:0.0001em;">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:25.4em;top:21.5035em;"><span class="stl_155 stl_08 stl_28" style="word-spacing:0.3194em;">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:25.4em;top:22.2735em;"><span class="stl_155 stl_08 stl_52" style="word-spacing:0.0167em;">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:25.4em;top:23.0335em;"><span class="stl_155 stl_08 stl_110" style="word-spacing:-0.0367em;">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:25.4em;top:23.7935em;"><span class="stl_155 stl_08 stl_78" style="word-spacing:0.0023em;">etc. of intangible assets and property, plant and equipment.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4em;top:25.3235em;"><span class="stl_155 stl_08 stl_134" style="word-spacing:0.2211em;">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:25.4em;top:26.0835em;"><span class="stl_155 stl_08 stl_90" style="word-spacing:0.033em;">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:25.4em;top:26.8435em;"><span class="stl_155 stl_08 stl_137" style="word-spacing:-0.0091em;">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:25.4em;top:27.6135em;"><span class="stl_155 stl_08 stl_140" style="word-spacing:0.292em;">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:25.4em;top:28.3735em;"><span class="stl_155 stl_08 stl_77" style="word-spacing:0.1321em;">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:25.4em;top:29.1335em;"><span class="stl_155 stl_08 stl_91" style="word-spacing:-0.0019em;">form of lease payments made are recognised.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4em;top:30.6635em;"><span class="stl_155 stl_08 stl_28" style="word-spacing:-0.0028em;">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:13.8735em;"><span class="stl_157 stl_08 stl_18">Receivables  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:14.6435em;"><span class="stl_155 stl_08 stl_64" style="word-spacing:0.0516em;">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:15.4035em;"><span class="stl_155 stl_08 stl_163" style="word-spacing:-0.0481em;">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:16.1635em;"><span class="stl_155 stl_08 stl_137" style="word-spacing:-0.0145em;">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:16.9335em;"><span class="stl_155 stl_08 stl_137" style="word-spacing:0.0304em;">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:17.6935em;"><span class="stl_155 stl_08 stl_66" 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:19.2135em;"><span class="stl_155 stl_08 stl_50" style="word-spacing:0.5425em;">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:19.9835em;"><span class="stl_155 stl_08 stl_18" style="word-spacing:0.1089em;">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:20.7435em;"><span class="stl_155 stl_08 stl_50" style="word-spacing:-0.0002em;">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:22.2735em;"><span class="stl_155 stl_08 stl_134" style="word-spacing:0.1761em;">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:23.0335em;"><span class="stl_155 stl_08 stl_138" style="word-spacing:0.2245em;">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:23.7935em;"><span class="stl_155 stl_08 stl_19" style="word-spacing:0.0945em;">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:24.5635em;"><span class="stl_155 stl_08 stl_77" style="word-spacing:0.0821em;">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:25.3235em;"><span class="stl_155 stl_08 stl_139" style="word-spacing:0.0174em;">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:26.0835em;"><span class="stl_155 stl_08 stl_91" style="word-spacing:0.3205em;">a period of 36 months before 31 December 2021 or 1 January 2021  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:26.8435em;"><span class="stl_155 stl_08 stl_28" style="word-spacing:-0.0459em;">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:27.6135em;"><span class="stl_155 stl_08 stl_61" style="word-spacing:0.2369em;">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:28.3735em;"><span class="stl_155 stl_08 stl_139" style="word-spacing:0.0727em;">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:29.1335em;"><span class="stl_155 stl_08 stl_78" style="word-spacing:0.0319em;">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:29.9035em;"><span class="stl_155 stl_08 stl_78" style="word-spacing:0.0815em;">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:30.6635em;"><span class="stl_155 stl_08 stl_50" style="word-spacing:-0.0364em;">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:31.4235em;"><span class="stl_155 stl_08 stl_50" style="word-spacing:-0.0015em;">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:13.8735em;"><span class="stl_157 stl_08 stl_18">Receivables  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:14.6435em;"><span class="stl_155 stl_08 stl_64" style="word-spacing:0.0516em;">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:15.4035em;"><span class="stl_155 stl_08 stl_163" style="word-spacing:-0.0481em;">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:16.1635em;"><span class="stl_155 stl_08 stl_137" style="word-spacing:-0.0145em;">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:16.9335em;"><span class="stl_155 stl_08 stl_137" style="word-spacing:0.0304em;">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:17.6935em;"><span class="stl_155 stl_08 stl_66" 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:19.2135em;"><span class="stl_155 stl_08 stl_50" style="word-spacing:0.5425em;">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:19.9835em;"><span class="stl_155 stl_08 stl_18" style="word-spacing:0.1089em;">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:20.7435em;"><span class="stl_155 stl_08 stl_50" style="word-spacing:-0.0002em;">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:22.2735em;"><span class="stl_155 stl_08 stl_134" style="word-spacing:0.1761em;">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:23.0335em;"><span class="stl_155 stl_08 stl_138" style="word-spacing:0.2245em;">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:23.7935em;"><span class="stl_155 stl_08 stl_19" style="word-spacing:0.0945em;">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:24.5635em;"><span class="stl_155 stl_08 stl_77" style="word-spacing:0.0821em;">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:25.3235em;"><span class="stl_155 stl_08 stl_139" style="word-spacing:0.0174em;">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:26.0835em;"><span class="stl_155 stl_08 stl_91" style="word-spacing:0.3205em;">a period of 36 months before 31 December 2021 or 1 January 2021  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:26.8435em;"><span class="stl_155 stl_08 stl_28" style="word-spacing:-0.0459em;">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:27.6135em;"><span class="stl_155 stl_08 stl_61" style="word-spacing:0.2369em;">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:28.3735em;"><span class="stl_155 stl_08 stl_139" style="word-spacing:0.0727em;">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:29.1335em;"><span class="stl_155 stl_08 stl_78" style="word-spacing:0.0319em;">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:29.9035em;"><span class="stl_155 stl_08 stl_78" style="word-spacing:0.0815em;">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:30.6635em;"><span class="stl_155 stl_08 stl_50" style="word-spacing:-0.0364em;">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:31.4235em;"><span class="stl_155 stl_08 stl_50" style="word-spacing:-0.0015em;">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:13.8735em;"><span class="stl_157 stl_08 stl_18">Receivables  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:14.6435em;"><span class="stl_155 stl_08 stl_64" style="word-spacing:0.0516em;">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:15.4035em;"><span class="stl_155 stl_08 stl_163" style="word-spacing:-0.0481em;">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:16.1635em;"><span class="stl_155 stl_08 stl_137" style="word-spacing:-0.0145em;">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:16.9335em;"><span class="stl_155 stl_08 stl_137" style="word-spacing:0.0304em;">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:17.6935em;"><span class="stl_155 stl_08 stl_66" 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:19.2135em;"><span class="stl_155 stl_08 stl_50" style="word-spacing:0.5425em;">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:19.9835em;"><span class="stl_155 stl_08 stl_18" style="word-spacing:0.1089em;">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:20.7435em;"><span class="stl_155 stl_08 stl_50" style="word-spacing:-0.0002em;">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:22.2735em;"><span class="stl_155 stl_08 stl_134" style="word-spacing:0.1761em;">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:23.0335em;"><span class="stl_155 stl_08 stl_138" style="word-spacing:0.2245em;">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:23.7935em;"><span class="stl_155 stl_08 stl_19" style="word-spacing:0.0945em;">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:24.5635em;"><span class="stl_155 stl_08 stl_77" style="word-spacing:0.0821em;">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:25.3235em;"><span class="stl_155 stl_08 stl_139" style="word-spacing:0.0174em;">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:26.0835em;"><span class="stl_155 stl_08 stl_91" style="word-spacing:0.3205em;">a period of 36 months before 31 December 2021 or 1 January 2021  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:26.8435em;"><span class="stl_155 stl_08 stl_28" style="word-spacing:-0.0459em;">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:27.6135em;"><span class="stl_155 stl_08 stl_61" style="word-spacing:0.2369em;">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:28.3735em;"><span class="stl_155 stl_08 stl_139" style="word-spacing:0.0727em;">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:29.1335em;"><span class="stl_155 stl_08 stl_78" style="word-spacing:0.0319em;">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:29.9035em;"><span class="stl_155 stl_08 stl_78" style="word-spacing:0.0815em;">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:30.6635em;"><span class="stl_155 stl_08 stl_50" style="word-spacing:-0.0364em;">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:31.4235em;"><span class="stl_155 stl_08 stl_50" style="word-spacing:-0.0015em;">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:13.8735em;"><span class="stl_157 stl_08 stl_18">Receivables  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:14.6435em;"><span class="stl_155 stl_08 stl_64" style="word-spacing:0.0516em;">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:15.4035em;"><span class="stl_155 stl_08 stl_163" style="word-spacing:-0.0481em;">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:16.1635em;"><span class="stl_155 stl_08 stl_137" style="word-spacing:-0.0145em;">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:16.9335em;"><span class="stl_155 stl_08 stl_137" style="word-spacing:0.0304em;">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:17.6935em;"><span class="stl_155 stl_08 stl_66" 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:19.2135em;"><span class="stl_155 stl_08 stl_50" style="word-spacing:0.5425em;">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:19.9835em;"><span class="stl_155 stl_08 stl_18" style="word-spacing:0.1089em;">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:20.7435em;"><span class="stl_155 stl_08 stl_50" style="word-spacing:-0.0002em;">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:22.2735em;"><span class="stl_155 stl_08 stl_134" style="word-spacing:0.1761em;">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:23.0335em;"><span class="stl_155 stl_08 stl_138" style="word-spacing:0.2245em;">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:23.7935em;"><span class="stl_155 stl_08 stl_19" style="word-spacing:0.0945em;">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:24.5635em;"><span class="stl_155 stl_08 stl_77" style="word-spacing:0.0821em;">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:25.3235em;"><span class="stl_155 stl_08 stl_139" style="word-spacing:0.0174em;">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:26.0835em;"><span class="stl_155 stl_08 stl_91" style="word-spacing:0.3205em;">a period of 36 months before 31 December 2021 or 1 January 2021  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:26.8435em;"><span class="stl_155 stl_08 stl_28" style="word-spacing:-0.0459em;">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:27.6135em;"><span class="stl_155 stl_08 stl_61" style="word-spacing:0.2369em;">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:28.3735em;"><span class="stl_155 stl_08 stl_139" style="word-spacing:0.0727em;">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:29.1335em;"><span class="stl_155 stl_08 stl_78" style="word-spacing:0.0319em;">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:29.9035em;"><span class="stl_155 stl_08 stl_78" style="word-spacing:0.0815em;">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:30.6635em;"><span class="stl_155 stl_08 stl_50" style="word-spacing:-0.0364em;">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:31.4235em;"><span class="stl_155 stl_08 stl_50" style="word-spacing:-0.0015em;">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:5.8273em;"><span class="stl_162 stl_08 stl_51">9.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:6.9em;top:5.8273em;"><span class="stl_162 stl_08 stl_25" style="word-spacing:0.0033em;">PROPERTY, PLANT AND EQUIPMENT  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:8.5273em;"><span class="stl_154 stl_08 stl_36">GROUP  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:10.7273em;"><span class="stl_154 stl_08 stl_51">2022  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.6297em;top:10.7273em;"><span class="stl_154 stl_08 stl_40">Investment  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.2088em;top:10.7273em;"><span class="stl_154 stl_08 stl_09">Total  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.6261em;top:10.7273em;"><span class="stl_154 stl_08 stl_27" style="word-spacing:0.0124em;">Plant and  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.6345em;top:10.7273em;"><span class="stl_154 stl_08 stl_22" style="word-spacing:-0.0102em;">Total property  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:17.9123em;top:11.5973em;"><span class="stl_154 stl_08 stl_40">Investment  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.2062em;top:11.5973em;"><span class="stl_154 stl_08 stl_60">property,  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.3556em;top:11.5973em;"><span class="stl_154 stl_08 stl_71">Investment  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.3265em;top:11.5973em;"><span class="stl_154 stl_08 stl_51">machinery  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.6528em;top:11.5973em;"><span class="stl_154 stl_08 stl_115">Total  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.0737em;top:11.5973em;"><span class="stl_154 stl_08 stl_21" style="word-spacing:0.0018em;">plant and  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:12.4673em;"><span class="stl_154 stl_08 stl_54">DKK’000  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:18.6777em;top:12.4673em;"><span class="stl_154 stl_08 stl_71">property  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.6488em;top:12.4673em;"><span class="stl_154 stl_08 stl_34" style="word-spacing:0.0074em;">right of use  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.1253em;top:12.4673em;"><span class="stl_154 stl_08 stl_36">property  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.0957em;top:12.4673em;"><span class="stl_154 stl_08 stl_34" style="word-spacing:0.0074em;">right of use  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.8195em;top:12.4673em;"><span class="stl_154 stl_08 stl_47" style="word-spacing:0.0057em;">right of use  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.6399em;top:12.4673em;"><span class="stl_154 stl_08 stl_51">equipment  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:14.9035em;"><span class="stl_155 stl_08 stl_64" style="word-spacing:0.0046em;">Carrying amount at 1 January 2022  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:19.1955em;top:14.9035em;"><span class="stl_155 stl_08 stl_25">120,635  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.2357em;top:14.9035em;"><span class="stl_155 stl_08 stl_52">16,522  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.6408em;top:14.9035em;"><span class="stl_155 stl_08 stl_25">137,157  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.4685em;top:14.9035em;"><span class="stl_155 stl_08 stl_51">165  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.4074em;top:14.9035em;"><span class="stl_155 stl_08 stl_36">16,687  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.8101em;top:14.9035em;"><span class="stl_155 stl_08 stl_91">137,322  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:15.9335em;"><span class="stl_155 stl_08 stl_110" style="word-spacing:-0.0019em;">Foreign exchange adjustments  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:19.4588em;top:15.9335em;"><span class="stl_155 stl_08 stl_28">(2,252)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.6458em;top:15.9335em;"><span class="stl_155 stl_08 stl_22">(299)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.9054em;top:15.9335em;"><span class="stl_155 stl_08 stl_18">(2,551)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.723em;top:15.9335em;"><span class="stl_155 stl_08 stl_67">(3)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.8195em;top:15.9335em;"><span class="stl_155 stl_08 stl_62">(302)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.0734em;top:15.9335em;"><span class="stl_155 stl_08 stl_19">(2,554)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:16.9635em;"><span class="stl_155 stl_08 stl_110" style="word-spacing:0.0045em;">Right of use, depreciation  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:20.9368em;top:16.9635em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.6595em;top:16.9635em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.3847em;top:16.9635em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.4143em;top:16.9635em;"><span class="stl_155 stl_08 stl_63">(28)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.1427em;top:16.9635em;"><span class="stl_155 stl_08 stl_40">(28)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.8654em;top:16.9635em;"><span class="stl_155 stl_08 stl_63">(28)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:17.9935em;"><span class="stl_155 stl_08 stl_156">Additions  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:20.9419em;top:17.9935em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.6608em;top:17.9935em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.386em;top:17.9935em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.1086em;top:17.9935em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.8376em;top:17.9935em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.5603em;top:17.9935em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:19.0235em;"><span class="stl_155 stl_08 stl_78">Disposals  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:20.9368em;top:19.0235em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.6595em;top:19.0235em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.3885em;top:19.0235em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.4181em;top:19.0235em;"><span class="stl_155 stl_08 stl_63">(17)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.1465em;top:19.0235em;"><span class="stl_155 stl_08 stl_63">(17)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.8685em;top:19.0235em;"><span class="stl_155 stl_08 stl_27">(17)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:20.0435em;"><span class="stl_155 stl_08 stl_78" style="word-spacing:0.0033em;">Transfer to inventories (work in progress)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:19.1482em;top:20.0435em;"><span class="stl_155 stl_08 stl_73">(4,655)*  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.6551em;top:20.0435em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.9035em;top:20.0435em;"><span class="stl_155 stl_08 stl_36">(4,655)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.1023em;top:20.0435em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.8313em;top:20.0435em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.0734em;top:20.0435em;"><span class="stl_155 stl_08 stl_18">(4,655)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:21.0735em;"><span class="stl_155 stl_08 stl_134" style="word-spacing:0.0063em;">Shortening the leasing period  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:20.9356em;top:21.0735em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.1777em;top:21.0735em;"><span class="stl_155 stl_08 stl_19">(2,446)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.906em;top:21.0735em;"><span class="stl_155 stl_08 stl_19">(2,446)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.1023em;top:21.0735em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.3507em;top:21.0735em;"><span class="stl_155 stl_08 stl_46">(2,446)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.0759em;top:21.0735em;"><span class="stl_155 stl_08 stl_28">(2,446)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:22.1035em;"><span class="stl_155 stl_08 stl_90" style="word-spacing:0.0052em;">Enhancement costs  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:19.8393em;top:22.1035em;"><span class="stl_155 stl_08 stl_25">5,024  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.6551em;top:22.1035em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.2878em;top:22.1035em;"><span class="stl_155 stl_08 stl_25">5,024  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.1036em;top:22.1035em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.8326em;top:22.1035em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.4527em;top:22.1035em;"><span class="stl_155 stl_08 stl_34">5,024  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:23.1335em;"><span class="stl_155 stl_08 stl_78" style="word-spacing:-0.002em;">Revaluation to market value  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:19.5161em;top:23.1335em;"><span class="stl_155 stl_08 stl_36">25,277  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.3426em;top:23.1335em;"><span class="stl_155 stl_08 stl_51">48  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.9627em;top:23.1335em;"><span class="stl_155 stl_08 stl_36">25,325  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.1042em;top:23.1335em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.5245em;top:23.1335em;"><span class="stl_155 stl_08 stl_158">48  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.1345em;top:23.1335em;"><span class="stl_155 stl_08 stl_52">25,325  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:24.2935em;"><span class="stl_157 stl_08 stl_66" style="word-spacing:-0.004em;">Carrying amount at 31 December 2022  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:19.1973em;top:24.2935em;"><span class="stl_157 stl_08 stl_28">144,029  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.2218em;top:24.2935em;"><span class="stl_157 stl_08 stl_51">13,825  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.6389em;top:24.2935em;"><span class="stl_157 stl_08 stl_36">157,854  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.4673em;top:24.2935em;"><span class="stl_157 stl_08 stl_51">117  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.3999em;top:24.2935em;"><span class="stl_157 stl_08 stl_34">13,942  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.8069em;top:24.2935em;"><span class="stl_157 stl_08 stl_28">157,971  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:25.4435em;"><span class="stl_155 stl_08 stl_61" style="word-spacing:0.0007em;">*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:4.72em;top:27.4773em;"><span class="stl_154 stl_08 stl_51">2021  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.6297em;top:27.4773em;"><span class="stl_154 stl_08 stl_40">Investment  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.2088em;top:27.4773em;"><span class="stl_154 stl_08 stl_09">Total  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.6261em;top:27.4773em;"><span class="stl_154 stl_08 stl_27" style="word-spacing:0.0124em;">Plant and  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.6345em;top:27.4773em;"><span class="stl_154 stl_08 stl_22" style="word-spacing:-0.0102em;">Total property  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:17.9123em;top:28.3373em;"><span class="stl_154 stl_08 stl_40">Investment  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.2062em;top:28.3373em;"><span class="stl_154 stl_08 stl_60">property,  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.3556em;top:28.3373em;"><span class="stl_154 stl_08 stl_71">Investment  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.3265em;top:28.3373em;"><span class="stl_154 stl_08 stl_51">machinery  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.6528em;top:28.3373em;"><span class="stl_154 stl_08 stl_115">Total  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.0737em;top:28.3373em;"><span class="stl_154 stl_08 stl_21" style="word-spacing:0.0018em;">plant and  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:29.2073em;"><span class="stl_154 stl_08 stl_54">DKK’000  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:18.6777em;top:29.2073em;"><span class="stl_154 stl_08 stl_71">property  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.6488em;top:29.2073em;"><span class="stl_154 stl_08 stl_34" style="word-spacing:0.0074em;">right of use  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.1253em;top:29.2073em;"><span class="stl_154 stl_08 stl_36">property  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.0957em;top:29.2073em;"><span class="stl_154 stl_08 stl_34" style="word-spacing:0.0074em;">right of use  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.8195em;top:29.2073em;"><span class="stl_154 stl_08 stl_47" style="word-spacing:0.0057em;">right of use  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.6399em;top:29.2073em;"><span class="stl_154 stl_08 stl_51">equipment  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:31.6435em;"><span class="stl_155 stl_08 stl_64" style="word-spacing:0.0046em;">Carrying amount at 1 January 2021  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:19.1955em;top:31.6435em;"><span class="stl_155 stl_08 stl_25">112,833  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.2357em;top:31.6435em;"><span class="stl_155 stl_08 stl_52">13,808  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.65em;top:31.6435em;"><span class="stl_157 stl_08 stl_78">126,641  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.7989em;top:31.6435em;"><span class="stl_155 stl_08 stl_51">55  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.41em;top:31.6435em;"><span class="stl_157 stl_08 stl_51">13,863  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.82em;top:31.6435em;"><span class="stl_157 stl_08 stl_78">126,696  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:32.6735em;"><span class="stl_155 stl_08 stl_110" style="word-spacing:-0.0019em;">Foreign exchange adjustments  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:19.4588em;top:32.6735em;"><span class="stl_155 stl_08 stl_28">(1,480)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.6458em;top:32.6735em;"><span class="stl_155 stl_08 stl_22">(126)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.89em;top:32.6735em;"><span class="stl_157 stl_08 stl_20">(1,606)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.1076em;top:32.6735em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.82em;top:32.6735em;"><span class="stl_157 stl_08 stl_19">(126)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.06em;top:32.6735em;"><span class="stl_157 stl_08 stl_20">(1,606)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:33.7035em;"><span class="stl_155 stl_08 stl_110" style="word-spacing:0.0045em;">Right of use, depreciation  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:20.9368em;top:33.7035em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.6595em;top:33.7035em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.39em;top:33.7035em;"><span class="stl_157 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.4209em;top:33.7035em;"><span class="stl_155 stl_08 stl_27">(43)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.14em;top:33.7035em;"><span class="stl_157 stl_08 stl_90">(43)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.86em;top:33.7035em;"><span class="stl_157 stl_08 stl_90">(43)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:34.7335em;"><span class="stl_155 stl_08 stl_156">Additions  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:20.9419em;top:34.7335em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.5582em;top:34.7335em;"><span class="stl_155 stl_08 stl_30">2,692  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.28em;top:34.7335em;"><span class="stl_157 stl_08 stl_51">2,692  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.4776em;top:34.7335em;"><span class="stl_155 stl_08 stl_51">153  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.73em;top:34.7335em;"><span class="stl_157 stl_08 stl_51">2,845  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.45em;top:34.7335em;"><span class="stl_157 stl_08 stl_51">2,845  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:35.7635em;"><span class="stl_155 stl_08 stl_78" style="word-spacing:0.0033em;">Transfer to inventories (work in progress)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:18.8269em;top:35.7635em;"><span class="stl_155 stl_08 stl_21">(22,684)*  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.6564em;top:35.7635em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.58em;top:35.7635em;"><span class="stl_157 stl_08 stl_90">(22,684)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.1076em;top:35.7635em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.84em;top:35.7635em;"><span class="stl_157 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.75em;top:35.7635em;"><span class="stl_157 stl_08 stl_90">(22,684)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:36.7935em;"><span class="stl_155 stl_08 stl_90" style="word-spacing:0.0052em;">Enhancement costs  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:19.8393em;top:36.7935em;"><span class="stl_155 stl_08 stl_25">1,243  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.6551em;top:36.7935em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.28em;top:36.7935em;"><span class="stl_157 stl_08 stl_51">1,243  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.1076em;top:36.7935em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.84em;top:36.7935em;"><span class="stl_157 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.45em;top:36.7935em;"><span class="stl_157 stl_08 stl_51">1,243  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:37.8235em;"><span class="stl_155 stl_08 stl_78" style="word-spacing:-0.002em;">Revaluation to market value  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:19.5161em;top:37.8235em;"><span class="stl_155 stl_08 stl_36">30,723  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.0276em;top:37.8235em;"><span class="stl_155 stl_08 stl_127">148  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.96em;top:37.8235em;"><span class="stl_157 stl_08 stl_51">30,871  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.1076em;top:37.8235em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.21em;top:37.8235em;"><span class="stl_157 stl_08 stl_51">148  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.13em;top:37.8235em;"><span class="stl_157 stl_08 stl_51">30,871  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:38.9835em;"><span class="stl_157 stl_08 stl_66" style="word-spacing:-0.004em;">Carrying amount at 31 December 2021  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:19.1973em;top:38.9835em;"><span class="stl_157 stl_08 stl_28">120,635  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.2218em;top:38.9835em;"><span class="stl_157 stl_08 stl_51">16,522  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.6389em;top:38.9835em;"><span class="stl_157 stl_08 stl_36">137,157  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.4673em;top:38.9835em;"><span class="stl_157 stl_08 stl_51">165  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.3999em;top:38.9835em;"><span class="stl_157 stl_08 stl_34">16,687  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.8069em;top:38.9835em;"><span class="stl_157 stl_08 stl_28">137,322  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:40.1335em;"><span class="stl_155 stl_08 stl_61" style="word-spacing:0.0007em;">*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:4.72em;top:43.2135em;"><span class="stl_155 stl_08 stl_137" style="word-spacing:0.0484em;">The Polish properties have an assessed value of DKK 157,971 thousand, of which DKK 143,889 thousand is the real estate in Warsaw, DKK 140 thousand is a  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:44.0135em;"><span class="stl_155 stl_08 stl_20" style="word-spacing:0.002em;">land plot in Blichowo and DKK 13,942 thousand is right of use resulting from the application of IFRS 16. The value of the real estate in Warsaw is supported by  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:44.8035em;"><span class="stl_155 stl_08 stl_139" style="word-spacing:-0.0141em;">an external valuation report received in December 2022, prepared by a leading international estate agent in Warsaw. The value of the land plot in Blichowo has  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:45.5935em;"><span class="stl_155 stl_08 stl_137" style="word-spacing:0.0052em;">been assessed by the company’s management using a comparative method.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:46.6235em;"><span class="stl_155 stl_08 stl_27" style="word-spacing:0.0182em;">The value of the real estate in Warsaw represents the estate agent’s assessment of the current fair value. In addition to the general price level in the market,  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:47.4135em;"><span class="stl_155 stl_08 stl_50" style="word-spacing:0.0781em;">the assessment is based on these main assumptions: the present use of the property, the state of the buildings, the percentage of ownership, the income  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:48.2035em;"><span class="stl_155 stl_08 stl_110" style="word-spacing:0.0209em;">generated by the property and the zoning of the area. Any changes to these, particularly the percentage of ownership (i.e. the positive or negative resolution  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:48.9935em;"><span class="stl_155 stl_08 stl_28" style="word-spacing:0.097em;">of former owners’ claims), changes in zoning (e.g. to residential) and the general price development of similar properties in the area, could favourably or  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:49.7835em;"><span class="stl_155 stl_08 stl_134" style="word-spacing:0.005em;">adversely impact the property valuation.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:50.7735em;"><span class="stl_155 stl_08 stl_77" style="word-spacing:0.0362em;">For the valuation purposes, the property was divided into four groups: internal roads, industrial schemes (buildings), development land and plots designated  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:51.5435em;"><span class="stl_155 stl_08 stl_36" style="word-spacing:-0.0075em;">for external roads.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:53.3335em;"><span class="stl_155 stl_08 stl_109" style="word-spacing:-0.0147em;">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  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:54.0935em;"><span class="stl_155 stl_08 stl_77" style="word-spacing:0.0002em;">to determine the likely value of the subject. This approach assumes that the variation in prices between at least three comparable properties can be explained  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:54.8535em;"><span class="stl_155 stl_08 stl_90" style="word-spacing:0.0323em;">by differences in their individual attributes such as location, surroundings, accessibility, development potential, etc. The influence of each of these attributes  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:55.6235em;"><span class="stl_155 stl_08 stl_78" style="word-spacing:-0.02em;">on the value is assigned a percentage weighting, and the characteristics of each comparable and the subject are then rated, typically from 1 – 5, from very good  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:56.3835em;"><span class="stl_155 stl_08 stl_138" style="word-spacing:0.144em;">to very poor. The price of each comparable is adjusted according to how it differs 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:4.72em;top:57.1435em;"><span class="stl_155 stl_08 stl_77" style="word-spacing:0.0032em;">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:4.72em;top:58.6735em;"><span class="stl_155 stl_08 stl_64" style="word-spacing:0.0295em;">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  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:59.4335em;"><span class="stl_155 stl_08 stl_110" style="word-spacing:0.0279em;">as the lease is in force or until the first time it may be terminated if considered advantageous. Thereafter, income is expected to continue to be generated at  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:60.2035em;"><span class="stl_155 stl_08 stl_127" style="word-spacing:0.0109em;">market rent. Adjustments are made for lost rental income, fitting-out deposits and unobtainable running costs. Market rents applied range from DKK 55.6 per  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:60.9635em;"><span class="stl_155 stl_08 stl_28" style="word-spacing:-0.003em;">sqm for warehouses, to DKK 62.4 per sqm for offices and DKK 79.4 per sqm for self-storage boxes  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:62.4835em;"><span class="stl_155 stl_08 stl_61" style="word-spacing:-0.0465em;">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  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:63.2535em;"><span class="stl_155 stl_08 stl_28" style="word-spacing:0.0794em;">Terms (2nd edition), published by Estates Gazette, as “the constant capitalisation rate applied to all cash flows, that is, the internal rate of return from an  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.97em;top:66.1229em;"><span class="stl_37 stl_38 stl_29">69  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:5.8235em;"><span class="stl_155 stl_08 stl_134" style="word-spacing:-0.0254em;">investment property reflecting reversions to current market rent, and such items as voids and expenditures, but disregarding potential changes in market rents.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:6.5835em;"><span class="stl_155 stl_08 stl_127" style="word-spacing:0.0038em;">Conventionally calculated on a nominal basis, assuming that rents are receivable/payable annually in arrears”.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:8.1135em;"><span class="stl_155 stl_08 stl_90" style="word-spacing:0.0154em;">The required rates of return which have been set are an important factor in estimating the fair values. An equivalent yield of between 10.9% and 11.55% was  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:8.8735em;"><span class="stl_155 stl_08 stl_61" style="word-spacing:0.0508em;">adopted, which reflects the risks associated with a normal ownership or usufruct interest property including open-ended lease agreements and the physical  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:9.6335em;"><span class="stl_155 stl_08 stl_127" style="word-spacing:0.0187em;">state of the particular buildings. Using the equivalent yields mentioned above, a value of the subject was obtained reflecting an initial yield of between 9.79%  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:10.4035em;"><span class="stl_155 stl_08 stl_90" style="word-spacing:-0.0026em;">and 13.47% and a final yield of between 12.06% and 12.99%.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:11.9235em;"><span class="stl_155 stl_08 stl_90" style="word-spacing:-0.0006em;">Other assumptions:  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:12.6835em;"><span class="stl_155 stl_08 stl_50" style="word-spacing:-0.0034em;">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:4.72em;top:13.4535em;"><span class="stl_155 stl_08 stl_78" style="word-spacing:0.0011em;">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:4.72em;top:14.2135em;"><span class="stl_155 stl_08 stl_91" style="word-spacing:0.0006em;">Reletting voids: 10 months for offices / 5 for warehouse &amp; production space  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:14.9735em;"><span class="stl_155 stl_08 stl_61" style="word-spacing:0em;">No fit-out contributions  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:15.7435em;"><span class="stl_155 stl_08 stl_64" style="word-spacing:0.009em;">Letting fees: 16.5%  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:16.5035em;"><span class="stl_155 stl_08 stl_66" style="word-spacing:-0.0019em;">No rent-free periods and empty service charge  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:17.2635em;"><span class="stl_155 stl_08 stl_78" style="word-spacing:0.0016em;">Irrecoverable operating costs DKK 6.7 million (including property tax, perpetual usufruct fee, security, insurance, cost of the utilities based on the operating  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:18.0335em;"><span class="stl_155 stl_08 stl_110" style="word-spacing:0.0027em;">cost budget, plus management fee of 2% of market rent)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:18.7935em;"><span class="stl_155 stl_08 stl_77" style="word-spacing:0.0024em;">Capital expenditure of DKK 3.7 million  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:20.3135em;"><span class="stl_155 stl_08 stl_91" style="word-spacing:0.0003em;">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  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:21.0835em;"><span class="stl_155 stl_08 stl_90" style="word-spacing:-0.0022em;">protracted administrative proceedings, the value is further reduced by 20% due to the risk that such claims will be accommodated and due to the expenses  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:21.8435em;"><span class="stl_155 stl_08 stl_28" style="word-spacing:-0.0029em;">associated with the transitional phase.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:24.1735em;"><span class="stl_155 stl_08 stl_19" style="word-spacing:-0.0044em;">Valuation sensitivity to the main factors used:  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:25.2035em;"><span class="stl_155 stl_08 stl_66" style="word-spacing:-0.0006em;">+/- DKK 3,300 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:4.72em;top:26.2335em;"><span class="stl_155 stl_08 stl_61" style="word-spacing:-0.0001em;">+/- DKK 15,600 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:21.557em;top:26.2335em;"><span class="stl_155 stl_08 stl_28" style="word-spacing:-0.0023em;">(applied to plots of land with buildings i.e. perpetual usufruct right over plot 59/17 and  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:27.0235em;"><span class="stl_155 stl_08 stl_78" style="word-spacing:0.0023em;">possession right over plots 69/8 and 69/3);  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:28.0535em;"><span class="stl_155 stl_08 stl_77" style="word-spacing:0.0019em;">- DKK 11,200 thousand for an increase in equivalent yield by 10%; + DKK 14,500 thousand for a decrease in equivalent yield by 10% (applied to plots of land  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:28.8435em;"><span class="stl_155 stl_08 stl_91" style="word-spacing:0.0007em;">with buildings i.e. perpetual usufruct right over plot 59/17 and possession right over plots 69/8 and 69/3);  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:29.8735em;"><span class="stl_155 stl_08 stl_110" style="word-spacing:0.0016em;">+/- 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:4.72em;top:31.9335em;"><span class="stl_157 stl_08 stl_61" style="word-spacing:0.0049em;">Fair value hierarchy information  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.91em;top:31.9335em;"><span class="stl_157 stl_08 stl_66" style="word-spacing:0.0057em;">Level 1  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.63em;top:31.9335em;"><span class="stl_157 stl_08 stl_66" style="word-spacing:0.0057em;">Level 2  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.36em;top:31.9335em;"><span class="stl_157 stl_08 stl_66" style="word-spacing:0.0058em;">Level 3  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.68em;top:31.9335em;"><span class="stl_157 stl_08 stl_34" style="word-spacing:-0.0028em;">at 31/12  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:34.1135em;"><span class="stl_157 stl_08 stl_51">2022  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:35.1435em;"><span class="stl_155 stl_08 stl_110" style="word-spacing:0.0008em;">Land / roads  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.4207em;top:35.1435em;"><span class="stl_155 stl_08 stl_66">32,756  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.1402em;top:35.1435em;"><span class="stl_155 stl_08 stl_52">32,756  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:36.1735em;"><span class="stl_155 stl_08 stl_26" style="word-spacing:-0.0031em;">Plots of land with buildings  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.0994em;top:36.1735em;"><span class="stl_155 stl_08 stl_91">111,273  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.8145em;top:36.1735em;"><span class="stl_155 stl_08 stl_25">111,273  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:37.2035em;"><span class="stl_155 stl_08 stl_24" style="word-spacing:-0.0032em;">Right of use  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.4213em;top:37.2035em;"><span class="stl_155 stl_08 stl_52">13,942  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.1352em;top:37.2035em;"><span class="stl_155 stl_08 stl_36">13,942  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:38.2335em;"><span class="stl_157 stl_08 stl_138" style="word-spacing:0.0126em;">Total Investment property  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.52em;top:38.2335em;"><span class="stl_157 stl_08 stl_09">-</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.24em;top:38.2335em;"><span class="stl_157 stl_08 stl_09">-</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.1em;top:38.2335em;"><span class="stl_157 stl_08 stl_78">157,971  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.82em;top:38.2335em;"><span class="stl_157 stl_08 stl_78">157,971  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:40.2935em;"><span class="stl_157 stl_08 stl_51">2021  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:41.3135em;"><span class="stl_155 stl_08 stl_110" style="word-spacing:0.0008em;">Land / roads  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.4207em;top:41.3135em;"><span class="stl_155 stl_08 stl_66">36,402  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.1402em;top:41.3135em;"><span class="stl_155 stl_08 stl_52">36,402  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:42.3435em;"><span class="stl_155 stl_08 stl_26" style="word-spacing:-0.0031em;">Plots of land with buildings  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.4144em;top:42.3435em;"><span class="stl_155 stl_08 stl_36">84,233  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.1383em;top:42.3435em;"><span class="stl_155 stl_08 stl_52">84,233  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:43.3735em;"><span class="stl_155 stl_08 stl_24" style="word-spacing:-0.0032em;">Right of use  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.4213em;top:43.3735em;"><span class="stl_155 stl_08 stl_52">16,687  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.1352em;top:43.3735em;"><span class="stl_155 stl_08 stl_36">16,687  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:44.4035em;"><span class="stl_157 stl_08 stl_138" style="word-spacing:0.0126em;">Total Investment property  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.52em;top:44.4035em;"><span class="stl_157 stl_08 stl_09">-</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.24em;top:44.4035em;"><span class="stl_157 stl_08 stl_09">-</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.1em;top:44.4035em;"><span class="stl_157 stl_08 stl_78">137,322  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.82em;top:44.4035em;"><span class="stl_157 stl_08 stl_78">137,322  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:13.8735em;"><span class="stl_157 stl_08 stl_18">Receivables  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:14.6435em;"><span class="stl_155 stl_08 stl_64" style="word-spacing:0.0516em;">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:15.4035em;"><span class="stl_155 stl_08 stl_163" style="word-spacing:-0.0481em;">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:16.1635em;"><span class="stl_155 stl_08 stl_137" style="word-spacing:-0.0145em;">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:16.9335em;"><span class="stl_155 stl_08 stl_137" style="word-spacing:0.0304em;">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:17.6935em;"><span class="stl_155 stl_08 stl_66" 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:19.2135em;"><span class="stl_155 stl_08 stl_50" style="word-spacing:0.5425em;">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:19.9835em;"><span class="stl_155 stl_08 stl_18" style="word-spacing:0.1089em;">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:20.7435em;"><span class="stl_155 stl_08 stl_50" style="word-spacing:-0.0002em;">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:22.2735em;"><span class="stl_155 stl_08 stl_134" style="word-spacing:0.1761em;">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:23.0335em;"><span class="stl_155 stl_08 stl_138" style="word-spacing:0.2245em;">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:23.7935em;"><span class="stl_155 stl_08 stl_19" style="word-spacing:0.0945em;">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:24.5635em;"><span class="stl_155 stl_08 stl_77" style="word-spacing:0.0821em;">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:25.3235em;"><span class="stl_155 stl_08 stl_139" style="word-spacing:0.0174em;">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:26.0835em;"><span class="stl_155 stl_08 stl_91" style="word-spacing:0.3205em;">a period of 36 months before 31 December 2021 or 1 January 2021  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:26.8435em;"><span class="stl_155 stl_08 stl_28" style="word-spacing:-0.0459em;">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:27.6135em;"><span class="stl_155 stl_08 stl_61" style="word-spacing:0.2369em;">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:28.3735em;"><span class="stl_155 stl_08 stl_139" style="word-spacing:0.0727em;">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:29.1335em;"><span class="stl_155 stl_08 stl_78" style="word-spacing:0.0319em;">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:29.9035em;"><span class="stl_155 stl_08 stl_78" style="word-spacing:0.0815em;">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:30.6635em;"><span class="stl_155 stl_08 stl_50" style="word-spacing:-0.0364em;">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:31.4235em;"><span class="stl_155 stl_08 stl_50" style="word-spacing:-0.0015em;">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:5.8373em;"><span class="stl_162 stl_08 stl_35" style="word-spacing:0.8727em;">13. TRADE</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:9.658em;top:5.8373em;"><span class="stl_162 stl_08 stl_19">RECEIVABLES  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:6.5093em;top:8.5273em;"><span class="stl_154 stl_08 stl_43" style="word-spacing:-0.0164em;">PARENT COMPANY  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.08em;top:8.5273em;"><span class="stl_154 stl_08 stl_36">GROUP  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:6.2324em;top:9.8673em;"><span class="stl_154 stl_08 stl_28">2022  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:10.3704em;top:9.8673em;"><span class="stl_154 stl_08 stl_28">2021  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.5783em;top:9.8673em;"><span class="stl_154 stl_08 stl_67">DKK'000  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.5331em;top:9.8673em;"><span class="stl_154 stl_08 stl_51">2022  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.2505em;top:9.8673em;"><span class="stl_154 stl_08 stl_51">2021  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.3472em;top:12.3035em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.4903em;top:12.3035em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.5794em;top:12.3035em;"><span class="stl_155 stl_08 stl_28" style="word-spacing:-0.008em;">Trade receivables  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.5582em;top:12.3035em;"><span class="stl_155 stl_08 stl_25">2,715  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.2777em;top:12.3035em;"><span class="stl_155 stl_08 stl_78">2,151  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.5782em;top:13.3335em;"><span class="stl_155 stl_08 stl_66" style="word-spacing:0.0007em;">Loss provisions included in the above receivables and  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.3472em;top:14.1335em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.4903em;top:14.1335em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.5794em;top:14.1335em;"><span class="stl_155 stl_08 stl_61" style="word-spacing:-0.0018em;">recognised in “Other external expenses”  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.6476em;top:14.1335em;"><span class="stl_155 stl_08 stl_73">(515)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3634em;top:14.1335em;"><span class="stl_155 stl_08 stl_22">(424)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.35em;top:15.2835em;"><span class="stl_157 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.49em;top:15.2835em;"><span class="stl_157 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.7186em;top:15.2835em;"><span class="stl_157 stl_08 stl_74">Total  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.55em;top:15.2835em;"><span class="stl_157 stl_08 stl_51">2,200  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.27em;top:15.2835em;"><span class="stl_157 stl_08 stl_51">1,727  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:21.5835em;"><span class="stl_155 stl_08 stl_61" style="word-spacing:0em;">Overdue receivables for which provisions have not been made.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:6.51em;top:23.6173em;"><span class="stl_154 stl_08 stl_54" style="word-spacing:-0.0221em;">PARENT COMPANY  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.08em;top:23.6173em;"><span class="stl_154 stl_08 stl_36">GROUP  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:6.2324em;top:24.9573em;"><span class="stl_154 stl_08 stl_28">2022  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:10.3704em;top:24.9573em;"><span class="stl_154 stl_08 stl_28">2021  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.5783em;top:24.9573em;"><span class="stl_154 stl_08 stl_67">DKK'000  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.5331em;top:24.9573em;"><span class="stl_154 stl_08 stl_51">2022  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.2505em;top:24.9573em;"><span class="stl_154 stl_08 stl_51">2021  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.3472em;top:27.3935em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.4903em;top:27.3935em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.5794em;top:27.3935em;"><span class="stl_155 stl_08 stl_19" style="word-spacing:-0.0013em;">Overdue by up to 1 month  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.0294em;top:27.3935em;"><span class="stl_155 stl_08 stl_127">762  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.7458em;top:27.3935em;"><span class="stl_155 stl_08 stl_51">587  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.3472em;top:28.4235em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.4903em;top:28.4235em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.5794em;top:28.4235em;"><span class="stl_155 stl_08 stl_91" style="word-spacing:-0.0021em;">Overdue by 1 to 3 months  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.0238em;top:28.4235em;"><span class="stl_155 stl_08 stl_51">264  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.7439em;top:28.4235em;"><span class="stl_155 stl_08 stl_51">222  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.3472em;top:29.4535em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.4903em;top:29.4535em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.5794em;top:29.4535em;"><span class="stl_155 stl_08 stl_64" style="word-spacing:0.0025em;">Overdue by more than 3 months  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.3432em;top:29.4535em;"><span class="stl_155 stl_08 stl_51">59  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.7445em;top:29.4535em;"><span class="stl_155 stl_08 stl_51">108  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.35em;top:30.6135em;"><span class="stl_157 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.49em;top:30.6135em;"><span class="stl_157 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.58em;top:30.6135em;"><span class="stl_157 stl_08 stl_72">Total  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.5608em;top:30.6135em;"><span class="stl_155 stl_08 stl_25">1,085  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.75em;top:30.6135em;"><span class="stl_157 stl_08 stl_51">917  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:32.7935em;"><span class="stl_155 stl_08 stl_78" style="word-spacing:-0.0003em;">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:6.51em;top:34.8273em;"><span class="stl_154 stl_08 stl_54" style="word-spacing:-0.0221em;">PARENT COMPANY  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.08em;top:34.8273em;"><span class="stl_154 stl_08 stl_36">GROUP  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:6.2324em;top:36.1673em;"><span class="stl_154 stl_08 stl_28">2022  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:10.3704em;top:36.1673em;"><span class="stl_154 stl_08 stl_28">2021  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.5783em;top:36.1673em;"><span class="stl_154 stl_08 stl_67">DKK'000  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.5331em;top:36.1673em;"><span class="stl_154 stl_08 stl_51">2022  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.2505em;top:36.1673em;"><span class="stl_154 stl_08 stl_51">2021  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.3472em;top:38.6035em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.4903em;top:38.6035em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.5794em;top:38.6035em;"><span class="stl_155 stl_08 stl_31">Europe  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.5569em;top:38.6035em;"><span class="stl_155 stl_08 stl_30">1,085  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.7458em;top:38.6035em;"><span class="stl_155 stl_08 stl_51">917  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.35em;top:39.7635em;"><span class="stl_157 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.49em;top:39.7635em;"><span class="stl_157 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.58em;top:39.7635em;"><span class="stl_157 stl_08 stl_72">Total  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.5608em;top:39.7635em;"><span class="stl_155 stl_08 stl_25">1,085  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.75em;top:39.7635em;"><span class="stl_157 stl_08 stl_51">917  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:41.9435em;"><span class="stl_155 stl_08 stl_66" style="word-spacing:-0.0008em;">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  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:42.7335em;"><span class="stl_155 stl_08 stl_78" style="word-spacing:0.0014em;">trade receivables. Based on the low realised losses on receivables historically, adjustments to reflect current and forward-looking information on  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:43.5235em;"><span class="stl_155 stl_08 stl_61" style="word-spacing:0.0008em;">macroeconomic factors affecting the ability of clients to settle the receivable such as GDP and unemployment rates do not increase the risk of losses  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:44.3135em;"><span class="stl_155 stl_08 stl_28">significantly.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:47.9973em;"><span class="stl_162 stl_08 stl_35" style="word-spacing:0.8727em;">13. TRADE</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:9.658em;top:47.9973em;"><span class="stl_162 stl_08 stl_19" style="word-spacing:0.0043em;">RECEIVABLES (CONTINUED)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:50.6435em;"><span class="stl_155 stl_08 stl_91" style="word-spacing:0.0043em;">Provision account for receivables:  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:6.51em;top:52.6773em;"><span class="stl_154 stl_08 stl_54" style="word-spacing:-0.0221em;">PARENT COMPANY  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.08em;top:52.6773em;"><span class="stl_154 stl_08 stl_36">GROUP  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:6.2324em;top:54.0273em;"><span class="stl_154 stl_08 stl_28">2022  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:10.3704em;top:54.0273em;"><span class="stl_154 stl_08 stl_28">2021  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.5783em;top:54.0273em;"><span class="stl_154 stl_08 stl_67">DKK'000  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.5331em;top:54.0273em;"><span class="stl_154 stl_08 stl_51">2022  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.2505em;top:54.0273em;"><span class="stl_154 stl_08 stl_51">2021  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.3472em;top:56.4635em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.4903em;top:56.4635em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.5794em;top:56.4635em;"><span class="stl_155 stl_08 stl_77" style="word-spacing:0.0007em;">Provision account at 1 January  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.0275em;top:56.4635em;"><span class="stl_155 stl_08 stl_127">424  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.7439em;top:56.4635em;"><span class="stl_155 stl_08 stl_51">301  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.3472em;top:57.4935em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.4903em;top:57.4935em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.5794em;top:57.4935em;"><span class="stl_155 stl_08 stl_61" style="word-spacing:0.0003em;">Reversed provisions  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.6489em;top:57.4935em;"><span class="stl_155 stl_08 stl_73">(149)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.3727em;top:57.4935em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.3472em;top:58.5235em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.4903em;top:58.5235em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.5794em;top:58.5235em;"><span class="stl_155 stl_08 stl_20" style="word-spacing:-0.0024em;">Provisions for the year  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.0275em;top:58.5235em;"><span class="stl_155 stl_08 stl_51">249  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.7477em;top:58.5235em;"><span class="stl_155 stl_08 stl_51">125  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.3472em;top:59.5535em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.4903em;top:59.5535em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.5794em;top:59.5535em;"><span class="stl_155 stl_08 stl_91" style="word-spacing:0.0001em;">Translation differences  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.2802em;top:59.5535em;"><span class="stl_155 stl_08 stl_78">(9)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.9965em;top:59.5535em;"><span class="stl_155 stl_08 stl_67">(2)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.35em;top:60.7035em;"><span class="stl_157 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.49em;top:60.7035em;"><span class="stl_157 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.58em;top:60.7035em;"><span class="stl_157 stl_08 stl_91" style="word-spacing:0.0014em;">Provision account at 31 December  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.0331em;top:60.7035em;"><span class="stl_155 stl_08 stl_127">515  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.75em;top:60.7035em;"><span class="stl_157 stl_08 stl_51">424  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:24.8273em;"><span class="stl_162 stl_08 stl_31" style="word-spacing:0.8696em;">21. CHANGE</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:10.365em;top:24.8273em;"><span class="stl_162 stl_08 stl_90" style="word-spacing:0.006em;">IN NET WORKING CAPITAL  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:6.51em;top:27.4473em;"><span class="stl_154 stl_08 stl_54" style="word-spacing:-0.0221em;">PARENT COMPANY  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.08em;top:27.4473em;"><span class="stl_154 stl_08 stl_36">GROUP  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:6.2324em;top:28.7973em;"><span class="stl_154 stl_08 stl_28">2022  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:10.3704em;top:28.7973em;"><span class="stl_154 stl_08 stl_28">2021  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.5783em;top:28.7973em;"><span class="stl_154 stl_08 stl_67">DKK'000  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.5331em;top:28.7973em;"><span class="stl_154 stl_08 stl_51">2022  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.2505em;top:28.7973em;"><span class="stl_154 stl_08 stl_51">2021  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.3472em;top:31.2335em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.4903em;top:31.2335em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.5794em;top:31.2335em;"><span class="stl_155 stl_08 stl_110" style="word-spacing:0.0007em;">Change in receivables  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.6438em;top:31.2335em;"><span class="stl_155 stl_08 stl_62">(688)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.6853em;top:31.2335em;"><span class="stl_155 stl_08 stl_63">(85)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.3472em;top:32.2635em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.4903em;top:32.2635em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.5794em;top:32.2635em;"><span class="stl_155 stl_08 stl_109" style="word-spacing:0.0063em;">Change in inventories (work in progress)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.1776em;top:32.2635em;"><span class="stl_155 stl_08 stl_28">(3,946)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.8921em;top:32.2635em;"><span class="stl_155 stl_08 stl_21">(3,090)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:6.7172em;top:33.2935em;"><span class="stl_155 stl_08 stl_51">320  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:10.801em;top:33.2935em;"><span class="stl_155 stl_08 stl_27">(11)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.5788em;top:33.2935em;"><span class="stl_155 stl_08 stl_138" style="word-spacing:0.0048em;">Change in trade payables and other payables  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.1757em;top:33.2935em;"><span class="stl_155 stl_08 stl_18">(1,800)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3634em;top:33.2935em;"><span class="stl_155 stl_08 stl_22">(182)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:6.72em;top:34.4535em;"><span class="stl_157 stl_08 stl_51">320  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:10.79em;top:34.4535em;"><span class="stl_157 stl_08 stl_90">(11)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.58em;top:34.4535em;"><span class="stl_157 stl_08 stl_72">Total  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.16em;top:34.4535em;"><span class="stl_157 stl_08 stl_20">(6,434)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.88em;top:34.4535em;"><span class="stl_157 stl_08 stl_20">(3,357)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:5.8373em;"><span class="stl_162 stl_08 stl_26" style="word-spacing:0.8746em;">24. FINANCIAL</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.202em;top:5.8373em;"><span class="stl_162 stl_08 stl_45" style="word-spacing:0.0005em;">RISKS AND FINANCIAL INSTRUMENTS  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:6.51em;top:8.5273em;"><span class="stl_154 stl_08 stl_54" style="word-spacing:-0.0221em;">PARENT COMPANY  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.08em;top:8.5273em;"><span class="stl_154 stl_08 stl_36">GROUP  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:6.2324em;top:9.8673em;"><span class="stl_154 stl_08 stl_28">2022  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:10.3704em;top:9.8673em;"><span class="stl_154 stl_08 stl_28">2021  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.5783em;top:9.8673em;"><span class="stl_154 stl_08 stl_67">DKK'000  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.5331em;top:9.8673em;"><span class="stl_154 stl_08 stl_51">2022  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.2505em;top:9.8673em;"><span class="stl_154 stl_08 stl_51">2021  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.3472em;top:12.3035em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.4903em;top:12.3035em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.5794em;top:12.3035em;"><span class="stl_155 stl_08 stl_28" style="word-spacing:-0.008em;">Trade receivables  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.5582em;top:12.3035em;"><span class="stl_155 stl_08 stl_25">2,200  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.2777em;top:12.3035em;"><span class="stl_155 stl_08 stl_78">1,727  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:6.251em;top:13.3335em;"><span class="stl_155 stl_08 stl_25">1,341  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:10.3909em;top:13.3335em;"><span class="stl_155 stl_08 stl_78">1,312  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.5763em;top:13.3335em;"><span class="stl_155 stl_08 stl_52" style="word-spacing:0.0006em;">Intra-group receivables  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.6532em;top:13.3335em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.3758em;top:13.3335em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.3472em;top:14.3635em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.4903em;top:14.3635em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.5794em;top:14.3635em;"><span class="stl_155 stl_08 stl_78" style="word-spacing:0.0033em;">Other receivables, current  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.0238em;top:14.3635em;"><span class="stl_155 stl_08 stl_51">472  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.7439em;top:14.3635em;"><span class="stl_155 stl_08 stl_51">257  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.3472em;top:15.3935em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.4903em;top:15.3935em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.5794em;top:15.3935em;"><span class="stl_155 stl_08 stl_61" style="word-spacing:0.0032em;">Other receivables, non-current  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.025em;top:15.3935em;"><span class="stl_155 stl_08 stl_51">366  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.7452em;top:15.3935em;"><span class="stl_155 stl_08 stl_51">273  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:6.7172em;top:16.4235em;"><span class="stl_155 stl_08 stl_51">307  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:10.8577em;top:16.4235em;"><span class="stl_155 stl_08 stl_51">206  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.5807em;top:16.4235em;"><span class="stl_155 stl_08 stl_91" style="word-spacing:-0.0012em;">Cash and cash equivalents  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.5582em;top:16.4235em;"><span class="stl_155 stl_08 stl_78">7,139  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9532em;top:16.4235em;"><span class="stl_155 stl_08 stl_36">16,204  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:6.251em;top:17.5835em;"><span class="stl_155 stl_08 stl_25">1,648  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:10.38em;top:17.5835em;"><span class="stl_157 stl_08 stl_51">1,518  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.58em;top:17.5835em;"><span class="stl_157 stl_08 stl_91" style="word-spacing:-0.0007em;">Loans, advances and receivables  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.23em;top:17.5835em;"><span class="stl_157 stl_08 stl_51">10,177  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.95em;top:17.5835em;"><span class="stl_157 stl_08 stl_51">18,461  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:5.9296em;top:19.7635em;"><span class="stl_155 stl_08 stl_36">30,635  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:10.0677em;top:19.7635em;"><span class="stl_155 stl_08 stl_36">27,366  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.5756em;top:19.7635em;"><span class="stl_155 stl_08 stl_90" style="word-spacing:-0.0009em;">Debt to subsidiaries  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.6563em;top:19.7635em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.3727em;top:19.7635em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.3472em;top:20.7935em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.4903em;top:20.7935em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.5794em;top:20.7935em;"><span class="stl_155 stl_08 stl_19" style="word-spacing:-0.0043em;">Finance lease liabilities, current  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.0244em;top:20.7935em;"><span class="stl_155 stl_08 stl_51">815  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.7445em;top:20.7935em;"><span class="stl_155 stl_08 stl_51">943  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.3472em;top:21.8235em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.4903em;top:21.8235em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.5794em;top:21.8235em;"><span class="stl_155 stl_08 stl_27" style="word-spacing:-0.0042em;">Finance lease liabilities, non-current  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.2381em;top:21.8235em;"><span class="stl_155 stl_08 stl_52">13,128  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.952em;top:21.8235em;"><span class="stl_155 stl_08 stl_36">15,751  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:6.251em;top:22.8535em;"><span class="stl_155 stl_08 stl_25">1,033  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:10.8571em;top:22.8535em;"><span class="stl_155 stl_08 stl_51">976  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.58em;top:22.8535em;"><span class="stl_155 stl_08 stl_70" style="word-spacing:0.0075em;">Bank loans  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.5594em;top:22.8535em;"><span class="stl_155 stl_08 stl_78">1,033  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.7483em;top:22.8535em;"><span class="stl_155 stl_08 stl_127">976  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.3472em;top:23.8835em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.4903em;top:23.8835em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.5794em;top:23.8835em;"><span class="stl_155 stl_08 stl_64" style="word-spacing:0.0008em;">Other non-current liabilities  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.5556em;top:23.8835em;"><span class="stl_155 stl_08 stl_25">3,263  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.2752em;top:23.8835em;"><span class="stl_155 stl_08 stl_78">2,173  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:6.7172em;top:24.9035em;"><span class="stl_155 stl_08 stl_51">287  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:10.8577em;top:24.9035em;"><span class="stl_155 stl_08 stl_51">244  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.5807em;top:24.9035em;"><span class="stl_155 stl_08 stl_77" style="word-spacing:-0.0002em;">Trade payables  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.5563em;top:24.9035em;"><span class="stl_155 stl_08 stl_30">1,715  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.279em;top:24.9035em;"><span class="stl_155 stl_08 stl_78">1,447  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.3472em;top:25.9335em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.4903em;top:25.9335em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.5794em;top:25.9335em;"><span class="stl_155 stl_08 stl_32" style="word-spacing:-0.0116em;">Income tax payable  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.0263em;top:25.9335em;"><span class="stl_155 stl_08 stl_51">222  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.0677em;top:25.9335em;"><span class="stl_155 stl_08 stl_158">20  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:6.7172em;top:26.9635em;"><span class="stl_155 stl_08 stl_51">901  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:10.8577em;top:26.9635em;"><span class="stl_155 stl_08 stl_51">756  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.5807em;top:26.9635em;"><span class="stl_155 stl_08 stl_109" style="word-spacing:0.0079em;">Other payables  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.0294em;top:26.9635em;"><span class="stl_155 stl_08 stl_127">436  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.2733em;top:26.9635em;"><span class="stl_155 stl_08 stl_34">2,504  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:5.92em;top:28.1235em;"><span class="stl_157 stl_08 stl_51">32,856  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:10.06em;top:28.1235em;"><span class="stl_157 stl_08 stl_51">29,342  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.58em;top:28.1235em;"><span class="stl_157 stl_08 stl_26" style="word-spacing:-0.0124em;">Financial liabilities  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.23em;top:28.1235em;"><span class="stl_157 stl_08 stl_51">20,612  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.95em;top:28.1235em;"><span class="stl_157 stl_08 stl_51">23,814  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.8586em;top:29.2735em;"><span class="stl_155 stl_08 stl_91" style="word-spacing:0.0014em;">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:25.4em;top:32.1835em;"><span class="stl_157 stl_08 stl_78" style="word-spacing:0.0062em;">Segment information  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4em;top:32.9435em;"><span class="stl_155 stl_08 stl_127" style="word-spacing:0.0024em;">The Group is assessed as having two segments:  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.9em;top:33.7054em;"><span class="stl_167 stl_08 stl_62" style="word-spacing:0.8293em;">(A) </span><span class="stl_155 stl_08 stl_70" style="word-spacing:0.0073em;">Property management division comprising letting of premises  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.4em;top:34.5735em;"><span class="stl_155 stl_08 stl_77" style="word-spacing:0.0026em;">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:28.4em;top:35.4035em;"><span class="stl_155 stl_08 stl_52" style="word-spacing:0.0031em;">power, water, natural gas, facility services, etc.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.9em;top:36.2154em;"><span class="stl_167 stl_08 stl_85" style="word-spacing:0.8906em;">(B) </span><span class="stl_155 stl_08 stl_77" style="word-spacing:0.0033em;">Property development – including the preparation and  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.4em;top:37.0835em;"><span class="stl_155 stl_08 stl_77" style="word-spacing:0.0019em;">implementation of development projects, primarily in the field  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.4em;top:37.9135em;"><span class="stl_155 stl_08 stl_20" style="word-spacing:-0.0037em;">of housing and commercial space.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4em;top:32.1835em;"><span class="stl_157 stl_08 stl_78" style="word-spacing:0.0062em;">Segment information  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4em;top:32.9435em;"><span class="stl_155 stl_08 stl_127" style="word-spacing:0.0024em;">The Group is assessed as having two segments:  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.9em;top:33.7054em;"><span class="stl_167 stl_08 stl_62" style="word-spacing:0.8293em;">(A) </span><span class="stl_155 stl_08 stl_70" style="word-spacing:0.0073em;">Property management division comprising letting of premises  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.4em;top:34.5735em;"><span class="stl_155 stl_08 stl_77" style="word-spacing:0.0026em;">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:28.4em;top:35.4035em;"><span class="stl_155 stl_08 stl_52" style="word-spacing:0.0031em;">power, water, natural gas, facility services, etc.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.9em;top:36.2154em;"><span class="stl_167 stl_08 stl_85" style="word-spacing:0.8906em;">(B) </span><span class="stl_155 stl_08 stl_77" style="word-spacing:0.0033em;">Property development – including the preparation and  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.4em;top:37.0835em;"><span class="stl_155 stl_08 stl_77" style="word-spacing:0.0019em;">implementation of development projects, primarily in the field  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.4em;top:37.9135em;"><span class="stl_155 stl_08 stl_20" style="word-spacing:-0.0037em;">of housing and commercial space.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:5.8373em;"><span class="stl_162 stl_08 stl_51">3.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:6.9em;top:5.8373em;"><span class="stl_162 stl_08 stl_36" style="word-spacing:-0.0026em;">SEGMENT INFORMATION  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:8.4435em;"><span class="stl_155 stl_08 stl_134" style="word-spacing:0.0038em;">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:6.22em;top:9.2054em;"><span class="stl_167 stl_08 stl_62" style="word-spacing:0.8293em;">(A) </span><span class="stl_155 stl_08 stl_77" style="word-spacing:0.0028em;">Property management division comprising letting of premises and land and the provision of utilities to tenants, including power, water, natural  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.72em;top:10.0735em;"><span class="stl_155 stl_08 stl_77" style="word-spacing:0.0108em;">gas, facility services, etc.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:6.22em;top:10.8954em;"><span class="stl_167 stl_08 stl_85" style="word-spacing:0.8906em;">(B) </span><span class="stl_155 stl_08 stl_110" style="word-spacing:0.0018em;">Property development – including the preparation and implementation of development projects, primarily in the field of housing and commercial  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.72em;top:11.7635em;"><span class="stl_155 stl_08 stl_132">space.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:13.2835em;"><span class="stl_155 stl_08 stl_78" style="word-spacing:0.0018em;">The assessment of the results of operations in individual segments is made mainly on the basis of sales revenues and gross profit obtained in these segments.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:15.3873em;"><span class="stl_154 stl_08 stl_51">2022  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.8398em;top:15.3873em;"><span class="stl_154 stl_08 stl_71">Property  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:16.2573em;"><span class="stl_154 stl_08 stl_54">DKK’000  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.4794em;top:16.2573em;"><span class="stl_154 stl_08 stl_51" style="word-spacing:0.0088em;">Management Development*)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.3731em;top:16.2573em;"><span class="stl_154 stl_08 stl_115">Total  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:18.6935em;"><span class="stl_155 stl_08 stl_134" style="word-spacing:0.0108em;">Sales revenue  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.6898em;top:18.6935em;"><span class="stl_155 stl_08 stl_66">26,574  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.8395em;top:18.6935em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.1345em;top:18.6935em;"><span class="stl_155 stl_08 stl_36">26,574  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:19.8535em;"><span class="stl_157 stl_08 stl_18" style="word-spacing:0.0066em;">GROSS PROFIT  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.6774em;top:19.8535em;"><span class="stl_157 stl_08 stl_51">12,700  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.8191em;top:19.8535em;"><span class="stl_157 stl_08 stl_25">(402)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.124em;top:19.8535em;"><span class="stl_157 stl_08 stl_51">12,298  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:22.0335em;"><span class="stl_155 stl_08 stl_19">Overheads  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.0803em;top:22.0335em;"><span class="stl_155 stl_08 stl_19">(8,939)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:23.0635em;"><span class="stl_155 stl_08 stl_73" style="word-spacing:-0.0064em;">Other income / costs  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.9265em;top:23.0635em;"><span class="stl_155 stl_08 stl_51">129  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:24.2235em;"><span class="stl_157 stl_08 stl_78">EBITDA  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.4502em;top:24.2235em;"><span class="stl_157 stl_08 stl_27">3,488  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:26.3935em;"><span class="stl_155 stl_08 stl_27">Depreciation  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.866em;top:26.3935em;"><span class="stl_155 stl_08 stl_40">(28)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:27.5535em;"><span class="stl_157 stl_08 stl_63">EBIT  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.4502em;top:27.5535em;"><span class="stl_157 stl_08 stl_27">3,460  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:29.7335em;"><span class="stl_155 stl_08 stl_110" style="word-spacing:0.0035em;">Revaluation investment property  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.1377em;top:29.7335em;"><span class="stl_155 stl_08 stl_52">25,325  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:30.7635em;"><span class="stl_155 stl_08 stl_50" style="word-spacing:-0.0014em;">Net result on financial activities  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.5453em;top:30.7635em;"><span class="stl_155 stl_08 stl_22">(973)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:31.9235em;"><span class="stl_157 stl_08 stl_166" style="word-spacing:0.013em;">PROFIT (LOSS) BEFORE TAX  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.1289em;top:31.9235em;"><span class="stl_157 stl_08 stl_51">27,812  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:34.1035em;"><span class="stl_155 stl_08 stl_27" style="word-spacing:-0.0028em;">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:43.0747em;top:34.1035em;"><span class="stl_155 stl_08 stl_36">(5,730)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:35.2635em;"><span class="stl_157 stl_08 stl_29" style="word-spacing:0.0123em;">PROFIT (LOSS) FOR THE YEAR  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.1289em;top:35.2635em;"><span class="stl_157 stl_08 stl_51">22,082  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:36.4135em;"><span class="stl_155 stl_08 stl_91" style="word-spacing:-0.0011em;">*) In 2022, there were no revenues in the Development segment. The Development segment has been separated in terms of functionality. According to the  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:37.2035em;"><span class="stl_155 stl_08 stl_52" style="word-spacing:-0.0012em;">accounting policy, revenues and profits from the sale of real estate (residential units, commercial space, etc.) will be recognized when the real estate  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:37.9935em;"><span class="stl_155 stl_08 stl_91" style="word-spacing:0.0005em;">purchaser takes over control over the real estate acquired and receives significant risks and rewards of ownership.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:39.2373em;"><span class="stl_154 stl_08 stl_51">2021  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.8398em;top:39.2373em;"><span class="stl_154 stl_08 stl_71">Property  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:40.1073em;"><span class="stl_154 stl_08 stl_54">DKK’000  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.4794em;top:40.1073em;"><span class="stl_154 stl_08 stl_51" style="word-spacing:0.0088em;">Management Development*)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.3731em;top:40.1073em;"><span class="stl_154 stl_08 stl_115">Total  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:42.5435em;"><span class="stl_155 stl_08 stl_134" style="word-spacing:0.0108em;">Sales revenue  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.6898em;top:42.5435em;"><span class="stl_155 stl_08 stl_66">21,307  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.8395em;top:42.5435em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.1345em;top:42.5435em;"><span class="stl_155 stl_08 stl_36">21,307  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:43.7035em;"><span class="stl_157 stl_08 stl_18" style="word-spacing:0.0066em;">GROSS PROFIT  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.6774em;top:43.7035em;"><span class="stl_157 stl_08 stl_51">10,110  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.8397em;top:43.7035em;"><span class="stl_157 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.1284em;top:43.7035em;"><span class="stl_157 stl_08 stl_73">10,110  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:45.8735em;"><span class="stl_155 stl_08 stl_19">Overheads  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.0803em;top:45.8735em;"><span class="stl_155 stl_08 stl_19">(7,735)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:46.9035em;"><span class="stl_155 stl_08 stl_73" style="word-spacing:-0.0064em;">Other income / costs  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.9265em;top:46.9035em;"><span class="stl_155 stl_08 stl_51">994  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:48.0635em;"><span class="stl_157 stl_08 stl_78">EBITDA  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.4502em;top:48.0635em;"><span class="stl_157 stl_08 stl_27">3,369  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:50.2435em;"><span class="stl_155 stl_08 stl_27">Depreciation  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.866em;top:50.2435em;"><span class="stl_155 stl_08 stl_40">(43)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:51.4035em;"><span class="stl_157 stl_08 stl_63">EBIT  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.4502em;top:51.4035em;"><span class="stl_157 stl_08 stl_27">3,326  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:53.5835em;"><span class="stl_155 stl_08 stl_110" style="word-spacing:0.0035em;">Revaluation investment property  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.1377em;top:53.5835em;"><span class="stl_155 stl_08 stl_52">30,871  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:54.6135em;"><span class="stl_155 stl_08 stl_50" style="word-spacing:-0.0014em;">Net result on financial activities  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.0791em;top:54.6135em;"><span class="stl_155 stl_08 stl_28">(1,038)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:55.7735em;"><span class="stl_157 stl_08 stl_166" style="word-spacing:0.013em;">PROFIT (LOSS) BEFORE TAX  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.1289em;top:55.7735em;"><span class="stl_157 stl_08 stl_51">33,159  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:57.9435em;"><span class="stl_155 stl_08 stl_27" style="word-spacing:-0.0028em;">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:43.0747em;top:57.9435em;"><span class="stl_155 stl_08 stl_36">(6,898)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:59.1035em;"><span class="stl_157 stl_08 stl_29" style="word-spacing:0.0123em;">PROFIT (LOSS) FOR THE YEAR  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.1289em;top:59.1035em;"><span class="stl_157 stl_08 stl_51">26,261  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:60.2535em;"><span class="stl_155 stl_08 stl_78" style="word-spacing:-0.0003em;">*) In 2021, there were no revenues or costs in the Development segment. The Development segment has been separated in terms of functionality. According  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:61.0435em;"><span class="stl_155 stl_08 stl_50" style="word-spacing:-0.0024em;">to the accounting policy, revenues and profits from the sale of real estate (residential units, commercial space, etc.) will be recognized when the real estate  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:61.8435em;"><span class="stl_155 stl_08 stl_91" style="word-spacing:0.0005em;">purchaser takes over control over the real estate acquired and receives significant risks and rewards of ownership.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:5.8635em;"><span class="stl_157 stl_08 stl_50" style="word-spacing:-0.0084em;">Other segment information:  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:7.9235em;"><span class="stl_155 stl_08 stl_110" style="word-spacing:0.002em;">Property management revenue can be broken down into the letting of premises and land and the provision of utilities to tenants, including power, water,  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:8.7135em;"><span class="stl_155 stl_08 stl_91" style="word-spacing:0.0068em;">natural gas, facility services, etc:  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:6.51em;top:10.7473em;"><span class="stl_154 stl_08 stl_54" style="word-spacing:-0.0221em;">PARENT COMPANY  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.08em;top:10.7473em;"><span class="stl_154 stl_08 stl_36">GROUP  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:6.2324em;top:12.0873em;"><span class="stl_154 stl_08 stl_28">2022  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:10.3704em;top:12.0873em;"><span class="stl_154 stl_08 stl_28">2021  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.5783em;top:12.0873em;"><span class="stl_154 stl_08 stl_67">DKK'000  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.5303em;top:12.0873em;"><span class="stl_154 stl_08 stl_51">2022  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.2548em;top:12.0873em;"><span class="stl_154 stl_08 stl_28">2021  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.3472em;top:14.5235em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.4903em;top:14.5235em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.5794em;top:14.5235em;"><span class="stl_155 stl_08 stl_19">Letting  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.2356em;top:14.5235em;"><span class="stl_155 stl_08 stl_36">18,639  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9532em;top:14.5235em;"><span class="stl_155 stl_08 stl_36">15,736  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.3472em;top:15.5535em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.4903em;top:15.5535em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.5794em;top:15.5535em;"><span class="stl_155 stl_08 stl_29">Utilities  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.5582em;top:15.5535em;"><span class="stl_155 stl_08 stl_30">7,935  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.2808em;top:15.5535em;"><span class="stl_155 stl_08 stl_78">5,571  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.3472em;top:16.7035em;"><span class="stl_157 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.4903em;top:16.7035em;"><span class="stl_157 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.718em;top:16.7035em;"><span class="stl_157 stl_08 stl_09">Total  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.2293em;top:16.7035em;"><span class="stl_157 stl_08 stl_73">26,574  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9444em;top:16.7035em;"><span class="stl_157 stl_08 stl_51">21,307  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:18.9535em;"><span class="stl_155 stl_08 stl_91" style="word-spacing:0.0003em;">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:32.9535em;"><span class="stl_157 stl_08 stl_134">Prepayments  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:33.7135em;"><span class="stl_155 stl_08 stl_61" style="word-spacing:0.0252em;">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:34.4735em;"><span class="stl_155 stl_08 stl_52" style="word-spacing:-0.0031em;">Prepayments are measured at cost.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:5.8273em;"><span class="stl_162 stl_08 stl_30" style="word-spacing:0.8722em;">11. OTHER</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:9.718em;top:5.8273em;"><span class="stl_162 stl_08 stl_19" style="word-spacing:0.0188em;">NON-CURRENT RECEIVABLES  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:6.5093em;top:8.5273em;"><span class="stl_154 stl_08 stl_43" style="word-spacing:-0.0164em;">PARENT COMPANY  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.08em;top:8.5273em;"><span class="stl_154 stl_08 stl_36">GROUP  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:6.2324em;top:9.8673em;"><span class="stl_154 stl_08 stl_28">2022  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:10.3704em;top:9.8673em;"><span class="stl_154 stl_08 stl_28">2021  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.5783em;top:9.8673em;"><span class="stl_154 stl_08 stl_67">DKK'000  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.5331em;top:9.8673em;"><span class="stl_154 stl_08 stl_51">2022  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.2505em;top:9.8673em;"><span class="stl_154 stl_08 stl_51">2021  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.3472em;top:12.3035em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.4903em;top:12.3035em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.5794em;top:12.3035em;"><span class="stl_155 stl_08 stl_78" style="word-spacing:0.0007em;">Prepayment, settlement of claim of title to land  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.0269em;top:12.3035em;"><span class="stl_155 stl_08 stl_51">366  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.7471em;top:12.3035em;"><span class="stl_155 stl_08 stl_127">273  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.35em;top:13.4635em;"><span class="stl_157 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.49em;top:13.4635em;"><span class="stl_157 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.7186em;top:13.4635em;"><span class="stl_157 stl_08 stl_74">Total  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.027em;top:13.4635em;"><span class="stl_155 stl_08 stl_51">366  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.75em;top:13.4635em;"><span class="stl_157 stl_08 stl_51">273  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:36.0035em;"><span class="stl_157 stl_08 stl_28">Provisions  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:36.7635em;"><span class="stl_155 stl_08 stl_77" style="word-spacing:0.3164em;">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:37.5335em;"><span class="stl_155 stl_08 stl_64" style="word-spacing:0.0352em;">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:38.2935em;"><span class="stl_155 stl_08 stl_127" style="word-spacing:0.0789em;">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:39.0535em;"><span class="stl_155 stl_08 stl_110" style="word-spacing:0.1772em;">outflow of the Group’s financial resources. Warranty commitments cover  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:39.8135em;"><span class="stl_155 stl_08 stl_127" style="word-spacing:0.0144em;">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:40.5835em;"><span class="stl_155 stl_08 stl_134">period.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:41.3435em;"><span class="stl_155 stl_08 stl_64" style="word-spacing:0.0454em;">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:42.1035em;"><span class="stl_155 stl_08 stl_78" style="word-spacing:0.0299em;">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:42.8735em;"><span class="stl_155 stl_08 stl_20" style="word-spacing:-0.0353em;">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:36.0035em;"><span class="stl_157 stl_08 stl_28">Provisions  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:36.7635em;"><span class="stl_155 stl_08 stl_77" style="word-spacing:0.3164em;">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:37.5335em;"><span class="stl_155 stl_08 stl_64" style="word-spacing:0.0352em;">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:38.2935em;"><span class="stl_155 stl_08 stl_127" style="word-spacing:0.0789em;">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:39.0535em;"><span class="stl_155 stl_08 stl_110" style="word-spacing:0.1772em;">outflow of the Group’s financial resources. Warranty commitments cover  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:39.8135em;"><span class="stl_155 stl_08 stl_127" style="word-spacing:0.0144em;">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:40.5835em;"><span class="stl_155 stl_08 stl_134">period.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:41.3435em;"><span class="stl_155 stl_08 stl_64" style="word-spacing:0.0454em;">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:42.1035em;"><span class="stl_155 stl_08 stl_78" style="word-spacing:0.0299em;">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:42.8735em;"><span class="stl_155 stl_08 stl_20" style="word-spacing:-0.0353em;">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:44.3935em;"><span class="stl_157 stl_08 stl_32" style="word-spacing:-0.0034em;">Lease liabilities  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:45.1535em;"><span class="stl_155 stl_08 stl_90" style="word-spacing:0.114em;">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:45.9235em;"><span class="stl_155 stl_08 stl_50" style="word-spacing:0.1413em;">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:46.6835em;"><span class="stl_155 stl_08 stl_134" style="word-spacing:0.0047em;">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:48.2135em;"><span class="stl_155 stl_08 stl_109" style="word-spacing:-0.0115em;">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:48.9735em;"><span class="stl_155 stl_08 stl_18" style="word-spacing:0.2189em;">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:4.72em;top:49.7335em;"><span class="stl_155 stl_08 stl_66" style="word-spacing:-0.0438em;">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:4.72em;top:50.5035em;"><span class="stl_155 stl_08 stl_66" style="word-spacing:0.0001em;">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:4.72em;top:52.0235em;"><span class="stl_155 stl_08 stl_135" style="word-spacing:0.067em;">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:4.72em;top:52.7835em;"><span class="stl_155 stl_08 stl_28" style="word-spacing:0.1424em;">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:4.72em;top:53.5535em;"><span class="stl_155 stl_08 stl_28" style="word-spacing:0.1132em;">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:4.72em;top:54.3135em;"><span class="stl_155 stl_08 stl_66" style="word-spacing:0.2087em;">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:4.72em;top:55.0735em;"><span class="stl_155 stl_08 stl_27" style="word-spacing:-0.0041em;">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:44.3935em;"><span class="stl_157 stl_08 stl_32" style="word-spacing:-0.0034em;">Lease liabilities  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:45.1535em;"><span class="stl_155 stl_08 stl_90" style="word-spacing:0.114em;">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:45.9235em;"><span class="stl_155 stl_08 stl_50" style="word-spacing:0.1413em;">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:46.6835em;"><span class="stl_155 stl_08 stl_134" style="word-spacing:0.0047em;">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:48.2135em;"><span class="stl_155 stl_08 stl_109" style="word-spacing:-0.0115em;">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:48.9735em;"><span class="stl_155 stl_08 stl_18" style="word-spacing:0.2189em;">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:4.72em;top:49.7335em;"><span class="stl_155 stl_08 stl_66" style="word-spacing:-0.0438em;">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:4.72em;top:50.5035em;"><span class="stl_155 stl_08 stl_66" style="word-spacing:0.0001em;">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:4.72em;top:52.0235em;"><span class="stl_155 stl_08 stl_135" style="word-spacing:0.067em;">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:4.72em;top:52.7835em;"><span class="stl_155 stl_08 stl_28" style="word-spacing:0.1424em;">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:4.72em;top:53.5535em;"><span class="stl_155 stl_08 stl_28" style="word-spacing:0.1132em;">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:4.72em;top:54.3135em;"><span class="stl_155 stl_08 stl_66" style="word-spacing:0.2087em;">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:4.72em;top:55.0735em;"><span class="stl_155 stl_08 stl_27" style="word-spacing:-0.0041em;">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:56.6035em;"><span class="stl_157 stl_08 stl_28" style="word-spacing:0.0039em;">Other financial liabilities  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:57.3635em;"><span class="stl_155 stl_08 stl_91" style="word-spacing:0.2599em;">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:4.72em;top:58.1235em;"><span class="stl_155 stl_08 stl_66" style="word-spacing:-0.0043em;">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:4.72em;top:58.8935em;"><span class="stl_155 stl_08 stl_91" 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:4.72em;top:59.6535em;"><span class="stl_155 stl_08 stl_27" style="word-spacing:0.1613em;">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:4.72em;top:60.4135em;"><span class="stl_155 stl_08 stl_27" style="word-spacing:0.0021em;">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:4.72em;top:61.1835em;"><span class="stl_155 stl_08 stl_27" style="word-spacing:0.2375em;">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:4.72em;top:61.9435em;"><span class="stl_155 stl_08 stl_50" style="word-spacing:-0.0035em;">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:44.3935em;"><span class="stl_157 stl_08 stl_32" style="word-spacing:-0.0034em;">Lease liabilities  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:45.1535em;"><span class="stl_155 stl_08 stl_90" style="word-spacing:0.114em;">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:45.9235em;"><span class="stl_155 stl_08 stl_50" style="word-spacing:0.1413em;">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:46.6835em;"><span class="stl_155 stl_08 stl_134" style="word-spacing:0.0047em;">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:48.2135em;"><span class="stl_155 stl_08 stl_109" style="word-spacing:-0.0115em;">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:48.9735em;"><span class="stl_155 stl_08 stl_18" style="word-spacing:0.2189em;">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:4.72em;top:49.7335em;"><span class="stl_155 stl_08 stl_66" style="word-spacing:-0.0438em;">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:4.72em;top:50.5035em;"><span class="stl_155 stl_08 stl_66" style="word-spacing:0.0001em;">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:4.72em;top:52.0235em;"><span class="stl_155 stl_08 stl_135" style="word-spacing:0.067em;">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:4.72em;top:52.7835em;"><span class="stl_155 stl_08 stl_28" style="word-spacing:0.1424em;">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:4.72em;top:53.5535em;"><span class="stl_155 stl_08 stl_28" style="word-spacing:0.1132em;">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:4.72em;top:54.3135em;"><span class="stl_155 stl_08 stl_66" style="word-spacing:0.2087em;">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:4.72em;top:55.0735em;"><span class="stl_155 stl_08 stl_27" style="word-spacing:-0.0041em;">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:5.8273em;"><span class="stl_162 stl_08 stl_51">9.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:6.9em;top:5.8273em;"><span class="stl_162 stl_08 stl_25" style="word-spacing:0.0033em;">PROPERTY, PLANT AND EQUIPMENT  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:8.5273em;"><span class="stl_154 stl_08 stl_36">GROUP  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:10.7273em;"><span class="stl_154 stl_08 stl_51">2022  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.6297em;top:10.7273em;"><span class="stl_154 stl_08 stl_40">Investment  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.2088em;top:10.7273em;"><span class="stl_154 stl_08 stl_09">Total  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.6261em;top:10.7273em;"><span class="stl_154 stl_08 stl_27" style="word-spacing:0.0124em;">Plant and  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.6345em;top:10.7273em;"><span class="stl_154 stl_08 stl_22" style="word-spacing:-0.0102em;">Total property  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:17.9123em;top:11.5973em;"><span class="stl_154 stl_08 stl_40">Investment  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.2062em;top:11.5973em;"><span class="stl_154 stl_08 stl_60">property,  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.3556em;top:11.5973em;"><span class="stl_154 stl_08 stl_71">Investment  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.3265em;top:11.5973em;"><span class="stl_154 stl_08 stl_51">machinery  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.6528em;top:11.5973em;"><span class="stl_154 stl_08 stl_115">Total  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.0737em;top:11.5973em;"><span class="stl_154 stl_08 stl_21" style="word-spacing:0.0018em;">plant and  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:12.4673em;"><span class="stl_154 stl_08 stl_54">DKK’000  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:18.6777em;top:12.4673em;"><span class="stl_154 stl_08 stl_71">property  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.6488em;top:12.4673em;"><span class="stl_154 stl_08 stl_34" style="word-spacing:0.0074em;">right of use  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.1253em;top:12.4673em;"><span class="stl_154 stl_08 stl_36">property  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.0957em;top:12.4673em;"><span class="stl_154 stl_08 stl_34" style="word-spacing:0.0074em;">right of use  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.8195em;top:12.4673em;"><span class="stl_154 stl_08 stl_47" style="word-spacing:0.0057em;">right of use  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.6399em;top:12.4673em;"><span class="stl_154 stl_08 stl_51">equipment  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:14.9035em;"><span class="stl_155 stl_08 stl_64" style="word-spacing:0.0046em;">Carrying amount at 1 January 2022  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:19.1955em;top:14.9035em;"><span class="stl_155 stl_08 stl_25">120,635  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.2357em;top:14.9035em;"><span class="stl_155 stl_08 stl_52">16,522  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.6408em;top:14.9035em;"><span class="stl_155 stl_08 stl_25">137,157  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.4685em;top:14.9035em;"><span class="stl_155 stl_08 stl_51">165  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.4074em;top:14.9035em;"><span class="stl_155 stl_08 stl_36">16,687  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.8101em;top:14.9035em;"><span class="stl_155 stl_08 stl_91">137,322  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:15.9335em;"><span class="stl_155 stl_08 stl_110" style="word-spacing:-0.0019em;">Foreign exchange adjustments  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:19.4588em;top:15.9335em;"><span class="stl_155 stl_08 stl_28">(2,252)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.6458em;top:15.9335em;"><span class="stl_155 stl_08 stl_22">(299)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.9054em;top:15.9335em;"><span class="stl_155 stl_08 stl_18">(2,551)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.723em;top:15.9335em;"><span class="stl_155 stl_08 stl_67">(3)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.8195em;top:15.9335em;"><span class="stl_155 stl_08 stl_62">(302)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.0734em;top:15.9335em;"><span class="stl_155 stl_08 stl_19">(2,554)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:16.9635em;"><span class="stl_155 stl_08 stl_110" style="word-spacing:0.0045em;">Right of use, depreciation  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:20.9368em;top:16.9635em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.6595em;top:16.9635em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.3847em;top:16.9635em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.4143em;top:16.9635em;"><span class="stl_155 stl_08 stl_63">(28)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.1427em;top:16.9635em;"><span class="stl_155 stl_08 stl_40">(28)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.8654em;top:16.9635em;"><span class="stl_155 stl_08 stl_63">(28)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:17.9935em;"><span class="stl_155 stl_08 stl_156">Additions  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:20.9419em;top:17.9935em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.6608em;top:17.9935em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.386em;top:17.9935em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.1086em;top:17.9935em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.8376em;top:17.9935em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.5603em;top:17.9935em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:19.0235em;"><span class="stl_155 stl_08 stl_78">Disposals  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:20.9368em;top:19.0235em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.6595em;top:19.0235em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.3885em;top:19.0235em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.4181em;top:19.0235em;"><span class="stl_155 stl_08 stl_63">(17)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.1465em;top:19.0235em;"><span class="stl_155 stl_08 stl_63">(17)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.8685em;top:19.0235em;"><span class="stl_155 stl_08 stl_27">(17)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:20.0435em;"><span class="stl_155 stl_08 stl_78" style="word-spacing:0.0033em;">Transfer to inventories (work in progress)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:19.1482em;top:20.0435em;"><span class="stl_155 stl_08 stl_73">(4,655)*  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.6551em;top:20.0435em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.9035em;top:20.0435em;"><span class="stl_155 stl_08 stl_36">(4,655)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.1023em;top:20.0435em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.8313em;top:20.0435em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.0734em;top:20.0435em;"><span class="stl_155 stl_08 stl_18">(4,655)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:21.0735em;"><span class="stl_155 stl_08 stl_134" style="word-spacing:0.0063em;">Shortening the leasing period  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:20.9356em;top:21.0735em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.1777em;top:21.0735em;"><span class="stl_155 stl_08 stl_19">(2,446)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.906em;top:21.0735em;"><span class="stl_155 stl_08 stl_19">(2,446)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.1023em;top:21.0735em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.3507em;top:21.0735em;"><span class="stl_155 stl_08 stl_46">(2,446)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.0759em;top:21.0735em;"><span class="stl_155 stl_08 stl_28">(2,446)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:22.1035em;"><span class="stl_155 stl_08 stl_90" style="word-spacing:0.0052em;">Enhancement costs  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:19.8393em;top:22.1035em;"><span class="stl_155 stl_08 stl_25">5,024  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.6551em;top:22.1035em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.2878em;top:22.1035em;"><span class="stl_155 stl_08 stl_25">5,024  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.1036em;top:22.1035em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.8326em;top:22.1035em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.4527em;top:22.1035em;"><span class="stl_155 stl_08 stl_34">5,024  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:23.1335em;"><span class="stl_155 stl_08 stl_78" style="word-spacing:-0.002em;">Revaluation to market value  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:19.5161em;top:23.1335em;"><span class="stl_155 stl_08 stl_36">25,277  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.3426em;top:23.1335em;"><span class="stl_155 stl_08 stl_51">48  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.9627em;top:23.1335em;"><span class="stl_155 stl_08 stl_36">25,325  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.1042em;top:23.1335em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.5245em;top:23.1335em;"><span class="stl_155 stl_08 stl_158">48  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.1345em;top:23.1335em;"><span class="stl_155 stl_08 stl_52">25,325  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:24.2935em;"><span class="stl_157 stl_08 stl_66" style="word-spacing:-0.004em;">Carrying amount at 31 December 2022  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:19.1973em;top:24.2935em;"><span class="stl_157 stl_08 stl_28">144,029  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.2218em;top:24.2935em;"><span class="stl_157 stl_08 stl_51">13,825  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.6389em;top:24.2935em;"><span class="stl_157 stl_08 stl_36">157,854  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.4673em;top:24.2935em;"><span class="stl_157 stl_08 stl_51">117  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.3999em;top:24.2935em;"><span class="stl_157 stl_08 stl_34">13,942  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.8069em;top:24.2935em;"><span class="stl_157 stl_08 stl_28">157,971  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:25.4435em;"><span class="stl_155 stl_08 stl_61" style="word-spacing:0.0007em;">*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:4.72em;top:27.4773em;"><span class="stl_154 stl_08 stl_51">2021  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.6297em;top:27.4773em;"><span class="stl_154 stl_08 stl_40">Investment  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.2088em;top:27.4773em;"><span class="stl_154 stl_08 stl_09">Total  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.6261em;top:27.4773em;"><span class="stl_154 stl_08 stl_27" style="word-spacing:0.0124em;">Plant and  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.6345em;top:27.4773em;"><span class="stl_154 stl_08 stl_22" style="word-spacing:-0.0102em;">Total property  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:17.9123em;top:28.3373em;"><span class="stl_154 stl_08 stl_40">Investment  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.2062em;top:28.3373em;"><span class="stl_154 stl_08 stl_60">property,  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.3556em;top:28.3373em;"><span class="stl_154 stl_08 stl_71">Investment  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.3265em;top:28.3373em;"><span class="stl_154 stl_08 stl_51">machinery  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.6528em;top:28.3373em;"><span class="stl_154 stl_08 stl_115">Total  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.0737em;top:28.3373em;"><span class="stl_154 stl_08 stl_21" style="word-spacing:0.0018em;">plant and  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:29.2073em;"><span class="stl_154 stl_08 stl_54">DKK’000  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:18.6777em;top:29.2073em;"><span class="stl_154 stl_08 stl_71">property  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.6488em;top:29.2073em;"><span class="stl_154 stl_08 stl_34" style="word-spacing:0.0074em;">right of use  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.1253em;top:29.2073em;"><span class="stl_154 stl_08 stl_36">property  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.0957em;top:29.2073em;"><span class="stl_154 stl_08 stl_34" style="word-spacing:0.0074em;">right of use  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.8195em;top:29.2073em;"><span class="stl_154 stl_08 stl_47" style="word-spacing:0.0057em;">right of use  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.6399em;top:29.2073em;"><span class="stl_154 stl_08 stl_51">equipment  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:31.6435em;"><span class="stl_155 stl_08 stl_64" style="word-spacing:0.0046em;">Carrying amount at 1 January 2021  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:19.1955em;top:31.6435em;"><span class="stl_155 stl_08 stl_25">112,833  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.2357em;top:31.6435em;"><span class="stl_155 stl_08 stl_52">13,808  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.65em;top:31.6435em;"><span class="stl_157 stl_08 stl_78">126,641  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.7989em;top:31.6435em;"><span class="stl_155 stl_08 stl_51">55  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.41em;top:31.6435em;"><span class="stl_157 stl_08 stl_51">13,863  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.82em;top:31.6435em;"><span class="stl_157 stl_08 stl_78">126,696  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:32.6735em;"><span class="stl_155 stl_08 stl_110" style="word-spacing:-0.0019em;">Foreign exchange adjustments  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:19.4588em;top:32.6735em;"><span class="stl_155 stl_08 stl_28">(1,480)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.6458em;top:32.6735em;"><span class="stl_155 stl_08 stl_22">(126)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.89em;top:32.6735em;"><span class="stl_157 stl_08 stl_20">(1,606)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.1076em;top:32.6735em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.82em;top:32.6735em;"><span class="stl_157 stl_08 stl_19">(126)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.06em;top:32.6735em;"><span class="stl_157 stl_08 stl_20">(1,606)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:33.7035em;"><span class="stl_155 stl_08 stl_110" style="word-spacing:0.0045em;">Right of use, depreciation  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:20.9368em;top:33.7035em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.6595em;top:33.7035em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.39em;top:33.7035em;"><span class="stl_157 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.4209em;top:33.7035em;"><span class="stl_155 stl_08 stl_27">(43)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.14em;top:33.7035em;"><span class="stl_157 stl_08 stl_90">(43)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.86em;top:33.7035em;"><span class="stl_157 stl_08 stl_90">(43)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:34.7335em;"><span class="stl_155 stl_08 stl_156">Additions  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:20.9419em;top:34.7335em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.5582em;top:34.7335em;"><span class="stl_155 stl_08 stl_30">2,692  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.28em;top:34.7335em;"><span class="stl_157 stl_08 stl_51">2,692  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.4776em;top:34.7335em;"><span class="stl_155 stl_08 stl_51">153  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.73em;top:34.7335em;"><span class="stl_157 stl_08 stl_51">2,845  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.45em;top:34.7335em;"><span class="stl_157 stl_08 stl_51">2,845  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:35.7635em;"><span class="stl_155 stl_08 stl_78" style="word-spacing:0.0033em;">Transfer to inventories (work in progress)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:18.8269em;top:35.7635em;"><span class="stl_155 stl_08 stl_21">(22,684)*  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.6564em;top:35.7635em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.58em;top:35.7635em;"><span class="stl_157 stl_08 stl_90">(22,684)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.1076em;top:35.7635em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.84em;top:35.7635em;"><span class="stl_157 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.75em;top:35.7635em;"><span class="stl_157 stl_08 stl_90">(22,684)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:36.7935em;"><span class="stl_155 stl_08 stl_90" style="word-spacing:0.0052em;">Enhancement costs  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:19.8393em;top:36.7935em;"><span class="stl_155 stl_08 stl_25">1,243  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.6551em;top:36.7935em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.28em;top:36.7935em;"><span class="stl_157 stl_08 stl_51">1,243  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.1076em;top:36.7935em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.84em;top:36.7935em;"><span class="stl_157 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.45em;top:36.7935em;"><span class="stl_157 stl_08 stl_51">1,243  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:37.8235em;"><span class="stl_155 stl_08 stl_78" style="word-spacing:-0.002em;">Revaluation to market value  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:19.5161em;top:37.8235em;"><span class="stl_155 stl_08 stl_36">30,723  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.0276em;top:37.8235em;"><span class="stl_155 stl_08 stl_127">148  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.96em;top:37.8235em;"><span class="stl_157 stl_08 stl_51">30,871  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.1076em;top:37.8235em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.21em;top:37.8235em;"><span class="stl_157 stl_08 stl_51">148  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.13em;top:37.8235em;"><span class="stl_157 stl_08 stl_51">30,871  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:38.9835em;"><span class="stl_157 stl_08 stl_66" style="word-spacing:-0.004em;">Carrying amount at 31 December 2021  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:19.1973em;top:38.9835em;"><span class="stl_157 stl_08 stl_28">120,635  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.2218em;top:38.9835em;"><span class="stl_157 stl_08 stl_51">16,522  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.6389em;top:38.9835em;"><span class="stl_157 stl_08 stl_36">137,157  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.4673em;top:38.9835em;"><span class="stl_157 stl_08 stl_51">165  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.3999em;top:38.9835em;"><span class="stl_157 stl_08 stl_34">16,687  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.8069em;top:38.9835em;"><span class="stl_157 stl_08 stl_28">137,322  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:40.1335em;"><span class="stl_155 stl_08 stl_61" style="word-spacing:0.0007em;">*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:4.72em;top:43.2135em;"><span class="stl_155 stl_08 stl_137" style="word-spacing:0.0484em;">The Polish properties have an assessed value of DKK 157,971 thousand, of which DKK 143,889 thousand is the real estate in Warsaw, DKK 140 thousand is a  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:44.0135em;"><span class="stl_155 stl_08 stl_20" style="word-spacing:0.002em;">land plot in Blichowo and DKK 13,942 thousand is right of use resulting from the application of IFRS 16. The value of the real estate in Warsaw is supported by  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:44.8035em;"><span class="stl_155 stl_08 stl_139" style="word-spacing:-0.0141em;">an external valuation report received in December 2022, prepared by a leading international estate agent in Warsaw. The value of the land plot in Blichowo has  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:45.5935em;"><span class="stl_155 stl_08 stl_137" style="word-spacing:0.0052em;">been assessed by the company’s management using a comparative method.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:46.6235em;"><span class="stl_155 stl_08 stl_27" style="word-spacing:0.0182em;">The value of the real estate in Warsaw represents the estate agent’s assessment of the current fair value. In addition to the general price level in the market,  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:47.4135em;"><span class="stl_155 stl_08 stl_50" style="word-spacing:0.0781em;">the assessment is based on these main assumptions: the present use of the property, the state of the buildings, the percentage of ownership, the income  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:48.2035em;"><span class="stl_155 stl_08 stl_110" style="word-spacing:0.0209em;">generated by the property and the zoning of the area. Any changes to these, particularly the percentage of ownership (i.e. the positive or negative resolution  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:48.9935em;"><span class="stl_155 stl_08 stl_28" style="word-spacing:0.097em;">of former owners’ claims), changes in zoning (e.g. to residential) and the general price development of similar properties in the area, could favourably or  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:49.7835em;"><span class="stl_155 stl_08 stl_134" style="word-spacing:0.005em;">adversely impact the property valuation.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:50.7735em;"><span class="stl_155 stl_08 stl_77" style="word-spacing:0.0362em;">For the valuation purposes, the property was divided into four groups: internal roads, industrial schemes (buildings), development land and plots designated  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:51.5435em;"><span class="stl_155 stl_08 stl_36" style="word-spacing:-0.0075em;">for external roads.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:53.3335em;"><span class="stl_155 stl_08 stl_109" style="word-spacing:-0.0147em;">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  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:54.0935em;"><span class="stl_155 stl_08 stl_77" style="word-spacing:0.0002em;">to determine the likely value of the subject. This approach assumes that the variation in prices between at least three comparable properties can be explained  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:54.8535em;"><span class="stl_155 stl_08 stl_90" style="word-spacing:0.0323em;">by differences in their individual attributes such as location, surroundings, accessibility, development potential, etc. The influence of each of these attributes  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:55.6235em;"><span class="stl_155 stl_08 stl_78" style="word-spacing:-0.02em;">on the value is assigned a percentage weighting, and the characteristics of each comparable and the subject are then rated, typically from 1 – 5, from very good  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:56.3835em;"><span class="stl_155 stl_08 stl_138" style="word-spacing:0.144em;">to very poor. The price of each comparable is adjusted according to how it differs 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:4.72em;top:57.1435em;"><span class="stl_155 stl_08 stl_77" style="word-spacing:0.0032em;">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:4.72em;top:58.6735em;"><span class="stl_155 stl_08 stl_64" style="word-spacing:0.0295em;">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  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:59.4335em;"><span class="stl_155 stl_08 stl_110" style="word-spacing:0.0279em;">as the lease is in force or until the first time it may be terminated if considered advantageous. Thereafter, income is expected to continue to be generated at  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:60.2035em;"><span class="stl_155 stl_08 stl_127" style="word-spacing:0.0109em;">market rent. Adjustments are made for lost rental income, fitting-out deposits and unobtainable running costs. Market rents applied range from DKK 55.6 per  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:60.9635em;"><span class="stl_155 stl_08 stl_28" style="word-spacing:-0.003em;">sqm for warehouses, to DKK 62.4 per sqm for offices and DKK 79.4 per sqm for self-storage boxes  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:62.4835em;"><span class="stl_155 stl_08 stl_61" style="word-spacing:-0.0465em;">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  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:63.2535em;"><span class="stl_155 stl_08 stl_28" style="word-spacing:0.0794em;">Terms (2nd edition), published by Estates Gazette, as “the constant capitalisation rate applied to all cash flows, that is, the internal rate of return from an  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.97em;top:66.1229em;"><span class="stl_37 stl_38 stl_29">69  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:5.8235em;"><span class="stl_155 stl_08 stl_134" style="word-spacing:-0.0254em;">investment property reflecting reversions to current market rent, and such items as voids and expenditures, but disregarding potential changes in market rents.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:6.5835em;"><span class="stl_155 stl_08 stl_127" style="word-spacing:0.0038em;">Conventionally calculated on a nominal basis, assuming that rents are receivable/payable annually in arrears”.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:8.1135em;"><span class="stl_155 stl_08 stl_90" style="word-spacing:0.0154em;">The required rates of return which have been set are an important factor in estimating the fair values. An equivalent yield of between 10.9% and 11.55% was  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:8.8735em;"><span class="stl_155 stl_08 stl_61" style="word-spacing:0.0508em;">adopted, which reflects the risks associated with a normal ownership or usufruct interest property including open-ended lease agreements and the physical  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:9.6335em;"><span class="stl_155 stl_08 stl_127" style="word-spacing:0.0187em;">state of the particular buildings. Using the equivalent yields mentioned above, a value of the subject was obtained reflecting an initial yield of between 9.79%  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:10.4035em;"><span class="stl_155 stl_08 stl_90" style="word-spacing:-0.0026em;">and 13.47% and a final yield of between 12.06% and 12.99%.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:11.9235em;"><span class="stl_155 stl_08 stl_90" style="word-spacing:-0.0006em;">Other assumptions:  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:12.6835em;"><span class="stl_155 stl_08 stl_50" style="word-spacing:-0.0034em;">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:4.72em;top:13.4535em;"><span class="stl_155 stl_08 stl_78" style="word-spacing:0.0011em;">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:4.72em;top:14.2135em;"><span class="stl_155 stl_08 stl_91" style="word-spacing:0.0006em;">Reletting voids: 10 months for offices / 5 for warehouse &amp; production space  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:14.9735em;"><span class="stl_155 stl_08 stl_61" style="word-spacing:0em;">No fit-out contributions  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:15.7435em;"><span class="stl_155 stl_08 stl_64" style="word-spacing:0.009em;">Letting fees: 16.5%  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:16.5035em;"><span class="stl_155 stl_08 stl_66" style="word-spacing:-0.0019em;">No rent-free periods and empty service charge  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:17.2635em;"><span class="stl_155 stl_08 stl_78" style="word-spacing:0.0016em;">Irrecoverable operating costs DKK 6.7 million (including property tax, perpetual usufruct fee, security, insurance, cost of the utilities based on the operating  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:18.0335em;"><span class="stl_155 stl_08 stl_110" style="word-spacing:0.0027em;">cost budget, plus management fee of 2% of market rent)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:18.7935em;"><span class="stl_155 stl_08 stl_77" style="word-spacing:0.0024em;">Capital expenditure of DKK 3.7 million  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:20.3135em;"><span class="stl_155 stl_08 stl_91" style="word-spacing:0.0003em;">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  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:21.0835em;"><span class="stl_155 stl_08 stl_90" style="word-spacing:-0.0022em;">protracted administrative proceedings, the value is further reduced by 20% due to the risk that such claims will be accommodated and due to the expenses  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:21.8435em;"><span class="stl_155 stl_08 stl_28" style="word-spacing:-0.0029em;">associated with the transitional phase.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:31.9335em;"><span class="stl_157 stl_08 stl_61" style="word-spacing:0.0049em;">Fair value hierarchy information  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.91em;top:31.9335em;"><span class="stl_157 stl_08 stl_66" style="word-spacing:0.0057em;">Level 1  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.63em;top:31.9335em;"><span class="stl_157 stl_08 stl_66" style="word-spacing:0.0057em;">Level 2  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.36em;top:31.9335em;"><span class="stl_157 stl_08 stl_66" style="word-spacing:0.0058em;">Level 3  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.68em;top:31.9335em;"><span class="stl_157 stl_08 stl_34" style="word-spacing:-0.0028em;">at 31/12  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:34.1135em;"><span class="stl_157 stl_08 stl_51">2022  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:35.1435em;"><span class="stl_155 stl_08 stl_110" style="word-spacing:0.0008em;">Land / roads  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.4207em;top:35.1435em;"><span class="stl_155 stl_08 stl_66">32,756  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.1402em;top:35.1435em;"><span class="stl_155 stl_08 stl_52">32,756  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:36.1735em;"><span class="stl_155 stl_08 stl_26" style="word-spacing:-0.0031em;">Plots of land with buildings  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.0994em;top:36.1735em;"><span class="stl_155 stl_08 stl_91">111,273  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.8145em;top:36.1735em;"><span class="stl_155 stl_08 stl_25">111,273  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:37.2035em;"><span class="stl_155 stl_08 stl_24" style="word-spacing:-0.0032em;">Right of use  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.4213em;top:37.2035em;"><span class="stl_155 stl_08 stl_52">13,942  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.1352em;top:37.2035em;"><span class="stl_155 stl_08 stl_36">13,942  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:38.2335em;"><span class="stl_157 stl_08 stl_138" style="word-spacing:0.0126em;">Total Investment property  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.52em;top:38.2335em;"><span class="stl_157 stl_08 stl_09">-</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.24em;top:38.2335em;"><span class="stl_157 stl_08 stl_09">-</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.1em;top:38.2335em;"><span class="stl_157 stl_08 stl_78">157,971  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.82em;top:38.2335em;"><span class="stl_157 stl_08 stl_78">157,971  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:40.2935em;"><span class="stl_157 stl_08 stl_51">2021  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:41.3135em;"><span class="stl_155 stl_08 stl_110" style="word-spacing:0.0008em;">Land / roads  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.4207em;top:41.3135em;"><span class="stl_155 stl_08 stl_66">36,402  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.1402em;top:41.3135em;"><span class="stl_155 stl_08 stl_52">36,402  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:42.3435em;"><span class="stl_155 stl_08 stl_26" style="word-spacing:-0.0031em;">Plots of land with buildings  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.4144em;top:42.3435em;"><span class="stl_155 stl_08 stl_36">84,233  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.1383em;top:42.3435em;"><span class="stl_155 stl_08 stl_52">84,233  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:43.3735em;"><span class="stl_155 stl_08 stl_24" style="word-spacing:-0.0032em;">Right of use  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.4213em;top:43.3735em;"><span class="stl_155 stl_08 stl_52">16,687  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.1352em;top:43.3735em;"><span class="stl_155 stl_08 stl_36">16,687  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:44.4035em;"><span class="stl_157 stl_08 stl_138" style="word-spacing:0.0126em;">Total Investment property  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.52em;top:44.4035em;"><span class="stl_157 stl_08 stl_09">-</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.24em;top:44.4035em;"><span class="stl_157 stl_08 stl_09">-</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.1em;top:44.4035em;"><span class="stl_157 stl_08 stl_78">137,322  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.82em;top:44.4035em;"><span class="stl_157 stl_08 stl_78">137,322  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:12.7873em;"><span class="stl_162 stl_08 stl_21" style="word-spacing:0.8729em;">17. LEASE</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:9.383em;top:12.7873em;"><span class="stl_162 stl_08 stl_52">LIABILITIES  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:15.4773em;"><span class="stl_154 stl_08 stl_36">GROUP  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:16.5754em;"><span class="stl_167 stl_08 stl_20" style="word-spacing:0.1059em;">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  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:17.3954em;"><span class="stl_167 stl_08 stl_73" style="word-spacing:-0.0428em;">regarding the 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  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:18.2054em;"><span class="stl_167 stl_08 stl_50" style="word-spacing:0.0306em;">in Note 9. Interest expense on lease liabilities is presented in Note 6. The total cash outflow for leases was DKK 956 thousand in 2022. The expense  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:19.0254em;"><span class="stl_167 stl_08 stl_26" style="word-spacing:0.002em;">relating to short-term operating leases for which no lease liability was recognised at the end of the reporting period was DKK 16 thousand. The fixed  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:19.8354em;"><span class="stl_167 stl_08 stl_27" style="word-spacing:-0.0249em;">incremental borrowing rate applied for first time recognition of lease liability was 6%. The total lease obligation was discounted using the incremental  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:20.6454em;"><span class="stl_167 stl_08 stl_28" style="word-spacing:0.0029em;">borrowing rate over the total lease period, which is 67 years.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.6064em;top:22.9673em;"><span class="stl_154 stl_08 stl_26" style="word-spacing:0.0106em;">Minimum lease  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.1106em;top:22.9673em;"><span class="stl_154 stl_08 stl_31" style="word-spacing:0.0053em;">Present value of minimum  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.0171em;top:23.8273em;"><span class="stl_154 stl_08 stl_42" style="word-spacing:-0.0067em;">payments, DKK’000  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.4521em;top:23.8273em;"><span class="stl_154 stl_08 stl_22" style="word-spacing:-0.0022em;">lease payments, DKK‘000  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.2698em;top:25.1673em;"><span class="stl_154 stl_08 stl_51">2022  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.9872em;top:25.1673em;"><span class="stl_154 stl_08 stl_51">2021  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7117em;top:25.1673em;"><span class="stl_154 stl_08 stl_51">2022  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.4362em;top:25.1673em;"><span class="stl_154 stl_08 stl_28">2021  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:27.6135em;"><span class="stl_155 stl_08 stl_25" style="word-spacing:-0.0022em;">Finance lease liabilities fall due as follows:  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:28.6435em;"><span class="stl_155 stl_08 stl_52" style="word-spacing:-0.0021em;">Within 1 year from the balance sheet date  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.7578em;top:28.6435em;"><span class="stl_155 stl_08 stl_127">867  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.008em;top:28.6435em;"><span class="stl_155 stl_08 stl_78">1,002  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.2032em;top:28.6435em;"><span class="stl_155 stl_08 stl_51">818  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.9233em;top:28.6435em;"><span class="stl_155 stl_08 stl_51">943  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:29.6635em;"><span class="stl_155 stl_08 stl_61" style="word-spacing:0.0004em;">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:29.2853em;top:29.6635em;"><span class="stl_155 stl_08 stl_25">3,473  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.0048em;top:29.6635em;"><span class="stl_155 stl_08 stl_25">4,152  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7306em;top:29.6635em;"><span class="stl_155 stl_08 stl_30">2,843  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.4533em;top:29.6635em;"><span class="stl_155 stl_08 stl_78">3,401  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:30.6935em;"><span class="stl_155 stl_08 stl_127" style="word-spacing:0.0015em;">More than 5 years from the balance sheet date  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.9653em;top:30.6935em;"><span class="stl_155 stl_08 stl_36">52,619  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.6829em;top:30.6935em;"><span class="stl_155 stl_08 stl_36">64,061  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.4131em;top:30.6935em;"><span class="stl_155 stl_08 stl_36">10,285  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.1307em;top:30.6935em;"><span class="stl_155 stl_08 stl_36">12,343  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:31.8535em;"><span class="stl_157 stl_08 stl_91" style="word-spacing:0.0058em;">At 31 December  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.96em;top:31.8535em;"><span class="stl_157 stl_08 stl_51">56,959  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.68em;top:31.8535em;"><span class="stl_157 stl_08 stl_51">69,215  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.41em;top:31.8535em;"><span class="stl_157 stl_08 stl_51">13,946  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.13em;top:31.8535em;"><span class="stl_157 stl_08 stl_51">16,687  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.67em;top:36.3073em;"><span class="stl_154 stl_08 stl_09" style="word-spacing:-0.0007em;">Present value  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.9412em;top:37.1673em;"><span class="stl_154 stl_08 stl_132" style="word-spacing:-0.0079em;">Fixed or  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.6657em;top:37.1673em;"><span class="stl_154 stl_08 stl_46" style="word-spacing:0.011em;">of minimum  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.9412em;top:38.0273em;"><span class="stl_154 stl_08 stl_21">floating  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.6679em;top:38.0273em;"><span class="stl_154 stl_08 stl_26">lease  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.0176em;top:38.0273em;"><span class="stl_154 stl_08 stl_17" style="word-spacing:-0.0037em;">Fair value  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:38.9073em;"><span class="stl_154 stl_08 stl_51">2022  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.8992em;top:38.9073em;"><span class="stl_154 stl_08 stl_30" style="word-spacing:0.0522em;">Expiry interest rate</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.650em;top:38.9073em;"><span class="stl_154 stl_08 stl_67" style="word-spacing:-0.0068em;">payments, DKK‘000</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.897em;top:38.9073em;"><span class="stl_154 stl_08 stl_51">DKK‘000  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:41.3435em;"><span class="stl_155 stl_08 stl_50" style="word-spacing:-0.0021em;">Lease liability, right of use investment property  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.4365em;top:41.3435em;"><span class="stl_155 stl_08 stl_28">2089  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.0811em;top:41.3435em;"><span class="stl_155 stl_08 stl_77">Fixed  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.4125em;top:41.3435em;"><span class="stl_155 stl_08 stl_34">13,825  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.1295em;top:41.3435em;"><span class="stl_155 stl_08 stl_36">13,824  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:42.3735em;"><span class="stl_155 stl_08 stl_90" style="word-spacing:-0.0004em;">Lease liability, right of use plant and machinery  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.4378em;top:42.3735em;"><span class="stl_155 stl_08 stl_28">2025  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.383em;top:42.3735em;"><span class="stl_155 stl_08 stl_77">Floating  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.2038em;top:42.3735em;"><span class="stl_155 stl_08 stl_51">121  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.9239em;top:42.3735em;"><span class="stl_155 stl_08 stl_127">121  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:43.5235em;"><span class="stl_157 stl_08 stl_72">Total  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.41em;top:43.5235em;"><span class="stl_157 stl_08 stl_51">13,946  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.13em;top:43.5235em;"><span class="stl_157 stl_08 stl_51">13,946  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.67em;top:45.9173em;"><span class="stl_154 stl_08 stl_09" style="word-spacing:-0.0007em;">Present value  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.9412em;top:46.7773em;"><span class="stl_154 stl_08 stl_132" style="word-spacing:-0.0079em;">Fixed or  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.6657em;top:46.7773em;"><span class="stl_154 stl_08 stl_46" style="word-spacing:0.011em;">of minimum  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.9412em;top:47.6473em;"><span class="stl_154 stl_08 stl_21">floating  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.6679em;top:47.6473em;"><span class="stl_154 stl_08 stl_26">lease  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.0176em;top:47.6473em;"><span class="stl_154 stl_08 stl_17" style="word-spacing:-0.0037em;">Fair value  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:48.5173em;"><span class="stl_154 stl_08 stl_51">2021  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.8992em;top:48.5173em;"><span class="stl_154 stl_08 stl_30" style="word-spacing:0.0522em;">Expiry interest rate</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.650em;top:48.5173em;"><span class="stl_154 stl_08 stl_67" style="word-spacing:-0.0068em;">payments, DKK‘000</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.897em;top:48.5173em;"><span class="stl_154 stl_08 stl_51">DKK‘000  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:50.9535em;"><span class="stl_155 stl_08 stl_50" style="word-spacing:-0.0021em;">Lease liability, right of use investment property  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.4365em;top:50.9535em;"><span class="stl_155 stl_08 stl_28">2089  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.0811em;top:50.9535em;"><span class="stl_155 stl_08 stl_77">Fixed  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.4125em;top:50.9535em;"><span class="stl_155 stl_08 stl_34">16,522  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.1295em;top:50.9535em;"><span class="stl_155 stl_08 stl_36">16,522  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:51.9835em;"><span class="stl_155 stl_08 stl_90" style="word-spacing:-0.0004em;">Lease liability, right of use plant and machinery  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.4378em;top:51.9835em;"><span class="stl_155 stl_08 stl_28">2025  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.383em;top:51.9835em;"><span class="stl_155 stl_08 stl_77">Floating  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.2038em;top:51.9835em;"><span class="stl_155 stl_08 stl_51">165  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.9239em;top:51.9835em;"><span class="stl_155 stl_08 stl_127">165  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:53.1435em;"><span class="stl_157 stl_08 stl_72">Total  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.41em;top:53.1435em;"><span class="stl_157 stl_08 stl_51">16,687  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.13em;top:53.1435em;"><span class="stl_157 stl_08 stl_51">16,687  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:5.8373em;"><span class="stl_162 stl_08 stl_26" style="word-spacing:0.8744em;">18. CHANGES</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:10.792em;top:5.8373em;"><span class="stl_162 stl_08 stl_26" style="word-spacing:-0.0001em;">IN LIABILITIES ARISING FROM FINANCING ACTIVITIES  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:8.5273em;"><span class="stl_154 stl_08 stl_36">GROUP  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:9.8673em;"><span class="stl_154 stl_08 stl_51">2022  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.1267em;top:9.8673em;"><span class="stl_154 stl_08 stl_14" style="word-spacing:-0.0072em;">Cash flow  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.8547em;top:9.8673em;"><span class="stl_154 stl_08 stl_42" style="word-spacing:-0.0005em;">Cash flow  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.4067em;top:9.8673em;"><span class="stl_154 stl_08 stl_17">Non-cash  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:18.3525em;top:10.7273em;"><span class="stl_154 stl_08 stl_31">Beginning  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.2857em;top:10.7273em;"><span class="stl_154 stl_08 stl_60">Proceeds  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.3279em;top:10.7273em;"><span class="stl_154 stl_08 stl_47">Repayment  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.6779em;top:10.7273em;"><span class="stl_154 stl_08 stl_17">Non-cash  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.3811em;top:10.7273em;"><span class="stl_154 stl_08 stl_80">Exchange  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:11.6073em;"><span class="stl_154 stl_08 stl_54">DKK’000  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:19.196em;top:11.6073em;"><span class="stl_154 stl_08 stl_191" style="word-spacing:-0.0078em;">of year  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.8136em;top:11.6073em;"><span class="stl_154 stl_08 stl_51" style="word-spacing:0.0011em;">from loans  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.3759em;top:11.6073em;"><span class="stl_154 stl_08 stl_137" style="word-spacing:0.0159em;">of loans  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.7139em;top:11.6073em;"><span class="stl_154 stl_08 stl_118">Other  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.7812em;top:11.6073em;"><span class="stl_154 stl_08 stl_54" style="word-spacing:-0.0002em;">rate adjust.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.5504em;top:11.6073em;"><span class="stl_154 stl_08 stl_33" style="word-spacing:-0.0017em;">End of year  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:14.0335em;"><span class="stl_155 stl_08 stl_64" style="word-spacing:0.0012em;">Lease liabilities  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:20.3093em;top:14.0335em;"><span class="stl_155 stl_08 stl_51">172  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.6595em;top:14.0335em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.698em;top:14.0335em;"><span class="stl_155 stl_08 stl_63">(32)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.4137em;top:14.0335em;"><span class="stl_155 stl_08 stl_40">(22)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.8357em;top:14.0335em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.9284em;top:14.0335em;"><span class="stl_155 stl_08 stl_127">118  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:15.0635em;"><span class="stl_155 stl_08 stl_61" style="word-spacing:0.0061em;">Bank loans  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:20.3106em;top:15.0635em;"><span class="stl_155 stl_08 stl_51">976  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.6608em;top:15.0635em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.386em;top:15.0635em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.7999em;top:15.0635em;"><span class="stl_155 stl_08 stl_158">57  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.8401em;top:15.0635em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.4565em;top:15.0635em;"><span class="stl_155 stl_08 stl_30">1,033  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:16.2235em;"><span class="stl_157 stl_08 stl_127" style="word-spacing:0.0159em;">Total financial liabilities  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:19.828em;top:16.2235em;"><span class="stl_157 stl_08 stl_25">1,148  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.6551em;top:16.2235em;"><span class="stl_157 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.6847em;top:16.2235em;"><span class="stl_157 stl_08 stl_46">(32)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.7942em;top:16.2235em;"><span class="stl_157 stl_08 stl_51">35  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.8319em;top:16.2235em;"><span class="stl_157 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.4458em;top:16.2235em;"><span class="stl_157 stl_08 stl_25">1,151  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:19.6273em;"><span class="stl_154 stl_08 stl_51">2021  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.1267em;top:19.6273em;"><span class="stl_154 stl_08 stl_14" style="word-spacing:-0.0072em;">Cash flow  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.8547em;top:19.6273em;"><span class="stl_154 stl_08 stl_42" style="word-spacing:-0.0005em;">Cash flow  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.4067em;top:19.6273em;"><span class="stl_154 stl_08 stl_17">Non-cash  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:18.3525em;top:20.4873em;"><span class="stl_154 stl_08 stl_31">Beginning  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.2857em;top:20.4873em;"><span class="stl_154 stl_08 stl_60">Proceeds  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.3279em;top:20.4873em;"><span class="stl_154 stl_08 stl_47">Repayment  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.6779em;top:20.4873em;"><span class="stl_154 stl_08 stl_17">Non-cash  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.3811em;top:20.4873em;"><span class="stl_154 stl_08 stl_80">Exchange  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:21.3673em;"><span class="stl_154 stl_08 stl_54">DKK’000  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:19.196em;top:21.3673em;"><span class="stl_154 stl_08 stl_191" style="word-spacing:-0.0078em;">of year  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.8136em;top:21.3673em;"><span class="stl_154 stl_08 stl_51" style="word-spacing:0.0011em;">from loans  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.3759em;top:21.3673em;"><span class="stl_154 stl_08 stl_137" style="word-spacing:0.0159em;">of loans  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.7139em;top:21.3673em;"><span class="stl_154 stl_08 stl_118">Other  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.7812em;top:21.3673em;"><span class="stl_154 stl_08 stl_54" style="word-spacing:-0.0002em;">rate adjust.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.5504em;top:21.3673em;"><span class="stl_154 stl_08 stl_33" style="word-spacing:-0.0017em;">End of year  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:23.8035em;"><span class="stl_155 stl_08 stl_64" style="word-spacing:0.0012em;">Lease liabilities  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:20.6307em;top:23.8035em;"><span class="stl_155 stl_08 stl_158">55  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.6583em;top:23.8035em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.7005em;top:23.8035em;"><span class="stl_155 stl_08 stl_27">(40)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.4755em;top:23.8035em;"><span class="stl_155 stl_08 stl_51">157  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.84em;top:23.8035em;"><span class="stl_157 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.93em;top:23.8035em;"><span class="stl_157 stl_08 stl_51">172  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:24.8335em;"><span class="stl_155 stl_08 stl_61" style="word-spacing:0.0061em;">Bank loans  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:20.9406em;top:24.8335em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.027em;top:24.8335em;"><span class="stl_155 stl_08 stl_51">950  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.39em;top:24.8335em;"><span class="stl_157 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.7989em;top:24.8335em;"><span class="stl_155 stl_08 stl_51">26  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.84em;top:24.8335em;"><span class="stl_157 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.93em;top:24.8335em;"><span class="stl_157 stl_08 stl_51">976  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:25.9935em;"><span class="stl_157 stl_08 stl_127" style="word-spacing:0.0159em;">Total financial liabilities  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:20.6281em;top:25.9935em;"><span class="stl_157 stl_08 stl_158">55  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.0257em;top:25.9935em;"><span class="stl_157 stl_08 stl_51">950  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.6829em;top:25.9935em;"><span class="stl_157 stl_08 stl_90">(40)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.4755em;top:25.9935em;"><span class="stl_157 stl_08 stl_51">183  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.8319em;top:25.9935em;"><span class="stl_157 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.4395em;top:25.9935em;"><span class="stl_157 stl_08 stl_51">1,148  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:13.8735em;"><span class="stl_157 stl_08 stl_70" style="word-spacing:0.759em;">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:14.6435em;"><span class="stl_157 stl_08 stl_77" style="word-spacing:0.0042em;">1 January 2022  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:16.1535em;"><span class="stl_155 stl_08 stl_109" style="word-spacing:0.0338em;">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:16.9235em;"><span class="stl_155 stl_08 stl_77" style="word-spacing:0.0029em;">for the first time for periods beginning on or after 1 January 2022:  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:6.22em;top:17.6899em;"><span class="stl_168 stl_112 stl_09"></span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.67em;top:17.6935em;"><span class="stl_155 stl_08 stl_18" style="word-spacing:-0.0506em;">Reference to the Conceptual Framework (Amendments to IFRS 3),  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.72em;top:18.4535em;"><span class="stl_155 stl_08 stl_64" style="word-spacing:0.0046em;">effective for periods beginning on or after 1 January 2022  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:6.22em;top:19.2199em;"><span class="stl_168 stl_112 stl_09"></span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.67em;top:19.2235em;"><span class="stl_155 stl_08 stl_64" style="word-spacing:-0.0149em;">Annual Improvements to IFRS Standards 2018–2020, effective for  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.72em;top:19.9835em;"><span class="stl_155 stl_08 stl_78" style="word-spacing:0.002em;">periods beginning on or after 1 January 2022  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:6.22em;top:20.7399em;"><span class="stl_168 stl_112 stl_09"></span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.67em;top:20.7435em;"><span class="stl_155 stl_08 stl_52" style="word-spacing:0.176em;">IAS 37 Provisions, Contingent Liabilities and Contingent Assets  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.72em;top:21.5135em;"><span class="stl_155 stl_08 stl_70" style="word-spacing:0.0035em;">(Amendment – Onerous Contracts – Cost of Fulfilling a Contract),  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.72em;top:22.2735em;"><span class="stl_155 stl_08 stl_64" style="word-spacing:0.0046em;">effective for periods beginning on or after 1 January 2022  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:6.22em;top:23.0299em;"><span class="stl_168 stl_112 stl_09"></span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.67em;top:23.0335em;"><span class="stl_155 stl_08 stl_77" style="word-spacing:-0.0015em;">Property, Plant and Equipment — Proceeds before Intended Use,  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.72em;top:23.8035em;"><span class="stl_155 stl_08 stl_64" style="word-spacing:0.0046em;">effective for periods beginning on or after 1 January 2022  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:25.3235em;"><span class="stl_155 stl_08 stl_25" style="word-spacing:-0.0033em;">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:26.0935em;"><span class="stl_155 stl_08 stl_110" style="word-spacing:0.0019em;">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:27.6135em;"><span class="stl_157 stl_08 stl_110" style="word-spacing:0.0015em;">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:28.3635em;"><span class="stl_155 stl_08 stl_134" style="word-spacing:-0.0106em;">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:29.1335em;"><span class="stl_155 stl_08 stl_50" style="word-spacing:0.0333em;">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:29.8935em;"><span class="stl_155 stl_08 stl_34" style="word-spacing:0.0282em;">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:30.6535em;"><span class="stl_155 stl_08 stl_20" style="word-spacing:-0.0021em;">significant of these are:  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:6.22em;top:32.1899em;"><span class="stl_168 stl_112 stl_09"></span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.72em;top:32.2235em;"><span class="stl_155 stl_08 stl_50" style="word-spacing:0.127em;">IAS 1 "Presentation of Financial Statements", the amendments  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.72em;top:32.9835em;"><span class="stl_155 stl_08 stl_135" style="word-spacing:0.0805em;">are effective for annual periods beginning on or after 1 January  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.72em;top:33.7435em;"><span class="stl_155 stl_08 stl_51">2023  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:6.22em;top:34.5099em;"><span class="stl_168 stl_112 stl_09"></span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.72em;top:34.5435em;"><span class="stl_155 stl_08 stl_110" style="word-spacing:0.0387em;">IAS 8 "Accounting Policies, Changes in Accounting Estimates and  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.72em;top:35.3035em;"><span class="stl_155 stl_08 stl_90" style="word-spacing:0.0362em;">Errors", the amendments are effective for annual periods begin-  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.72em;top:36.0635em;"><span class="stl_155 stl_08 stl_139" style="word-spacing:0.0072em;">ning on or after 1 January 2023  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:6.22em;top:36.8299em;"><span class="stl_168 stl_112 stl_09"></span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.72em;top:36.8635em;"><span class="stl_155 stl_08 stl_77" style="word-spacing:0.1282em;">IFRS 16 “Leases”, the amendments are effective for annual re-  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.72em;top:37.6235em;"><span class="stl_155 stl_08 stl_138" style="word-spacing:0.0063em;">porting periods beginning on or after 1 January 2024  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:6.22em;top:38.3899em;"><span class="stl_168 stl_112 stl_09"></span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.72em;top:38.4235em;"><span class="stl_155 stl_08 stl_137" style="word-spacing:0.0192em;">IFRS 17 “Insurance Contracts”, the amendments are effective for  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.72em;top:39.1835em;"><span class="stl_155 stl_08 stl_137" style="word-spacing:0.0045em;">annual reporting 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:40.7173em;"><span class="stl_162 stl_08 stl_51">2.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:6.9em;top:40.7173em;"><span class="stl_162 stl_08 stl_18" style="word-spacing:1.2557em;">SIGNIFICANT ACCOUNTING ESTIMATES,  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:6.9em;top:41.8373em;"><span class="stl_162 stl_08 stl_18" style="word-spacing:0.0048em;">ASSUMPTIONS AND UNCERTAINTIES  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:43.4235em;"><span class="stl_155 stl_08 stl_61" style="word-spacing:0.4564em;">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:44.1935em;"><span class="stl_155 stl_08 stl_137" style="word-spacing:0.1328em;">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:44.9535em;"><span class="stl_155 stl_08 stl_28" style="word-spacing:0.3524em;">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:45.7135em;"><span class="stl_155 stl_08 stl_127" style="word-spacing:0.0042em;">immediately inferred from other sources.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4em;top:7.0135em;"><span class="stl_155 stl_08 stl_66" style="word-spacing:0.1119em;">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:25.4em;top:7.7735em;"><span class="stl_155 stl_08 stl_90" style="word-spacing:0.4311em;">and other factors that Management considers reasonable under the  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4em;top:8.5335em;"><span class="stl_155 stl_08 stl_64" style="word-spacing:0.0981em;">circumstances, but which are inherently uncertain and unpredictable. Such  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4em;top:9.3035em;"><span class="stl_155 stl_08 stl_156" style="word-spacing:0.164em;">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:25.4em;top:10.0635em;"><span class="stl_155 stl_08 stl_138" style="word-spacing:0.2401em;">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:25.4em;top:10.8235em;"><span class="stl_155 stl_08 stl_61" style="word-spacing:0.426em;">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:25.4em;top:11.5935em;"><span class="stl_155 stl_08 stl_91" style="word-spacing:-0.0184em;">estimates. CeMat’s risks are described in “Risks and risk management” and in  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4em;top:12.3535em;"><span class="stl_155 stl_08 stl_19" style="word-spacing:-0.0046em;">Note 24 “Financial risks and financial instruments”.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4em;top:13.8735em;"><span class="stl_155 stl_08 stl_109" style="word-spacing:0.1744em;">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:25.4em;top:14.6435em;"><span class="stl_155 stl_08 stl_110" style="word-spacing:0.0977em;">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:25.4em;top:15.4035em;"><span class="stl_155 stl_08 stl_137" style="word-spacing:-0.0139em;">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:25.4em;top:16.1635em;"><span class="stl_155 stl_08 stl_66" style="word-spacing:0.0007em;">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:25.4em;top:17.6935em;"><span class="stl_157 stl_08 stl_127" style="word-spacing:0.0017em;">Measurement of investment property  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4em;top:19.2135em;"><span class="stl_155 stl_08 stl_169" style="word-spacing:0.1015em;">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:25.4em;top:19.9835em;"><span class="stl_155 stl_08 stl_110" style="word-spacing:0.3515em;">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:25.4em;top:20.7435em;"><span class="stl_155 stl_08 stl_52" style="word-spacing:-0.0313em;">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:25.4em;top:21.5035em;"><span class="stl_155 stl_08 stl_110" style="word-spacing:0.0153em;">valuation report received in December 2022 and its underlying assumptions.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4em;top:22.2735em;"><span class="stl_155 stl_08 stl_61" style="word-spacing:0.0172em;">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:25.4em;top:23.0335em;"><span class="stl_155 stl_08 stl_66" style="word-spacing:-0.0005em;">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:25.4em;top:24.5635em;"><span class="stl_155 stl_08 stl_137" style="word-spacing:0.1321em;">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:25.4em;top:25.3235em;"><span class="stl_155 stl_08 stl_45" style="word-spacing:-0.0337em;">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:25.4em;top:26.0835em;"><span class="stl_155 stl_08 stl_110" style="word-spacing:0.0337em;">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:25.4em;top:26.8435em;"><span class="stl_155 stl_08 stl_19" style="word-spacing:0.0669em;">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:25.4em;top:27.6135em;"><span class="stl_155 stl_08 stl_90" style="word-spacing:0.0044em;">liquidity risk in a sales situation.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4em;top:29.1335em;"><span class="stl_157 stl_08 stl_78" style="word-spacing:0.0032em;">Investments in subsidiaries  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4em;top:30.6635em;"><span class="stl_155 stl_08 stl_77" style="word-spacing:0.0337em;">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:25.4em;top:31.4235em;"><span class="stl_155 stl_08 stl_91" style="word-spacing:-0.0006em;">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:25.4em;top:32.9535em;"><span class="stl_157 stl_08 stl_127" style="word-spacing:0.0074em;">Forward-looking statements  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4em;top:34.4735em;"><span class="stl_155 stl_08 stl_127" style="word-spacing:0.1148em;">All forward-looking statements in this annual report reflect Management’s  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4em;top:35.2435em;"><span class="stl_155 stl_08 stl_19" style="word-spacing:0.0009em;">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:25.4em;top:36.0035em;"><span class="stl_155 stl_08 stl_78" style="word-spacing:0.0731em;">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:25.4em;top:36.7635em;"><span class="stl_155 stl_08 stl_66" style="word-spacing:0.0029em;">may therefore differ materially from expectations.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4em;top:38.2935em;"><span class="stl_155 stl_08 stl_28" style="word-spacing:-0.014em;">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:25.4em;top:39.0535em;"><span class="stl_155 stl_08 stl_19" style="word-spacing:0.619em;">include, but are not limited to, general economic developments,  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4em;top:39.8135em;"><span class="stl_155 stl_08 stl_27" style="word-spacing:0.047em;">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:25.4em;top:40.5835em;"><span class="stl_155 stl_08 stl_52" style="word-spacing:0.1895em;">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:25.4em;top:41.3435em;"><span class="stl_155 stl_08 stl_52" style="word-spacing:0.0041em;">forecasts and results.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4em;top:42.8735em;"><span class="stl_157 stl_08 stl_26" style="word-spacing:-0.0075em;">Tax asset utilisation  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4em;top:44.3935em;"><span class="stl_155 stl_08 stl_18" style="word-spacing:-0.0334em;">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:25.4em;top:45.1535em;"><span class="stl_155 stl_08 stl_90" style="word-spacing:0.0357em;">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:25.4em;top:45.9235em;"><span class="stl_155 stl_08 stl_66" style="word-spacing:-0.002em;">income within a foreseeable number of years.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4em;top:47.4435em;"><span class="stl_155 stl_08 stl_66" style="word-spacing:0.001em;">The annual report is published only in English.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:5.8635em;"><span class="stl_157 stl_08 stl_50" style="word-spacing:-0.0084em;">Other segment information:  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:7.9235em;"><span class="stl_155 stl_08 stl_110" style="word-spacing:0.002em;">Property management revenue can be broken down into the letting of premises and land and the provision of utilities to tenants, including power, water,  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:8.7135em;"><span class="stl_155 stl_08 stl_91" style="word-spacing:0.0068em;">natural gas, facility services, etc:  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:6.51em;top:10.7473em;"><span class="stl_154 stl_08 stl_54" style="word-spacing:-0.0221em;">PARENT COMPANY  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.08em;top:10.7473em;"><span class="stl_154 stl_08 stl_36">GROUP  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:6.2324em;top:12.0873em;"><span class="stl_154 stl_08 stl_28">2022  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:10.3704em;top:12.0873em;"><span class="stl_154 stl_08 stl_28">2021  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.5783em;top:12.0873em;"><span class="stl_154 stl_08 stl_67">DKK'000  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.5303em;top:12.0873em;"><span class="stl_154 stl_08 stl_51">2022  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.2548em;top:12.0873em;"><span class="stl_154 stl_08 stl_28">2021  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.3472em;top:14.5235em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.4903em;top:14.5235em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.5794em;top:14.5235em;"><span class="stl_155 stl_08 stl_19">Letting  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.2356em;top:14.5235em;"><span class="stl_155 stl_08 stl_36">18,639  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9532em;top:14.5235em;"><span class="stl_155 stl_08 stl_36">15,736  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.3472em;top:15.5535em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.4903em;top:15.5535em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.5794em;top:15.5535em;"><span class="stl_155 stl_08 stl_29">Utilities  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.5582em;top:15.5535em;"><span class="stl_155 stl_08 stl_30">7,935  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.2808em;top:15.5535em;"><span class="stl_155 stl_08 stl_78">5,571  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.3472em;top:16.7035em;"><span class="stl_157 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.4903em;top:16.7035em;"><span class="stl_157 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.718em;top:16.7035em;"><span class="stl_157 stl_08 stl_09">Total  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.2293em;top:16.7035em;"><span class="stl_157 stl_08 stl_73">26,574  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9444em;top:16.7035em;"><span class="stl_157 stl_08 stl_51">21,307  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:18.9535em;"><span class="stl_155 stl_08 stl_91" style="word-spacing:0.0003em;">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:5.8273em;"><span class="stl_162 stl_08 stl_51">9.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:6.9em;top:5.8273em;"><span class="stl_162 stl_08 stl_25" style="word-spacing:0.0033em;">PROPERTY, PLANT AND EQUIPMENT  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:8.5273em;"><span class="stl_154 stl_08 stl_36">GROUP  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:10.7273em;"><span class="stl_154 stl_08 stl_51">2022  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.6297em;top:10.7273em;"><span class="stl_154 stl_08 stl_40">Investment  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.2088em;top:10.7273em;"><span class="stl_154 stl_08 stl_09">Total  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.6261em;top:10.7273em;"><span class="stl_154 stl_08 stl_27" style="word-spacing:0.0124em;">Plant and  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.6345em;top:10.7273em;"><span class="stl_154 stl_08 stl_22" style="word-spacing:-0.0102em;">Total property  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:17.9123em;top:11.5973em;"><span class="stl_154 stl_08 stl_40">Investment  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.2062em;top:11.5973em;"><span class="stl_154 stl_08 stl_60">property,  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.3556em;top:11.5973em;"><span class="stl_154 stl_08 stl_71">Investment  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.3265em;top:11.5973em;"><span class="stl_154 stl_08 stl_51">machinery  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.6528em;top:11.5973em;"><span class="stl_154 stl_08 stl_115">Total  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.0737em;top:11.5973em;"><span class="stl_154 stl_08 stl_21" style="word-spacing:0.0018em;">plant and  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:12.4673em;"><span class="stl_154 stl_08 stl_54">DKK’000  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:18.6777em;top:12.4673em;"><span class="stl_154 stl_08 stl_71">property  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.6488em;top:12.4673em;"><span class="stl_154 stl_08 stl_34" style="word-spacing:0.0074em;">right of use  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.1253em;top:12.4673em;"><span class="stl_154 stl_08 stl_36">property  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.0957em;top:12.4673em;"><span class="stl_154 stl_08 stl_34" style="word-spacing:0.0074em;">right of use  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.8195em;top:12.4673em;"><span class="stl_154 stl_08 stl_47" style="word-spacing:0.0057em;">right of use  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.6399em;top:12.4673em;"><span class="stl_154 stl_08 stl_51">equipment  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:14.9035em;"><span class="stl_155 stl_08 stl_64" style="word-spacing:0.0046em;">Carrying amount at 1 January 2022  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:19.1955em;top:14.9035em;"><span class="stl_155 stl_08 stl_25">120,635  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.2357em;top:14.9035em;"><span class="stl_155 stl_08 stl_52">16,522  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.6408em;top:14.9035em;"><span class="stl_155 stl_08 stl_25">137,157  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.4685em;top:14.9035em;"><span class="stl_155 stl_08 stl_51">165  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.4074em;top:14.9035em;"><span class="stl_155 stl_08 stl_36">16,687  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.8101em;top:14.9035em;"><span class="stl_155 stl_08 stl_91">137,322  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:15.9335em;"><span class="stl_155 stl_08 stl_110" style="word-spacing:-0.0019em;">Foreign exchange adjustments  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:19.4588em;top:15.9335em;"><span class="stl_155 stl_08 stl_28">(2,252)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.6458em;top:15.9335em;"><span class="stl_155 stl_08 stl_22">(299)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.9054em;top:15.9335em;"><span class="stl_155 stl_08 stl_18">(2,551)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.723em;top:15.9335em;"><span class="stl_155 stl_08 stl_67">(3)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.8195em;top:15.9335em;"><span class="stl_155 stl_08 stl_62">(302)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.0734em;top:15.9335em;"><span class="stl_155 stl_08 stl_19">(2,554)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:16.9635em;"><span class="stl_155 stl_08 stl_110" style="word-spacing:0.0045em;">Right of use, depreciation  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:20.9368em;top:16.9635em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.6595em;top:16.9635em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.3847em;top:16.9635em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.4143em;top:16.9635em;"><span class="stl_155 stl_08 stl_63">(28)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.1427em;top:16.9635em;"><span class="stl_155 stl_08 stl_40">(28)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.8654em;top:16.9635em;"><span class="stl_155 stl_08 stl_63">(28)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:17.9935em;"><span class="stl_155 stl_08 stl_156">Additions  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:20.9419em;top:17.9935em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.6608em;top:17.9935em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.386em;top:17.9935em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.1086em;top:17.9935em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.8376em;top:17.9935em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.5603em;top:17.9935em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:19.0235em;"><span class="stl_155 stl_08 stl_78">Disposals  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:20.9368em;top:19.0235em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.6595em;top:19.0235em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.3885em;top:19.0235em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.4181em;top:19.0235em;"><span class="stl_155 stl_08 stl_63">(17)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.1465em;top:19.0235em;"><span class="stl_155 stl_08 stl_63">(17)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.8685em;top:19.0235em;"><span class="stl_155 stl_08 stl_27">(17)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:20.0435em;"><span class="stl_155 stl_08 stl_78" style="word-spacing:0.0033em;">Transfer to inventories (work in progress)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:19.1482em;top:20.0435em;"><span class="stl_155 stl_08 stl_73">(4,655)*  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.6551em;top:20.0435em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.9035em;top:20.0435em;"><span class="stl_155 stl_08 stl_36">(4,655)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.1023em;top:20.0435em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.8313em;top:20.0435em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.0734em;top:20.0435em;"><span class="stl_155 stl_08 stl_18">(4,655)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:21.0735em;"><span class="stl_155 stl_08 stl_134" style="word-spacing:0.0063em;">Shortening the leasing period  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:20.9356em;top:21.0735em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.1777em;top:21.0735em;"><span class="stl_155 stl_08 stl_19">(2,446)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.906em;top:21.0735em;"><span class="stl_155 stl_08 stl_19">(2,446)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.1023em;top:21.0735em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.3507em;top:21.0735em;"><span class="stl_155 stl_08 stl_46">(2,446)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.0759em;top:21.0735em;"><span class="stl_155 stl_08 stl_28">(2,446)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:22.1035em;"><span class="stl_155 stl_08 stl_90" style="word-spacing:0.0052em;">Enhancement costs  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:19.8393em;top:22.1035em;"><span class="stl_155 stl_08 stl_25">5,024  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.6551em;top:22.1035em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.2878em;top:22.1035em;"><span class="stl_155 stl_08 stl_25">5,024  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.1036em;top:22.1035em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.8326em;top:22.1035em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.4527em;top:22.1035em;"><span class="stl_155 stl_08 stl_34">5,024  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:23.1335em;"><span class="stl_155 stl_08 stl_78" style="word-spacing:-0.002em;">Revaluation to market value  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:19.5161em;top:23.1335em;"><span class="stl_155 stl_08 stl_36">25,277  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.3426em;top:23.1335em;"><span class="stl_155 stl_08 stl_51">48  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.9627em;top:23.1335em;"><span class="stl_155 stl_08 stl_36">25,325  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.1042em;top:23.1335em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.5245em;top:23.1335em;"><span class="stl_155 stl_08 stl_158">48  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.1345em;top:23.1335em;"><span class="stl_155 stl_08 stl_52">25,325  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:24.2935em;"><span class="stl_157 stl_08 stl_66" style="word-spacing:-0.004em;">Carrying amount at 31 December 2022  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:19.1973em;top:24.2935em;"><span class="stl_157 stl_08 stl_28">144,029  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.2218em;top:24.2935em;"><span class="stl_157 stl_08 stl_51">13,825  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.6389em;top:24.2935em;"><span class="stl_157 stl_08 stl_36">157,854  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.4673em;top:24.2935em;"><span class="stl_157 stl_08 stl_51">117  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.3999em;top:24.2935em;"><span class="stl_157 stl_08 stl_34">13,942  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.8069em;top:24.2935em;"><span class="stl_157 stl_08 stl_28">157,971  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:25.4435em;"><span class="stl_155 stl_08 stl_61" style="word-spacing:0.0007em;">*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:4.72em;top:27.4773em;"><span class="stl_154 stl_08 stl_51">2021  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.6297em;top:27.4773em;"><span class="stl_154 stl_08 stl_40">Investment  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.2088em;top:27.4773em;"><span class="stl_154 stl_08 stl_09">Total  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.6261em;top:27.4773em;"><span class="stl_154 stl_08 stl_27" style="word-spacing:0.0124em;">Plant and  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.6345em;top:27.4773em;"><span class="stl_154 stl_08 stl_22" style="word-spacing:-0.0102em;">Total property  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:17.9123em;top:28.3373em;"><span class="stl_154 stl_08 stl_40">Investment  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.2062em;top:28.3373em;"><span class="stl_154 stl_08 stl_60">property,  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.3556em;top:28.3373em;"><span class="stl_154 stl_08 stl_71">Investment  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.3265em;top:28.3373em;"><span class="stl_154 stl_08 stl_51">machinery  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.6528em;top:28.3373em;"><span class="stl_154 stl_08 stl_115">Total  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.0737em;top:28.3373em;"><span class="stl_154 stl_08 stl_21" style="word-spacing:0.0018em;">plant and  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:29.2073em;"><span class="stl_154 stl_08 stl_54">DKK’000  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:18.6777em;top:29.2073em;"><span class="stl_154 stl_08 stl_71">property  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.6488em;top:29.2073em;"><span class="stl_154 stl_08 stl_34" style="word-spacing:0.0074em;">right of use  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.1253em;top:29.2073em;"><span class="stl_154 stl_08 stl_36">property  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.0957em;top:29.2073em;"><span class="stl_154 stl_08 stl_34" style="word-spacing:0.0074em;">right of use  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.8195em;top:29.2073em;"><span class="stl_154 stl_08 stl_47" style="word-spacing:0.0057em;">right of use  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.6399em;top:29.2073em;"><span class="stl_154 stl_08 stl_51">equipment  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:31.6435em;"><span class="stl_155 stl_08 stl_64" style="word-spacing:0.0046em;">Carrying amount at 1 January 2021  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:19.1955em;top:31.6435em;"><span class="stl_155 stl_08 stl_25">112,833  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.2357em;top:31.6435em;"><span class="stl_155 stl_08 stl_52">13,808  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.65em;top:31.6435em;"><span class="stl_157 stl_08 stl_78">126,641  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.7989em;top:31.6435em;"><span class="stl_155 stl_08 stl_51">55  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.41em;top:31.6435em;"><span class="stl_157 stl_08 stl_51">13,863  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.82em;top:31.6435em;"><span class="stl_157 stl_08 stl_78">126,696  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:32.6735em;"><span class="stl_155 stl_08 stl_110" style="word-spacing:-0.0019em;">Foreign exchange adjustments  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:19.4588em;top:32.6735em;"><span class="stl_155 stl_08 stl_28">(1,480)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.6458em;top:32.6735em;"><span class="stl_155 stl_08 stl_22">(126)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.89em;top:32.6735em;"><span class="stl_157 stl_08 stl_20">(1,606)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.1076em;top:32.6735em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.82em;top:32.6735em;"><span class="stl_157 stl_08 stl_19">(126)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.06em;top:32.6735em;"><span class="stl_157 stl_08 stl_20">(1,606)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:33.7035em;"><span class="stl_155 stl_08 stl_110" style="word-spacing:0.0045em;">Right of use, depreciation  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:20.9368em;top:33.7035em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.6595em;top:33.7035em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.39em;top:33.7035em;"><span class="stl_157 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.4209em;top:33.7035em;"><span class="stl_155 stl_08 stl_27">(43)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.14em;top:33.7035em;"><span class="stl_157 stl_08 stl_90">(43)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.86em;top:33.7035em;"><span class="stl_157 stl_08 stl_90">(43)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:34.7335em;"><span class="stl_155 stl_08 stl_156">Additions  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:20.9419em;top:34.7335em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.5582em;top:34.7335em;"><span class="stl_155 stl_08 stl_30">2,692  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.28em;top:34.7335em;"><span class="stl_157 stl_08 stl_51">2,692  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.4776em;top:34.7335em;"><span class="stl_155 stl_08 stl_51">153  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.73em;top:34.7335em;"><span class="stl_157 stl_08 stl_51">2,845  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.45em;top:34.7335em;"><span class="stl_157 stl_08 stl_51">2,845  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:35.7635em;"><span class="stl_155 stl_08 stl_78" style="word-spacing:0.0033em;">Transfer to inventories (work in progress)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:18.8269em;top:35.7635em;"><span class="stl_155 stl_08 stl_21">(22,684)*  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.6564em;top:35.7635em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.58em;top:35.7635em;"><span class="stl_157 stl_08 stl_90">(22,684)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.1076em;top:35.7635em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.84em;top:35.7635em;"><span class="stl_157 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.75em;top:35.7635em;"><span class="stl_157 stl_08 stl_90">(22,684)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:36.7935em;"><span class="stl_155 stl_08 stl_90" style="word-spacing:0.0052em;">Enhancement costs  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:19.8393em;top:36.7935em;"><span class="stl_155 stl_08 stl_25">1,243  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.6551em;top:36.7935em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.28em;top:36.7935em;"><span class="stl_157 stl_08 stl_51">1,243  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.1076em;top:36.7935em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.84em;top:36.7935em;"><span class="stl_157 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.45em;top:36.7935em;"><span class="stl_157 stl_08 stl_51">1,243  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:37.8235em;"><span class="stl_155 stl_08 stl_78" style="word-spacing:-0.002em;">Revaluation to market value  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:19.5161em;top:37.8235em;"><span class="stl_155 stl_08 stl_36">30,723  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.0276em;top:37.8235em;"><span class="stl_155 stl_08 stl_127">148  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.96em;top:37.8235em;"><span class="stl_157 stl_08 stl_51">30,871  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.1076em;top:37.8235em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.21em;top:37.8235em;"><span class="stl_157 stl_08 stl_51">148  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.13em;top:37.8235em;"><span class="stl_157 stl_08 stl_51">30,871  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:38.9835em;"><span class="stl_157 stl_08 stl_66" style="word-spacing:-0.004em;">Carrying amount at 31 December 2021  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:19.1973em;top:38.9835em;"><span class="stl_157 stl_08 stl_28">120,635  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.2218em;top:38.9835em;"><span class="stl_157 stl_08 stl_51">16,522  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.6389em;top:38.9835em;"><span class="stl_157 stl_08 stl_36">137,157  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.4673em;top:38.9835em;"><span class="stl_157 stl_08 stl_51">165  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.3999em;top:38.9835em;"><span class="stl_157 stl_08 stl_34">16,687  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.8069em;top:38.9835em;"><span class="stl_157 stl_08 stl_28">137,322  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:40.1335em;"><span class="stl_155 stl_08 stl_61" style="word-spacing:0.0007em;">*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:4.72em;top:43.2135em;"><span class="stl_155 stl_08 stl_137" style="word-spacing:0.0484em;">The Polish properties have an assessed value of DKK 157,971 thousand, of which DKK 143,889 thousand is the real estate in Warsaw, DKK 140 thousand is a  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:44.0135em;"><span class="stl_155 stl_08 stl_20" style="word-spacing:0.002em;">land plot in Blichowo and DKK 13,942 thousand is right of use resulting from the application of IFRS 16. The value of the real estate in Warsaw is supported by  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:44.8035em;"><span class="stl_155 stl_08 stl_139" style="word-spacing:-0.0141em;">an external valuation report received in December 2022, prepared by a leading international estate agent in Warsaw. The value of the land plot in Blichowo has  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:45.5935em;"><span class="stl_155 stl_08 stl_137" style="word-spacing:0.0052em;">been assessed by the company’s management using a comparative method.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:46.6235em;"><span class="stl_155 stl_08 stl_27" style="word-spacing:0.0182em;">The value of the real estate in Warsaw represents the estate agent’s assessment of the current fair value. In addition to the general price level in the market,  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:47.4135em;"><span class="stl_155 stl_08 stl_50" style="word-spacing:0.0781em;">the assessment is based on these main assumptions: the present use of the property, the state of the buildings, the percentage of ownership, the income  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:48.2035em;"><span class="stl_155 stl_08 stl_110" style="word-spacing:0.0209em;">generated by the property and the zoning of the area. Any changes to these, particularly the percentage of ownership (i.e. the positive or negative resolution  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:48.9935em;"><span class="stl_155 stl_08 stl_28" style="word-spacing:0.097em;">of former owners’ claims), changes in zoning (e.g. to residential) and the general price development of similar properties in the area, could favourably or  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:49.7835em;"><span class="stl_155 stl_08 stl_134" style="word-spacing:0.005em;">adversely impact the property valuation.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:50.7735em;"><span class="stl_155 stl_08 stl_77" style="word-spacing:0.0362em;">For the valuation purposes, the property was divided into four groups: internal roads, industrial schemes (buildings), development land and plots designated  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:51.5435em;"><span class="stl_155 stl_08 stl_36" style="word-spacing:-0.0075em;">for external roads.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:53.3335em;"><span class="stl_155 stl_08 stl_109" style="word-spacing:-0.0147em;">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  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:54.0935em;"><span class="stl_155 stl_08 stl_77" style="word-spacing:0.0002em;">to determine the likely value of the subject. This approach assumes that the variation in prices between at least three comparable properties can be explained  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:54.8535em;"><span class="stl_155 stl_08 stl_90" style="word-spacing:0.0323em;">by differences in their individual attributes such as location, surroundings, accessibility, development potential, etc. The influence of each of these attributes  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:55.6235em;"><span class="stl_155 stl_08 stl_78" style="word-spacing:-0.02em;">on the value is assigned a percentage weighting, and the characteristics of each comparable and the subject are then rated, typically from 1 – 5, from very good  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:56.3835em;"><span class="stl_155 stl_08 stl_138" style="word-spacing:0.144em;">to very poor. The price of each comparable is adjusted according to how it differs 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:4.72em;top:57.1435em;"><span class="stl_155 stl_08 stl_77" style="word-spacing:0.0032em;">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:4.72em;top:58.6735em;"><span class="stl_155 stl_08 stl_64" style="word-spacing:0.0295em;">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  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:59.4335em;"><span class="stl_155 stl_08 stl_110" style="word-spacing:0.0279em;">as the lease is in force or until the first time it may be terminated if considered advantageous. Thereafter, income is expected to continue to be generated at  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:60.2035em;"><span class="stl_155 stl_08 stl_127" style="word-spacing:0.0109em;">market rent. Adjustments are made for lost rental income, fitting-out deposits and unobtainable running costs. Market rents applied range from DKK 55.6 per  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:60.9635em;"><span class="stl_155 stl_08 stl_28" style="word-spacing:-0.003em;">sqm for warehouses, to DKK 62.4 per sqm for offices and DKK 79.4 per sqm for self-storage boxes  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:62.4835em;"><span class="stl_155 stl_08 stl_61" style="word-spacing:-0.0465em;">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  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:63.2535em;"><span class="stl_155 stl_08 stl_28" style="word-spacing:0.0794em;">Terms (2nd edition), published by Estates Gazette, as “the constant capitalisation rate applied to all cash flows, that is, the internal rate of return from an  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.97em;top:66.1229em;"><span class="stl_37 stl_38 stl_29">69  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:5.8235em;"><span class="stl_155 stl_08 stl_134" style="word-spacing:-0.0254em;">investment property reflecting reversions to current market rent, and such items as voids and expenditures, but disregarding potential changes in market rents.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:6.5835em;"><span class="stl_155 stl_08 stl_127" style="word-spacing:0.0038em;">Conventionally calculated on a nominal basis, assuming that rents are receivable/payable annually in arrears”.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:8.1135em;"><span class="stl_155 stl_08 stl_90" style="word-spacing:0.0154em;">The required rates of return which have been set are an important factor in estimating the fair values. An equivalent yield of between 10.9% and 11.55% was  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:8.8735em;"><span class="stl_155 stl_08 stl_61" style="word-spacing:0.0508em;">adopted, which reflects the risks associated with a normal ownership or usufruct interest property including open-ended lease agreements and the physical  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:9.6335em;"><span class="stl_155 stl_08 stl_127" style="word-spacing:0.0187em;">state of the particular buildings. Using the equivalent yields mentioned above, a value of the subject was obtained reflecting an initial yield of between 9.79%  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:10.4035em;"><span class="stl_155 stl_08 stl_90" style="word-spacing:-0.0026em;">and 13.47% and a final yield of between 12.06% and 12.99%.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:11.9235em;"><span class="stl_155 stl_08 stl_90" style="word-spacing:-0.0006em;">Other assumptions:  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:12.6835em;"><span class="stl_155 stl_08 stl_50" style="word-spacing:-0.0034em;">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:4.72em;top:13.4535em;"><span class="stl_155 stl_08 stl_78" style="word-spacing:0.0011em;">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:4.72em;top:14.2135em;"><span class="stl_155 stl_08 stl_91" style="word-spacing:0.0006em;">Reletting voids: 10 months for offices / 5 for warehouse &amp; production space  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:14.9735em;"><span class="stl_155 stl_08 stl_61" style="word-spacing:0em;">No fit-out contributions  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:15.7435em;"><span class="stl_155 stl_08 stl_64" style="word-spacing:0.009em;">Letting fees: 16.5%  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:16.5035em;"><span class="stl_155 stl_08 stl_66" style="word-spacing:-0.0019em;">No rent-free periods and empty service charge  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:17.2635em;"><span class="stl_155 stl_08 stl_78" style="word-spacing:0.0016em;">Irrecoverable operating costs DKK 6.7 million (including property tax, perpetual usufruct fee, security, insurance, cost of the utilities based on the operating  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:18.0335em;"><span class="stl_155 stl_08 stl_110" style="word-spacing:0.0027em;">cost budget, plus management fee of 2% of market rent)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:18.7935em;"><span class="stl_155 stl_08 stl_77" style="word-spacing:0.0024em;">Capital expenditure of DKK 3.7 million  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:20.3135em;"><span class="stl_155 stl_08 stl_91" style="word-spacing:0.0003em;">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  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:21.0835em;"><span class="stl_155 stl_08 stl_90" style="word-spacing:-0.0022em;">protracted administrative proceedings, the value is further reduced by 20% due to the risk that such claims will be accommodated and due to the expenses  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:21.8435em;"><span class="stl_155 stl_08 stl_28" style="word-spacing:-0.0029em;">associated with the transitional phase.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:31.9335em;"><span class="stl_157 stl_08 stl_61" style="word-spacing:0.0049em;">Fair value hierarchy information  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.91em;top:31.9335em;"><span class="stl_157 stl_08 stl_66" style="word-spacing:0.0057em;">Level 1  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.63em;top:31.9335em;"><span class="stl_157 stl_08 stl_66" style="word-spacing:0.0057em;">Level 2  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.36em;top:31.9335em;"><span class="stl_157 stl_08 stl_66" style="word-spacing:0.0058em;">Level 3  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.68em;top:31.9335em;"><span class="stl_157 stl_08 stl_34" style="word-spacing:-0.0028em;">at 31/12  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:34.1135em;"><span class="stl_157 stl_08 stl_51">2022  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:35.1435em;"><span class="stl_155 stl_08 stl_110" style="word-spacing:0.0008em;">Land / roads  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.4207em;top:35.1435em;"><span class="stl_155 stl_08 stl_66">32,756  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.1402em;top:35.1435em;"><span class="stl_155 stl_08 stl_52">32,756  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:36.1735em;"><span class="stl_155 stl_08 stl_26" style="word-spacing:-0.0031em;">Plots of land with buildings  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.0994em;top:36.1735em;"><span class="stl_155 stl_08 stl_91">111,273  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.8145em;top:36.1735em;"><span class="stl_155 stl_08 stl_25">111,273  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:37.2035em;"><span class="stl_155 stl_08 stl_24" style="word-spacing:-0.0032em;">Right of use  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.4213em;top:37.2035em;"><span class="stl_155 stl_08 stl_52">13,942  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.1352em;top:37.2035em;"><span class="stl_155 stl_08 stl_36">13,942  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:38.2335em;"><span class="stl_157 stl_08 stl_138" style="word-spacing:0.0126em;">Total Investment property  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.52em;top:38.2335em;"><span class="stl_157 stl_08 stl_09">-</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.24em;top:38.2335em;"><span class="stl_157 stl_08 stl_09">-</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.1em;top:38.2335em;"><span class="stl_157 stl_08 stl_78">157,971  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.82em;top:38.2335em;"><span class="stl_157 stl_08 stl_78">157,971  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:40.2935em;"><span class="stl_157 stl_08 stl_51">2021  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:41.3135em;"><span class="stl_155 stl_08 stl_110" style="word-spacing:0.0008em;">Land / roads  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.4207em;top:41.3135em;"><span class="stl_155 stl_08 stl_66">36,402  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.1402em;top:41.3135em;"><span class="stl_155 stl_08 stl_52">36,402  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:42.3435em;"><span class="stl_155 stl_08 stl_26" style="word-spacing:-0.0031em;">Plots of land with buildings  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.4144em;top:42.3435em;"><span class="stl_155 stl_08 stl_36">84,233  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.1383em;top:42.3435em;"><span class="stl_155 stl_08 stl_52">84,233  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:43.3735em;"><span class="stl_155 stl_08 stl_24" style="word-spacing:-0.0032em;">Right of use  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.4213em;top:43.3735em;"><span class="stl_155 stl_08 stl_52">16,687  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.1352em;top:43.3735em;"><span class="stl_155 stl_08 stl_36">16,687  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:44.4035em;"><span class="stl_157 stl_08 stl_138" style="word-spacing:0.0126em;">Total Investment property  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.52em;top:44.4035em;"><span class="stl_157 stl_08 stl_09">-</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.24em;top:44.4035em;"><span class="stl_157 stl_08 stl_09">-</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.1em;top:44.4035em;"><span class="stl_157 stl_08 stl_78">137,322  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.82em;top:44.4035em;"><span class="stl_157 stl_08 stl_78">137,322  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:5.8373em;"><span class="stl_162 stl_08 stl_51">9.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:6.9em;top:5.8373em;"><span class="stl_162 stl_08 stl_26" style="word-spacing:0.0021em;">PROPERTY, PLANT AND EQUIPMENT (CONTINUED)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:8.4835em;"><span class="stl_157 stl_08 stl_64" 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:6.51em;top:10.5173em;"><span class="stl_154 stl_08 stl_54" style="word-spacing:-0.0221em;">PARENT COMPANY  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.08em;top:10.5173em;"><span class="stl_154 stl_08 stl_36">GROUP  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:6.2324em;top:11.8573em;"><span class="stl_154 stl_08 stl_28">2022  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:10.3704em;top:11.8573em;"><span class="stl_154 stl_08 stl_28">2021  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.5783em;top:11.8573em;"><span class="stl_154 stl_08 stl_67">DKK'000  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.5331em;top:11.8573em;"><span class="stl_154 stl_08 stl_51">2022  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.2505em;top:11.8573em;"><span class="stl_154 stl_08 stl_51">2021  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.3472em;top:14.2935em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.4903em;top:14.2935em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.5794em;top:14.2935em;"><span class="stl_155 stl_08 stl_66" style="word-spacing:-0.0033em;">Rental income from investment property  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.235em;top:14.2935em;"><span class="stl_155 stl_08 stl_66">18,639  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9545em;top:14.2935em;"><span class="stl_155 stl_08 stl_52">15,736  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.3472em;top:15.4535em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.49em;top:15.4535em;"><span class="stl_157 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.58em;top:15.4535em;"><span class="stl_157 stl_08 stl_64" 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:37.23em;top:15.4535em;"><span class="stl_157 stl_08 stl_51">18,639  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.95em;top:15.4535em;"><span class="stl_157 stl_08 stl_51">15,736  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:19.4873em;"><span class="stl_162 stl_08 stl_51">9.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:6.9em;top:19.4873em;"><span class="stl_162 stl_08 stl_26" style="word-spacing:0.0021em;">PROPERTY, PLANT AND EQUIPMENT (CONTINUED)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:22.1335em;"><span class="stl_157 stl_08 stl_127" style="word-spacing:0.0029em;">Direct operating expenses arising from investment property  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:6.51em;top:24.1573em;"><span class="stl_154 stl_08 stl_54" style="word-spacing:-0.0221em;">PARENT COMPANY  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.08em;top:24.1573em;"><span class="stl_154 stl_08 stl_36">GROUP  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:6.2324em;top:25.5073em;"><span class="stl_154 stl_08 stl_28">2022  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:10.3704em;top:25.5073em;"><span class="stl_154 stl_08 stl_28">2021  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.5783em;top:25.5073em;"><span class="stl_154 stl_08 stl_67">DKK'000  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.5331em;top:25.5073em;"><span class="stl_154 stl_08 stl_51">2022  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.2505em;top:25.5073em;"><span class="stl_154 stl_08 stl_51">2021  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.3472em;top:27.9435em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.4903em;top:27.9435em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.5794em;top:27.9435em;"><span class="stl_155 stl_08 stl_127" style="word-spacing:0.0065em;">Direct operating expenses (including repairs and maintenance) arising from  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.5531em;top:27.9435em;"><span class="stl_155 stl_08 stl_78">6,946  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.2695em;top:27.9435em;"><span class="stl_155 stl_08 stl_30">5,657  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.5782em;top:28.9735em;"><span class="stl_155 stl_08 stl_77" style="word-spacing:0.0016em;">investment property that generated rental income during the period  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.3472em;top:30.0035em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.4903em;top:30.0035em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.5794em;top:30.0035em;"><span class="stl_155 stl_08 stl_64" style="word-spacing:0.0052em;">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:38.0181em;top:30.0035em;"><span class="stl_155 stl_08 stl_51">671  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.7382em;top:30.0035em;"><span class="stl_155 stl_08 stl_51">834  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.5782em;top:31.0335em;"><span class="stl_155 stl_08 stl_61" style="word-spacing:0.0007em;">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:7.3472em;top:32.1835em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.49em;top:32.1835em;"><span class="stl_157 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.58em;top:32.1835em;"><span class="stl_157 stl_08 stl_127" style="word-spacing:0.0029em;">Direct operating expenses arising from investment property  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.55em;top:32.1835em;"><span class="stl_157 stl_08 stl_51">7,617  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.27em;top:32.1835em;"><span class="stl_157 stl_08 stl_51">6,491  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:35.9873em;"><span class="stl_162 stl_08 stl_51">9.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:6.9em;top:35.9873em;"><span class="stl_162 stl_08 stl_26" style="word-spacing:0.0021em;">PROPERTY, PLANT AND EQUIPMENT (CONTINUED)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:37.6135em;"><span class="stl_157 stl_08 stl_20" style="word-spacing:-0.0084em;">Amounts of minimum lease payments at balance sheet date under non-cancellable operating leases</span><span class="stl_155 stl_08 stl_20" style="word-spacing:-0.0084em;">.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:6.51em;top:39.6473em;"><span class="stl_154 stl_08 stl_54" style="word-spacing:-0.0221em;">PARENT COMPANY  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.08em;top:39.6473em;"><span class="stl_154 stl_08 stl_36">GROUP  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:6.2324em;top:40.9873em;"><span class="stl_154 stl_08 stl_28">2022  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:10.3704em;top:40.9873em;"><span class="stl_154 stl_08 stl_28">2021  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.5783em;top:40.9873em;"><span class="stl_154 stl_08 stl_67">DKK'000  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.5331em;top:40.9873em;"><span class="stl_154 stl_08 stl_51">2022  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.2505em;top:40.9873em;"><span class="stl_154 stl_08 stl_51">2021  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.5819em;top:43.4235em;"><span class="stl_155 stl_08 stl_109" style="word-spacing:0.0076em;">Operating lease payments may be specified as follows:  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.3472em;top:44.4535em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.4903em;top:44.4535em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.5794em;top:44.4535em;"><span class="stl_155 stl_08 stl_34" style="word-spacing:-0.0051em;">Within 1 year  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.5569em;top:44.4535em;"><span class="stl_155 stl_08 stl_30">6,063  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.2796em;top:44.4535em;"><span class="stl_155 stl_08 stl_78">5,591  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.3472em;top:45.4835em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.4903em;top:45.4835em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.5794em;top:45.4835em;"><span class="stl_155 stl_08 stl_137" style="word-spacing:0.0035em;">Between 1 and 5 years  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.0231em;top:45.4835em;"><span class="stl_155 stl_08 stl_51">895  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.2771em;top:45.4835em;"><span class="stl_155 stl_08 stl_78">1,768  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.3472em;top:46.6435em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.49em;top:46.6435em;"><span class="stl_157 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.58em;top:46.6435em;"><span class="stl_157 stl_08 stl_72">Total  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.5608em;top:46.6435em;"><span class="stl_155 stl_08 stl_25">6,958  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.27em;top:46.6435em;"><span class="stl_157 stl_08 stl_51">7,359  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:48.8235em;"><span class="stl_155 stl_08 stl_110" style="word-spacing:0.002em;">For agreements with tenants for an indefinite period, the above figures represent the aggregate rental income from leasing agreements within their notice  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:49.6135em;"><span class="stl_155 stl_08 stl_50" style="word-spacing:-0.0018em;">periods. For 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:4.72em;top:21.6073em;"><span class="stl_162 stl_08 stl_51">4.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:6.9em;top:21.6073em;"><span class="stl_162 stl_08 stl_51" style="word-spacing:-0.0075em;">STAFF COSTS  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:6.5093em;top:24.3073em;"><span class="stl_154 stl_08 stl_43" style="word-spacing:-0.0164em;">PARENT COMPANY  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.08em;top:24.3073em;"><span class="stl_154 stl_08 stl_36">GROUP  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:6.2324em;top:25.6473em;"><span class="stl_154 stl_08 stl_28">2022  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:10.3704em;top:25.6473em;"><span class="stl_154 stl_08 stl_28">2021  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.5783em;top:25.6473em;"><span class="stl_154 stl_08 stl_67">DKK'000  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.5331em;top:25.6473em;"><span class="stl_154 stl_08 stl_51">2022  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.2505em;top:25.6473em;"><span class="stl_154 stl_08 stl_51">2021  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:6.251em;top:28.0835em;"><span class="stl_155 stl_08 stl_25">1,050  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:10.8571em;top:28.0835em;"><span class="stl_155 stl_08 stl_51">840  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.58em;top:28.0835em;"><span class="stl_155 stl_08 stl_66" style="word-spacing:-0.0004em;">Directors' fees  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.5582em;top:28.0835em;"><span class="stl_155 stl_08 stl_25">1,050  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.7439em;top:28.0835em;"><span class="stl_155 stl_08 stl_51">840  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.0385em;top:29.1135em;"><span class="stl_155 stl_08 stl_51">36  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.1815em;top:29.1135em;"><span class="stl_155 stl_08 stl_158">36  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.5819em;top:29.1135em;"><span class="stl_155 stl_08 stl_64" style="word-spacing:0.006em;">Wages and salaries  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.5607em;top:29.1135em;"><span class="stl_155 stl_08 stl_25">3,134  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.2802em;top:29.1135em;"><span class="stl_155 stl_08 stl_78">3,366  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.3472em;top:30.1435em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.4903em;top:30.1435em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.5794em;top:30.1435em;"><span class="stl_155 stl_08 stl_77" style="word-spacing:0.0025em;">Bonuses for Management Board  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.0244em;top:30.1435em;"><span class="stl_155 stl_08 stl_51">324  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.7445em;top:30.1435em;"><span class="stl_155 stl_08 stl_51">299  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.3472em;top:31.1735em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.4903em;top:31.1735em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.5794em;top:31.1735em;"><span class="stl_155 stl_08 stl_78" style="word-spacing:-0.0017em;">Pension contributions, defined contribution plans  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.0244em;top:31.1735em;"><span class="stl_155 stl_08 stl_51">550  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.7445em;top:31.1735em;"><span class="stl_155 stl_08 stl_127">642  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.3472em;top:32.2035em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.4903em;top:32.2035em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.5794em;top:32.2035em;"><span class="stl_155 stl_08 stl_77" style="word-spacing:0.0034em;">Other social security costs  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.0238em;top:32.2035em;"><span class="stl_155 stl_08 stl_51">169  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.7439em;top:32.2035em;"><span class="stl_155 stl_08 stl_51">133  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:6.24em;top:33.3635em;"><span class="stl_157 stl_08 stl_51">1,086  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:10.86em;top:33.3635em;"><span class="stl_157 stl_08 stl_51">876  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.7186em;top:33.3635em;"><span class="stl_157 stl_08 stl_74">Total  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.55em;top:33.3635em;"><span class="stl_157 stl_08 stl_51">5,227  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.27em;top:33.3635em;"><span class="stl_157 stl_08 stl_51">5,281  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.35em;top:35.5335em;"><span class="stl_157 stl_08 stl_09">1</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.49em;top:35.5335em;"><span class="stl_157 stl_08 stl_09">1</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.7186em;top:35.5335em;"><span class="stl_157 stl_08 stl_61" style="word-spacing:-0.0027em;">Average number of full-time employees  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.35em;top:35.5335em;"><span class="stl_157 stl_08 stl_51">22  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.07em;top:35.5335em;"><span class="stl_157 stl_08 stl_51">21  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:37.7235em;"><span class="stl_155 stl_08 stl_170" style="word-spacing:0.0078em;">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  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:38.5135em;"><span class="stl_155 stl_08 stl_171" style="word-spacing:-0.0112em;">of Directors. For the purpose of the above table, the Management Board is understood as the CEO of CeMat A/S and th</span><span class="stl_155 stl_08 stl_172">e</span><span class="stl_155 stl_08 stl_173">C</span><span class="stl_155 stl_08 stl_171" style="word-spacing:-0.0132em;">EO and CFO of the subsidiary companies CeMat  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:39.3035em;"><span class="stl_155 stl_08 stl_174" style="word-spacing:0.0496em;">'70, CeMat Real Estate, W131, W133 and Arkuszowa 56. Additional remuneration of the CEO for consultancy services of DKK 859 thousand (2021: DKK 698 thousand)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:40.0935em;"><span class="stl_155 stl_08 stl_175" style="word-spacing:0.0187em;">related to development project or preparation of land plots for divestment or development is recognised as inventories (work in progress) or investment property and is  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:40.8835em;"><span class="stl_155 stl_08 stl_176" style="word-spacing:0.0114em;">not included in the table above.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:41.8735em;"><span class="stl_155 stl_08 stl_177" style="word-spacing:-0.0003em;">CeMat has signed an annex which intends to a new performance-based remuneration system for CEO, contribute to business strategy, long-term interests and  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:42.6435em;"><span class="stl_155 stl_08 stl_178" style="word-spacing:0.0048em;">sustainability through the application of the long-term performance and development targets of the company. An additional bonus will be paid if the companies obtain a  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:43.4035em;"><span class="stl_155 stl_08 stl_179" style="word-spacing:0.0018em;">profit from the sale of the properties in an amount exceeding the limit of PLN 103,500,000. This limit is based on the sale of undeveloped real estate and profits from the  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:44.1635em;"><span class="stl_155 stl_08 stl_180" style="word-spacing:0.0073em;">sale of developed real estate.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:45.7335em;"><span class="stl_157 stl_08 stl_52" style="word-spacing:-0.002em;">Group and parent company  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:46.7635em;"><span class="stl_155 stl_08 stl_61" style="word-spacing:-0.0009em;">Remuneration of Board of Directors and Management Board  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.11em;top:47.7935em;"><span class="stl_157 stl_08 stl_36" style="word-spacing:-0.0081em;">Board of Directors  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.338em;top:47.7935em;"><span class="stl_157 stl_08 stl_137" style="word-spacing:0.0076em;">Management Board  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.8805em;top:49.0373em;"><span class="stl_154 stl_08 stl_51">DKK’000  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.8599em;top:49.0373em;"><span class="stl_154 stl_08 stl_28">2022  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.9837em;top:49.0373em;"><span class="stl_154 stl_08 stl_51">2021  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.126em;top:49.0373em;"><span class="stl_154 stl_08 stl_28">2022  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.2498em;top:49.0373em;"><span class="stl_154 stl_08 stl_51">2021  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:51.4735em;"><span class="stl_155 stl_08 stl_50" style="word-spacing:-0.0009em;">Directors' fees  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.8782em;top:51.4735em;"><span class="stl_155 stl_08 stl_25">1,050  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.478em;top:51.4735em;"><span class="stl_155 stl_08 stl_51">840  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.2485em;top:51.4735em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.3752em;top:51.4735em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:52.5035em;"><span class="stl_155 stl_08 stl_134">Salaries  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.9763em;top:52.5035em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.1067em;top:52.5035em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.1472em;top:52.5035em;"><span class="stl_155 stl_08 stl_30">1,468  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.2777em;top:52.5035em;"><span class="stl_155 stl_08 stl_30">1,220  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:53.5335em;"><span class="stl_155 stl_08 stl_26">Bonuses  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.9782em;top:53.5335em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.1086em;top:53.5335em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.6154em;top:53.5335em;"><span class="stl_155 stl_08 stl_51">324  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.7496em;top:53.5335em;"><span class="stl_155 stl_08 stl_127">299  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:54.5635em;"><span class="stl_155 stl_08 stl_52" style="word-spacing:-0.0106em;">Pension contributions  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.9769em;top:54.5635em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.1074em;top:54.5635em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.6141em;top:54.5635em;"><span class="stl_155 stl_08 stl_51">132  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.7483em;top:54.5635em;"><span class="stl_155 stl_08 stl_127">121  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:55.7135em;"><span class="stl_157 stl_08 stl_72">Total  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.87em;top:55.7135em;"><span class="stl_157 stl_08 stl_51">1,050  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.48em;top:55.7135em;"><span class="stl_157 stl_08 stl_51">840  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.14em;top:55.7135em;"><span class="stl_157 stl_08 stl_51">1,924  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.27em;top:55.7135em;"><span class="stl_157 stl_08 stl_51">1,640  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:57.8935em;"><span class="stl_155 stl_08 stl_20" style="word-spacing:-0.0002em;">The fee to the Chairman of the Board of Directors for the current term amounts to DKK 500 thousand (2021: DKK 400 thousand), to the Deputy Chairman DKK  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:58.6835em;"><span class="stl_155 stl_08 stl_140" style="word-spacing:0.0672em;">350 thousand (2021: DKK 280 thousand) and to an ordinary member DKK 200 thousand (2021: DKK 160 thousand). For the purpose of the above table, the  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:59.4835em;"><span class="stl_155 stl_08 stl_64" style="word-spacing:-0.0046em;">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, W133 and  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:60.2735em;"><span class="stl_155 stl_08 stl_181" style="word-spacing:0.1249em;">Arkuszowa 56. Additional remuneration of the CEO for consultancy services of DKK 859 thousand related to development project or preparation of land plots for  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:61.0635em;"><span class="stl_155 stl_08 stl_182" style="word-spacing:0.0089em;">divestment or development recognised as inventories (work in progress) or investment property 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:4.72em;top:5.8373em;"><span class="stl_162 stl_08 stl_51">5.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:6.9em;top:5.8373em;"><span class="stl_162 stl_08 stl_35" style="word-spacing:-0.0065em;">FINANCIAL INCOME  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:6.51em;top:8.4573em;"><span class="stl_154 stl_08 stl_54" style="word-spacing:-0.0221em;">PARENT COMPANY  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.08em;top:8.4573em;"><span class="stl_154 stl_08 stl_36">GROUP  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:6.2324em;top:9.7973em;"><span class="stl_154 stl_08 stl_28">2022  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:10.3704em;top:9.7973em;"><span class="stl_154 stl_08 stl_28">2021  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.5783em;top:9.7973em;"><span class="stl_154 stl_08 stl_67">DKK'000  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.5331em;top:9.7973em;"><span class="stl_154 stl_08 stl_51">2022  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.2505em;top:9.7973em;"><span class="stl_154 stl_08 stl_51">2021  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.0385em;top:12.2335em;"><span class="stl_155 stl_08 stl_51">53  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.1815em;top:12.2335em;"><span class="stl_155 stl_08 stl_158">55  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.5819em;top:12.2335em;"><span class="stl_155 stl_08 stl_25" style="word-spacing:-0.0088em;">Interest from group entities  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.6557em;top:12.2335em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.372em;top:12.2335em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.3472em;top:13.2635em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.4903em;top:13.2635em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.5794em;top:13.2635em;"><span class="stl_155 stl_08 stl_77" style="word-spacing:0.0038em;">Interest on bank deposits etc.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.0238em;top:13.2635em;"><span class="stl_155 stl_08 stl_51">184  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.3739em;top:13.2635em;"><span class="stl_155 stl_08 stl_09">7</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.04em;top:14.4235em;"><span class="stl_157 stl_08 stl_51">53  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.18em;top:14.4235em;"><span class="stl_157 stl_08 stl_51">55  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.58em;top:14.4235em;"><span class="stl_157 stl_08 stl_26" style="word-spacing:-0.0126em;">Interest income  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.03em;top:14.4235em;"><span class="stl_157 stl_08 stl_51">184  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.38em;top:14.4235em;"><span class="stl_157 stl_08 stl_09">7</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:6.7172em;top:16.6035em;"><span class="stl_155 stl_08 stl_51">468  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:10.8577em;top:16.6035em;"><span class="stl_155 stl_08 stl_51">216  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.5807em;top:16.6035em;"><span class="stl_155 stl_08 stl_127" style="word-spacing:0.001em;">Foreign exchange adjustments  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.6582em;top:16.6035em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.3771em;top:16.6035em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:6.72em;top:17.7635em;"><span class="stl_157 stl_08 stl_51">521  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:10.86em;top:17.7635em;"><span class="stl_157 stl_08 stl_51">271  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.58em;top:17.7635em;"><span class="stl_157 stl_08 stl_72">Total  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.03em;top:17.7635em;"><span class="stl_157 stl_08 stl_51">184  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.38em;top:17.7635em;"><span class="stl_157 stl_08 stl_09">7</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:21.5673em;"><span class="stl_162 stl_08 stl_51">6.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:6.8968em;top:21.5673em;"><span class="stl_162 stl_08 stl_20" style="word-spacing:0.0039em;">FINANCIAL EXPENSES  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:6.51em;top:24.1873em;"><span class="stl_154 stl_08 stl_54" style="word-spacing:-0.0221em;">PARENT COMPANY  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.08em;top:24.1873em;"><span class="stl_154 stl_08 stl_36">GROUP  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:6.2324em;top:25.5273em;"><span class="stl_154 stl_08 stl_28">2022  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:10.3704em;top:25.5273em;"><span class="stl_154 stl_08 stl_28">2021  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.5783em;top:25.5273em;"><span class="stl_154 stl_08 stl_67">DKK'000  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.5331em;top:25.5273em;"><span class="stl_154 stl_08 stl_51">2022  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.2505em;top:25.5273em;"><span class="stl_154 stl_08 stl_51">2021  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:6.251em;top:27.9635em;"><span class="stl_155 stl_08 stl_25">1,146  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:10.3909em;top:27.9635em;"><span class="stl_155 stl_08 stl_78">1,083  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.5763em;top:27.9635em;"><span class="stl_155 stl_08 stl_34" style="word-spacing:-0.0082em;">Interest to group entities  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.6538em;top:27.9635em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.3765em;top:27.9635em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.3472em;top:28.9935em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.4903em;top:28.9935em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.5794em;top:28.9935em;"><span class="stl_155 stl_08 stl_78" style="word-spacing:0.0009em;">Interest relating to lease liabilities  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.0212em;top:28.9935em;"><span class="stl_155 stl_08 stl_51">978  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.7414em;top:28.9935em;"><span class="stl_155 stl_08 stl_51">994  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.0385em;top:30.0235em;"><span class="stl_155 stl_08 stl_51">56  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.1815em;top:30.0235em;"><span class="stl_155 stl_08 stl_158">17  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.5819em;top:30.0235em;"><span class="stl_155 stl_08 stl_61" style="word-spacing:0.0025em;">Interest on bank loans  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.3507em;top:30.0235em;"><span class="stl_155 stl_08 stl_158">56  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.0696em;top:30.0235em;"><span class="stl_155 stl_08 stl_158">17  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.0385em;top:31.0535em;"><span class="stl_155 stl_08 stl_51">18  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.1815em;top:31.0535em;"><span class="stl_155 stl_08 stl_158">25  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.5819em;top:31.0535em;"><span class="stl_155 stl_08 stl_25" style="word-spacing:0.004em;">Other interest  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.0288em;top:31.0535em;"><span class="stl_155 stl_08 stl_51">126  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.064em;top:31.0535em;"><span class="stl_155 stl_08 stl_51">33  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:6.24em;top:32.2135em;"><span class="stl_157 stl_08 stl_51">1,220  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:10.38em;top:32.2135em;"><span class="stl_157 stl_08 stl_51">1,125  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.58em;top:32.2135em;"><span class="stl_157 stl_08 stl_32" style="word-spacing:-0.0135em;">Interest expenses  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.55em;top:32.2135em;"><span class="stl_157 stl_08 stl_51">1,160  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.27em;top:32.2135em;"><span class="stl_157 stl_08 stl_51">1,044  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.3472em;top:34.3135em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.4903em;top:34.3135em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.5794em;top:34.3135em;"><span class="stl_155 stl_08 stl_78" style="word-spacing:-0.0021em;">Foreign exchange adjustments  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.2739em;top:34.3135em;"><span class="stl_155 stl_08 stl_67">(3)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.372em;top:34.3135em;"><span class="stl_155 stl_08 stl_09">1</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:6.24em;top:35.4635em;"><span class="stl_157 stl_08 stl_51">1,220  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:10.38em;top:35.4635em;"><span class="stl_157 stl_08 stl_51">1,125  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.58em;top:35.4635em;"><span class="stl_157 stl_08 stl_72">Total  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.55em;top:35.4635em;"><span class="stl_157 stl_08 stl_51">1,157  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.27em;top:35.4635em;"><span class="stl_157 stl_08 stl_51">1,045  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:5.8373em;"><span class="stl_162 stl_08 stl_51">5.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:6.9em;top:5.8373em;"><span class="stl_162 stl_08 stl_35" style="word-spacing:-0.0065em;">FINANCIAL INCOME  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:6.51em;top:8.4573em;"><span class="stl_154 stl_08 stl_54" style="word-spacing:-0.0221em;">PARENT COMPANY  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.08em;top:8.4573em;"><span class="stl_154 stl_08 stl_36">GROUP  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:6.2324em;top:9.7973em;"><span class="stl_154 stl_08 stl_28">2022  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:10.3704em;top:9.7973em;"><span class="stl_154 stl_08 stl_28">2021  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.5783em;top:9.7973em;"><span class="stl_154 stl_08 stl_67">DKK'000  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.5331em;top:9.7973em;"><span class="stl_154 stl_08 stl_51">2022  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.2505em;top:9.7973em;"><span class="stl_154 stl_08 stl_51">2021  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.0385em;top:12.2335em;"><span class="stl_155 stl_08 stl_51">53  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.1815em;top:12.2335em;"><span class="stl_155 stl_08 stl_158">55  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.5819em;top:12.2335em;"><span class="stl_155 stl_08 stl_25" style="word-spacing:-0.0088em;">Interest from group entities  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.6557em;top:12.2335em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.372em;top:12.2335em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.3472em;top:13.2635em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.4903em;top:13.2635em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.5794em;top:13.2635em;"><span class="stl_155 stl_08 stl_77" style="word-spacing:0.0038em;">Interest on bank deposits etc.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.0238em;top:13.2635em;"><span class="stl_155 stl_08 stl_51">184  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.3739em;top:13.2635em;"><span class="stl_155 stl_08 stl_09">7</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.04em;top:14.4235em;"><span class="stl_157 stl_08 stl_51">53  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.18em;top:14.4235em;"><span class="stl_157 stl_08 stl_51">55  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.58em;top:14.4235em;"><span class="stl_157 stl_08 stl_26" style="word-spacing:-0.0126em;">Interest income  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.03em;top:14.4235em;"><span class="stl_157 stl_08 stl_51">184  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.38em;top:14.4235em;"><span class="stl_157 stl_08 stl_09">7</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:6.7172em;top:16.6035em;"><span class="stl_155 stl_08 stl_51">468  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:10.8577em;top:16.6035em;"><span class="stl_155 stl_08 stl_51">216  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.5807em;top:16.6035em;"><span class="stl_155 stl_08 stl_127" style="word-spacing:0.001em;">Foreign exchange adjustments  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.6582em;top:16.6035em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.3771em;top:16.6035em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:6.72em;top:17.7635em;"><span class="stl_157 stl_08 stl_51">521  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:10.86em;top:17.7635em;"><span class="stl_157 stl_08 stl_51">271  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.58em;top:17.7635em;"><span class="stl_157 stl_08 stl_72">Total  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.03em;top:17.7635em;"><span class="stl_157 stl_08 stl_51">184  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.38em;top:17.7635em;"><span class="stl_157 stl_08 stl_09">7</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:21.5673em;"><span class="stl_162 stl_08 stl_51">6.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:6.8968em;top:21.5673em;"><span class="stl_162 stl_08 stl_20" style="word-spacing:0.0039em;">FINANCIAL EXPENSES  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:6.51em;top:24.1873em;"><span class="stl_154 stl_08 stl_54" style="word-spacing:-0.0221em;">PARENT COMPANY  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.08em;top:24.1873em;"><span class="stl_154 stl_08 stl_36">GROUP  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:6.2324em;top:25.5273em;"><span class="stl_154 stl_08 stl_28">2022  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:10.3704em;top:25.5273em;"><span class="stl_154 stl_08 stl_28">2021  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.5783em;top:25.5273em;"><span class="stl_154 stl_08 stl_67">DKK'000  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.5331em;top:25.5273em;"><span class="stl_154 stl_08 stl_51">2022  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.2505em;top:25.5273em;"><span class="stl_154 stl_08 stl_51">2021  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:6.251em;top:27.9635em;"><span class="stl_155 stl_08 stl_25">1,146  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:10.3909em;top:27.9635em;"><span class="stl_155 stl_08 stl_78">1,083  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.5763em;top:27.9635em;"><span class="stl_155 stl_08 stl_34" style="word-spacing:-0.0082em;">Interest to group entities  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.6538em;top:27.9635em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.3765em;top:27.9635em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.3472em;top:28.9935em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.4903em;top:28.9935em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.5794em;top:28.9935em;"><span class="stl_155 stl_08 stl_78" style="word-spacing:0.0009em;">Interest relating to lease liabilities  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.0212em;top:28.9935em;"><span class="stl_155 stl_08 stl_51">978  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.7414em;top:28.9935em;"><span class="stl_155 stl_08 stl_51">994  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.0385em;top:30.0235em;"><span class="stl_155 stl_08 stl_51">56  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.1815em;top:30.0235em;"><span class="stl_155 stl_08 stl_158">17  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.5819em;top:30.0235em;"><span class="stl_155 stl_08 stl_61" style="word-spacing:0.0025em;">Interest on bank loans  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.3507em;top:30.0235em;"><span class="stl_155 stl_08 stl_158">56  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.0696em;top:30.0235em;"><span class="stl_155 stl_08 stl_158">17  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.0385em;top:31.0535em;"><span class="stl_155 stl_08 stl_51">18  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.1815em;top:31.0535em;"><span class="stl_155 stl_08 stl_158">25  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.5819em;top:31.0535em;"><span class="stl_155 stl_08 stl_25" style="word-spacing:0.004em;">Other interest  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.0288em;top:31.0535em;"><span class="stl_155 stl_08 stl_51">126  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.064em;top:31.0535em;"><span class="stl_155 stl_08 stl_51">33  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:6.24em;top:32.2135em;"><span class="stl_157 stl_08 stl_51">1,220  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:10.38em;top:32.2135em;"><span class="stl_157 stl_08 stl_51">1,125  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.58em;top:32.2135em;"><span class="stl_157 stl_08 stl_32" style="word-spacing:-0.0135em;">Interest expenses  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.55em;top:32.2135em;"><span class="stl_157 stl_08 stl_51">1,160  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.27em;top:32.2135em;"><span class="stl_157 stl_08 stl_51">1,044  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.3472em;top:34.3135em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.4903em;top:34.3135em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.5794em;top:34.3135em;"><span class="stl_155 stl_08 stl_78" style="word-spacing:-0.0021em;">Foreign exchange adjustments  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.2739em;top:34.3135em;"><span class="stl_155 stl_08 stl_67">(3)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.372em;top:34.3135em;"><span class="stl_155 stl_08 stl_09">1</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:6.24em;top:35.4635em;"><span class="stl_157 stl_08 stl_51">1,220  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:10.38em;top:35.4635em;"><span class="stl_157 stl_08 stl_51">1,125  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.58em;top:35.4635em;"><span class="stl_157 stl_08 stl_72">Total  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.55em;top:35.4635em;"><span class="stl_157 stl_08 stl_51">1,157  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.27em;top:35.4635em;"><span class="stl_157 stl_08 stl_51">1,045  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:5.8373em;"><span class="stl_162 stl_08 stl_30" style="word-spacing:0.8723em;">28. RELATED</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:10.491em;top:5.8373em;"><span class="stl_162 stl_08 stl_34" style="word-spacing:-0.0025em;">PARTY TRANSACTIONS  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:6.51em;top:8.5273em;"><span class="stl_154 stl_08 stl_54" style="word-spacing:-0.0221em;">PARENT COMPANY  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.08em;top:8.5273em;"><span class="stl_154 stl_08 stl_36">GROUP  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:6.2324em;top:9.8673em;"><span class="stl_154 stl_08 stl_28">2022  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:10.3704em;top:9.8673em;"><span class="stl_154 stl_08 stl_28">2021  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.5783em;top:9.8673em;"><span class="stl_154 stl_08 stl_67">DKK'000  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.5331em;top:9.8673em;"><span class="stl_154 stl_08 stl_51">2022  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.2505em;top:9.8673em;"><span class="stl_154 stl_08 stl_51">2021  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.0385em;top:12.3035em;"><span class="stl_155 stl_08 stl_51">54  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.1815em;top:12.3035em;"><span class="stl_155 stl_08 stl_158">55  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.5819em;top:12.3035em;"><span class="stl_155 stl_08 stl_52" style="word-spacing:0.0022em;">Subsidiaries, interest income  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.655em;top:12.3035em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.3777em;top:12.3035em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:6.251em;top:13.3335em;"><span class="stl_155 stl_08 stl_25">1,147  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:10.3909em;top:13.3335em;"><span class="stl_155 stl_08 stl_78">1,083  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.5763em;top:13.3335em;"><span class="stl_155 stl_08 stl_64" style="word-spacing:0.0095em;">Subsidiaries, interest expenses  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.6525em;top:13.3335em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.3752em;top:13.3335em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:6.24em;top:14.4935em;"><span class="stl_157 stl_08 stl_51">1,201  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:10.38em;top:14.4935em;"><span class="stl_157 stl_08 stl_51">1,138  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.58em;top:14.4935em;"><span class="stl_157 stl_08 stl_70" style="word-spacing:0.0165em;">Total transactions  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.66em;top:14.4935em;"><span class="stl_157 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.38em;top:14.4935em;"><span class="stl_157 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:16.6454em;"><span class="stl_167 stl_08 stl_26" style="word-spacing:-0.0025em;">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:21.5673em;"><span class="stl_162 stl_08 stl_51">6.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:6.8968em;top:21.5673em;"><span class="stl_162 stl_08 stl_20" style="word-spacing:0.0039em;">FINANCIAL EXPENSES  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:6.51em;top:24.1873em;"><span class="stl_154 stl_08 stl_54" style="word-spacing:-0.0221em;">PARENT COMPANY  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.08em;top:24.1873em;"><span class="stl_154 stl_08 stl_36">GROUP  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:6.2324em;top:25.5273em;"><span class="stl_154 stl_08 stl_28">2022  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:10.3704em;top:25.5273em;"><span class="stl_154 stl_08 stl_28">2021  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.5783em;top:25.5273em;"><span class="stl_154 stl_08 stl_67">DKK'000  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.5331em;top:25.5273em;"><span class="stl_154 stl_08 stl_51">2022  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.2505em;top:25.5273em;"><span class="stl_154 stl_08 stl_51">2021  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:6.251em;top:27.9635em;"><span class="stl_155 stl_08 stl_25">1,146  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:10.3909em;top:27.9635em;"><span class="stl_155 stl_08 stl_78">1,083  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.5763em;top:27.9635em;"><span class="stl_155 stl_08 stl_34" style="word-spacing:-0.0082em;">Interest to group entities  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.6538em;top:27.9635em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.3765em;top:27.9635em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.3472em;top:28.9935em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.4903em;top:28.9935em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.5794em;top:28.9935em;"><span class="stl_155 stl_08 stl_78" style="word-spacing:0.0009em;">Interest relating to lease liabilities  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.0212em;top:28.9935em;"><span class="stl_155 stl_08 stl_51">978  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.7414em;top:28.9935em;"><span class="stl_155 stl_08 stl_51">994  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.0385em;top:30.0235em;"><span class="stl_155 stl_08 stl_51">56  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.1815em;top:30.0235em;"><span class="stl_155 stl_08 stl_158">17  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.5819em;top:30.0235em;"><span class="stl_155 stl_08 stl_61" style="word-spacing:0.0025em;">Interest on bank loans  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.3507em;top:30.0235em;"><span class="stl_155 stl_08 stl_158">56  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.0696em;top:30.0235em;"><span class="stl_155 stl_08 stl_158">17  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.0385em;top:31.0535em;"><span class="stl_155 stl_08 stl_51">18  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.1815em;top:31.0535em;"><span class="stl_155 stl_08 stl_158">25  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.5819em;top:31.0535em;"><span class="stl_155 stl_08 stl_25" style="word-spacing:0.004em;">Other interest  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.0288em;top:31.0535em;"><span class="stl_155 stl_08 stl_51">126  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.064em;top:31.0535em;"><span class="stl_155 stl_08 stl_51">33  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:6.24em;top:32.2135em;"><span class="stl_157 stl_08 stl_51">1,220  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:10.38em;top:32.2135em;"><span class="stl_157 stl_08 stl_51">1,125  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.58em;top:32.2135em;"><span class="stl_157 stl_08 stl_32" style="word-spacing:-0.0135em;">Interest expenses  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.55em;top:32.2135em;"><span class="stl_157 stl_08 stl_51">1,160  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.27em;top:32.2135em;"><span class="stl_157 stl_08 stl_51">1,044  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.3472em;top:34.3135em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.4903em;top:34.3135em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.5794em;top:34.3135em;"><span class="stl_155 stl_08 stl_78" style="word-spacing:-0.0021em;">Foreign exchange adjustments  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.2739em;top:34.3135em;"><span class="stl_155 stl_08 stl_67">(3)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.372em;top:34.3135em;"><span class="stl_155 stl_08 stl_09">1</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:6.24em;top:35.4635em;"><span class="stl_157 stl_08 stl_51">1,220  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:10.38em;top:35.4635em;"><span class="stl_157 stl_08 stl_51">1,125  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.58em;top:35.4635em;"><span class="stl_157 stl_08 stl_72">Total  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.55em;top:35.4635em;"><span class="stl_157 stl_08 stl_51">1,157  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.27em;top:35.4635em;"><span class="stl_157 stl_08 stl_51">1,045  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:5.8273em;"><span class="stl_162 stl_08 stl_51">7.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:6.9em;top:5.8273em;"><span class="stl_162 stl_08 stl_19" style="word-spacing:0.0036em;">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:4.72em;top:8.5273em;"><span class="stl_154 stl_08 stl_36">GROUP  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:9.8673em;"><span class="stl_154 stl_08 stl_47" style="word-spacing:-0.0012em;">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:38.7061em;top:9.8673em;"><span class="stl_154 stl_08 stl_51">2022  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.4235em;top:9.8673em;"><span class="stl_154 stl_08 stl_51">2021  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:12.3035em;"><span class="stl_155 stl_08 stl_90" style="word-spacing:-0.0014em;">Deferred tax liabilities, see balance sheet  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.0351em;top:12.3035em;"><span class="stl_155 stl_08 stl_31">(30,000)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.7521em;top:12.3035em;"><span class="stl_155 stl_08 stl_31">(25,636)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:13.4635em;"><span class="stl_157 stl_08 stl_46" style="word-spacing:-0.009em;">Deferred tax, net  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.0294em;top:13.4635em;"><span class="stl_157 stl_08 stl_78">(30,000)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.7477em;top:13.4635em;"><span class="stl_157 stl_08 stl_78">(25,636)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.7532em;top:15.8573em;"><span class="stl_154 stl_08 stl_24">Recognise  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.4185em;top:15.8573em;"><span class="stl_154 stl_08 stl_19" style="word-spacing:-0.004em;">Loss of  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.9549em;top:15.8573em;"><span class="stl_154 stl_08 stl_80">Foreign  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:16.7173em;"><span class="stl_154 stl_08 stl_51">2022  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.8171em;top:16.7173em;"><span class="stl_154 stl_08 stl_132" style="word-spacing:-0.0079em;">in Income  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.9279em;top:16.7173em;"><span class="stl_154 stl_08 stl_134">usability  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.3634em;top:16.7173em;"><span class="stl_154 stl_08 stl_42">exchange  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.2576em;top:17.5773em;"><span class="stl_154 stl_08 stl_120" style="word-spacing:-0.0106em;">Deferred tax  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.619em;top:17.5773em;"><span class="stl_154 stl_08 stl_42">Statement  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.8195em;top:17.5773em;"><span class="stl_154 stl_08 stl_31" style="word-spacing:0.0088em;">of tax losses  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.7762em;top:17.5773em;"><span class="stl_154 stl_08 stl_71" style="word-spacing:1.1869em;">adjustment Deferred</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.936em;top:17.5773em;"><span class="stl_154 stl_08 stl_183">tax  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:18.4573em;"><span class="stl_154 stl_08 stl_54">DKK’000  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.7248em;top:18.4573em;"><span class="stl_154 stl_08 stl_22">01.01.2022  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.2613em;top:18.4573em;"><span class="stl_154 stl_08 stl_51">2022  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.9787em;top:18.4573em;"><span class="stl_154 stl_08 stl_51">2022  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7103em;top:18.4573em;"><span class="stl_154 stl_08 stl_51">2022  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.6172em;top:18.4573em;"><span class="stl_154 stl_08 stl_22">31.12.2022  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:20.8935em;"><span class="stl_155 stl_08 stl_66" style="word-spacing:-0.002em;">Property, plant and equipment  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.8564em;top:20.8935em;"><span class="stl_155 stl_08 stl_32">(24,715)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.9067em;top:20.8935em;"><span class="stl_155 stl_08 stl_28">(4,469)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.8251em;top:20.8935em;"><span class="stl_155 stl_08 stl_73">(103)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.7534em;top:20.8935em;"><span class="stl_155 stl_08 stl_20">(29,287)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:21.9235em;"><span class="stl_155 stl_08 stl_28" style="word-spacing:-0.002em;">Trade receivables  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.179em;top:21.9235em;"><span class="stl_155 stl_08 stl_19">(1,186)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.3735em;top:21.9235em;"><span class="stl_155 stl_08 stl_62">(321)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.0778em;top:21.9235em;"><span class="stl_155 stl_08 stl_28">(1,507)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:22.9535em;"><span class="stl_155 stl_08 stl_90" style="word-spacing:0.0042em;">Other payables etc  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.0251em;top:22.9535em;"><span class="stl_155 stl_08 stl_51">265  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.6948em;top:22.9535em;"><span class="stl_155 stl_08 stl_63">(33)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.9239em;top:22.9535em;"><span class="stl_155 stl_08 stl_51">232  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:24.1135em;"><span class="stl_157 stl_08 stl_52" style="word-spacing:-0.0007em;">Temporary differences  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.845em;top:24.1135em;"><span class="stl_157 stl_08 stl_70">(25,636)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.8827em;top:24.1135em;"><span class="stl_157 stl_08 stl_45">(4,823)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.1042em;top:24.1135em;"><span class="stl_157 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.8125em;top:24.1135em;"><span class="stl_157 stl_08 stl_19">(103)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.7389em;top:24.1135em;"><span class="stl_157 stl_08 stl_27">(30,562)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:26.2835em;"><span class="stl_155 stl_08 stl_25" style="word-spacing:-0.0065em;">Tax loss carry-forwards  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.2401em;top:26.2835em;"><span class="stl_155 stl_08 stl_66">24,140  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.7597em;top:26.2835em;"><span class="stl_155 stl_08 stl_127">750  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.1061em;top:26.2835em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.4571em;top:26.2835em;"><span class="stl_155 stl_08 stl_67">(2)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.1377em;top:26.2835em;"><span class="stl_155 stl_08 stl_52">24,888  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:27.4435em;"><span class="stl_157 stl_08 stl_17" style="word-spacing:-0.0199em;">Unutilised tax losses  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.2243em;top:27.4435em;"><span class="stl_157 stl_08 stl_51">24,140  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.7503em;top:27.4435em;"><span class="stl_157 stl_08 stl_51">750  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.1004em;top:27.4435em;"><span class="stl_157 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.4388em;top:27.4435em;"><span class="stl_157 stl_08 stl_184">(2)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.1225em;top:27.4435em;"><span class="stl_157 stl_08 stl_73">24,888  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:29.6235em;"><span class="stl_155 stl_08 stl_25" style="word-spacing:-0.003em;">Value adjustment  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.8564em;top:29.6235em;"><span class="stl_155 stl_08 stl_21">(24,140)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.3741em;top:29.6235em;"><span class="stl_155 stl_08 stl_62">(756)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.4786em;top:29.6235em;"><span class="stl_155 stl_08 stl_127">568  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.8376em;top:29.6235em;"><span class="stl_155 stl_08 stl_09">2</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.7546em;top:29.6235em;"><span class="stl_155 stl_08 stl_31">(24,325)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:30.7835em;"><span class="stl_157 stl_08 stl_72">Total  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.8495em;top:30.7835em;"><span class="stl_157 stl_08 stl_90">(25,636)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.8909em;top:30.7835em;"><span class="stl_157 stl_08 stl_61">(4,829)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.4767em;top:30.7835em;"><span class="stl_157 stl_08 stl_51">568  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.8125em;top:30.7835em;"><span class="stl_157 stl_08 stl_09">(103)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.7452em;top:30.7835em;"><span class="stl_157 stl_08 stl_78">(30,000)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:31.9335em;"><span class="stl_155 stl_08 stl_185" style="word-spacing:0.0006em;">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  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:32.7235em;"><span class="stl_155 stl_08 stl_186">sheet.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.7532em;top:36.0273em;"><span class="stl_154 stl_08 stl_24">Recognise  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.4185em;top:36.0273em;"><span class="stl_154 stl_08 stl_19" style="word-spacing:-0.004em;">Loss of  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.9549em;top:36.0273em;"><span class="stl_154 stl_08 stl_80">Foreign  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:36.8873em;"><span class="stl_154 stl_08 stl_51">2021  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.8171em;top:36.8873em;"><span class="stl_154 stl_08 stl_132" style="word-spacing:-0.0079em;">in Income  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.9279em;top:36.8873em;"><span class="stl_154 stl_08 stl_134">usability  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.3634em;top:36.8873em;"><span class="stl_154 stl_08 stl_42">exchange  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.2576em;top:37.7473em;"><span class="stl_154 stl_08 stl_120" style="word-spacing:-0.0106em;">Deferred tax  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.619em;top:37.7473em;"><span class="stl_154 stl_08 stl_42">Statement  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.8195em;top:37.7473em;"><span class="stl_154 stl_08 stl_31" style="word-spacing:0.0088em;">of tax losses  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.7762em;top:37.7473em;"><span class="stl_154 stl_08 stl_71" style="word-spacing:1.1869em;">adjustment Deferred</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.936em;top:37.7473em;"><span class="stl_154 stl_08 stl_183">tax  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:38.6273em;"><span class="stl_154 stl_08 stl_54">DKK’000  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.7248em;top:38.6273em;"><span class="stl_154 stl_08 stl_22">01.01.2021  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.2613em;top:38.6273em;"><span class="stl_154 stl_08 stl_51">2021  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.9787em;top:38.6273em;"><span class="stl_154 stl_08 stl_51">2021  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7103em;top:38.6273em;"><span class="stl_154 stl_08 stl_51">2021  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.6172em;top:38.6273em;"><span class="stl_154 stl_08 stl_22">31.12.2021  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:41.0635em;"><span class="stl_155 stl_08 stl_66" style="word-spacing:-0.002em;">Property, plant and equipment  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.8564em;top:41.0635em;"><span class="stl_155 stl_08 stl_32">(18,697)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.9067em;top:41.0635em;"><span class="stl_155 stl_08 stl_28">(6,210)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.1017em;top:41.0635em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.2006em;top:41.0635em;"><span class="stl_155 stl_08 stl_51">192  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.7552em;top:41.0635em;"><span class="stl_155 stl_08 stl_25">(24,715)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:42.0835em;"><span class="stl_155 stl_08 stl_28" style="word-spacing:-0.002em;">Trade receivables  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.6452em;top:42.0835em;"><span class="stl_155 stl_08 stl_62">(955)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.3779em;top:42.0835em;"><span class="stl_155 stl_08 stl_73">(231)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.108em;top:42.0835em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.8332em;top:42.0835em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.0753em;top:42.0835em;"><span class="stl_155 stl_08 stl_18">(1,186)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:43.1135em;"><span class="stl_155 stl_08 stl_90" style="word-spacing:0.0042em;">Other payables etc  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.0251em;top:43.1135em;"><span class="stl_155 stl_08 stl_51">177  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.0791em;top:43.1135em;"><span class="stl_155 stl_08 stl_158">88  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.1067em;top:43.1135em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.8357em;top:43.1135em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.9284em;top:43.1135em;"><span class="stl_155 stl_08 stl_127">265  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:44.2735em;"><span class="stl_157 stl_08 stl_52" style="word-spacing:-0.0007em;">Temporary differences  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.845em;top:44.2735em;"><span class="stl_157 stl_08 stl_70">(19,475)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.8827em;top:44.2735em;"><span class="stl_157 stl_08 stl_45">(6,353)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.1042em;top:44.2735em;"><span class="stl_157 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.2032em;top:44.2735em;"><span class="stl_157 stl_08 stl_51">192  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.7389em;top:44.2735em;"><span class="stl_157 stl_08 stl_27">(25,636)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:46.4535em;"><span class="stl_155 stl_08 stl_25" style="word-spacing:-0.0065em;">Tax loss carry-forwards  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.2401em;top:46.4535em;"><span class="stl_155 stl_08 stl_66">29,704  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.7597em;top:46.4535em;"><span class="stl_155 stl_08 stl_127">751  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.6256em;top:46.4535em;"><span class="stl_155 stl_08 stl_36">(6,254)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.1439em;top:46.4535em;"><span class="stl_155 stl_08 stl_40">(61)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.1358em;top:46.4535em;"><span class="stl_155 stl_08 stl_36">24,140  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:47.6135em;"><span class="stl_157 stl_08 stl_17" style="word-spacing:-0.0199em;">Unutilised tax losses  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.2243em;top:47.6135em;"><span class="stl_157 stl_08 stl_51">29,704  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.7503em;top:47.6135em;"><span class="stl_157 stl_08 stl_51">751  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.601em;top:47.6135em;"><span class="stl_157 stl_08 stl_31">(6,254)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.1313em;top:47.6135em;"><span class="stl_157 stl_08 stl_46">(61)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.1194em;top:47.6135em;"><span class="stl_157 stl_08 stl_51">24,140  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:49.7935em;"><span class="stl_155 stl_08 stl_25" style="word-spacing:-0.003em;">Value adjustment  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.8564em;top:49.7935em;"><span class="stl_155 stl_08 stl_21">(29,704)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.3741em;top:49.7935em;"><span class="stl_155 stl_08 stl_62">(751)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.0061em;top:49.7935em;"><span class="stl_155 stl_08 stl_25">6,254  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.5257em;top:49.7935em;"><span class="stl_155 stl_08 stl_51">61  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.7553em;top:49.7935em;"><span class="stl_155 stl_08 stl_25">(24,140)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:50.9535em;"><span class="stl_157 stl_08 stl_72">Total  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.8495em;top:50.9535em;"><span class="stl_157 stl_08 stl_90">(19,475)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.8909em;top:50.9535em;"><span class="stl_157 stl_08 stl_61">(6,353)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.1067em;top:50.9535em;"><span class="stl_157 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.2057em;top:50.9535em;"><span class="stl_157 stl_08 stl_51">192  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.7414em;top:50.9535em;"><span class="stl_157 stl_08 stl_27">(25,636)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:52.1035em;"><span class="stl_155 stl_08 stl_187" style="word-spacing:-0.0002em;">The Group does not expect to be able to utilise 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:4.72em;top:5.8373em;"><span class="stl_162 stl_08 stl_26" style="word-spacing:0.8744em;">18. CHANGES</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:10.792em;top:5.8373em;"><span class="stl_162 stl_08 stl_26" style="word-spacing:-0.0001em;">IN LIABILITIES ARISING FROM FINANCING ACTIVITIES  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:8.5273em;"><span class="stl_154 stl_08 stl_36">GROUP  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:9.8673em;"><span class="stl_154 stl_08 stl_51">2022  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.1267em;top:9.8673em;"><span class="stl_154 stl_08 stl_14" style="word-spacing:-0.0072em;">Cash flow  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.8547em;top:9.8673em;"><span class="stl_154 stl_08 stl_42" style="word-spacing:-0.0005em;">Cash flow  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.4067em;top:9.8673em;"><span class="stl_154 stl_08 stl_17">Non-cash  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:18.3525em;top:10.7273em;"><span class="stl_154 stl_08 stl_31">Beginning  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.2857em;top:10.7273em;"><span class="stl_154 stl_08 stl_60">Proceeds  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.3279em;top:10.7273em;"><span class="stl_154 stl_08 stl_47">Repayment  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.6779em;top:10.7273em;"><span class="stl_154 stl_08 stl_17">Non-cash  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.3811em;top:10.7273em;"><span class="stl_154 stl_08 stl_80">Exchange  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:11.6073em;"><span class="stl_154 stl_08 stl_54">DKK’000  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:19.196em;top:11.6073em;"><span class="stl_154 stl_08 stl_191" style="word-spacing:-0.0078em;">of year  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.8136em;top:11.6073em;"><span class="stl_154 stl_08 stl_51" style="word-spacing:0.0011em;">from loans  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.3759em;top:11.6073em;"><span class="stl_154 stl_08 stl_137" style="word-spacing:0.0159em;">of loans  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.7139em;top:11.6073em;"><span class="stl_154 stl_08 stl_118">Other  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.7812em;top:11.6073em;"><span class="stl_154 stl_08 stl_54" style="word-spacing:-0.0002em;">rate adjust.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.5504em;top:11.6073em;"><span class="stl_154 stl_08 stl_33" style="word-spacing:-0.0017em;">End of year  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:14.0335em;"><span class="stl_155 stl_08 stl_64" style="word-spacing:0.0012em;">Lease liabilities  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:20.3093em;top:14.0335em;"><span class="stl_155 stl_08 stl_51">172  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.6595em;top:14.0335em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.698em;top:14.0335em;"><span class="stl_155 stl_08 stl_63">(32)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.4137em;top:14.0335em;"><span class="stl_155 stl_08 stl_40">(22)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.8357em;top:14.0335em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.9284em;top:14.0335em;"><span class="stl_155 stl_08 stl_127">118  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:15.0635em;"><span class="stl_155 stl_08 stl_61" style="word-spacing:0.0061em;">Bank loans  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:20.3106em;top:15.0635em;"><span class="stl_155 stl_08 stl_51">976  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.6608em;top:15.0635em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.386em;top:15.0635em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.7999em;top:15.0635em;"><span class="stl_155 stl_08 stl_158">57  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.8401em;top:15.0635em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.4565em;top:15.0635em;"><span class="stl_155 stl_08 stl_30">1,033  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:16.2235em;"><span class="stl_157 stl_08 stl_127" style="word-spacing:0.0159em;">Total financial liabilities  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:19.828em;top:16.2235em;"><span class="stl_157 stl_08 stl_25">1,148  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.6551em;top:16.2235em;"><span class="stl_157 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.6847em;top:16.2235em;"><span class="stl_157 stl_08 stl_46">(32)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.7942em;top:16.2235em;"><span class="stl_157 stl_08 stl_51">35  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.8319em;top:16.2235em;"><span class="stl_157 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.4458em;top:16.2235em;"><span class="stl_157 stl_08 stl_25">1,151  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:19.6273em;"><span class="stl_154 stl_08 stl_51">2021  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.1267em;top:19.6273em;"><span class="stl_154 stl_08 stl_14" style="word-spacing:-0.0072em;">Cash flow  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.8547em;top:19.6273em;"><span class="stl_154 stl_08 stl_42" style="word-spacing:-0.0005em;">Cash flow  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.4067em;top:19.6273em;"><span class="stl_154 stl_08 stl_17">Non-cash  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:18.3525em;top:20.4873em;"><span class="stl_154 stl_08 stl_31">Beginning  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.2857em;top:20.4873em;"><span class="stl_154 stl_08 stl_60">Proceeds  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.3279em;top:20.4873em;"><span class="stl_154 stl_08 stl_47">Repayment  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.6779em;top:20.4873em;"><span class="stl_154 stl_08 stl_17">Non-cash  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.3811em;top:20.4873em;"><span class="stl_154 stl_08 stl_80">Exchange  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:21.3673em;"><span class="stl_154 stl_08 stl_54">DKK’000  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:19.196em;top:21.3673em;"><span class="stl_154 stl_08 stl_191" style="word-spacing:-0.0078em;">of year  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.8136em;top:21.3673em;"><span class="stl_154 stl_08 stl_51" style="word-spacing:0.0011em;">from loans  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.3759em;top:21.3673em;"><span class="stl_154 stl_08 stl_137" style="word-spacing:0.0159em;">of loans  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.7139em;top:21.3673em;"><span class="stl_154 stl_08 stl_118">Other  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.7812em;top:21.3673em;"><span class="stl_154 stl_08 stl_54" style="word-spacing:-0.0002em;">rate adjust.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.5504em;top:21.3673em;"><span class="stl_154 stl_08 stl_33" style="word-spacing:-0.0017em;">End of year  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:23.8035em;"><span class="stl_155 stl_08 stl_64" style="word-spacing:0.0012em;">Lease liabilities  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:20.6307em;top:23.8035em;"><span class="stl_155 stl_08 stl_158">55  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.6583em;top:23.8035em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.7005em;top:23.8035em;"><span class="stl_155 stl_08 stl_27">(40)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.4755em;top:23.8035em;"><span class="stl_155 stl_08 stl_51">157  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.84em;top:23.8035em;"><span class="stl_157 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.93em;top:23.8035em;"><span class="stl_157 stl_08 stl_51">172  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:24.8335em;"><span class="stl_155 stl_08 stl_61" style="word-spacing:0.0061em;">Bank loans  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:20.9406em;top:24.8335em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.027em;top:24.8335em;"><span class="stl_155 stl_08 stl_51">950  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.39em;top:24.8335em;"><span class="stl_157 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.7989em;top:24.8335em;"><span class="stl_155 stl_08 stl_51">26  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.84em;top:24.8335em;"><span class="stl_157 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.93em;top:24.8335em;"><span class="stl_157 stl_08 stl_51">976  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:25.9935em;"><span class="stl_157 stl_08 stl_127" style="word-spacing:0.0159em;">Total financial liabilities  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:20.6281em;top:25.9935em;"><span class="stl_157 stl_08 stl_158">55  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.0257em;top:25.9935em;"><span class="stl_157 stl_08 stl_51">950  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.6829em;top:25.9935em;"><span class="stl_157 stl_08 stl_90">(40)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.4755em;top:25.9935em;"><span class="stl_157 stl_08 stl_51">183  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.8319em;top:25.9935em;"><span class="stl_157 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.4395em;top:25.9935em;"><span class="stl_157 stl_08 stl_51">1,148  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:29.3173em;"><span class="stl_154 stl_08 stl_54" style="word-spacing:-0.0221em;">PARENT COMPANY  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:30.6573em;"><span class="stl_154 stl_08 stl_51">2022  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.1267em;top:30.6573em;"><span class="stl_154 stl_08 stl_14" style="word-spacing:-0.0072em;">Cash flow  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.8547em;top:30.6573em;"><span class="stl_154 stl_08 stl_42" style="word-spacing:-0.0005em;">Cash flow  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.4067em;top:30.6573em;"><span class="stl_154 stl_08 stl_17">Non-cash  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:18.3525em;top:31.5173em;"><span class="stl_154 stl_08 stl_31">Beginning  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.2857em;top:31.5173em;"><span class="stl_154 stl_08 stl_60">Proceeds  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.3279em;top:31.5173em;"><span class="stl_154 stl_08 stl_47">Repayment  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.6779em;top:31.5173em;"><span class="stl_154 stl_08 stl_17">Non-cash  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.3811em;top:31.5173em;"><span class="stl_154 stl_08 stl_80">Exchange  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:32.3873em;"><span class="stl_154 stl_08 stl_54">DKK’000  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:19.196em;top:32.3873em;"><span class="stl_154 stl_08 stl_191" style="word-spacing:-0.0078em;">of year  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.8136em;top:32.3873em;"><span class="stl_154 stl_08 stl_51" style="word-spacing:0.0011em;">from loans  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.3759em;top:32.3873em;"><span class="stl_154 stl_08 stl_137" style="word-spacing:0.0159em;">of loans  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.7139em;top:32.3873em;"><span class="stl_154 stl_08 stl_118">Other  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.7812em;top:32.3873em;"><span class="stl_154 stl_08 stl_54" style="word-spacing:-0.0002em;">rate adjust.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.5504em;top:32.3873em;"><span class="stl_154 stl_08 stl_33" style="word-spacing:-0.0017em;">End of year  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:34.8235em;"><span class="stl_155 stl_08 stl_91" style="word-spacing:-0.0009em;">Loans from subsidiaries  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:19.5212em;top:34.8235em;"><span class="stl_155 stl_08 stl_52">27,367  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.5563em;top:34.8235em;"><span class="stl_155 stl_08 stl_34">2,536  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.3853em;top:34.8235em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.0055em;top:34.8235em;"><span class="stl_155 stl_08 stl_30">1,146  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.8226em;top:34.8235em;"><span class="stl_155 stl_08 stl_62">(490)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.1333em;top:34.8235em;"><span class="stl_155 stl_08 stl_36">30,559  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:35.8535em;"><span class="stl_155 stl_08 stl_61" style="word-spacing:0.0061em;">Bank loans  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:20.3106em;top:35.8535em;"><span class="stl_155 stl_08 stl_51">976  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.6608em;top:35.8535em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.386em;top:35.8535em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.7999em;top:35.8535em;"><span class="stl_155 stl_08 stl_158">57  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.8401em;top:35.8535em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.4565em;top:35.8535em;"><span class="stl_155 stl_08 stl_30">1,033  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:37.0135em;"><span class="stl_157 stl_08 stl_45">Loans  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:19.5086em;top:37.0135em;"><span class="stl_157 stl_08 stl_51">28,343  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.5494em;top:37.0135em;"><span class="stl_157 stl_08 stl_25">2,536  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.3828em;top:37.0135em;"><span class="stl_157 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.9966em;top:37.0135em;"><span class="stl_157 stl_08 stl_25">1,203  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.8157em;top:37.0135em;"><span class="stl_157 stl_08 stl_25">(490)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.1207em;top:37.0135em;"><span class="stl_157 stl_08 stl_51">31,592  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:40.4173em;"><span class="stl_154 stl_08 stl_51">2021  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.1267em;top:40.4173em;"><span class="stl_154 stl_08 stl_14" style="word-spacing:-0.0072em;">Cash flow  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.8547em;top:40.4173em;"><span class="stl_154 stl_08 stl_42" style="word-spacing:-0.0005em;">Cash flow  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.4067em;top:40.4173em;"><span class="stl_154 stl_08 stl_17">Non-cash  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:18.3525em;top:41.2773em;"><span class="stl_154 stl_08 stl_31">Beginning  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.2857em;top:41.2773em;"><span class="stl_154 stl_08 stl_60">Proceeds  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.3279em;top:41.2773em;"><span class="stl_154 stl_08 stl_47">Repayment  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.6779em;top:41.2773em;"><span class="stl_154 stl_08 stl_17">Non-cash  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.3811em;top:41.2773em;"><span class="stl_154 stl_08 stl_80">Exchange  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:42.1573em;"><span class="stl_154 stl_08 stl_54">DKK’000  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:19.196em;top:42.1573em;"><span class="stl_154 stl_08 stl_191" style="word-spacing:-0.0078em;">of year  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.8136em;top:42.1573em;"><span class="stl_154 stl_08 stl_51" style="word-spacing:0.0011em;">from loans  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.3759em;top:42.1573em;"><span class="stl_154 stl_08 stl_137" style="word-spacing:0.0159em;">of loans  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.7139em;top:42.1573em;"><span class="stl_154 stl_08 stl_118">Other  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.7812em;top:42.1573em;"><span class="stl_154 stl_08 stl_54" style="word-spacing:-0.0002em;">rate adjust.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.5504em;top:42.1573em;"><span class="stl_154 stl_08 stl_33" style="word-spacing:-0.0017em;">End of year  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:44.5935em;"><span class="stl_155 stl_08 stl_91" style="word-spacing:-0.0009em;">Loans from subsidiaries  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:19.5212em;top:44.5935em;"><span class="stl_155 stl_08 stl_52">25,715  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.0289em;top:44.5935em;"><span class="stl_155 stl_08 stl_51">797  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.39em;top:44.5935em;"><span class="stl_157 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.0113em;top:44.5935em;"><span class="stl_155 stl_08 stl_25">1,082  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.8317em;top:44.5935em;"><span class="stl_155 stl_08 stl_109">(</span><span class="stl_157 stl_08 stl_192">227)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.13em;top:44.5935em;"><span class="stl_157 stl_08 stl_51">27,367  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:45.6135em;"><span class="stl_155 stl_08 stl_61" style="word-spacing:0.0061em;">Bank loans  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:20.9406em;top:45.6135em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.027em;top:45.6135em;"><span class="stl_155 stl_08 stl_51">950  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.39em;top:45.6135em;"><span class="stl_157 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.7989em;top:45.6135em;"><span class="stl_155 stl_08 stl_51">26  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.84em;top:45.6135em;"><span class="stl_157 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.93em;top:45.6135em;"><span class="stl_157 stl_08 stl_51">976  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:46.7735em;"><span class="stl_157 stl_08 stl_45">Loans  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:19.5086em;top:46.7735em;"><span class="stl_157 stl_08 stl_51">25,715  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.5494em;top:46.7735em;"><span class="stl_157 stl_08 stl_25">1,747  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.3828em;top:46.7735em;"><span class="stl_157 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.9966em;top:46.7735em;"><span class="stl_157 stl_08 stl_25">1,108  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.8157em;top:46.7735em;"><span class="stl_157 stl_08 stl_25">(227)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.1207em;top:46.7735em;"><span class="stl_157 stl_08 stl_51">28,343  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:28.6173em;"><span class="stl_162 stl_08 stl_51">8.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:6.9em;top:28.6173em;"><span class="stl_162 stl_08 stl_22" style="word-spacing:-0.0094em;">EARNINGS PER SHARE  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:31.2635em;"><span class="stl_155 stl_08 stl_73" style="word-spacing:-0.006em;">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:6.51em;top:33.2873em;"><span class="stl_154 stl_08 stl_54" style="word-spacing:-0.0221em;">PARENT COMPANY  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.08em;top:33.2873em;"><span class="stl_154 stl_08 stl_36">GROUP  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:6.2324em;top:34.6373em;"><span class="stl_154 stl_08 stl_28">2022  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:10.3704em;top:34.6373em;"><span class="stl_154 stl_08 stl_28">2021  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.5783em;top:34.6373em;"><span class="stl_154 stl_08 stl_63">DKK  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.5388em;top:34.6373em;"><span class="stl_154 stl_08 stl_28">2022  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.2519em;top:34.6373em;"><span class="stl_154 stl_08 stl_51">2021  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:6.1817em;top:37.0735em;"><span class="stl_155 stl_08 stl_107">(0.01)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:10.3178em;top:37.0735em;"><span class="stl_155 stl_08 stl_107">(0.01)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.5782em;top:37.0735em;"><span class="stl_155 stl_08 stl_18" style="word-spacing:-0.0004em;">Earnings per share (DKK)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.8675em;top:37.0735em;"><span class="stl_155 stl_08 stl_09">0.08  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.5839em;top:37.0735em;"><span class="stl_155 stl_08 stl_09">0.10  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:6.1817em;top:38.1035em;"><span class="stl_155 stl_08 stl_107">(0.01)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:10.3178em;top:38.1035em;"><span class="stl_155 stl_08 stl_107">(0.01)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.5782em;top:38.1035em;"><span class="stl_155 stl_08 stl_25" style="word-spacing:-0.0073em;">Diluted earnings per share (DKK)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.8644em;top:38.1035em;"><span class="stl_155 stl_08 stl_09">0.08  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.587em;top:38.1035em;"><span class="stl_155 stl_08 stl_34">0.10  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:5.8729em;top:39.1335em;"><span class="stl_155 stl_08 stl_28">(3,383)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:10.0078em;top:39.1335em;"><span class="stl_155 stl_08 stl_36">(3,162)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.5794em;top:39.1335em;"><span class="stl_155 stl_08 stl_19" style="word-spacing:-0.0028em;">Earnings used in the calculation of earnings per share (DKK’000):  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.2343em;top:39.1335em;"><span class="stl_155 stl_08 stl_52">20,326  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9482em;top:39.1335em;"><span class="stl_155 stl_08 stl_36">24,199  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:5.6083em;top:40.1635em;"><span class="stl_155 stl_08 stl_25">249,850  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:9.7476em;top:40.1635em;"><span class="stl_155 stl_08 stl_25">249,850  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.5719em;top:40.1635em;"><span class="stl_155 stl_08 stl_28" style="word-spacing:-0.002em;">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:36.9099em;top:40.1635em;"><span class="stl_155 stl_08 stl_91">249,850  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.625em;top:40.1635em;"><span class="stl_155 stl_08 stl_25">249,850  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.5782em;top:41.1935em;"><span class="stl_155 stl_08 stl_110" style="word-spacing:0.0025em;">Average number of shares used to calculate  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:5.6083em;top:41.9835em;"><span class="stl_155 stl_08 stl_25">249,850  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:9.7476em;top:41.9835em;"><span class="stl_155 stl_08 stl_25">249,850  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.5719em;top:41.9835em;"><span class="stl_155 stl_08 stl_19" style="word-spacing:-0.0029em;">diluted earnings per share (‘000)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.9099em;top:41.9835em;"><span class="stl_155 stl_08 stl_25">249,850  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.6288em;top:41.9835em;"><span class="stl_155 stl_08 stl_25">249,850  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:44.0435em;"><span class="stl_155 stl_08 stl_66" 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  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:44.8335em;"><span class="stl_155 stl_08 stl_61" style="word-spacing:0.0008em;">several capital increases are made, the number of days between the capital increases multiplied by the number of shares in circulation during the relevant  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:45.6235em;"><span class="stl_155 stl_08 stl_139" style="word-spacing:0.0071em;">period is added together. The sum is divided by 365.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:5.8273em;"><span class="stl_162 stl_08 stl_51">9.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:6.9em;top:5.8273em;"><span class="stl_162 stl_08 stl_25" style="word-spacing:0.0033em;">PROPERTY, PLANT AND EQUIPMENT  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:8.5273em;"><span class="stl_154 stl_08 stl_36">GROUP  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:10.7273em;"><span class="stl_154 stl_08 stl_51">2022  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.6297em;top:10.7273em;"><span class="stl_154 stl_08 stl_40">Investment  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.2088em;top:10.7273em;"><span class="stl_154 stl_08 stl_09">Total  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.6261em;top:10.7273em;"><span class="stl_154 stl_08 stl_27" style="word-spacing:0.0124em;">Plant and  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.6345em;top:10.7273em;"><span class="stl_154 stl_08 stl_22" style="word-spacing:-0.0102em;">Total property  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:17.9123em;top:11.5973em;"><span class="stl_154 stl_08 stl_40">Investment  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.2062em;top:11.5973em;"><span class="stl_154 stl_08 stl_60">property,  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.3556em;top:11.5973em;"><span class="stl_154 stl_08 stl_71">Investment  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.3265em;top:11.5973em;"><span class="stl_154 stl_08 stl_51">machinery  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.6528em;top:11.5973em;"><span class="stl_154 stl_08 stl_115">Total  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.0737em;top:11.5973em;"><span class="stl_154 stl_08 stl_21" style="word-spacing:0.0018em;">plant and  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:12.4673em;"><span class="stl_154 stl_08 stl_54">DKK’000  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:18.6777em;top:12.4673em;"><span class="stl_154 stl_08 stl_71">property  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.6488em;top:12.4673em;"><span class="stl_154 stl_08 stl_34" style="word-spacing:0.0074em;">right of use  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.1253em;top:12.4673em;"><span class="stl_154 stl_08 stl_36">property  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.0957em;top:12.4673em;"><span class="stl_154 stl_08 stl_34" style="word-spacing:0.0074em;">right of use  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.8195em;top:12.4673em;"><span class="stl_154 stl_08 stl_47" style="word-spacing:0.0057em;">right of use  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.6399em;top:12.4673em;"><span class="stl_154 stl_08 stl_51">equipment  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:14.9035em;"><span class="stl_155 stl_08 stl_64" style="word-spacing:0.0046em;">Carrying amount at 1 January 2022  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:19.1955em;top:14.9035em;"><span class="stl_155 stl_08 stl_25">120,635  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.2357em;top:14.9035em;"><span class="stl_155 stl_08 stl_52">16,522  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.6408em;top:14.9035em;"><span class="stl_155 stl_08 stl_25">137,157  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.4685em;top:14.9035em;"><span class="stl_155 stl_08 stl_51">165  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.4074em;top:14.9035em;"><span class="stl_155 stl_08 stl_36">16,687  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.8101em;top:14.9035em;"><span class="stl_155 stl_08 stl_91">137,322  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:15.9335em;"><span class="stl_155 stl_08 stl_110" style="word-spacing:-0.0019em;">Foreign exchange adjustments  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:19.4588em;top:15.9335em;"><span class="stl_155 stl_08 stl_28">(2,252)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.6458em;top:15.9335em;"><span class="stl_155 stl_08 stl_22">(299)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.9054em;top:15.9335em;"><span class="stl_155 stl_08 stl_18">(2,551)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.723em;top:15.9335em;"><span class="stl_155 stl_08 stl_67">(3)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.8195em;top:15.9335em;"><span class="stl_155 stl_08 stl_62">(302)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.0734em;top:15.9335em;"><span class="stl_155 stl_08 stl_19">(2,554)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:16.9635em;"><span class="stl_155 stl_08 stl_110" style="word-spacing:0.0045em;">Right of use, depreciation  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:20.9368em;top:16.9635em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.6595em;top:16.9635em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.3847em;top:16.9635em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.4143em;top:16.9635em;"><span class="stl_155 stl_08 stl_63">(28)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.1427em;top:16.9635em;"><span class="stl_155 stl_08 stl_40">(28)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.8654em;top:16.9635em;"><span class="stl_155 stl_08 stl_63">(28)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:17.9935em;"><span class="stl_155 stl_08 stl_156">Additions  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:20.9419em;top:17.9935em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.6608em;top:17.9935em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.386em;top:17.9935em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.1086em;top:17.9935em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.8376em;top:17.9935em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.5603em;top:17.9935em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:19.0235em;"><span class="stl_155 stl_08 stl_78">Disposals  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:20.9368em;top:19.0235em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.6595em;top:19.0235em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.3885em;top:19.0235em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.4181em;top:19.0235em;"><span class="stl_155 stl_08 stl_63">(17)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.1465em;top:19.0235em;"><span class="stl_155 stl_08 stl_63">(17)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.8685em;top:19.0235em;"><span class="stl_155 stl_08 stl_27">(17)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:20.0435em;"><span class="stl_155 stl_08 stl_78" style="word-spacing:0.0033em;">Transfer to inventories (work in progress)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:19.1482em;top:20.0435em;"><span class="stl_155 stl_08 stl_73">(4,655)*  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.6551em;top:20.0435em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.9035em;top:20.0435em;"><span class="stl_155 stl_08 stl_36">(4,655)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.1023em;top:20.0435em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.8313em;top:20.0435em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.0734em;top:20.0435em;"><span class="stl_155 stl_08 stl_18">(4,655)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:21.0735em;"><span class="stl_155 stl_08 stl_134" style="word-spacing:0.0063em;">Shortening the leasing period  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:20.9356em;top:21.0735em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.1777em;top:21.0735em;"><span class="stl_155 stl_08 stl_19">(2,446)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.906em;top:21.0735em;"><span class="stl_155 stl_08 stl_19">(2,446)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.1023em;top:21.0735em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.3507em;top:21.0735em;"><span class="stl_155 stl_08 stl_46">(2,446)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.0759em;top:21.0735em;"><span class="stl_155 stl_08 stl_28">(2,446)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:22.1035em;"><span class="stl_155 stl_08 stl_90" style="word-spacing:0.0052em;">Enhancement costs  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:19.8393em;top:22.1035em;"><span class="stl_155 stl_08 stl_25">5,024  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.6551em;top:22.1035em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.2878em;top:22.1035em;"><span class="stl_155 stl_08 stl_25">5,024  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.1036em;top:22.1035em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.8326em;top:22.1035em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.4527em;top:22.1035em;"><span class="stl_155 stl_08 stl_34">5,024  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:23.1335em;"><span class="stl_155 stl_08 stl_78" style="word-spacing:-0.002em;">Revaluation to market value  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:19.5161em;top:23.1335em;"><span class="stl_155 stl_08 stl_36">25,277  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.3426em;top:23.1335em;"><span class="stl_155 stl_08 stl_51">48  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.9627em;top:23.1335em;"><span class="stl_155 stl_08 stl_36">25,325  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.1042em;top:23.1335em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.5245em;top:23.1335em;"><span class="stl_155 stl_08 stl_158">48  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.1345em;top:23.1335em;"><span class="stl_155 stl_08 stl_52">25,325  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:24.2935em;"><span class="stl_157 stl_08 stl_66" style="word-spacing:-0.004em;">Carrying amount at 31 December 2022  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:19.1973em;top:24.2935em;"><span class="stl_157 stl_08 stl_28">144,029  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.2218em;top:24.2935em;"><span class="stl_157 stl_08 stl_51">13,825  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.6389em;top:24.2935em;"><span class="stl_157 stl_08 stl_36">157,854  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.4673em;top:24.2935em;"><span class="stl_157 stl_08 stl_51">117  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.3999em;top:24.2935em;"><span class="stl_157 stl_08 stl_34">13,942  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.8069em;top:24.2935em;"><span class="stl_157 stl_08 stl_28">157,971  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:25.4435em;"><span class="stl_155 stl_08 stl_61" style="word-spacing:0.0007em;">*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:4.72em;top:27.4773em;"><span class="stl_154 stl_08 stl_51">2021  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.6297em;top:27.4773em;"><span class="stl_154 stl_08 stl_40">Investment  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.2088em;top:27.4773em;"><span class="stl_154 stl_08 stl_09">Total  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.6261em;top:27.4773em;"><span class="stl_154 stl_08 stl_27" style="word-spacing:0.0124em;">Plant and  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.6345em;top:27.4773em;"><span class="stl_154 stl_08 stl_22" style="word-spacing:-0.0102em;">Total property  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:17.9123em;top:28.3373em;"><span class="stl_154 stl_08 stl_40">Investment  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.2062em;top:28.3373em;"><span class="stl_154 stl_08 stl_60">property,  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.3556em;top:28.3373em;"><span class="stl_154 stl_08 stl_71">Investment  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.3265em;top:28.3373em;"><span class="stl_154 stl_08 stl_51">machinery  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.6528em;top:28.3373em;"><span class="stl_154 stl_08 stl_115">Total  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.0737em;top:28.3373em;"><span class="stl_154 stl_08 stl_21" style="word-spacing:0.0018em;">plant and  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:29.2073em;"><span class="stl_154 stl_08 stl_54">DKK’000  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:18.6777em;top:29.2073em;"><span class="stl_154 stl_08 stl_71">property  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.6488em;top:29.2073em;"><span class="stl_154 stl_08 stl_34" style="word-spacing:0.0074em;">right of use  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.1253em;top:29.2073em;"><span class="stl_154 stl_08 stl_36">property  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.0957em;top:29.2073em;"><span class="stl_154 stl_08 stl_34" style="word-spacing:0.0074em;">right of use  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.8195em;top:29.2073em;"><span class="stl_154 stl_08 stl_47" style="word-spacing:0.0057em;">right of use  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.6399em;top:29.2073em;"><span class="stl_154 stl_08 stl_51">equipment  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:31.6435em;"><span class="stl_155 stl_08 stl_64" style="word-spacing:0.0046em;">Carrying amount at 1 January 2021  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:19.1955em;top:31.6435em;"><span class="stl_155 stl_08 stl_25">112,833  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.2357em;top:31.6435em;"><span class="stl_155 stl_08 stl_52">13,808  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.65em;top:31.6435em;"><span class="stl_157 stl_08 stl_78">126,641  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.7989em;top:31.6435em;"><span class="stl_155 stl_08 stl_51">55  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.41em;top:31.6435em;"><span class="stl_157 stl_08 stl_51">13,863  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.82em;top:31.6435em;"><span class="stl_157 stl_08 stl_78">126,696  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:32.6735em;"><span class="stl_155 stl_08 stl_110" style="word-spacing:-0.0019em;">Foreign exchange adjustments  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:19.4588em;top:32.6735em;"><span class="stl_155 stl_08 stl_28">(1,480)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.6458em;top:32.6735em;"><span class="stl_155 stl_08 stl_22">(126)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.89em;top:32.6735em;"><span class="stl_157 stl_08 stl_20">(1,606)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.1076em;top:32.6735em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.82em;top:32.6735em;"><span class="stl_157 stl_08 stl_19">(126)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.06em;top:32.6735em;"><span class="stl_157 stl_08 stl_20">(1,606)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:33.7035em;"><span class="stl_155 stl_08 stl_110" style="word-spacing:0.0045em;">Right of use, depreciation  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:20.9368em;top:33.7035em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.6595em;top:33.7035em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.39em;top:33.7035em;"><span class="stl_157 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.4209em;top:33.7035em;"><span class="stl_155 stl_08 stl_27">(43)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.14em;top:33.7035em;"><span class="stl_157 stl_08 stl_90">(43)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.86em;top:33.7035em;"><span class="stl_157 stl_08 stl_90">(43)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:34.7335em;"><span class="stl_155 stl_08 stl_156">Additions  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:20.9419em;top:34.7335em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.5582em;top:34.7335em;"><span class="stl_155 stl_08 stl_30">2,692  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.28em;top:34.7335em;"><span class="stl_157 stl_08 stl_51">2,692  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.4776em;top:34.7335em;"><span class="stl_155 stl_08 stl_51">153  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.73em;top:34.7335em;"><span class="stl_157 stl_08 stl_51">2,845  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.45em;top:34.7335em;"><span class="stl_157 stl_08 stl_51">2,845  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:35.7635em;"><span class="stl_155 stl_08 stl_78" style="word-spacing:0.0033em;">Transfer to inventories (work in progress)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:18.8269em;top:35.7635em;"><span class="stl_155 stl_08 stl_21">(22,684)*  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.6564em;top:35.7635em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.58em;top:35.7635em;"><span class="stl_157 stl_08 stl_90">(22,684)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.1076em;top:35.7635em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.84em;top:35.7635em;"><span class="stl_157 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.75em;top:35.7635em;"><span class="stl_157 stl_08 stl_90">(22,684)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:36.7935em;"><span class="stl_155 stl_08 stl_90" style="word-spacing:0.0052em;">Enhancement costs  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:19.8393em;top:36.7935em;"><span class="stl_155 stl_08 stl_25">1,243  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.6551em;top:36.7935em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.28em;top:36.7935em;"><span class="stl_157 stl_08 stl_51">1,243  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.1076em;top:36.7935em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.84em;top:36.7935em;"><span class="stl_157 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.45em;top:36.7935em;"><span class="stl_157 stl_08 stl_51">1,243  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:37.8235em;"><span class="stl_155 stl_08 stl_78" style="word-spacing:-0.002em;">Revaluation to market value  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:19.5161em;top:37.8235em;"><span class="stl_155 stl_08 stl_36">30,723  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.0276em;top:37.8235em;"><span class="stl_155 stl_08 stl_127">148  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.96em;top:37.8235em;"><span class="stl_157 stl_08 stl_51">30,871  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.1076em;top:37.8235em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.21em;top:37.8235em;"><span class="stl_157 stl_08 stl_51">148  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.13em;top:37.8235em;"><span class="stl_157 stl_08 stl_51">30,871  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:38.9835em;"><span class="stl_157 stl_08 stl_66" style="word-spacing:-0.004em;">Carrying amount at 31 December 2021  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:19.1973em;top:38.9835em;"><span class="stl_157 stl_08 stl_28">120,635  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.2218em;top:38.9835em;"><span class="stl_157 stl_08 stl_51">16,522  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.6389em;top:38.9835em;"><span class="stl_157 stl_08 stl_36">137,157  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.4673em;top:38.9835em;"><span class="stl_157 stl_08 stl_51">165  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.3999em;top:38.9835em;"><span class="stl_157 stl_08 stl_34">16,687  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.8069em;top:38.9835em;"><span class="stl_157 stl_08 stl_28">137,322  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:40.1335em;"><span class="stl_155 stl_08 stl_61" style="word-spacing:0.0007em;">*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:4.72em;top:43.2135em;"><span class="stl_155 stl_08 stl_137" style="word-spacing:0.0484em;">The Polish properties have an assessed value of DKK 157,971 thousand, of which DKK 143,889 thousand is the real estate in Warsaw, DKK 140 thousand is a  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:44.0135em;"><span class="stl_155 stl_08 stl_20" style="word-spacing:0.002em;">land plot in Blichowo and DKK 13,942 thousand is right of use resulting from the application of IFRS 16. The value of the real estate in Warsaw is supported by  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:44.8035em;"><span class="stl_155 stl_08 stl_139" style="word-spacing:-0.0141em;">an external valuation report received in December 2022, prepared by a leading international estate agent in Warsaw. The value of the land plot in Blichowo has  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:45.5935em;"><span class="stl_155 stl_08 stl_137" style="word-spacing:0.0052em;">been assessed by the company’s management using a comparative method.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:46.6235em;"><span class="stl_155 stl_08 stl_27" style="word-spacing:0.0182em;">The value of the real estate in Warsaw represents the estate agent’s assessment of the current fair value. In addition to the general price level in the market,  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:47.4135em;"><span class="stl_155 stl_08 stl_50" style="word-spacing:0.0781em;">the assessment is based on these main assumptions: the present use of the property, the state of the buildings, the percentage of ownership, the income  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:48.2035em;"><span class="stl_155 stl_08 stl_110" style="word-spacing:0.0209em;">generated by the property and the zoning of the area. Any changes to these, particularly the percentage of ownership (i.e. the positive or negative resolution  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:48.9935em;"><span class="stl_155 stl_08 stl_28" style="word-spacing:0.097em;">of former owners’ claims), changes in zoning (e.g. to residential) and the general price development of similar properties in the area, could favourably or  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:49.7835em;"><span class="stl_155 stl_08 stl_134" style="word-spacing:0.005em;">adversely impact the property valuation.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:50.7735em;"><span class="stl_155 stl_08 stl_77" style="word-spacing:0.0362em;">For the valuation purposes, the property was divided into four groups: internal roads, industrial schemes (buildings), development land and plots designated  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:51.5435em;"><span class="stl_155 stl_08 stl_36" style="word-spacing:-0.0075em;">for external roads.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:53.3335em;"><span class="stl_155 stl_08 stl_109" style="word-spacing:-0.0147em;">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  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:54.0935em;"><span class="stl_155 stl_08 stl_77" style="word-spacing:0.0002em;">to determine the likely value of the subject. This approach assumes that the variation in prices between at least three comparable properties can be explained  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:54.8535em;"><span class="stl_155 stl_08 stl_90" style="word-spacing:0.0323em;">by differences in their individual attributes such as location, surroundings, accessibility, development potential, etc. The influence of each of these attributes  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:55.6235em;"><span class="stl_155 stl_08 stl_78" style="word-spacing:-0.02em;">on the value is assigned a percentage weighting, and the characteristics of each comparable and the subject are then rated, typically from 1 – 5, from very good  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:56.3835em;"><span class="stl_155 stl_08 stl_138" style="word-spacing:0.144em;">to very poor. The price of each comparable is adjusted according to how it differs 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:4.72em;top:57.1435em;"><span class="stl_155 stl_08 stl_77" style="word-spacing:0.0032em;">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:4.72em;top:58.6735em;"><span class="stl_155 stl_08 stl_64" style="word-spacing:0.0295em;">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  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:59.4335em;"><span class="stl_155 stl_08 stl_110" style="word-spacing:0.0279em;">as the lease is in force or until the first time it may be terminated if considered advantageous. Thereafter, income is expected to continue to be generated at  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:60.2035em;"><span class="stl_155 stl_08 stl_127" style="word-spacing:0.0109em;">market rent. Adjustments are made for lost rental income, fitting-out deposits and unobtainable running costs. Market rents applied range from DKK 55.6 per  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:60.9635em;"><span class="stl_155 stl_08 stl_28" style="word-spacing:-0.003em;">sqm for warehouses, to DKK 62.4 per sqm for offices and DKK 79.4 per sqm for self-storage boxes  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:62.4835em;"><span class="stl_155 stl_08 stl_61" style="word-spacing:-0.0465em;">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  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:63.2535em;"><span class="stl_155 stl_08 stl_28" style="word-spacing:0.0794em;">Terms (2nd edition), published by Estates Gazette, as “the constant capitalisation rate applied to all cash flows, that is, the internal rate of return from an  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.97em;top:66.1229em;"><span class="stl_37 stl_38 stl_29">69  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:5.8235em;"><span class="stl_155 stl_08 stl_134" style="word-spacing:-0.0254em;">investment property reflecting reversions to current market rent, and such items as voids and expenditures, but disregarding potential changes in market rents.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:6.5835em;"><span class="stl_155 stl_08 stl_127" style="word-spacing:0.0038em;">Conventionally calculated on a nominal basis, assuming that rents are receivable/payable annually in arrears”.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:8.1135em;"><span class="stl_155 stl_08 stl_90" style="word-spacing:0.0154em;">The required rates of return which have been set are an important factor in estimating the fair values. An equivalent yield of between 10.9% and 11.55% was  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:8.8735em;"><span class="stl_155 stl_08 stl_61" style="word-spacing:0.0508em;">adopted, which reflects the risks associated with a normal ownership or usufruct interest property including open-ended lease agreements and the physical  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:9.6335em;"><span class="stl_155 stl_08 stl_127" style="word-spacing:0.0187em;">state of the particular buildings. Using the equivalent yields mentioned above, a value of the subject was obtained reflecting an initial yield of between 9.79%  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:10.4035em;"><span class="stl_155 stl_08 stl_90" style="word-spacing:-0.0026em;">and 13.47% and a final yield of between 12.06% and 12.99%.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:11.9235em;"><span class="stl_155 stl_08 stl_90" style="word-spacing:-0.0006em;">Other assumptions:  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:12.6835em;"><span class="stl_155 stl_08 stl_50" style="word-spacing:-0.0034em;">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:4.72em;top:13.4535em;"><span class="stl_155 stl_08 stl_78" style="word-spacing:0.0011em;">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:4.72em;top:14.2135em;"><span class="stl_155 stl_08 stl_91" style="word-spacing:0.0006em;">Reletting voids: 10 months for offices / 5 for warehouse &amp; production space  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:14.9735em;"><span class="stl_155 stl_08 stl_61" style="word-spacing:0em;">No fit-out contributions  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:15.7435em;"><span class="stl_155 stl_08 stl_64" style="word-spacing:0.009em;">Letting fees: 16.5%  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:16.5035em;"><span class="stl_155 stl_08 stl_66" style="word-spacing:-0.0019em;">No rent-free periods and empty service charge  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:17.2635em;"><span class="stl_155 stl_08 stl_78" style="word-spacing:0.0016em;">Irrecoverable operating costs DKK 6.7 million (including property tax, perpetual usufruct fee, security, insurance, cost of the utilities based on the operating  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:18.0335em;"><span class="stl_155 stl_08 stl_110" style="word-spacing:0.0027em;">cost budget, plus management fee of 2% of market rent)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:18.7935em;"><span class="stl_155 stl_08 stl_77" style="word-spacing:0.0024em;">Capital expenditure of DKK 3.7 million  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:20.3135em;"><span class="stl_155 stl_08 stl_91" style="word-spacing:0.0003em;">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  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:21.0835em;"><span class="stl_155 stl_08 stl_90" style="word-spacing:-0.0022em;">protracted administrative proceedings, the value is further reduced by 20% due to the risk that such claims will be accommodated and due to the expenses  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:21.8435em;"><span class="stl_155 stl_08 stl_28" style="word-spacing:-0.0029em;">associated with the transitional phase.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:19.4873em;"><span class="stl_162 stl_08 stl_51">9.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:6.9em;top:19.4873em;"><span class="stl_162 stl_08 stl_26" style="word-spacing:0.0021em;">PROPERTY, PLANT AND EQUIPMENT (CONTINUED)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:22.1335em;"><span class="stl_157 stl_08 stl_127" style="word-spacing:0.0029em;">Direct operating expenses arising from investment property  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:6.51em;top:24.1573em;"><span class="stl_154 stl_08 stl_54" style="word-spacing:-0.0221em;">PARENT COMPANY  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.08em;top:24.1573em;"><span class="stl_154 stl_08 stl_36">GROUP  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:6.2324em;top:25.5073em;"><span class="stl_154 stl_08 stl_28">2022  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:10.3704em;top:25.5073em;"><span class="stl_154 stl_08 stl_28">2021  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.5783em;top:25.5073em;"><span class="stl_154 stl_08 stl_67">DKK'000  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.5331em;top:25.5073em;"><span class="stl_154 stl_08 stl_51">2022  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.2505em;top:25.5073em;"><span class="stl_154 stl_08 stl_51">2021  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.3472em;top:27.9435em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.4903em;top:27.9435em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.5794em;top:27.9435em;"><span class="stl_155 stl_08 stl_127" style="word-spacing:0.0065em;">Direct operating expenses (including repairs and maintenance) arising from  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.5531em;top:27.9435em;"><span class="stl_155 stl_08 stl_78">6,946  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.2695em;top:27.9435em;"><span class="stl_155 stl_08 stl_30">5,657  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.5782em;top:28.9735em;"><span class="stl_155 stl_08 stl_77" style="word-spacing:0.0016em;">investment property that generated rental income during the period  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.3472em;top:30.0035em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.4903em;top:30.0035em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.5794em;top:30.0035em;"><span class="stl_155 stl_08 stl_64" style="word-spacing:0.0052em;">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:38.0181em;top:30.0035em;"><span class="stl_155 stl_08 stl_51">671  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.7382em;top:30.0035em;"><span class="stl_155 stl_08 stl_51">834  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.5782em;top:31.0335em;"><span class="stl_155 stl_08 stl_61" style="word-spacing:0.0007em;">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:7.3472em;top:32.1835em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.49em;top:32.1835em;"><span class="stl_157 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.58em;top:32.1835em;"><span class="stl_157 stl_08 stl_127" style="word-spacing:0.0029em;">Direct operating expenses arising from investment property  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.55em;top:32.1835em;"><span class="stl_157 stl_08 stl_51">7,617  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.27em;top:32.1835em;"><span class="stl_157 stl_08 stl_51">6,491  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:35.9873em;"><span class="stl_162 stl_08 stl_51">9.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:6.9em;top:35.9873em;"><span class="stl_162 stl_08 stl_26" style="word-spacing:0.0021em;">PROPERTY, PLANT AND EQUIPMENT (CONTINUED)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:37.6135em;"><span class="stl_157 stl_08 stl_20" style="word-spacing:-0.0084em;">Amounts of minimum lease payments at balance sheet date under non-cancellable operating leases</span><span class="stl_155 stl_08 stl_20" style="word-spacing:-0.0084em;">.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:6.51em;top:39.6473em;"><span class="stl_154 stl_08 stl_54" style="word-spacing:-0.0221em;">PARENT COMPANY  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.08em;top:39.6473em;"><span class="stl_154 stl_08 stl_36">GROUP  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:6.2324em;top:40.9873em;"><span class="stl_154 stl_08 stl_28">2022  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:10.3704em;top:40.9873em;"><span class="stl_154 stl_08 stl_28">2021  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.5783em;top:40.9873em;"><span class="stl_154 stl_08 stl_67">DKK'000  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.5331em;top:40.9873em;"><span class="stl_154 stl_08 stl_51">2022  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.2505em;top:40.9873em;"><span class="stl_154 stl_08 stl_51">2021  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.5819em;top:43.4235em;"><span class="stl_155 stl_08 stl_109" style="word-spacing:0.0076em;">Operating lease payments may be specified as follows:  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.3472em;top:44.4535em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.4903em;top:44.4535em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.5794em;top:44.4535em;"><span class="stl_155 stl_08 stl_34" style="word-spacing:-0.0051em;">Within 1 year  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.5569em;top:44.4535em;"><span class="stl_155 stl_08 stl_30">6,063  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.2796em;top:44.4535em;"><span class="stl_155 stl_08 stl_78">5,591  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.3472em;top:45.4835em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.4903em;top:45.4835em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.5794em;top:45.4835em;"><span class="stl_155 stl_08 stl_137" style="word-spacing:0.0035em;">Between 1 and 5 years  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.0231em;top:45.4835em;"><span class="stl_155 stl_08 stl_51">895  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.2771em;top:45.4835em;"><span class="stl_155 stl_08 stl_78">1,768  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.3472em;top:46.6435em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.49em;top:46.6435em;"><span class="stl_157 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.58em;top:46.6435em;"><span class="stl_157 stl_08 stl_72">Total  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.5608em;top:46.6435em;"><span class="stl_155 stl_08 stl_25">6,958  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.27em;top:46.6435em;"><span class="stl_157 stl_08 stl_51">7,359  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:48.8235em;"><span class="stl_155 stl_08 stl_110" style="word-spacing:0.002em;">For agreements with tenants for an indefinite period, the above figures represent the aggregate rental income from leasing agreements within their notice  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:49.6135em;"><span class="stl_155 stl_08 stl_50" style="word-spacing:-0.0018em;">periods. For 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:4.72em;top:5.8373em;"><span class="stl_162 stl_08 stl_21" style="word-spacing:0.8729em;">14. CASH</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:9.164em;top:5.8373em;"><span class="stl_162 stl_08 stl_20" 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:4.72em;top:8.5754em;"><span class="stl_167 stl_08 stl_110" style="word-spacing:0.032em;">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.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:9.3854em;"><span class="stl_167 stl_08 stl_26" style="word-spacing:-0.0013em;">Bank deposits 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:4.72em;top:5.8373em;"><span class="stl_162 stl_08 stl_26" style="word-spacing:0.8744em;">18. CHANGES</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:10.792em;top:5.8373em;"><span class="stl_162 stl_08 stl_26" style="word-spacing:-0.0001em;">IN LIABILITIES ARISING FROM FINANCING ACTIVITIES  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:8.5273em;"><span class="stl_154 stl_08 stl_36">GROUP  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:9.8673em;"><span class="stl_154 stl_08 stl_51">2022  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.1267em;top:9.8673em;"><span class="stl_154 stl_08 stl_14" style="word-spacing:-0.0072em;">Cash flow  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.8547em;top:9.8673em;"><span class="stl_154 stl_08 stl_42" style="word-spacing:-0.0005em;">Cash flow  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.4067em;top:9.8673em;"><span class="stl_154 stl_08 stl_17">Non-cash  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:18.3525em;top:10.7273em;"><span class="stl_154 stl_08 stl_31">Beginning  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.2857em;top:10.7273em;"><span class="stl_154 stl_08 stl_60">Proceeds  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.3279em;top:10.7273em;"><span class="stl_154 stl_08 stl_47">Repayment  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.6779em;top:10.7273em;"><span class="stl_154 stl_08 stl_17">Non-cash  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.3811em;top:10.7273em;"><span class="stl_154 stl_08 stl_80">Exchange  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:11.6073em;"><span class="stl_154 stl_08 stl_54">DKK’000  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:19.196em;top:11.6073em;"><span class="stl_154 stl_08 stl_191" style="word-spacing:-0.0078em;">of year  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.8136em;top:11.6073em;"><span class="stl_154 stl_08 stl_51" style="word-spacing:0.0011em;">from loans  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.3759em;top:11.6073em;"><span class="stl_154 stl_08 stl_137" style="word-spacing:0.0159em;">of loans  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.7139em;top:11.6073em;"><span class="stl_154 stl_08 stl_118">Other  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.7812em;top:11.6073em;"><span class="stl_154 stl_08 stl_54" style="word-spacing:-0.0002em;">rate adjust.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.5504em;top:11.6073em;"><span class="stl_154 stl_08 stl_33" style="word-spacing:-0.0017em;">End of year  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:14.0335em;"><span class="stl_155 stl_08 stl_64" style="word-spacing:0.0012em;">Lease liabilities  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:20.3093em;top:14.0335em;"><span class="stl_155 stl_08 stl_51">172  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.6595em;top:14.0335em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.698em;top:14.0335em;"><span class="stl_155 stl_08 stl_63">(32)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.4137em;top:14.0335em;"><span class="stl_155 stl_08 stl_40">(22)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.8357em;top:14.0335em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.9284em;top:14.0335em;"><span class="stl_155 stl_08 stl_127">118  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:15.0635em;"><span class="stl_155 stl_08 stl_61" style="word-spacing:0.0061em;">Bank loans  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:20.3106em;top:15.0635em;"><span class="stl_155 stl_08 stl_51">976  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.6608em;top:15.0635em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.386em;top:15.0635em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.7999em;top:15.0635em;"><span class="stl_155 stl_08 stl_158">57  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.8401em;top:15.0635em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.4565em;top:15.0635em;"><span class="stl_155 stl_08 stl_30">1,033  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:16.2235em;"><span class="stl_157 stl_08 stl_127" style="word-spacing:0.0159em;">Total financial liabilities  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:19.828em;top:16.2235em;"><span class="stl_157 stl_08 stl_25">1,148  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.6551em;top:16.2235em;"><span class="stl_157 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.6847em;top:16.2235em;"><span class="stl_157 stl_08 stl_46">(32)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.7942em;top:16.2235em;"><span class="stl_157 stl_08 stl_51">35  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.8319em;top:16.2235em;"><span class="stl_157 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.4458em;top:16.2235em;"><span class="stl_157 stl_08 stl_25">1,151  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:19.6273em;"><span class="stl_154 stl_08 stl_51">2021  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.1267em;top:19.6273em;"><span class="stl_154 stl_08 stl_14" style="word-spacing:-0.0072em;">Cash flow  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.8547em;top:19.6273em;"><span class="stl_154 stl_08 stl_42" style="word-spacing:-0.0005em;">Cash flow  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.4067em;top:19.6273em;"><span class="stl_154 stl_08 stl_17">Non-cash  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:18.3525em;top:20.4873em;"><span class="stl_154 stl_08 stl_31">Beginning  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.2857em;top:20.4873em;"><span class="stl_154 stl_08 stl_60">Proceeds  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.3279em;top:20.4873em;"><span class="stl_154 stl_08 stl_47">Repayment  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.6779em;top:20.4873em;"><span class="stl_154 stl_08 stl_17">Non-cash  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.3811em;top:20.4873em;"><span class="stl_154 stl_08 stl_80">Exchange  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:21.3673em;"><span class="stl_154 stl_08 stl_54">DKK’000  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:19.196em;top:21.3673em;"><span class="stl_154 stl_08 stl_191" style="word-spacing:-0.0078em;">of year  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.8136em;top:21.3673em;"><span class="stl_154 stl_08 stl_51" style="word-spacing:0.0011em;">from loans  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.3759em;top:21.3673em;"><span class="stl_154 stl_08 stl_137" style="word-spacing:0.0159em;">of loans  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.7139em;top:21.3673em;"><span class="stl_154 stl_08 stl_118">Other  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.7812em;top:21.3673em;"><span class="stl_154 stl_08 stl_54" style="word-spacing:-0.0002em;">rate adjust.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.5504em;top:21.3673em;"><span class="stl_154 stl_08 stl_33" style="word-spacing:-0.0017em;">End of year  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:23.8035em;"><span class="stl_155 stl_08 stl_64" style="word-spacing:0.0012em;">Lease liabilities  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:20.6307em;top:23.8035em;"><span class="stl_155 stl_08 stl_158">55  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.6583em;top:23.8035em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.7005em;top:23.8035em;"><span class="stl_155 stl_08 stl_27">(40)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.4755em;top:23.8035em;"><span class="stl_155 stl_08 stl_51">157  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.84em;top:23.8035em;"><span class="stl_157 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.93em;top:23.8035em;"><span class="stl_157 stl_08 stl_51">172  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:24.8335em;"><span class="stl_155 stl_08 stl_61" style="word-spacing:0.0061em;">Bank loans  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:20.9406em;top:24.8335em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.027em;top:24.8335em;"><span class="stl_155 stl_08 stl_51">950  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.39em;top:24.8335em;"><span class="stl_157 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.7989em;top:24.8335em;"><span class="stl_155 stl_08 stl_51">26  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.84em;top:24.8335em;"><span class="stl_157 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.93em;top:24.8335em;"><span class="stl_157 stl_08 stl_51">976  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:25.9935em;"><span class="stl_157 stl_08 stl_127" style="word-spacing:0.0159em;">Total financial liabilities  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:20.6281em;top:25.9935em;"><span class="stl_157 stl_08 stl_158">55  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.0257em;top:25.9935em;"><span class="stl_157 stl_08 stl_51">950  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.6829em;top:25.9935em;"><span class="stl_157 stl_08 stl_90">(40)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.4755em;top:25.9935em;"><span class="stl_157 stl_08 stl_51">183  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.8319em;top:25.9935em;"><span class="stl_157 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.4395em;top:25.9935em;"><span class="stl_157 stl_08 stl_51">1,148  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:29.3173em;"><span class="stl_154 stl_08 stl_54" style="word-spacing:-0.0221em;">PARENT COMPANY  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:30.6573em;"><span class="stl_154 stl_08 stl_51">2022  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.1267em;top:30.6573em;"><span class="stl_154 stl_08 stl_14" style="word-spacing:-0.0072em;">Cash flow  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.8547em;top:30.6573em;"><span class="stl_154 stl_08 stl_42" style="word-spacing:-0.0005em;">Cash flow  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.4067em;top:30.6573em;"><span class="stl_154 stl_08 stl_17">Non-cash  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:18.3525em;top:31.5173em;"><span class="stl_154 stl_08 stl_31">Beginning  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.2857em;top:31.5173em;"><span class="stl_154 stl_08 stl_60">Proceeds  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.3279em;top:31.5173em;"><span class="stl_154 stl_08 stl_47">Repayment  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.6779em;top:31.5173em;"><span class="stl_154 stl_08 stl_17">Non-cash  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.3811em;top:31.5173em;"><span class="stl_154 stl_08 stl_80">Exchange  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:32.3873em;"><span class="stl_154 stl_08 stl_54">DKK’000  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:19.196em;top:32.3873em;"><span class="stl_154 stl_08 stl_191" style="word-spacing:-0.0078em;">of year  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.8136em;top:32.3873em;"><span class="stl_154 stl_08 stl_51" style="word-spacing:0.0011em;">from loans  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.3759em;top:32.3873em;"><span class="stl_154 stl_08 stl_137" style="word-spacing:0.0159em;">of loans  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.7139em;top:32.3873em;"><span class="stl_154 stl_08 stl_118">Other  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.7812em;top:32.3873em;"><span class="stl_154 stl_08 stl_54" style="word-spacing:-0.0002em;">rate adjust.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.5504em;top:32.3873em;"><span class="stl_154 stl_08 stl_33" style="word-spacing:-0.0017em;">End of year  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:34.8235em;"><span class="stl_155 stl_08 stl_91" style="word-spacing:-0.0009em;">Loans from subsidiaries  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:19.5212em;top:34.8235em;"><span class="stl_155 stl_08 stl_52">27,367  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.5563em;top:34.8235em;"><span class="stl_155 stl_08 stl_34">2,536  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.3853em;top:34.8235em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.0055em;top:34.8235em;"><span class="stl_155 stl_08 stl_30">1,146  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.8226em;top:34.8235em;"><span class="stl_155 stl_08 stl_62">(490)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.1333em;top:34.8235em;"><span class="stl_155 stl_08 stl_36">30,559  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:35.8535em;"><span class="stl_155 stl_08 stl_61" style="word-spacing:0.0061em;">Bank loans  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:20.3106em;top:35.8535em;"><span class="stl_155 stl_08 stl_51">976  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.6608em;top:35.8535em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.386em;top:35.8535em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.7999em;top:35.8535em;"><span class="stl_155 stl_08 stl_158">57  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.8401em;top:35.8535em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.4565em;top:35.8535em;"><span class="stl_155 stl_08 stl_30">1,033  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:37.0135em;"><span class="stl_157 stl_08 stl_45">Loans  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:19.5086em;top:37.0135em;"><span class="stl_157 stl_08 stl_51">28,343  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.5494em;top:37.0135em;"><span class="stl_157 stl_08 stl_25">2,536  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.3828em;top:37.0135em;"><span class="stl_157 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.9966em;top:37.0135em;"><span class="stl_157 stl_08 stl_25">1,203  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.8157em;top:37.0135em;"><span class="stl_157 stl_08 stl_25">(490)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.1207em;top:37.0135em;"><span class="stl_157 stl_08 stl_51">31,592  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:40.4173em;"><span class="stl_154 stl_08 stl_51">2021  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.1267em;top:40.4173em;"><span class="stl_154 stl_08 stl_14" style="word-spacing:-0.0072em;">Cash flow  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.8547em;top:40.4173em;"><span class="stl_154 stl_08 stl_42" style="word-spacing:-0.0005em;">Cash flow  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.4067em;top:40.4173em;"><span class="stl_154 stl_08 stl_17">Non-cash  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:18.3525em;top:41.2773em;"><span class="stl_154 stl_08 stl_31">Beginning  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.2857em;top:41.2773em;"><span class="stl_154 stl_08 stl_60">Proceeds  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.3279em;top:41.2773em;"><span class="stl_154 stl_08 stl_47">Repayment  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.6779em;top:41.2773em;"><span class="stl_154 stl_08 stl_17">Non-cash  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.3811em;top:41.2773em;"><span class="stl_154 stl_08 stl_80">Exchange  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:42.1573em;"><span class="stl_154 stl_08 stl_54">DKK’000  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:19.196em;top:42.1573em;"><span class="stl_154 stl_08 stl_191" style="word-spacing:-0.0078em;">of year  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.8136em;top:42.1573em;"><span class="stl_154 stl_08 stl_51" style="word-spacing:0.0011em;">from loans  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.3759em;top:42.1573em;"><span class="stl_154 stl_08 stl_137" style="word-spacing:0.0159em;">of loans  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.7139em;top:42.1573em;"><span class="stl_154 stl_08 stl_118">Other  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.7812em;top:42.1573em;"><span class="stl_154 stl_08 stl_54" style="word-spacing:-0.0002em;">rate adjust.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.5504em;top:42.1573em;"><span class="stl_154 stl_08 stl_33" style="word-spacing:-0.0017em;">End of year  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:44.5935em;"><span class="stl_155 stl_08 stl_91" style="word-spacing:-0.0009em;">Loans from subsidiaries  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:19.5212em;top:44.5935em;"><span class="stl_155 stl_08 stl_52">25,715  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.0289em;top:44.5935em;"><span class="stl_155 stl_08 stl_51">797  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.39em;top:44.5935em;"><span class="stl_157 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.0113em;top:44.5935em;"><span class="stl_155 stl_08 stl_25">1,082  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.8317em;top:44.5935em;"><span class="stl_155 stl_08 stl_109">(</span><span class="stl_157 stl_08 stl_192">227)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.13em;top:44.5935em;"><span class="stl_157 stl_08 stl_51">27,367  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:45.6135em;"><span class="stl_155 stl_08 stl_61" style="word-spacing:0.0061em;">Bank loans  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:20.9406em;top:45.6135em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.027em;top:45.6135em;"><span class="stl_155 stl_08 stl_51">950  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.39em;top:45.6135em;"><span class="stl_157 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.7989em;top:45.6135em;"><span class="stl_155 stl_08 stl_51">26  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.84em;top:45.6135em;"><span class="stl_157 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.93em;top:45.6135em;"><span class="stl_157 stl_08 stl_51">976  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:46.7735em;"><span class="stl_157 stl_08 stl_45">Loans  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:19.5086em;top:46.7735em;"><span class="stl_157 stl_08 stl_51">25,715  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.5494em;top:46.7735em;"><span class="stl_157 stl_08 stl_25">1,747  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.3828em;top:46.7735em;"><span class="stl_157 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.9966em;top:46.7735em;"><span class="stl_157 stl_08 stl_25">1,108  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.8157em;top:46.7735em;"><span class="stl_157 stl_08 stl_25">(227)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.1207em;top:46.7735em;"><span class="stl_157 stl_08 stl_51">28,343  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:27.2654em;"><span class="stl_167 stl_08 stl_45" style="word-spacing:-0.0013em;">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:6.51em;top:29.3473em;"><span class="stl_154 stl_08 stl_54" style="word-spacing:-0.0221em;">PARENT COMPANY  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.08em;top:29.3473em;"><span class="stl_154 stl_08 stl_36">GROUP  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:6.2324em;top:30.6873em;"><span class="stl_154 stl_08 stl_28">2022  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:10.3704em;top:30.6873em;"><span class="stl_154 stl_08 stl_28">2021  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.5783em;top:30.6873em;"><span class="stl_154 stl_08 stl_67">DKK'000  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.5331em;top:30.6873em;"><span class="stl_154 stl_08 stl_51">2022  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.2505em;top:30.6873em;"><span class="stl_154 stl_08 stl_51">2021  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:6.251em;top:33.1235em;"><span class="stl_155 stl_08 stl_25">1,033  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:10.8571em;top:33.1235em;"><span class="stl_155 stl_08 stl_51">976  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.58em;top:33.1235em;"><span class="stl_155 stl_08 stl_64" style="word-spacing:0.0072em;">Bank debt  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.5544em;top:33.1235em;"><span class="stl_155 stl_08 stl_34">1,033  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.7471em;top:33.1235em;"><span class="stl_155 stl_08 stl_51">976  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:6.3392em;top:34.1535em;"><span class="stl_155 stl_08 stl_22">(307)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:10.4791em;top:34.1535em;"><span class="stl_155 stl_08 stl_22">(820)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.5794em;top:34.1535em;"><span class="stl_155 stl_08 stl_91" style="word-spacing:-0.0012em;">Cash and cash equivalents  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.1726em;top:34.1535em;"><span class="stl_155 stl_08 stl_46">(7,139)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.5765em;top:34.1535em;"><span class="stl_155 stl_08 stl_25">(16,204)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:6.72em;top:35.3135em;"><span class="stl_157 stl_08 stl_51">726  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:10.86em;top:35.3135em;"><span class="stl_157 stl_08 stl_51">156  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.58em;top:35.3135em;"><span class="stl_157 stl_08 stl_77" style="word-spacing:0.0039em;">Net interest-bearing debt  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.16em;top:35.3135em;"><span class="stl_157 stl_08 stl_20">(6,106)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.57em;top:35.3135em;"><span class="stl_157 stl_08 stl_90">(15,228)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:5.92em;top:37.4935em;"><span class="stl_157 stl_08 stl_51">62,131  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:10.0599em;top:37.4935em;"><span class="stl_157 stl_08 stl_34">65,515  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.5723em;top:37.4935em;"><span class="stl_157 stl_08 stl_24">Equity  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.9122em;top:37.4935em;"><span class="stl_157 stl_08 stl_36">150,896  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.6317em;top:37.4935em;"><span class="stl_157 stl_08 stl_78">131,367  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:6.55em;top:39.6735em;"><span class="stl_157 stl_08 stl_63">0.01  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:10.69em;top:39.6735em;"><span class="stl_157 stl_08 stl_63">0.00  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.58em;top:39.6735em;"><span class="stl_157 stl_08 stl_21" style="word-spacing:-0.0141em;">Financial gearing  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.47em;top:39.6735em;"><span class="stl_157 stl_08 stl_34">(0.04)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.19em;top:39.6735em;"><span class="stl_157 stl_08 stl_34">(0.12)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:12.0973em;"><span class="stl_162 stl_08 stl_31" style="word-spacing:0.873em;">15. SHARE</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:9.638em;top:12.0973em;"><span class="stl_162 stl_08 stl_19">CAPITAL  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:14.7354em;"><span class="stl_167 stl_08 stl_73" style="word-spacing:-0.0008em;">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:4.72em;top:17.0573em;"><span class="stl_154 stl_08 stl_66">‘000  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7217em;top:17.0573em;"><span class="stl_154 stl_08 stl_28">2022  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.4348em;top:17.0573em;"><span class="stl_154 stl_08 stl_51">2021  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:19.4935em;"><span class="stl_155 stl_08 stl_156" style="word-spacing:0.0059em;">Number of shares at 1 January  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.0987em;top:19.4935em;"><span class="stl_155 stl_08 stl_91">249,850  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.8138em;top:19.4935em;"><span class="stl_155 stl_08 stl_25">249,850  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:20.5235em;"><span class="stl_155 stl_08 stl_20" style="word-spacing:-0.0049em;">Cancellation of own shares  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.9686em;top:20.5235em;"><span class="stl_155 stl_08 stl_09">-</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.6875em;top:20.5235em;"><span class="stl_155 stl_08 stl_09">-</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:21.6835em;"><span class="stl_157 stl_08 stl_66" style="word-spacing:-0.001em;">Number of shares at 31 December  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.1em;top:21.6835em;"><span class="stl_157 stl_08 stl_78">249,850  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.82em;top:21.6835em;"><span class="stl_157 stl_08 stl_78">249,850  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:24.0773em;"><span class="stl_154 stl_08 stl_54">DKK’000  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:26.5135em;"><span class="stl_155 stl_08 stl_25" style="word-spacing:-0.0033em;">Share capital at 1 January  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7363em;top:26.5135em;"><span class="stl_155 stl_08 stl_34">4,997  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.4565em;top:26.5135em;"><span class="stl_155 stl_08 stl_30">4,997  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:27.5435em;"><span class="stl_155 stl_08 stl_20" style="word-spacing:-0.0049em;">Cancellation of own shares  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.9686em;top:27.5435em;"><span class="stl_155 stl_08 stl_09">-</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.6875em;top:27.5435em;"><span class="stl_155 stl_08 stl_09">-</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:28.7035em;"><span class="stl_157 stl_08 stl_61" style="word-spacing:0.0005em;">Share capital at 31 December  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.73em;top:28.7035em;"><span class="stl_157 stl_08 stl_51">4,997  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.45em;top:28.7035em;"><span class="stl_157 stl_08 stl_51">4,997  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:5.8373em;"><span class="stl_162 stl_08 stl_30" style="word-spacing:0.8722em;">16. OTHER</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:9.718em;top:5.8373em;"><span class="stl_162 stl_08 stl_24">RESERVES  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:8.4554em;"><span class="stl_167 stl_08 stl_52" style="word-spacing:0.0894em;">The translation reserve comprises all foreign exchange adjustments arising from the translation of the financial statements of entities with other  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:9.2654em;"><span class="stl_167 stl_08 stl_32" style="word-spacing:0.0438em;">functional currencies than DKK and the foreign exchange adjustments of receivables from or payables to subsidiaries which are considered part of  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:10.0754em;"><span class="stl_167 stl_08 stl_18" style="word-spacing:0.0024em;">the parent company’s overall investment in the subsidiary.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:29.7573em;"><span class="stl_162 stl_08 stl_34" style="word-spacing:0.8708em;">29. SHAREHOLDER</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:12.760em;top:29.7573em;"><span class="stl_162 stl_08 stl_34">INFORMATION  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:32.3954em;"><span class="stl_167 stl_08 stl_26" style="word-spacing:0.0168em;">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  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:33.2154em;"><span class="stl_167 stl_08 stl_32">31.12.2022  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:35.5373em;"><span class="stl_154 stl_08 stl_24" style="word-spacing:0.0034em;">Composition of shareholders  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.1865em;top:35.5373em;"><span class="stl_154 stl_08 stl_14" style="word-spacing:-0.0036em;">Number of shares  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.723em;top:35.5373em;"><span class="stl_154 stl_08 stl_122" style="word-spacing:-0.0195em;">Capital DKK  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.1504em;top:35.5373em;"><span class="stl_154 stl_08 stl_132" style="word-spacing:-0.0129em;">Capital %  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:37.9735em;"><span class="stl_155 stl_08 stl_77" style="word-spacing:0.0012em;">EDJ-Gruppen Havnegade 19 6700 Esbjerg, Denmark  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.574em;top:37.9735em;"><span class="stl_155 stl_08 stl_25">81,250,000  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.8305em;top:37.9735em;"><span class="stl_155 stl_08 stl_78">1,625,000.00  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.4445em;top:37.9735em;"><span class="stl_155 stl_08 stl_18">32.52  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:39.0035em;"><span class="stl_155 stl_08 stl_90" style="word-spacing:-0.0002em;">Gist Holding ApS C.F Richs Vej 31  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.5766em;top:39.0035em;"><span class="stl_155 stl_08 stl_25">25,691,023  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.3055em;top:39.0035em;"><span class="stl_155 stl_08 stl_28">513,820.46  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.4514em;top:39.0035em;"><span class="stl_155 stl_08 stl_18">10.28  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:12.7873em;"><span class="stl_162 stl_08 stl_21" style="word-spacing:0.8729em;">17. LEASE</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:9.383em;top:12.7873em;"><span class="stl_162 stl_08 stl_52">LIABILITIES  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:15.4773em;"><span class="stl_154 stl_08 stl_36">GROUP  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:16.5754em;"><span class="stl_167 stl_08 stl_20" style="word-spacing:0.1059em;">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  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:17.3954em;"><span class="stl_167 stl_08 stl_73" style="word-spacing:-0.0428em;">regarding the 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  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:18.2054em;"><span class="stl_167 stl_08 stl_50" style="word-spacing:0.0306em;">in Note 9. Interest expense on lease liabilities is presented in Note 6. The total cash outflow for leases was DKK 956 thousand in 2022. The expense  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:19.0254em;"><span class="stl_167 stl_08 stl_26" style="word-spacing:0.002em;">relating to short-term operating leases for which no lease liability was recognised at the end of the reporting period was DKK 16 thousand. The fixed  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:19.8354em;"><span class="stl_167 stl_08 stl_27" style="word-spacing:-0.0249em;">incremental borrowing rate applied for first time recognition of lease liability was 6%. The total lease obligation was discounted using the incremental  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:20.6454em;"><span class="stl_167 stl_08 stl_28" style="word-spacing:0.0029em;">borrowing rate over the total lease period, which is 67 years.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.6064em;top:22.9673em;"><span class="stl_154 stl_08 stl_26" style="word-spacing:0.0106em;">Minimum lease  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.1106em;top:22.9673em;"><span class="stl_154 stl_08 stl_31" style="word-spacing:0.0053em;">Present value of minimum  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.0171em;top:23.8273em;"><span class="stl_154 stl_08 stl_42" style="word-spacing:-0.0067em;">payments, DKK’000  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.4521em;top:23.8273em;"><span class="stl_154 stl_08 stl_22" style="word-spacing:-0.0022em;">lease payments, DKK‘000  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.2698em;top:25.1673em;"><span class="stl_154 stl_08 stl_51">2022  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.9872em;top:25.1673em;"><span class="stl_154 stl_08 stl_51">2021  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7117em;top:25.1673em;"><span class="stl_154 stl_08 stl_51">2022  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.4362em;top:25.1673em;"><span class="stl_154 stl_08 stl_28">2021  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:27.6135em;"><span class="stl_155 stl_08 stl_25" style="word-spacing:-0.0022em;">Finance lease liabilities fall due as follows:  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:28.6435em;"><span class="stl_155 stl_08 stl_52" style="word-spacing:-0.0021em;">Within 1 year from the balance sheet date  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.7578em;top:28.6435em;"><span class="stl_155 stl_08 stl_127">867  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.008em;top:28.6435em;"><span class="stl_155 stl_08 stl_78">1,002  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.2032em;top:28.6435em;"><span class="stl_155 stl_08 stl_51">818  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.9233em;top:28.6435em;"><span class="stl_155 stl_08 stl_51">943  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:29.6635em;"><span class="stl_155 stl_08 stl_61" style="word-spacing:0.0004em;">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:29.2853em;top:29.6635em;"><span class="stl_155 stl_08 stl_25">3,473  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.0048em;top:29.6635em;"><span class="stl_155 stl_08 stl_25">4,152  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7306em;top:29.6635em;"><span class="stl_155 stl_08 stl_30">2,843  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.4533em;top:29.6635em;"><span class="stl_155 stl_08 stl_78">3,401  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:30.6935em;"><span class="stl_155 stl_08 stl_127" style="word-spacing:0.0015em;">More than 5 years from the balance sheet date  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.9653em;top:30.6935em;"><span class="stl_155 stl_08 stl_36">52,619  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.6829em;top:30.6935em;"><span class="stl_155 stl_08 stl_36">64,061  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.4131em;top:30.6935em;"><span class="stl_155 stl_08 stl_36">10,285  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.1307em;top:30.6935em;"><span class="stl_155 stl_08 stl_36">12,343  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:31.8535em;"><span class="stl_157 stl_08 stl_91" style="word-spacing:0.0058em;">At 31 December  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.96em;top:31.8535em;"><span class="stl_157 stl_08 stl_51">56,959  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.68em;top:31.8535em;"><span class="stl_157 stl_08 stl_51">69,215  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.41em;top:31.8535em;"><span class="stl_157 stl_08 stl_51">13,946  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.13em;top:31.8535em;"><span class="stl_157 stl_08 stl_51">16,687  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.67em;top:36.3073em;"><span class="stl_154 stl_08 stl_09" style="word-spacing:-0.0007em;">Present value  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.9412em;top:37.1673em;"><span class="stl_154 stl_08 stl_132" style="word-spacing:-0.0079em;">Fixed or  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.6657em;top:37.1673em;"><span class="stl_154 stl_08 stl_46" style="word-spacing:0.011em;">of minimum  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.9412em;top:38.0273em;"><span class="stl_154 stl_08 stl_21">floating  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.6679em;top:38.0273em;"><span class="stl_154 stl_08 stl_26">lease  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.0176em;top:38.0273em;"><span class="stl_154 stl_08 stl_17" style="word-spacing:-0.0037em;">Fair value  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:38.9073em;"><span class="stl_154 stl_08 stl_51">2022  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.8992em;top:38.9073em;"><span class="stl_154 stl_08 stl_30" style="word-spacing:0.0522em;">Expiry interest rate</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.650em;top:38.9073em;"><span class="stl_154 stl_08 stl_67" style="word-spacing:-0.0068em;">payments, DKK‘000</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.897em;top:38.9073em;"><span class="stl_154 stl_08 stl_51">DKK‘000  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:41.3435em;"><span class="stl_155 stl_08 stl_50" style="word-spacing:-0.0021em;">Lease liability, right of use investment property  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.4365em;top:41.3435em;"><span class="stl_155 stl_08 stl_28">2089  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.0811em;top:41.3435em;"><span class="stl_155 stl_08 stl_77">Fixed  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.4125em;top:41.3435em;"><span class="stl_155 stl_08 stl_34">13,825  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.1295em;top:41.3435em;"><span class="stl_155 stl_08 stl_36">13,824  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:42.3735em;"><span class="stl_155 stl_08 stl_90" style="word-spacing:-0.0004em;">Lease liability, right of use plant and machinery  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.4378em;top:42.3735em;"><span class="stl_155 stl_08 stl_28">2025  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.383em;top:42.3735em;"><span class="stl_155 stl_08 stl_77">Floating  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.2038em;top:42.3735em;"><span class="stl_155 stl_08 stl_51">121  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.9239em;top:42.3735em;"><span class="stl_155 stl_08 stl_127">121  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:43.5235em;"><span class="stl_157 stl_08 stl_72">Total  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.41em;top:43.5235em;"><span class="stl_157 stl_08 stl_51">13,946  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.13em;top:43.5235em;"><span class="stl_157 stl_08 stl_51">13,946  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.67em;top:45.9173em;"><span class="stl_154 stl_08 stl_09" style="word-spacing:-0.0007em;">Present value  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.9412em;top:46.7773em;"><span class="stl_154 stl_08 stl_132" style="word-spacing:-0.0079em;">Fixed or  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.6657em;top:46.7773em;"><span class="stl_154 stl_08 stl_46" style="word-spacing:0.011em;">of minimum  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.9412em;top:47.6473em;"><span class="stl_154 stl_08 stl_21">floating  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.6679em;top:47.6473em;"><span class="stl_154 stl_08 stl_26">lease  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.0176em;top:47.6473em;"><span class="stl_154 stl_08 stl_17" style="word-spacing:-0.0037em;">Fair value  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:48.5173em;"><span class="stl_154 stl_08 stl_51">2021  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.8992em;top:48.5173em;"><span class="stl_154 stl_08 stl_30" style="word-spacing:0.0522em;">Expiry interest rate</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.650em;top:48.5173em;"><span class="stl_154 stl_08 stl_67" style="word-spacing:-0.0068em;">payments, DKK‘000</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.897em;top:48.5173em;"><span class="stl_154 stl_08 stl_51">DKK‘000  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:50.9535em;"><span class="stl_155 stl_08 stl_50" style="word-spacing:-0.0021em;">Lease liability, right of use investment property  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.4365em;top:50.9535em;"><span class="stl_155 stl_08 stl_28">2089  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.0811em;top:50.9535em;"><span class="stl_155 stl_08 stl_77">Fixed  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.4125em;top:50.9535em;"><span class="stl_155 stl_08 stl_34">16,522  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.1295em;top:50.9535em;"><span class="stl_155 stl_08 stl_36">16,522  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:51.9835em;"><span class="stl_155 stl_08 stl_90" style="word-spacing:-0.0004em;">Lease liability, right of use plant and machinery  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.4378em;top:51.9835em;"><span class="stl_155 stl_08 stl_28">2025  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.383em;top:51.9835em;"><span class="stl_155 stl_08 stl_77">Floating  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.2038em;top:51.9835em;"><span class="stl_155 stl_08 stl_51">165  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.9239em;top:51.9835em;"><span class="stl_155 stl_08 stl_127">165  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:53.1435em;"><span class="stl_157 stl_08 stl_72">Total  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.41em;top:53.1435em;"><span class="stl_157 stl_08 stl_51">16,687  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.13em;top:53.1435em;"><span class="stl_157 stl_08 stl_51">16,687  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:5.8373em;"><span class="stl_162 stl_08 stl_26" style="word-spacing:0.8744em;">18. CHANGES</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:10.792em;top:5.8373em;"><span class="stl_162 stl_08 stl_26" style="word-spacing:-0.0001em;">IN LIABILITIES ARISING FROM FINANCING ACTIVITIES  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:8.5273em;"><span class="stl_154 stl_08 stl_36">GROUP  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:9.8673em;"><span class="stl_154 stl_08 stl_51">2022  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.1267em;top:9.8673em;"><span class="stl_154 stl_08 stl_14" style="word-spacing:-0.0072em;">Cash flow  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.8547em;top:9.8673em;"><span class="stl_154 stl_08 stl_42" style="word-spacing:-0.0005em;">Cash flow  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.4067em;top:9.8673em;"><span class="stl_154 stl_08 stl_17">Non-cash  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:18.3525em;top:10.7273em;"><span class="stl_154 stl_08 stl_31">Beginning  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.2857em;top:10.7273em;"><span class="stl_154 stl_08 stl_60">Proceeds  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.3279em;top:10.7273em;"><span class="stl_154 stl_08 stl_47">Repayment  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.6779em;top:10.7273em;"><span class="stl_154 stl_08 stl_17">Non-cash  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.3811em;top:10.7273em;"><span class="stl_154 stl_08 stl_80">Exchange  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:11.6073em;"><span class="stl_154 stl_08 stl_54">DKK’000  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:19.196em;top:11.6073em;"><span class="stl_154 stl_08 stl_191" style="word-spacing:-0.0078em;">of year  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.8136em;top:11.6073em;"><span class="stl_154 stl_08 stl_51" style="word-spacing:0.0011em;">from loans  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.3759em;top:11.6073em;"><span class="stl_154 stl_08 stl_137" style="word-spacing:0.0159em;">of loans  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.7139em;top:11.6073em;"><span class="stl_154 stl_08 stl_118">Other  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.7812em;top:11.6073em;"><span class="stl_154 stl_08 stl_54" style="word-spacing:-0.0002em;">rate adjust.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.5504em;top:11.6073em;"><span class="stl_154 stl_08 stl_33" style="word-spacing:-0.0017em;">End of year  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:14.0335em;"><span class="stl_155 stl_08 stl_64" style="word-spacing:0.0012em;">Lease liabilities  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:20.3093em;top:14.0335em;"><span class="stl_155 stl_08 stl_51">172  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.6595em;top:14.0335em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.698em;top:14.0335em;"><span class="stl_155 stl_08 stl_63">(32)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.4137em;top:14.0335em;"><span class="stl_155 stl_08 stl_40">(22)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.8357em;top:14.0335em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.9284em;top:14.0335em;"><span class="stl_155 stl_08 stl_127">118  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:15.0635em;"><span class="stl_155 stl_08 stl_61" style="word-spacing:0.0061em;">Bank loans  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:20.3106em;top:15.0635em;"><span class="stl_155 stl_08 stl_51">976  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.6608em;top:15.0635em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.386em;top:15.0635em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.7999em;top:15.0635em;"><span class="stl_155 stl_08 stl_158">57  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.8401em;top:15.0635em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.4565em;top:15.0635em;"><span class="stl_155 stl_08 stl_30">1,033  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:16.2235em;"><span class="stl_157 stl_08 stl_127" style="word-spacing:0.0159em;">Total financial liabilities  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:19.828em;top:16.2235em;"><span class="stl_157 stl_08 stl_25">1,148  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.6551em;top:16.2235em;"><span class="stl_157 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.6847em;top:16.2235em;"><span class="stl_157 stl_08 stl_46">(32)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.7942em;top:16.2235em;"><span class="stl_157 stl_08 stl_51">35  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.8319em;top:16.2235em;"><span class="stl_157 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.4458em;top:16.2235em;"><span class="stl_157 stl_08 stl_25">1,151  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:29.3173em;"><span class="stl_154 stl_08 stl_54" style="word-spacing:-0.0221em;">PARENT COMPANY  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:30.6573em;"><span class="stl_154 stl_08 stl_51">2022  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.1267em;top:30.6573em;"><span class="stl_154 stl_08 stl_14" style="word-spacing:-0.0072em;">Cash flow  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.8547em;top:30.6573em;"><span class="stl_154 stl_08 stl_42" style="word-spacing:-0.0005em;">Cash flow  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.4067em;top:30.6573em;"><span class="stl_154 stl_08 stl_17">Non-cash  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:18.3525em;top:31.5173em;"><span class="stl_154 stl_08 stl_31">Beginning  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.2857em;top:31.5173em;"><span class="stl_154 stl_08 stl_60">Proceeds  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.3279em;top:31.5173em;"><span class="stl_154 stl_08 stl_47">Repayment  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.6779em;top:31.5173em;"><span class="stl_154 stl_08 stl_17">Non-cash  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.3811em;top:31.5173em;"><span class="stl_154 stl_08 stl_80">Exchange  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:32.3873em;"><span class="stl_154 stl_08 stl_54">DKK’000  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:19.196em;top:32.3873em;"><span class="stl_154 stl_08 stl_191" style="word-spacing:-0.0078em;">of year  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.8136em;top:32.3873em;"><span class="stl_154 stl_08 stl_51" style="word-spacing:0.0011em;">from loans  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.3759em;top:32.3873em;"><span class="stl_154 stl_08 stl_137" style="word-spacing:0.0159em;">of loans  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.7139em;top:32.3873em;"><span class="stl_154 stl_08 stl_118">Other  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.7812em;top:32.3873em;"><span class="stl_154 stl_08 stl_54" style="word-spacing:-0.0002em;">rate adjust.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.5504em;top:32.3873em;"><span class="stl_154 stl_08 stl_33" style="word-spacing:-0.0017em;">End of year  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:34.8235em;"><span class="stl_155 stl_08 stl_91" style="word-spacing:-0.0009em;">Loans from subsidiaries  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:19.5212em;top:34.8235em;"><span class="stl_155 stl_08 stl_52">27,367  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.5563em;top:34.8235em;"><span class="stl_155 stl_08 stl_34">2,536  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.3853em;top:34.8235em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.0055em;top:34.8235em;"><span class="stl_155 stl_08 stl_30">1,146  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.8226em;top:34.8235em;"><span class="stl_155 stl_08 stl_62">(490)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.1333em;top:34.8235em;"><span class="stl_155 stl_08 stl_36">30,559  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:35.8535em;"><span class="stl_155 stl_08 stl_61" style="word-spacing:0.0061em;">Bank loans  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:20.3106em;top:35.8535em;"><span class="stl_155 stl_08 stl_51">976  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.6608em;top:35.8535em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.386em;top:35.8535em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.7999em;top:35.8535em;"><span class="stl_155 stl_08 stl_158">57  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.8401em;top:35.8535em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.4565em;top:35.8535em;"><span class="stl_155 stl_08 stl_30">1,033  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:37.0135em;"><span class="stl_157 stl_08 stl_45">Loans  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:19.5086em;top:37.0135em;"><span class="stl_157 stl_08 stl_51">28,343  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.5494em;top:37.0135em;"><span class="stl_157 stl_08 stl_25">2,536  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.3828em;top:37.0135em;"><span class="stl_157 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.9966em;top:37.0135em;"><span class="stl_157 stl_08 stl_25">1,203  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.8157em;top:37.0135em;"><span class="stl_157 stl_08 stl_25">(490)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.1207em;top:37.0135em;"><span class="stl_157 stl_08 stl_51">31,592  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:40.4173em;"><span class="stl_154 stl_08 stl_51">2021  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.1267em;top:40.4173em;"><span class="stl_154 stl_08 stl_14" style="word-spacing:-0.0072em;">Cash flow  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.8547em;top:40.4173em;"><span class="stl_154 stl_08 stl_42" style="word-spacing:-0.0005em;">Cash flow  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.4067em;top:40.4173em;"><span class="stl_154 stl_08 stl_17">Non-cash  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:18.3525em;top:41.2773em;"><span class="stl_154 stl_08 stl_31">Beginning  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.2857em;top:41.2773em;"><span class="stl_154 stl_08 stl_60">Proceeds  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.3279em;top:41.2773em;"><span class="stl_154 stl_08 stl_47">Repayment  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.6779em;top:41.2773em;"><span class="stl_154 stl_08 stl_17">Non-cash  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.3811em;top:41.2773em;"><span class="stl_154 stl_08 stl_80">Exchange  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:42.1573em;"><span class="stl_154 stl_08 stl_54">DKK’000  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:19.196em;top:42.1573em;"><span class="stl_154 stl_08 stl_191" style="word-spacing:-0.0078em;">of year  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.8136em;top:42.1573em;"><span class="stl_154 stl_08 stl_51" style="word-spacing:0.0011em;">from loans  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.3759em;top:42.1573em;"><span class="stl_154 stl_08 stl_137" style="word-spacing:0.0159em;">of loans  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.7139em;top:42.1573em;"><span class="stl_154 stl_08 stl_118">Other  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.7812em;top:42.1573em;"><span class="stl_154 stl_08 stl_54" style="word-spacing:-0.0002em;">rate adjust.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.5504em;top:42.1573em;"><span class="stl_154 stl_08 stl_33" style="word-spacing:-0.0017em;">End of year  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:44.5935em;"><span class="stl_155 stl_08 stl_91" style="word-spacing:-0.0009em;">Loans from subsidiaries  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:19.5212em;top:44.5935em;"><span class="stl_155 stl_08 stl_52">25,715  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.0289em;top:44.5935em;"><span class="stl_155 stl_08 stl_51">797  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.39em;top:44.5935em;"><span class="stl_157 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.0113em;top:44.5935em;"><span class="stl_155 stl_08 stl_25">1,082  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.8317em;top:44.5935em;"><span class="stl_155 stl_08 stl_109">(</span><span class="stl_157 stl_08 stl_192">227)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.13em;top:44.5935em;"><span class="stl_157 stl_08 stl_51">27,367  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:45.6135em;"><span class="stl_155 stl_08 stl_61" style="word-spacing:0.0061em;">Bank loans  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:20.9406em;top:45.6135em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.027em;top:45.6135em;"><span class="stl_155 stl_08 stl_51">950  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.39em;top:45.6135em;"><span class="stl_157 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.7989em;top:45.6135em;"><span class="stl_155 stl_08 stl_51">26  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.84em;top:45.6135em;"><span class="stl_157 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.93em;top:45.6135em;"><span class="stl_157 stl_08 stl_51">976  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:46.7735em;"><span class="stl_157 stl_08 stl_45">Loans  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:19.5086em;top:46.7735em;"><span class="stl_157 stl_08 stl_51">25,715  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.5494em;top:46.7735em;"><span class="stl_157 stl_08 stl_25">1,747  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.3828em;top:46.7735em;"><span class="stl_157 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.9966em;top:46.7735em;"><span class="stl_157 stl_08 stl_25">1,108  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.8157em;top:46.7735em;"><span class="stl_157 stl_08 stl_25">(227)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.1207em;top:46.7735em;"><span class="stl_157 stl_08 stl_51">28,343  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:50.9073em;"><span class="stl_162 stl_08 stl_35" style="word-spacing:0.8727em;">19. TRADE</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:9.664em;top:50.9073em;"><span class="stl_162 stl_08 stl_18">PAYABLES  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:6.51em;top:53.5273em;"><span class="stl_154 stl_08 stl_54" style="word-spacing:-0.0221em;">PARENT COMPANY  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.08em;top:53.5273em;"><span class="stl_154 stl_08 stl_36">GROUP  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:6.2324em;top:54.8673em;"><span class="stl_154 stl_08 stl_28">2022  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:10.3704em;top:54.8673em;"><span class="stl_154 stl_08 stl_28">2021  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.5783em;top:54.8673em;"><span class="stl_154 stl_08 stl_67">DKK'000  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.5331em;top:54.8673em;"><span class="stl_154 stl_08 stl_51">2022  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.2505em;top:54.8673em;"><span class="stl_154 stl_08 stl_51">2021  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.5782em;top:57.3135em;"><span class="stl_155 stl_08 stl_28" style="word-spacing:-0.0029em;">Amounts owed to suppliers for goods  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:6.7172em;top:58.1035em;"><span class="stl_155 stl_08 stl_51">287  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:10.8577em;top:58.1035em;"><span class="stl_155 stl_08 stl_51">244  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.5807em;top:58.1035em;"><span class="stl_155 stl_08 stl_77" style="word-spacing:0.0045em;">and services delivered  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.5538em;top:58.1035em;"><span class="stl_155 stl_08 stl_34">1,715  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.2739em;top:58.1035em;"><span class="stl_155 stl_08 stl_30">1,447  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:6.72em;top:59.2635em;"><span class="stl_157 stl_08 stl_51">287  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:10.86em;top:59.2635em;"><span class="stl_157 stl_08 stl_51">244  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.58em;top:59.2635em;"><span class="stl_157 stl_08 stl_72">Total  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.55em;top:59.2635em;"><span class="stl_157 stl_08 stl_51">1,715  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.27em;top:59.2635em;"><span class="stl_157 stl_08 stl_51">1,447  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:61.4435em;"><span class="stl_155 stl_08 stl_66" style="word-spacing:-0.0001em;">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:4.72em;top:5.8273em;"><span class="stl_162 stl_08 stl_30" style="word-spacing:0.8722em;">20. OTHER</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:9.718em;top:5.8273em;"><span class="stl_162 stl_08 stl_25">PAYABLES  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:6.51em;top:8.4573em;"><span class="stl_154 stl_08 stl_54" style="word-spacing:-0.0221em;">PARENT COMPANY  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.08em;top:8.4573em;"><span class="stl_154 stl_08 stl_36">GROUP  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:6.2324em;top:9.7973em;"><span class="stl_154 stl_08 stl_28">2022  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:10.3704em;top:9.7973em;"><span class="stl_154 stl_08 stl_28">2021  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.5783em;top:9.7973em;"><span class="stl_154 stl_08 stl_67">DKK'000  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.5331em;top:9.7973em;"><span class="stl_154 stl_08 stl_51">2022  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.2505em;top:9.7973em;"><span class="stl_154 stl_08 stl_51">2021  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:6.7172em;top:12.2335em;"><span class="stl_155 stl_08 stl_51">901  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:10.8577em;top:12.2335em;"><span class="stl_155 stl_08 stl_51">756  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.5807em;top:12.2335em;"><span class="stl_155 stl_08 stl_78" style="word-spacing:0.0024em;">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:37.55em;top:12.2335em;"><span class="stl_155 stl_08 stl_34">1,587  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.2701em;top:12.2335em;"><span class="stl_155 stl_08 stl_34">1,356  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.3472em;top:13.2635em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.4903em;top:13.2635em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.5794em;top:13.2635em;"><span class="stl_155 stl_08 stl_64" style="word-spacing:0.0065em;">Holiday pay obligation etc.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.0269em;top:13.2635em;"><span class="stl_155 stl_08 stl_51">230  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.7471em;top:13.2635em;"><span class="stl_155 stl_08 stl_127">100  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.3472em;top:14.2935em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.4903em;top:14.2935em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.5794em;top:14.2935em;"><span class="stl_155 stl_08 stl_109" style="word-spacing:0.009em;">VAT and other indirect taxes payable  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.1757em;top:14.2935em;"><span class="stl_155 stl_08 stl_46">(1,754)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3672em;top:14.2935em;"><span class="stl_155 stl_08 stl_73">(160)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.3472em;top:15.3235em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.4903em;top:15.3235em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.5794em;top:15.3235em;"><span class="stl_155 stl_08 stl_78" style="word-spacing:0.0002em;">Cost provisions and other payables  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.0275em;top:15.3235em;"><span class="stl_155 stl_08 stl_127">373  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.2777em;top:15.3235em;"><span class="stl_155 stl_08 stl_78">1,208  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:6.7172em;top:16.4835em;"><span class="stl_155 stl_08 stl_51">901  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:10.86em;top:16.4835em;"><span class="stl_157 stl_08 stl_51">756  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.58em;top:16.4835em;"><span class="stl_157 stl_08 stl_72">Total  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.0282em;top:16.4835em;"><span class="stl_155 stl_08 stl_51">436  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.27em;top:16.4835em;"><span class="stl_157 stl_08 stl_51">2,504  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:18.6354em;"><span class="stl_167 stl_08 stl_26" style="word-spacing:0.0019em;">The carrying amount of payables in respect of payroll, Board of Directors fees, tax deducted at source, social security contributions, holiday pay etc.,  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:19.4454em;"><span class="stl_167 stl_08 stl_50" style="word-spacing:0.0275em;">VAT and other indirect taxes and other payables corresponds to the fair value of these liabilities. Holiday pay obligations etc. represent the Group’s  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:20.2554em;"><span class="stl_167 stl_08 stl_91" style="word-spacing:0.062em;">obligation to pay wages and salaries during holidays in the next financial year, to which the employees have earned entitlement as at the balance  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:21.0754em;"><span class="stl_167 stl_08 stl_26" style="word-spacing:-0.0022em;">sheet date. All items under other payables are expected to be settled within one year.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:24.8273em;"><span class="stl_162 stl_08 stl_31" style="word-spacing:0.8696em;">21. CHANGE</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:10.365em;top:24.8273em;"><span class="stl_162 stl_08 stl_90" style="word-spacing:0.006em;">IN NET WORKING CAPITAL  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:6.51em;top:27.4473em;"><span class="stl_154 stl_08 stl_54" style="word-spacing:-0.0221em;">PARENT COMPANY  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.08em;top:27.4473em;"><span class="stl_154 stl_08 stl_36">GROUP  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:6.2324em;top:28.7973em;"><span class="stl_154 stl_08 stl_28">2022  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:10.3704em;top:28.7973em;"><span class="stl_154 stl_08 stl_28">2021  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.5783em;top:28.7973em;"><span class="stl_154 stl_08 stl_67">DKK'000  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.5331em;top:28.7973em;"><span class="stl_154 stl_08 stl_51">2022  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.2505em;top:28.7973em;"><span class="stl_154 stl_08 stl_51">2021  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.3472em;top:31.2335em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.4903em;top:31.2335em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.5794em;top:31.2335em;"><span class="stl_155 stl_08 stl_110" style="word-spacing:0.0007em;">Change in receivables  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.6438em;top:31.2335em;"><span class="stl_155 stl_08 stl_62">(688)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.6853em;top:31.2335em;"><span class="stl_155 stl_08 stl_63">(85)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.3472em;top:32.2635em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.4903em;top:32.2635em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.5794em;top:32.2635em;"><span class="stl_155 stl_08 stl_109" style="word-spacing:0.0063em;">Change in inventories (work in progress)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.1776em;top:32.2635em;"><span class="stl_155 stl_08 stl_28">(3,946)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.8921em;top:32.2635em;"><span class="stl_155 stl_08 stl_21">(3,090)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:6.7172em;top:33.2935em;"><span class="stl_155 stl_08 stl_51">320  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:10.801em;top:33.2935em;"><span class="stl_155 stl_08 stl_27">(11)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.5788em;top:33.2935em;"><span class="stl_155 stl_08 stl_138" style="word-spacing:0.0048em;">Change in trade payables and other payables  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.1757em;top:33.2935em;"><span class="stl_155 stl_08 stl_18">(1,800)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3634em;top:33.2935em;"><span class="stl_155 stl_08 stl_22">(182)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:6.72em;top:34.4535em;"><span class="stl_157 stl_08 stl_51">320  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:10.79em;top:34.4535em;"><span class="stl_157 stl_08 stl_90">(11)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.58em;top:34.4535em;"><span class="stl_157 stl_08 stl_72">Total  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.16em;top:34.4535em;"><span class="stl_157 stl_08 stl_20">(6,434)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.88em;top:34.4535em;"><span class="stl_157 stl_08 stl_20">(3,357)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:5.8373em;"><span class="stl_162 stl_08 stl_26" style="word-spacing:0.8746em;">24. FINANCIAL</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.202em;top:5.8373em;"><span class="stl_162 stl_08 stl_45" style="word-spacing:0.0005em;">RISKS AND FINANCIAL INSTRUMENTS  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:6.51em;top:8.5273em;"><span class="stl_154 stl_08 stl_54" style="word-spacing:-0.0221em;">PARENT COMPANY  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.08em;top:8.5273em;"><span class="stl_154 stl_08 stl_36">GROUP  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:6.2324em;top:9.8673em;"><span class="stl_154 stl_08 stl_28">2022  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:10.3704em;top:9.8673em;"><span class="stl_154 stl_08 stl_28">2021  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.5783em;top:9.8673em;"><span class="stl_154 stl_08 stl_67">DKK'000  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.5331em;top:9.8673em;"><span class="stl_154 stl_08 stl_51">2022  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.2505em;top:9.8673em;"><span class="stl_154 stl_08 stl_51">2021  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.3472em;top:12.3035em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.4903em;top:12.3035em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.5794em;top:12.3035em;"><span class="stl_155 stl_08 stl_28" style="word-spacing:-0.008em;">Trade receivables  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.5582em;top:12.3035em;"><span class="stl_155 stl_08 stl_25">2,200  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.2777em;top:12.3035em;"><span class="stl_155 stl_08 stl_78">1,727  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:6.251em;top:13.3335em;"><span class="stl_155 stl_08 stl_25">1,341  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:10.3909em;top:13.3335em;"><span class="stl_155 stl_08 stl_78">1,312  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.5763em;top:13.3335em;"><span class="stl_155 stl_08 stl_52" style="word-spacing:0.0006em;">Intra-group receivables  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.6532em;top:13.3335em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.3758em;top:13.3335em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.3472em;top:14.3635em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.4903em;top:14.3635em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.5794em;top:14.3635em;"><span class="stl_155 stl_08 stl_78" style="word-spacing:0.0033em;">Other receivables, current  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.0238em;top:14.3635em;"><span class="stl_155 stl_08 stl_51">472  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.7439em;top:14.3635em;"><span class="stl_155 stl_08 stl_51">257  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.3472em;top:15.3935em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.4903em;top:15.3935em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.5794em;top:15.3935em;"><span class="stl_155 stl_08 stl_61" style="word-spacing:0.0032em;">Other receivables, non-current  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.025em;top:15.3935em;"><span class="stl_155 stl_08 stl_51">366  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.7452em;top:15.3935em;"><span class="stl_155 stl_08 stl_51">273  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:6.7172em;top:16.4235em;"><span class="stl_155 stl_08 stl_51">307  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:10.8577em;top:16.4235em;"><span class="stl_155 stl_08 stl_51">206  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.5807em;top:16.4235em;"><span class="stl_155 stl_08 stl_91" style="word-spacing:-0.0012em;">Cash and cash equivalents  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.5582em;top:16.4235em;"><span class="stl_155 stl_08 stl_78">7,139  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9532em;top:16.4235em;"><span class="stl_155 stl_08 stl_36">16,204  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:6.251em;top:17.5835em;"><span class="stl_155 stl_08 stl_25">1,648  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:10.38em;top:17.5835em;"><span class="stl_157 stl_08 stl_51">1,518  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.58em;top:17.5835em;"><span class="stl_157 stl_08 stl_91" style="word-spacing:-0.0007em;">Loans, advances and receivables  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.23em;top:17.5835em;"><span class="stl_157 stl_08 stl_51">10,177  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.95em;top:17.5835em;"><span class="stl_157 stl_08 stl_51">18,461  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:5.9296em;top:19.7635em;"><span class="stl_155 stl_08 stl_36">30,635  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:10.0677em;top:19.7635em;"><span class="stl_155 stl_08 stl_36">27,366  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.5756em;top:19.7635em;"><span class="stl_155 stl_08 stl_90" style="word-spacing:-0.0009em;">Debt to subsidiaries  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.6563em;top:19.7635em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.3727em;top:19.7635em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.3472em;top:20.7935em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.4903em;top:20.7935em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.5794em;top:20.7935em;"><span class="stl_155 stl_08 stl_19" style="word-spacing:-0.0043em;">Finance lease liabilities, current  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.0244em;top:20.7935em;"><span class="stl_155 stl_08 stl_51">815  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.7445em;top:20.7935em;"><span class="stl_155 stl_08 stl_51">943  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.3472em;top:21.8235em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.4903em;top:21.8235em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.5794em;top:21.8235em;"><span class="stl_155 stl_08 stl_27" style="word-spacing:-0.0042em;">Finance lease liabilities, non-current  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.2381em;top:21.8235em;"><span class="stl_155 stl_08 stl_52">13,128  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.952em;top:21.8235em;"><span class="stl_155 stl_08 stl_36">15,751  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:6.251em;top:22.8535em;"><span class="stl_155 stl_08 stl_25">1,033  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:10.8571em;top:22.8535em;"><span class="stl_155 stl_08 stl_51">976  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.58em;top:22.8535em;"><span class="stl_155 stl_08 stl_70" style="word-spacing:0.0075em;">Bank loans  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.5594em;top:22.8535em;"><span class="stl_155 stl_08 stl_78">1,033  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.7483em;top:22.8535em;"><span class="stl_155 stl_08 stl_127">976  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.3472em;top:23.8835em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.4903em;top:23.8835em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.5794em;top:23.8835em;"><span class="stl_155 stl_08 stl_64" style="word-spacing:0.0008em;">Other non-current liabilities  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.5556em;top:23.8835em;"><span class="stl_155 stl_08 stl_25">3,263  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.2752em;top:23.8835em;"><span class="stl_155 stl_08 stl_78">2,173  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:6.7172em;top:24.9035em;"><span class="stl_155 stl_08 stl_51">287  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:10.8577em;top:24.9035em;"><span class="stl_155 stl_08 stl_51">244  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.5807em;top:24.9035em;"><span class="stl_155 stl_08 stl_77" style="word-spacing:-0.0002em;">Trade payables  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.5563em;top:24.9035em;"><span class="stl_155 stl_08 stl_30">1,715  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.279em;top:24.9035em;"><span class="stl_155 stl_08 stl_78">1,447  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.3472em;top:25.9335em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.4903em;top:25.9335em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.5794em;top:25.9335em;"><span class="stl_155 stl_08 stl_32" style="word-spacing:-0.0116em;">Income tax payable  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.0263em;top:25.9335em;"><span class="stl_155 stl_08 stl_51">222  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.0677em;top:25.9335em;"><span class="stl_155 stl_08 stl_158">20  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:6.7172em;top:26.9635em;"><span class="stl_155 stl_08 stl_51">901  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:10.8577em;top:26.9635em;"><span class="stl_155 stl_08 stl_51">756  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.5807em;top:26.9635em;"><span class="stl_155 stl_08 stl_109" style="word-spacing:0.0079em;">Other payables  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.0294em;top:26.9635em;"><span class="stl_155 stl_08 stl_127">436  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.2733em;top:26.9635em;"><span class="stl_155 stl_08 stl_34">2,504  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:5.92em;top:28.1235em;"><span class="stl_157 stl_08 stl_51">32,856  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:10.06em;top:28.1235em;"><span class="stl_157 stl_08 stl_51">29,342  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.58em;top:28.1235em;"><span class="stl_157 stl_08 stl_26" style="word-spacing:-0.0124em;">Financial liabilities  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.23em;top:28.1235em;"><span class="stl_157 stl_08 stl_51">20,612  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.95em;top:28.1235em;"><span class="stl_157 stl_08 stl_51">23,814  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.8586em;top:29.2735em;"><span class="stl_155 stl_08 stl_91" style="word-spacing:0.0014em;">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:38.2473em;"><span class="stl_162 stl_08 stl_26" style="word-spacing:0.8745em;">22. GUARANTEES</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:12.303em;top:38.2473em;"><span class="stl_162 stl_08 stl_19" style="word-spacing:0.0017em;">AND CONTINGENT LIABILITIES  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:39.8454em;"><span class="stl_167 stl_08 stl_90" style="word-spacing:0.0034em;">No guarantees or sureties have been issued to third parties.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:5.8373em;"><span class="stl_162 stl_08 stl_26" style="word-spacing:0.8746em;">24. FINANCIAL</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.202em;top:5.8373em;"><span class="stl_162 stl_08 stl_45" style="word-spacing:0.0005em;">RISKS AND FINANCIAL INSTRUMENTS  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:6.51em;top:8.5273em;"><span class="stl_154 stl_08 stl_54" style="word-spacing:-0.0221em;">PARENT COMPANY  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.08em;top:8.5273em;"><span class="stl_154 stl_08 stl_36">GROUP  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:6.2324em;top:9.8673em;"><span class="stl_154 stl_08 stl_28">2022  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:10.3704em;top:9.8673em;"><span class="stl_154 stl_08 stl_28">2021  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.5783em;top:9.8673em;"><span class="stl_154 stl_08 stl_67">DKK'000  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.5331em;top:9.8673em;"><span class="stl_154 stl_08 stl_51">2022  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.2505em;top:9.8673em;"><span class="stl_154 stl_08 stl_51">2021  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.3472em;top:12.3035em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.4903em;top:12.3035em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.5794em;top:12.3035em;"><span class="stl_155 stl_08 stl_28" style="word-spacing:-0.008em;">Trade receivables  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.5582em;top:12.3035em;"><span class="stl_155 stl_08 stl_25">2,200  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.2777em;top:12.3035em;"><span class="stl_155 stl_08 stl_78">1,727  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:6.251em;top:13.3335em;"><span class="stl_155 stl_08 stl_25">1,341  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:10.3909em;top:13.3335em;"><span class="stl_155 stl_08 stl_78">1,312  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.5763em;top:13.3335em;"><span class="stl_155 stl_08 stl_52" style="word-spacing:0.0006em;">Intra-group receivables  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.6532em;top:13.3335em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.3758em;top:13.3335em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.3472em;top:14.3635em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.4903em;top:14.3635em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.5794em;top:14.3635em;"><span class="stl_155 stl_08 stl_78" style="word-spacing:0.0033em;">Other receivables, current  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.0238em;top:14.3635em;"><span class="stl_155 stl_08 stl_51">472  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.7439em;top:14.3635em;"><span class="stl_155 stl_08 stl_51">257  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.3472em;top:15.3935em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.4903em;top:15.3935em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.5794em;top:15.3935em;"><span class="stl_155 stl_08 stl_61" style="word-spacing:0.0032em;">Other receivables, non-current  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.025em;top:15.3935em;"><span class="stl_155 stl_08 stl_51">366  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.7452em;top:15.3935em;"><span class="stl_155 stl_08 stl_51">273  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:6.7172em;top:16.4235em;"><span class="stl_155 stl_08 stl_51">307  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:10.8577em;top:16.4235em;"><span class="stl_155 stl_08 stl_51">206  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.5807em;top:16.4235em;"><span class="stl_155 stl_08 stl_91" style="word-spacing:-0.0012em;">Cash and cash equivalents  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.5582em;top:16.4235em;"><span class="stl_155 stl_08 stl_78">7,139  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9532em;top:16.4235em;"><span class="stl_155 stl_08 stl_36">16,204  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:6.251em;top:17.5835em;"><span class="stl_155 stl_08 stl_25">1,648  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:10.38em;top:17.5835em;"><span class="stl_157 stl_08 stl_51">1,518  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.58em;top:17.5835em;"><span class="stl_157 stl_08 stl_91" style="word-spacing:-0.0007em;">Loans, advances and receivables  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.23em;top:17.5835em;"><span class="stl_157 stl_08 stl_51">10,177  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.95em;top:17.5835em;"><span class="stl_157 stl_08 stl_51">18,461  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:5.9296em;top:19.7635em;"><span class="stl_155 stl_08 stl_36">30,635  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:10.0677em;top:19.7635em;"><span class="stl_155 stl_08 stl_36">27,366  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.5756em;top:19.7635em;"><span class="stl_155 stl_08 stl_90" style="word-spacing:-0.0009em;">Debt to subsidiaries  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.6563em;top:19.7635em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.3727em;top:19.7635em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.3472em;top:20.7935em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.4903em;top:20.7935em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.5794em;top:20.7935em;"><span class="stl_155 stl_08 stl_19" style="word-spacing:-0.0043em;">Finance lease liabilities, current  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.0244em;top:20.7935em;"><span class="stl_155 stl_08 stl_51">815  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.7445em;top:20.7935em;"><span class="stl_155 stl_08 stl_51">943  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.3472em;top:21.8235em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.4903em;top:21.8235em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.5794em;top:21.8235em;"><span class="stl_155 stl_08 stl_27" style="word-spacing:-0.0042em;">Finance lease liabilities, non-current  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.2381em;top:21.8235em;"><span class="stl_155 stl_08 stl_52">13,128  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.952em;top:21.8235em;"><span class="stl_155 stl_08 stl_36">15,751  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:6.251em;top:22.8535em;"><span class="stl_155 stl_08 stl_25">1,033  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:10.8571em;top:22.8535em;"><span class="stl_155 stl_08 stl_51">976  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.58em;top:22.8535em;"><span class="stl_155 stl_08 stl_70" style="word-spacing:0.0075em;">Bank loans  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.5594em;top:22.8535em;"><span class="stl_155 stl_08 stl_78">1,033  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.7483em;top:22.8535em;"><span class="stl_155 stl_08 stl_127">976  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.3472em;top:23.8835em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.4903em;top:23.8835em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.5794em;top:23.8835em;"><span class="stl_155 stl_08 stl_64" style="word-spacing:0.0008em;">Other non-current liabilities  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.5556em;top:23.8835em;"><span class="stl_155 stl_08 stl_25">3,263  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.2752em;top:23.8835em;"><span class="stl_155 stl_08 stl_78">2,173  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:6.7172em;top:24.9035em;"><span class="stl_155 stl_08 stl_51">287  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:10.8577em;top:24.9035em;"><span class="stl_155 stl_08 stl_51">244  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.5807em;top:24.9035em;"><span class="stl_155 stl_08 stl_77" style="word-spacing:-0.0002em;">Trade payables  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.5563em;top:24.9035em;"><span class="stl_155 stl_08 stl_30">1,715  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.279em;top:24.9035em;"><span class="stl_155 stl_08 stl_78">1,447  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.3472em;top:25.9335em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.4903em;top:25.9335em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.5794em;top:25.9335em;"><span class="stl_155 stl_08 stl_32" style="word-spacing:-0.0116em;">Income tax payable  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.0263em;top:25.9335em;"><span class="stl_155 stl_08 stl_51">222  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.0677em;top:25.9335em;"><span class="stl_155 stl_08 stl_158">20  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:6.7172em;top:26.9635em;"><span class="stl_155 stl_08 stl_51">901  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:10.8577em;top:26.9635em;"><span class="stl_155 stl_08 stl_51">756  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.5807em;top:26.9635em;"><span class="stl_155 stl_08 stl_109" style="word-spacing:0.0079em;">Other payables  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.0294em;top:26.9635em;"><span class="stl_155 stl_08 stl_127">436  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.2733em;top:26.9635em;"><span class="stl_155 stl_08 stl_34">2,504  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:5.92em;top:28.1235em;"><span class="stl_157 stl_08 stl_51">32,856  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:10.06em;top:28.1235em;"><span class="stl_157 stl_08 stl_51">29,342  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.58em;top:28.1235em;"><span class="stl_157 stl_08 stl_26" style="word-spacing:-0.0124em;">Financial liabilities  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.23em;top:28.1235em;"><span class="stl_157 stl_08 stl_51">20,612  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.95em;top:28.1235em;"><span class="stl_157 stl_08 stl_51">23,814  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.8586em;top:29.2735em;"><span class="stl_155 stl_08 stl_91" style="word-spacing:0.0014em;">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:5.8373em;"><span class="stl_162 stl_08 stl_26" style="word-spacing:0.8746em;">24. FINANCIAL</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.202em;top:5.8373em;"><span class="stl_162 stl_08 stl_36" style="word-spacing:0.0014em;">RISKS AND FINANCIAL INSTRUMENTS (CONTINUED)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:8.4554em;"><span class="stl_167 stl_08 stl_34" style="word-spacing:-0.0043em;">Unhedged net position at balance sheet date:  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:10.6073em;"><span class="stl_154 stl_08 stl_36">GROUP  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:19.6873em;top:11.9473em;"><span class="stl_154 stl_08 stl_43">Cash,  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.8465em;top:11.9473em;"><span class="stl_154 stl_08 stl_132">Unhedged  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:12.8073em;"><span class="stl_154 stl_08 stl_51">2022  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:17.5104em;top:12.8073em;"><span class="stl_154 stl_08 stl_32" style="word-spacing:-0.0037em;">deposits and  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.3557em;top:12.8073em;"><span class="stl_154 stl_08 stl_153">Net  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.5352em;top:12.8073em;"><span class="stl_154 stl_08 stl_107" style="word-spacing:0.0079em;">Of which  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.8907em;top:12.8073em;"><span class="stl_154 stl_08 stl_194">net  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:18.459em;top:13.6773em;"><span class="stl_154 stl_08 stl_17">securities  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.5161em;top:13.6773em;"><span class="stl_154 stl_08 stl_68">Receivables  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.9286em;top:13.6773em;"><span class="stl_154 stl_08 stl_21">Liabilities  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.8476em;top:13.6773em;"><span class="stl_154 stl_08 stl_127">position,  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.9634em;top:13.6773em;"><span class="stl_154 stl_08 stl_103">hedged  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.2917em;top:13.6773em;"><span class="stl_154 stl_08 stl_28">position,  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:14.5473em;"><span class="stl_154 stl_08 stl_107">Currency  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:18.7977em;top:14.5473em;"><span class="stl_154 stl_08 stl_43">DKK'000  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.5208em;top:14.5473em;"><span class="stl_154 stl_08 stl_24">DKK'000  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.2438em;top:14.5473em;"><span class="stl_154 stl_08 stl_67">DKK'000  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.9641em;top:14.5473em;"><span class="stl_154 stl_08 stl_30">DKK'000  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.6893em;top:14.5473em;"><span class="stl_154 stl_08 stl_43">DKK'000  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.4124em;top:14.5473em;"><span class="stl_154 stl_08 stl_67">DKK'000  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:16.9835em;"><span class="stl_155 stl_08 stl_67">PLN  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:19.8381em;top:16.9835em;"><span class="stl_155 stl_08 stl_34">6,832  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.5582em;top:16.9835em;"><span class="stl_155 stl_08 stl_30">2,672  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.5879em;top:16.9835em;"><span class="stl_155 stl_08 stl_20">(18,391)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.6281em;top:16.9835em;"><span class="stl_155 stl_08 stl_28">(8,887)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.8357em;top:16.9835em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.0778em;top:16.9835em;"><span class="stl_155 stl_08 stl_28">(8,887)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:18.0135em;"><span class="stl_155 stl_08 stl_140">DKK  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:20.31em;top:18.0135em;"><span class="stl_155 stl_08 stl_51">307  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.6601em;top:18.0135em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.9086em;top:18.0135em;"><span class="stl_155 stl_08 stl_18">(2,221)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.63em;top:18.0135em;"><span class="stl_155 stl_08 stl_28">(1,914)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.8376em;top:18.0135em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.0734em;top:18.0135em;"><span class="stl_155 stl_08 stl_21">(1,914)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:19.1735em;"><span class="stl_157 stl_08 stl_72">Total  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:19.83em;top:19.1735em;"><span class="stl_157 stl_08 stl_51">7,139  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.5457em;top:19.1735em;"><span class="stl_157 stl_08 stl_51">2,672  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.5748em;top:19.1735em;"><span class="stl_157 stl_08 stl_70">(20,612)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.2968em;top:19.1735em;"><span class="stl_157 stl_08 stl_164">(10,801)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.8283em;top:19.1735em;"><span class="stl_157 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.7428em;top:19.1735em;"><span class="stl_157 stl_08 stl_64">(10,801)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:19.6873em;top:21.5573em;"><span class="stl_154 stl_08 stl_43">Cash,  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.8465em;top:21.5573em;"><span class="stl_154 stl_08 stl_132">Unhedged  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:22.4173em;"><span class="stl_154 stl_08 stl_51">2021  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:17.5104em;top:22.4173em;"><span class="stl_154 stl_08 stl_32" style="word-spacing:-0.0037em;">deposits and  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.3557em;top:22.4173em;"><span class="stl_154 stl_08 stl_153">Net  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.5352em;top:22.4173em;"><span class="stl_154 stl_08 stl_107" style="word-spacing:0.0079em;">Of which  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.8907em;top:22.4173em;"><span class="stl_154 stl_08 stl_194">net  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:18.459em;top:23.2873em;"><span class="stl_154 stl_08 stl_17">securities  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.5161em;top:23.2873em;"><span class="stl_154 stl_08 stl_68">Receivables  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.9286em;top:23.2873em;"><span class="stl_154 stl_08 stl_21">Liabilities  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.8476em;top:23.2873em;"><span class="stl_154 stl_08 stl_127">position,  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.9634em;top:23.2873em;"><span class="stl_154 stl_08 stl_103">hedged  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.2917em;top:23.2873em;"><span class="stl_154 stl_08 stl_28">position,  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:24.1573em;"><span class="stl_154 stl_08 stl_107">Currency  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:18.7977em;top:24.1573em;"><span class="stl_154 stl_08 stl_43">DKK'000  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.5208em;top:24.1573em;"><span class="stl_154 stl_08 stl_24">DKK'000  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.2438em;top:24.1573em;"><span class="stl_154 stl_08 stl_67">DKK'000  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.9641em;top:24.1573em;"><span class="stl_154 stl_08 stl_30">DKK'000  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.6893em;top:24.1573em;"><span class="stl_154 stl_08 stl_43">DKK'000  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.4124em;top:24.1573em;"><span class="stl_154 stl_08 stl_67">DKK'000  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:26.5935em;"><span class="stl_155 stl_08 stl_67">PLN  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:19.5168em;top:26.5935em;"><span class="stl_155 stl_08 stl_36">15,998  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.5557em;top:26.5935em;"><span class="stl_155 stl_08 stl_34">1,984  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.5891em;top:26.5935em;"><span class="stl_155 stl_08 stl_25">(21,838)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.6237em;top:26.5935em;"><span class="stl_155 stl_08 stl_36">(3,856)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.8351em;top:26.5935em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.0709em;top:26.5935em;"><span class="stl_155 stl_08 stl_21">(3,856)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:27.6235em;"><span class="stl_155 stl_08 stl_140">DKK  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:20.31em;top:27.6235em;"><span class="stl_155 stl_08 stl_51">206  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.6601em;top:27.6235em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.9086em;top:27.6235em;"><span class="stl_155 stl_08 stl_18">(1,976)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.63em;top:27.6235em;"><span class="stl_155 stl_08 stl_28">(1,770)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.8376em;top:27.6235em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.0734em;top:27.6235em;"><span class="stl_155 stl_08 stl_21">(1,770)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:28.7835em;"><span class="stl_157 stl_08 stl_72">Total  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:19.51em;top:28.7835em;"><span class="stl_157 stl_08 stl_51">16,204  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.55em;top:28.7835em;"><span class="stl_157 stl_08 stl_51">1,984  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.58em;top:28.7835em;"><span class="stl_157 stl_08 stl_90">(23,814)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.61em;top:28.7835em;"><span class="stl_157 stl_08 stl_20">(5,626)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.84em;top:28.7835em;"><span class="stl_157 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.06em;top:28.7835em;"><span class="stl_157 stl_08 stl_20">(5,626)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.9699em;top:34.2735em;"><span class="stl_155 stl_08 stl_09">-</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.6888em;top:34.2735em;"><span class="stl_155 stl_08 stl_09">-</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:35.2573em;"><span class="stl_162 stl_08 stl_36" style="word-spacing:0.0001em;">24. FINANCIAL RISKS AND FINANCIAL INSTRUMENTS (CONTINUED)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:37.4973em;"><span class="stl_154 stl_08 stl_54" style="word-spacing:-0.0221em;">PARENT COMPANY  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:19.6873em;top:38.8373em;"><span class="stl_154 stl_08 stl_43">Cash,  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.8465em;top:38.8373em;"><span class="stl_154 stl_08 stl_132">Unhedged  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:39.6973em;"><span class="stl_154 stl_08 stl_51">2022  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:17.5104em;top:39.6973em;"><span class="stl_154 stl_08 stl_32" style="word-spacing:-0.0037em;">deposits and  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.3557em;top:39.6973em;"><span class="stl_154 stl_08 stl_153">Net  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.5352em;top:39.6973em;"><span class="stl_154 stl_08 stl_107" style="word-spacing:0.0079em;">Of which  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.8907em;top:39.6973em;"><span class="stl_154 stl_08 stl_194">net  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:18.459em;top:40.5573em;"><span class="stl_154 stl_08 stl_17">securities  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.5161em;top:40.5573em;"><span class="stl_154 stl_08 stl_68">Receivables  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.9286em;top:40.5573em;"><span class="stl_154 stl_08 stl_21">Liabilities  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.8476em;top:40.5573em;"><span class="stl_154 stl_08 stl_127">position,  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.9634em;top:40.5573em;"><span class="stl_154 stl_08 stl_103">hedged  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.2917em;top:40.5573em;"><span class="stl_154 stl_08 stl_28">position,  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:41.4273em;"><span class="stl_154 stl_08 stl_107">Currency  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:18.7977em;top:41.4273em;"><span class="stl_154 stl_08 stl_43">DKK'000  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.5208em;top:41.4273em;"><span class="stl_154 stl_08 stl_24">DKK'000  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.2438em;top:41.4273em;"><span class="stl_154 stl_08 stl_67">DKK'000  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.9641em;top:41.4273em;"><span class="stl_154 stl_08 stl_30">DKK'000  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.6893em;top:41.4273em;"><span class="stl_154 stl_08 stl_43">DKK'000  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.4124em;top:41.4273em;"><span class="stl_154 stl_08 stl_67">DKK'000  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:43.8635em;"><span class="stl_155 stl_08 stl_67">PLN  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:20.9406em;top:43.8635em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.5608em;top:43.8635em;"><span class="stl_155 stl_08 stl_78">1,341  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.5904em;top:43.8635em;"><span class="stl_155 stl_08 stl_25">(30,635)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.3036em;top:43.8635em;"><span class="stl_155 stl_08 stl_21">(29,294)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.8357em;top:43.8635em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.7565em;top:43.8635em;"><span class="stl_155 stl_08 stl_25">(29,294)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:44.8935em;"><span class="stl_155 stl_08 stl_140">DKK  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:20.31em;top:44.8935em;"><span class="stl_155 stl_08 stl_51">307  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.6601em;top:44.8935em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.9086em;top:44.8935em;"><span class="stl_155 stl_08 stl_18">(2,221)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.63em;top:44.8935em;"><span class="stl_155 stl_08 stl_28">(1,914)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.8376em;top:44.8935em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.0734em;top:44.8935em;"><span class="stl_155 stl_08 stl_21">(1,914)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:46.0535em;"><span class="stl_157 stl_08 stl_72">Total  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:20.31em;top:46.0535em;"><span class="stl_157 stl_08 stl_51">307  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.5513em;top:46.0535em;"><span class="stl_157 stl_08 stl_25">1,341  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.5766em;top:46.0535em;"><span class="stl_157 stl_08 stl_70">(32,856)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.2923em;top:46.0535em;"><span class="stl_157 stl_08 stl_27">(31,208)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.8351em;top:46.0535em;"><span class="stl_157 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.7433em;top:46.0535em;"><span class="stl_157 stl_08 stl_78">(31,208)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:19.6873em;top:49.2373em;"><span class="stl_154 stl_08 stl_43">Cash,  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.8465em;top:49.2373em;"><span class="stl_154 stl_08 stl_132">Unhedged  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:50.0973em;"><span class="stl_154 stl_08 stl_51">2021  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:17.5104em;top:50.0973em;"><span class="stl_154 stl_08 stl_32" style="word-spacing:-0.0037em;">deposits and  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.3557em;top:50.0973em;"><span class="stl_154 stl_08 stl_153">Net  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.5352em;top:50.0973em;"><span class="stl_154 stl_08 stl_107" style="word-spacing:0.0079em;">Of which  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.8907em;top:50.0973em;"><span class="stl_154 stl_08 stl_194">net  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:18.459em;top:50.9573em;"><span class="stl_154 stl_08 stl_17">securities  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.5161em;top:50.9573em;"><span class="stl_154 stl_08 stl_68">Receivables  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.9286em;top:50.9573em;"><span class="stl_154 stl_08 stl_21">Liabilities  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.8476em;top:50.9573em;"><span class="stl_154 stl_08 stl_127">position,  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.9634em;top:50.9573em;"><span class="stl_154 stl_08 stl_103">hedged  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.2917em;top:50.9573em;"><span class="stl_154 stl_08 stl_28">position,  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:51.8373em;"><span class="stl_154 stl_08 stl_107">Currency  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:18.7977em;top:51.8373em;"><span class="stl_154 stl_08 stl_43">DKK'000  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.5208em;top:51.8373em;"><span class="stl_154 stl_08 stl_24">DKK'000  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.2438em;top:51.8373em;"><span class="stl_154 stl_08 stl_67">DKK'000  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.9641em;top:51.8373em;"><span class="stl_154 stl_08 stl_30">DKK'000  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.6893em;top:51.8373em;"><span class="stl_154 stl_08 stl_43">DKK'000  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.4124em;top:51.8373em;"><span class="stl_154 stl_08 stl_67">DKK'000  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:54.2735em;"><span class="stl_155 stl_08 stl_67">PLN  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:20.9406em;top:54.2735em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.5608em;top:54.2735em;"><span class="stl_155 stl_08 stl_78">1,312  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.5904em;top:54.2735em;"><span class="stl_155 stl_08 stl_25">(27,366)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.3036em;top:54.2735em;"><span class="stl_155 stl_08 stl_21">(26,054)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.8357em;top:54.2735em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.7565em;top:54.2735em;"><span class="stl_155 stl_08 stl_25">(26,054)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:55.3035em;"><span class="stl_155 stl_08 stl_140">DKK  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:20.31em;top:55.3035em;"><span class="stl_155 stl_08 stl_51">206  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.6601em;top:55.3035em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.9086em;top:55.3035em;"><span class="stl_155 stl_08 stl_18">(1,976)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.63em;top:55.3035em;"><span class="stl_155 stl_08 stl_28">(1,770)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.8376em;top:55.3035em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.0734em;top:55.3035em;"><span class="stl_155 stl_08 stl_21">(1,770)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:56.4635em;"><span class="stl_157 stl_08 stl_72">Total  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:20.31em;top:56.4635em;"><span class="stl_157 stl_08 stl_51">206  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.55em;top:56.4635em;"><span class="stl_157 stl_08 stl_51">1,312  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.58em;top:56.4635em;"><span class="stl_157 stl_08 stl_90">(29,342)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.2994em;top:56.4635em;"><span class="stl_155 stl_08 stl_22">(</span><span class="stl_157 stl_08 stl_78">27,824)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.84em;top:56.4635em;"><span class="stl_157 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.75em;top:56.4635em;"><span class="stl_157 stl_08 stl_90">(27,824)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:5.8373em;"><span class="stl_162 stl_08 stl_26" style="word-spacing:0.8746em;">24. FINANCIAL</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.202em;top:5.8373em;"><span class="stl_162 stl_08 stl_36" style="word-spacing:0.0014em;">RISKS AND FINANCIAL INSTRUMENTS (CONTINUED)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:8.4754em;"><span class="stl_193 stl_08 stl_63" style="word-spacing:-0.0057em;">Credit risk  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:9.5254em;"><span class="stl_167 stl_08 stl_26" style="word-spacing:-0.0034em;">The Group’s credit risks associated with financial activities correspond to the amounts recognised in the balance sheet. The Group assesses the need  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:10.3354em;"><span class="stl_167 stl_08 stl_50" style="word-spacing:-0.0273em;">for insurance on individual debtors on an ongoing basis. This assessment is based on the individual debtor's present and expected future commitment  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:11.1554em;"><span class="stl_167 stl_08 stl_45" style="word-spacing:-0.0098em;">to the Group.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:13.2554em;"><span class="stl_167 stl_08 stl_25" style="word-spacing:0.0003em;">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:4.72em;top:16.4054em;"><span class="stl_193 stl_08 stl_36" style="word-spacing:-0.0081em;">Capital management  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:17.4654em;"><span class="stl_167 stl_08 stl_19" style="word-spacing:0.1057em;">The Group evaluates the need to adapt its capital structure on an ongoing basis. Management believes that the financing of the Group's future  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:18.2754em;"><span class="stl_167 stl_08 stl_27" style="word-spacing:0.0031em;">operations will be secured with the existing financial resources and cash flows from operating activities.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:20.3754em;"><span class="stl_167 stl_08 stl_18" style="word-spacing:-0.0026em;">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  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:21.1954em;"><span class="stl_167 stl_08 stl_70">dividends.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:23.2954em;"><span class="stl_167 stl_08 stl_18" style="word-spacing:0.0004em;">For the Group, equity as a percentage of total equity and liabilities at the end of 2022 was 74.9% (2021: 72.7%). The realised return on equity for the  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:24.1054em;"><span class="stl_167 stl_08 stl_26" style="word-spacing:-0.0008em;">Group for 2022 was 15.7% (2021: 22.0%).  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:27.2654em;"><span class="stl_167 stl_08 stl_45" style="word-spacing:-0.0013em;">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:6.51em;top:29.3473em;"><span class="stl_154 stl_08 stl_54" style="word-spacing:-0.0221em;">PARENT COMPANY  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.08em;top:29.3473em;"><span class="stl_154 stl_08 stl_36">GROUP  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:6.2324em;top:30.6873em;"><span class="stl_154 stl_08 stl_28">2022  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:10.3704em;top:30.6873em;"><span class="stl_154 stl_08 stl_28">2021  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.5783em;top:30.6873em;"><span class="stl_154 stl_08 stl_67">DKK'000  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.5331em;top:30.6873em;"><span class="stl_154 stl_08 stl_51">2022  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.2505em;top:30.6873em;"><span class="stl_154 stl_08 stl_51">2021  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:6.251em;top:33.1235em;"><span class="stl_155 stl_08 stl_25">1,033  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:10.8571em;top:33.1235em;"><span class="stl_155 stl_08 stl_51">976  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.58em;top:33.1235em;"><span class="stl_155 stl_08 stl_64" style="word-spacing:0.0072em;">Bank debt  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.5544em;top:33.1235em;"><span class="stl_155 stl_08 stl_34">1,033  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.7471em;top:33.1235em;"><span class="stl_155 stl_08 stl_51">976  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:6.3392em;top:34.1535em;"><span class="stl_155 stl_08 stl_22">(307)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:10.4791em;top:34.1535em;"><span class="stl_155 stl_08 stl_22">(820)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.5794em;top:34.1535em;"><span class="stl_155 stl_08 stl_91" style="word-spacing:-0.0012em;">Cash and cash equivalents  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.1726em;top:34.1535em;"><span class="stl_155 stl_08 stl_46">(7,139)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.5765em;top:34.1535em;"><span class="stl_155 stl_08 stl_25">(16,204)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:6.72em;top:35.3135em;"><span class="stl_157 stl_08 stl_51">726  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:10.86em;top:35.3135em;"><span class="stl_157 stl_08 stl_51">156  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.58em;top:35.3135em;"><span class="stl_157 stl_08 stl_77" style="word-spacing:0.0039em;">Net interest-bearing debt  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.16em;top:35.3135em;"><span class="stl_157 stl_08 stl_20">(6,106)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.57em;top:35.3135em;"><span class="stl_157 stl_08 stl_90">(15,228)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:5.92em;top:37.4935em;"><span class="stl_157 stl_08 stl_51">62,131  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:10.0599em;top:37.4935em;"><span class="stl_157 stl_08 stl_34">65,515  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.5723em;top:37.4935em;"><span class="stl_157 stl_08 stl_24">Equity  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.9122em;top:37.4935em;"><span class="stl_157 stl_08 stl_36">150,896  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.6317em;top:37.4935em;"><span class="stl_157 stl_08 stl_78">131,367  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:6.55em;top:39.6735em;"><span class="stl_157 stl_08 stl_63">0.01  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:10.69em;top:39.6735em;"><span class="stl_157 stl_08 stl_63">0.00  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.58em;top:39.6735em;"><span class="stl_157 stl_08 stl_21" style="word-spacing:-0.0141em;">Financial gearing  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.47em;top:39.6735em;"><span class="stl_157 stl_08 stl_34">(0.04)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.19em;top:39.6735em;"><span class="stl_157 stl_08 stl_34">(0.12)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:42.6654em;"><span class="stl_193 stl_08 stl_45" style="word-spacing:-0.0003em;">Liquidity and capital resources  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:43.7154em;"><span class="stl_167 stl_08 stl_73" style="word-spacing:-0.0118em;">At Group level, free cash and cash equivalents amounted to DKK 7.1 million at 31 December 2022, of which DKK 4.8 million are attributable to CeMat  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:44.5354em;"><span class="stl_167 stl_08 stl_63" style="word-spacing:0.0003em;">'70 S.A.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:46.3954em;"><span class="stl_167 stl_08 stl_28" style="word-spacing:0.078em;">Based on expectations for 2023, Management believes that the existing capital resources and the expected future cash flows will be sufficient to  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:47.2054em;"><span class="stl_167 stl_08 stl_18" style="word-spacing:-0.0005em;">maintain operations and finance planned investments.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:48.8354em;"><span class="stl_167 stl_08 stl_73" style="word-spacing:0.1234em;">The Group’s budgets, and consequently also its future capital resources, are inherently subject to risk since the extent and timing of cash flow  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:49.6554em;"><span class="stl_167 stl_08 stl_45" style="word-spacing:0.0783em;">fluctuations will have an impact on the Group’s capital resources. Management believes that any negative deviations in its operations relative to  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:50.4654em;"><span class="stl_167 stl_08 stl_25" style="word-spacing:0.0011em;">budgeted cash flows can be mitigated on a timely basis by cash flow-enhancing measures.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:52.5254em;"><span class="stl_193 stl_08 stl_34" style="word-spacing:-0.0025em;">Risk related to obtaining external financing  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:54.3554em;"><span class="stl_167 stl_08 stl_18" style="word-spacing:0.0147em;">The real estate development business, in which the Group intends to operate, requires significant initial expenditures to purchase land and to cover  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:55.1654em;"><span class="stl_167 stl_08 stl_50" style="word-spacing:0.0167em;">construction, infrastructure, and design costs. As such, the Group, in order to continue and develop its business, require significant amounts of cash  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:55.9854em;"><span class="stl_167 stl_08 stl_19" style="word-spacing:0.0161em;">through external financing by banks. The Group’s ability to obtain such financing depend on many factors, in particular, on market conditions which  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:56.7954em;"><span class="stl_167 stl_08 stl_19" style="word-spacing:0.0062em;">are beyond the Group’s control. In the event of difficulties to obtain the required financing, there is a risk that the scale of the Group’s development  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:57.6154em;"><span class="stl_167 stl_08 stl_66" style="word-spacing:0.0159em;">and pace of achieving its strategic objectives may differ from what was originally planned. In such situation as described above, there is no certainty  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:58.4254em;"><span class="stl_167 stl_08 stl_20" style="word-spacing:-0.0387em;">whether the Group will be able to obtain the required financing, nor whether financial resources will be obtained under conditions that are favourable  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:59.2354em;"><span class="stl_167 stl_08 stl_45" style="word-spacing:-0.0098em;">to the Group.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:61.0654em;"><span class="stl_167 stl_08 stl_52" style="word-spacing:0.0163em;">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  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:61.8854em;"><span class="stl_167 stl_08 stl_35" style="word-spacing:-0.0042em;">the WIBOR rates 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:4.72em;top:5.8373em;"><span class="stl_162 stl_08 stl_26" style="word-spacing:0.8746em;">24. FINANCIAL</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.202em;top:5.8373em;"><span class="stl_162 stl_08 stl_36" style="word-spacing:0.0014em;">RISKS AND FINANCIAL INSTRUMENTS (CONTINUED)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:8.4354em;"><span class="stl_193 stl_08 stl_18" style="word-spacing:0.0053em;">Availability of mortgages  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:10.2654em;"><span class="stl_167 stl_08 stl_19" style="word-spacing:0.0345em;">The demand for residential real estate largely depends on the availability of credits and loans for financing the purchase of apartments and houses  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:11.0754em;"><span class="stl_167 stl_08 stl_18" style="word-spacing:0.1189em;">by individuals. Possible increase in interest rates, deterioration of the economic situation in Poland, the pandemic situation and the increase in  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:11.8854em;"><span class="stl_167 stl_08 stl_19" style="word-spacing:-0.0152em;">unemployment in Poland as well as possible administrative restrictions on lending activities of the banks may cause a drop in demand for apartments  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:12.7054em;"><span class="stl_167 stl_08 stl_73" style="word-spacing:0.0005em;">and houses, and therefore a decrease in interest from potential buyers in the Company's development projects, which in turn may have a significant  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:13.533em;"><span class="stl_167 stl_08 stl_34" style="word-spacing:-0.001em;">adverse impact on activities, financial standing or performance of the Company</span><span class="stl_07 stl_08 stl_32" style="word-spacing:-0.0008em;">.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:5.8373em;"><span class="stl_162 stl_08 stl_26" style="word-spacing:0.8746em;">24. FINANCIAL</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.202em;top:5.8373em;"><span class="stl_162 stl_08 stl_45" style="word-spacing:0.0005em;">RISKS AND FINANCIAL INSTRUMENTS  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:6.51em;top:8.5273em;"><span class="stl_154 stl_08 stl_54" style="word-spacing:-0.0221em;">PARENT COMPANY  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.08em;top:8.5273em;"><span class="stl_154 stl_08 stl_36">GROUP  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:6.2324em;top:9.8673em;"><span class="stl_154 stl_08 stl_28">2022  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:10.3704em;top:9.8673em;"><span class="stl_154 stl_08 stl_28">2021  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.5783em;top:9.8673em;"><span class="stl_154 stl_08 stl_67">DKK'000  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.5331em;top:9.8673em;"><span class="stl_154 stl_08 stl_51">2022  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.2505em;top:9.8673em;"><span class="stl_154 stl_08 stl_51">2021  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.3472em;top:12.3035em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.4903em;top:12.3035em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.5794em;top:12.3035em;"><span class="stl_155 stl_08 stl_28" style="word-spacing:-0.008em;">Trade receivables  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.5582em;top:12.3035em;"><span class="stl_155 stl_08 stl_25">2,200  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.2777em;top:12.3035em;"><span class="stl_155 stl_08 stl_78">1,727  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:6.251em;top:13.3335em;"><span class="stl_155 stl_08 stl_25">1,341  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:10.3909em;top:13.3335em;"><span class="stl_155 stl_08 stl_78">1,312  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.5763em;top:13.3335em;"><span class="stl_155 stl_08 stl_52" style="word-spacing:0.0006em;">Intra-group receivables  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.6532em;top:13.3335em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.3758em;top:13.3335em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.3472em;top:14.3635em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.4903em;top:14.3635em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.5794em;top:14.3635em;"><span class="stl_155 stl_08 stl_78" style="word-spacing:0.0033em;">Other receivables, current  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.0238em;top:14.3635em;"><span class="stl_155 stl_08 stl_51">472  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.7439em;top:14.3635em;"><span class="stl_155 stl_08 stl_51">257  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.3472em;top:15.3935em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.4903em;top:15.3935em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.5794em;top:15.3935em;"><span class="stl_155 stl_08 stl_61" style="word-spacing:0.0032em;">Other receivables, non-current  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.025em;top:15.3935em;"><span class="stl_155 stl_08 stl_51">366  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.7452em;top:15.3935em;"><span class="stl_155 stl_08 stl_51">273  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:6.7172em;top:16.4235em;"><span class="stl_155 stl_08 stl_51">307  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:10.8577em;top:16.4235em;"><span class="stl_155 stl_08 stl_51">206  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.5807em;top:16.4235em;"><span class="stl_155 stl_08 stl_91" style="word-spacing:-0.0012em;">Cash and cash equivalents  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.5582em;top:16.4235em;"><span class="stl_155 stl_08 stl_78">7,139  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9532em;top:16.4235em;"><span class="stl_155 stl_08 stl_36">16,204  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:6.251em;top:17.5835em;"><span class="stl_155 stl_08 stl_25">1,648  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:10.38em;top:17.5835em;"><span class="stl_157 stl_08 stl_51">1,518  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.58em;top:17.5835em;"><span class="stl_157 stl_08 stl_91" style="word-spacing:-0.0007em;">Loans, advances and receivables  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.23em;top:17.5835em;"><span class="stl_157 stl_08 stl_51">10,177  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.95em;top:17.5835em;"><span class="stl_157 stl_08 stl_51">18,461  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:5.9296em;top:19.7635em;"><span class="stl_155 stl_08 stl_36">30,635  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:10.0677em;top:19.7635em;"><span class="stl_155 stl_08 stl_36">27,366  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.5756em;top:19.7635em;"><span class="stl_155 stl_08 stl_90" style="word-spacing:-0.0009em;">Debt to subsidiaries  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.6563em;top:19.7635em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.3727em;top:19.7635em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.3472em;top:20.7935em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.4903em;top:20.7935em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.5794em;top:20.7935em;"><span class="stl_155 stl_08 stl_19" style="word-spacing:-0.0043em;">Finance lease liabilities, current  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.0244em;top:20.7935em;"><span class="stl_155 stl_08 stl_51">815  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.7445em;top:20.7935em;"><span class="stl_155 stl_08 stl_51">943  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.3472em;top:21.8235em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.4903em;top:21.8235em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.5794em;top:21.8235em;"><span class="stl_155 stl_08 stl_27" style="word-spacing:-0.0042em;">Finance lease liabilities, non-current  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.2381em;top:21.8235em;"><span class="stl_155 stl_08 stl_52">13,128  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.952em;top:21.8235em;"><span class="stl_155 stl_08 stl_36">15,751  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:6.251em;top:22.8535em;"><span class="stl_155 stl_08 stl_25">1,033  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:10.8571em;top:22.8535em;"><span class="stl_155 stl_08 stl_51">976  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.58em;top:22.8535em;"><span class="stl_155 stl_08 stl_70" style="word-spacing:0.0075em;">Bank loans  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.5594em;top:22.8535em;"><span class="stl_155 stl_08 stl_78">1,033  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.7483em;top:22.8535em;"><span class="stl_155 stl_08 stl_127">976  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.3472em;top:23.8835em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.4903em;top:23.8835em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.5794em;top:23.8835em;"><span class="stl_155 stl_08 stl_64" style="word-spacing:0.0008em;">Other non-current liabilities  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.5556em;top:23.8835em;"><span class="stl_155 stl_08 stl_25">3,263  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.2752em;top:23.8835em;"><span class="stl_155 stl_08 stl_78">2,173  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:6.7172em;top:24.9035em;"><span class="stl_155 stl_08 stl_51">287  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:10.8577em;top:24.9035em;"><span class="stl_155 stl_08 stl_51">244  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.5807em;top:24.9035em;"><span class="stl_155 stl_08 stl_77" style="word-spacing:-0.0002em;">Trade payables  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.5563em;top:24.9035em;"><span class="stl_155 stl_08 stl_30">1,715  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.279em;top:24.9035em;"><span class="stl_155 stl_08 stl_78">1,447  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.3472em;top:25.9335em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.4903em;top:25.9335em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.5794em;top:25.9335em;"><span class="stl_155 stl_08 stl_32" style="word-spacing:-0.0116em;">Income tax payable  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.0263em;top:25.9335em;"><span class="stl_155 stl_08 stl_51">222  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.0677em;top:25.9335em;"><span class="stl_155 stl_08 stl_158">20  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:6.7172em;top:26.9635em;"><span class="stl_155 stl_08 stl_51">901  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:10.8577em;top:26.9635em;"><span class="stl_155 stl_08 stl_51">756  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.5807em;top:26.9635em;"><span class="stl_155 stl_08 stl_109" style="word-spacing:0.0079em;">Other payables  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.0294em;top:26.9635em;"><span class="stl_155 stl_08 stl_127">436  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.2733em;top:26.9635em;"><span class="stl_155 stl_08 stl_34">2,504  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:5.92em;top:28.1235em;"><span class="stl_157 stl_08 stl_51">32,856  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:10.06em;top:28.1235em;"><span class="stl_157 stl_08 stl_51">29,342  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.58em;top:28.1235em;"><span class="stl_157 stl_08 stl_26" style="word-spacing:-0.0124em;">Financial liabilities  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.23em;top:28.1235em;"><span class="stl_157 stl_08 stl_51">20,612  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.95em;top:28.1235em;"><span class="stl_157 stl_08 stl_51">23,814  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.8586em;top:29.2735em;"><span class="stl_155 stl_08 stl_91" style="word-spacing:0.0014em;">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:5.8373em;"><span class="stl_162 stl_08 stl_26" style="word-spacing:0.8746em;">24. FINANCIAL</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.202em;top:5.8373em;"><span class="stl_162 stl_08 stl_45" style="word-spacing:0.0005em;">RISKS AND FINANCIAL INSTRUMENTS  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:6.51em;top:8.5273em;"><span class="stl_154 stl_08 stl_54" style="word-spacing:-0.0221em;">PARENT COMPANY  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.08em;top:8.5273em;"><span class="stl_154 stl_08 stl_36">GROUP  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:6.2324em;top:9.8673em;"><span class="stl_154 stl_08 stl_28">2022  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:10.3704em;top:9.8673em;"><span class="stl_154 stl_08 stl_28">2021  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.5783em;top:9.8673em;"><span class="stl_154 stl_08 stl_67">DKK'000  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.5331em;top:9.8673em;"><span class="stl_154 stl_08 stl_51">2022  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.2505em;top:9.8673em;"><span class="stl_154 stl_08 stl_51">2021  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.3472em;top:12.3035em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.4903em;top:12.3035em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.5794em;top:12.3035em;"><span class="stl_155 stl_08 stl_28" style="word-spacing:-0.008em;">Trade receivables  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.5582em;top:12.3035em;"><span class="stl_155 stl_08 stl_25">2,200  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.2777em;top:12.3035em;"><span class="stl_155 stl_08 stl_78">1,727  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:6.251em;top:13.3335em;"><span class="stl_155 stl_08 stl_25">1,341  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:10.3909em;top:13.3335em;"><span class="stl_155 stl_08 stl_78">1,312  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.5763em;top:13.3335em;"><span class="stl_155 stl_08 stl_52" style="word-spacing:0.0006em;">Intra-group receivables  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.6532em;top:13.3335em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.3758em;top:13.3335em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.3472em;top:14.3635em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.4903em;top:14.3635em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.5794em;top:14.3635em;"><span class="stl_155 stl_08 stl_78" style="word-spacing:0.0033em;">Other receivables, current  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.0238em;top:14.3635em;"><span class="stl_155 stl_08 stl_51">472  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.7439em;top:14.3635em;"><span class="stl_155 stl_08 stl_51">257  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.3472em;top:15.3935em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.4903em;top:15.3935em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.5794em;top:15.3935em;"><span class="stl_155 stl_08 stl_61" style="word-spacing:0.0032em;">Other receivables, non-current  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.025em;top:15.3935em;"><span class="stl_155 stl_08 stl_51">366  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.7452em;top:15.3935em;"><span class="stl_155 stl_08 stl_51">273  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:6.7172em;top:16.4235em;"><span class="stl_155 stl_08 stl_51">307  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:10.8577em;top:16.4235em;"><span class="stl_155 stl_08 stl_51">206  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.5807em;top:16.4235em;"><span class="stl_155 stl_08 stl_91" style="word-spacing:-0.0012em;">Cash and cash equivalents  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.5582em;top:16.4235em;"><span class="stl_155 stl_08 stl_78">7,139  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9532em;top:16.4235em;"><span class="stl_155 stl_08 stl_36">16,204  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:6.251em;top:17.5835em;"><span class="stl_155 stl_08 stl_25">1,648  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:10.38em;top:17.5835em;"><span class="stl_157 stl_08 stl_51">1,518  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.58em;top:17.5835em;"><span class="stl_157 stl_08 stl_91" style="word-spacing:-0.0007em;">Loans, advances and receivables  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.23em;top:17.5835em;"><span class="stl_157 stl_08 stl_51">10,177  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.95em;top:17.5835em;"><span class="stl_157 stl_08 stl_51">18,461  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:5.9296em;top:19.7635em;"><span class="stl_155 stl_08 stl_36">30,635  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:10.0677em;top:19.7635em;"><span class="stl_155 stl_08 stl_36">27,366  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.5756em;top:19.7635em;"><span class="stl_155 stl_08 stl_90" style="word-spacing:-0.0009em;">Debt to subsidiaries  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.6563em;top:19.7635em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.3727em;top:19.7635em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.3472em;top:20.7935em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.4903em;top:20.7935em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.5794em;top:20.7935em;"><span class="stl_155 stl_08 stl_19" style="word-spacing:-0.0043em;">Finance lease liabilities, current  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.0244em;top:20.7935em;"><span class="stl_155 stl_08 stl_51">815  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.7445em;top:20.7935em;"><span class="stl_155 stl_08 stl_51">943  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.3472em;top:21.8235em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.4903em;top:21.8235em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.5794em;top:21.8235em;"><span class="stl_155 stl_08 stl_27" style="word-spacing:-0.0042em;">Finance lease liabilities, non-current  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.2381em;top:21.8235em;"><span class="stl_155 stl_08 stl_52">13,128  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.952em;top:21.8235em;"><span class="stl_155 stl_08 stl_36">15,751  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:6.251em;top:22.8535em;"><span class="stl_155 stl_08 stl_25">1,033  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:10.8571em;top:22.8535em;"><span class="stl_155 stl_08 stl_51">976  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.58em;top:22.8535em;"><span class="stl_155 stl_08 stl_70" style="word-spacing:0.0075em;">Bank loans  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.5594em;top:22.8535em;"><span class="stl_155 stl_08 stl_78">1,033  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.7483em;top:22.8535em;"><span class="stl_155 stl_08 stl_127">976  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.3472em;top:23.8835em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.4903em;top:23.8835em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.5794em;top:23.8835em;"><span class="stl_155 stl_08 stl_64" style="word-spacing:0.0008em;">Other non-current liabilities  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.5556em;top:23.8835em;"><span class="stl_155 stl_08 stl_25">3,263  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.2752em;top:23.8835em;"><span class="stl_155 stl_08 stl_78">2,173  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:6.7172em;top:24.9035em;"><span class="stl_155 stl_08 stl_51">287  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:10.8577em;top:24.9035em;"><span class="stl_155 stl_08 stl_51">244  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.5807em;top:24.9035em;"><span class="stl_155 stl_08 stl_77" style="word-spacing:-0.0002em;">Trade payables  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.5563em;top:24.9035em;"><span class="stl_155 stl_08 stl_30">1,715  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.279em;top:24.9035em;"><span class="stl_155 stl_08 stl_78">1,447  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.3472em;top:25.9335em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.4903em;top:25.9335em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.5794em;top:25.9335em;"><span class="stl_155 stl_08 stl_32" style="word-spacing:-0.0116em;">Income tax payable  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.0263em;top:25.9335em;"><span class="stl_155 stl_08 stl_51">222  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.0677em;top:25.9335em;"><span class="stl_155 stl_08 stl_158">20  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:6.7172em;top:26.9635em;"><span class="stl_155 stl_08 stl_51">901  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:10.8577em;top:26.9635em;"><span class="stl_155 stl_08 stl_51">756  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.5807em;top:26.9635em;"><span class="stl_155 stl_08 stl_109" style="word-spacing:0.0079em;">Other payables  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.0294em;top:26.9635em;"><span class="stl_155 stl_08 stl_127">436  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.2733em;top:26.9635em;"><span class="stl_155 stl_08 stl_34">2,504  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:5.92em;top:28.1235em;"><span class="stl_157 stl_08 stl_51">32,856  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:10.06em;top:28.1235em;"><span class="stl_157 stl_08 stl_51">29,342  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.58em;top:28.1235em;"><span class="stl_157 stl_08 stl_26" style="word-spacing:-0.0124em;">Financial liabilities  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.23em;top:28.1235em;"><span class="stl_157 stl_08 stl_51">20,612  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.95em;top:28.1235em;"><span class="stl_157 stl_08 stl_51">23,814  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.8586em;top:29.2735em;"><span class="stl_155 stl_08 stl_91" style="word-spacing:0.0014em;">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:32.1154em;"><span class="stl_193 stl_08 stl_36" style="word-spacing:-0.0032em;">The Group’s risk management policy  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:33.1654em;"><span class="stl_167 stl_08 stl_73" style="word-spacing:-0.0477em;">Risk management is an integral part of the day-to-day management of the business and is subject to continuous review by Management. Management  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:33.9854em;"><span class="stl_167 stl_08 stl_28" style="word-spacing:0.017em;">believes that all material risks, apart from financial risks, concern supplier-customer relations. Due to the nature of its operations and capitalisation,  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:34.7954em;"><span class="stl_167 stl_08 stl_19" style="word-spacing:-0.0259em;">the Group is not particularly exposed to fluctuations in exchange rates and interest rates. The Group pursues a low-risk profile, with currency, interest  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:35.6154em;"><span class="stl_167 stl_08 stl_34" style="word-spacing:-0.0015em;">rate and credit risks arising only in connection with commercial 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:4.72em;top:37.7154em;"><span class="stl_167 stl_08 stl_52" style="word-spacing:0.0042em;">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:4.72em;top:5.8373em;"><span class="stl_162 stl_08 stl_26" style="word-spacing:0.8746em;">24. FINANCIAL</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.202em;top:5.8373em;"><span class="stl_162 stl_08 stl_36" style="word-spacing:0.0014em;">RISKS AND FINANCIAL INSTRUMENTS (CONTINUED)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:8.4554em;"><span class="stl_167 stl_08 stl_34" style="word-spacing:-0.0043em;">Unhedged net position at balance sheet date:  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:10.6073em;"><span class="stl_154 stl_08 stl_36">GROUP  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:19.6873em;top:11.9473em;"><span class="stl_154 stl_08 stl_43">Cash,  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.8465em;top:11.9473em;"><span class="stl_154 stl_08 stl_132">Unhedged  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:12.8073em;"><span class="stl_154 stl_08 stl_51">2022  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:17.5104em;top:12.8073em;"><span class="stl_154 stl_08 stl_32" style="word-spacing:-0.0037em;">deposits and  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.3557em;top:12.8073em;"><span class="stl_154 stl_08 stl_153">Net  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.5352em;top:12.8073em;"><span class="stl_154 stl_08 stl_107" style="word-spacing:0.0079em;">Of which  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.8907em;top:12.8073em;"><span class="stl_154 stl_08 stl_194">net  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:18.459em;top:13.6773em;"><span class="stl_154 stl_08 stl_17">securities  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.5161em;top:13.6773em;"><span class="stl_154 stl_08 stl_68">Receivables  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.9286em;top:13.6773em;"><span class="stl_154 stl_08 stl_21">Liabilities  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.8476em;top:13.6773em;"><span class="stl_154 stl_08 stl_127">position,  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.9634em;top:13.6773em;"><span class="stl_154 stl_08 stl_103">hedged  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.2917em;top:13.6773em;"><span class="stl_154 stl_08 stl_28">position,  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:14.5473em;"><span class="stl_154 stl_08 stl_107">Currency  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:18.7977em;top:14.5473em;"><span class="stl_154 stl_08 stl_43">DKK'000  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.5208em;top:14.5473em;"><span class="stl_154 stl_08 stl_24">DKK'000  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.2438em;top:14.5473em;"><span class="stl_154 stl_08 stl_67">DKK'000  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.9641em;top:14.5473em;"><span class="stl_154 stl_08 stl_30">DKK'000  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.6893em;top:14.5473em;"><span class="stl_154 stl_08 stl_43">DKK'000  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.4124em;top:14.5473em;"><span class="stl_154 stl_08 stl_67">DKK'000  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:16.9835em;"><span class="stl_155 stl_08 stl_67">PLN  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:19.8381em;top:16.9835em;"><span class="stl_155 stl_08 stl_34">6,832  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.5582em;top:16.9835em;"><span class="stl_155 stl_08 stl_30">2,672  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.5879em;top:16.9835em;"><span class="stl_155 stl_08 stl_20">(18,391)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.6281em;top:16.9835em;"><span class="stl_155 stl_08 stl_28">(8,887)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.8357em;top:16.9835em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.0778em;top:16.9835em;"><span class="stl_155 stl_08 stl_28">(8,887)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:18.0135em;"><span class="stl_155 stl_08 stl_140">DKK  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:20.31em;top:18.0135em;"><span class="stl_155 stl_08 stl_51">307  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.6601em;top:18.0135em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.9086em;top:18.0135em;"><span class="stl_155 stl_08 stl_18">(2,221)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.63em;top:18.0135em;"><span class="stl_155 stl_08 stl_28">(1,914)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.8376em;top:18.0135em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.0734em;top:18.0135em;"><span class="stl_155 stl_08 stl_21">(1,914)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:19.1735em;"><span class="stl_157 stl_08 stl_72">Total  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:19.83em;top:19.1735em;"><span class="stl_157 stl_08 stl_51">7,139  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.5457em;top:19.1735em;"><span class="stl_157 stl_08 stl_51">2,672  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.5748em;top:19.1735em;"><span class="stl_157 stl_08 stl_70">(20,612)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.2968em;top:19.1735em;"><span class="stl_157 stl_08 stl_164">(10,801)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.8283em;top:19.1735em;"><span class="stl_157 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.7428em;top:19.1735em;"><span class="stl_157 stl_08 stl_64">(10,801)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:19.6873em;top:21.5573em;"><span class="stl_154 stl_08 stl_43">Cash,  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.8465em;top:21.5573em;"><span class="stl_154 stl_08 stl_132">Unhedged  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:22.4173em;"><span class="stl_154 stl_08 stl_51">2021  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:17.5104em;top:22.4173em;"><span class="stl_154 stl_08 stl_32" style="word-spacing:-0.0037em;">deposits and  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.3557em;top:22.4173em;"><span class="stl_154 stl_08 stl_153">Net  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.5352em;top:22.4173em;"><span class="stl_154 stl_08 stl_107" style="word-spacing:0.0079em;">Of which  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.8907em;top:22.4173em;"><span class="stl_154 stl_08 stl_194">net  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:18.459em;top:23.2873em;"><span class="stl_154 stl_08 stl_17">securities  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.5161em;top:23.2873em;"><span class="stl_154 stl_08 stl_68">Receivables  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.9286em;top:23.2873em;"><span class="stl_154 stl_08 stl_21">Liabilities  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.8476em;top:23.2873em;"><span class="stl_154 stl_08 stl_127">position,  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.9634em;top:23.2873em;"><span class="stl_154 stl_08 stl_103">hedged  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.2917em;top:23.2873em;"><span class="stl_154 stl_08 stl_28">position,  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:24.1573em;"><span class="stl_154 stl_08 stl_107">Currency  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:18.7977em;top:24.1573em;"><span class="stl_154 stl_08 stl_43">DKK'000  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.5208em;top:24.1573em;"><span class="stl_154 stl_08 stl_24">DKK'000  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.2438em;top:24.1573em;"><span class="stl_154 stl_08 stl_67">DKK'000  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.9641em;top:24.1573em;"><span class="stl_154 stl_08 stl_30">DKK'000  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.6893em;top:24.1573em;"><span class="stl_154 stl_08 stl_43">DKK'000  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.4124em;top:24.1573em;"><span class="stl_154 stl_08 stl_67">DKK'000  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:26.5935em;"><span class="stl_155 stl_08 stl_67">PLN  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:19.5168em;top:26.5935em;"><span class="stl_155 stl_08 stl_36">15,998  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.5557em;top:26.5935em;"><span class="stl_155 stl_08 stl_34">1,984  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.5891em;top:26.5935em;"><span class="stl_155 stl_08 stl_25">(21,838)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.6237em;top:26.5935em;"><span class="stl_155 stl_08 stl_36">(3,856)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.8351em;top:26.5935em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.0709em;top:26.5935em;"><span class="stl_155 stl_08 stl_21">(3,856)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:27.6235em;"><span class="stl_155 stl_08 stl_140">DKK  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:20.31em;top:27.6235em;"><span class="stl_155 stl_08 stl_51">206  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.6601em;top:27.6235em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.9086em;top:27.6235em;"><span class="stl_155 stl_08 stl_18">(1,976)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.63em;top:27.6235em;"><span class="stl_155 stl_08 stl_28">(1,770)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.8376em;top:27.6235em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.0734em;top:27.6235em;"><span class="stl_155 stl_08 stl_21">(1,770)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:28.7835em;"><span class="stl_157 stl_08 stl_72">Total  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:19.51em;top:28.7835em;"><span class="stl_157 stl_08 stl_51">16,204  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.55em;top:28.7835em;"><span class="stl_157 stl_08 stl_51">1,984  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.58em;top:28.7835em;"><span class="stl_157 stl_08 stl_90">(23,814)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.61em;top:28.7835em;"><span class="stl_157 stl_08 stl_20">(5,626)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.84em;top:28.7835em;"><span class="stl_157 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.06em;top:28.7835em;"><span class="stl_157 stl_08 stl_20">(5,626)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.9699em;top:34.2735em;"><span class="stl_155 stl_08 stl_09">-</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.6888em;top:34.2735em;"><span class="stl_155 stl_08 stl_09">-</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:35.2573em;"><span class="stl_162 stl_08 stl_36" style="word-spacing:0.0001em;">24. FINANCIAL RISKS AND FINANCIAL INSTRUMENTS (CONTINUED)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:37.4973em;"><span class="stl_154 stl_08 stl_54" style="word-spacing:-0.0221em;">PARENT COMPANY  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:19.6873em;top:38.8373em;"><span class="stl_154 stl_08 stl_43">Cash,  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.8465em;top:38.8373em;"><span class="stl_154 stl_08 stl_132">Unhedged  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:39.6973em;"><span class="stl_154 stl_08 stl_51">2022  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:17.5104em;top:39.6973em;"><span class="stl_154 stl_08 stl_32" style="word-spacing:-0.0037em;">deposits and  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.3557em;top:39.6973em;"><span class="stl_154 stl_08 stl_153">Net  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.5352em;top:39.6973em;"><span class="stl_154 stl_08 stl_107" style="word-spacing:0.0079em;">Of which  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.8907em;top:39.6973em;"><span class="stl_154 stl_08 stl_194">net  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:18.459em;top:40.5573em;"><span class="stl_154 stl_08 stl_17">securities  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.5161em;top:40.5573em;"><span class="stl_154 stl_08 stl_68">Receivables  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.9286em;top:40.5573em;"><span class="stl_154 stl_08 stl_21">Liabilities  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.8476em;top:40.5573em;"><span class="stl_154 stl_08 stl_127">position,  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.9634em;top:40.5573em;"><span class="stl_154 stl_08 stl_103">hedged  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.2917em;top:40.5573em;"><span class="stl_154 stl_08 stl_28">position,  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:41.4273em;"><span class="stl_154 stl_08 stl_107">Currency  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:18.7977em;top:41.4273em;"><span class="stl_154 stl_08 stl_43">DKK'000  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.5208em;top:41.4273em;"><span class="stl_154 stl_08 stl_24">DKK'000  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.2438em;top:41.4273em;"><span class="stl_154 stl_08 stl_67">DKK'000  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.9641em;top:41.4273em;"><span class="stl_154 stl_08 stl_30">DKK'000  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.6893em;top:41.4273em;"><span class="stl_154 stl_08 stl_43">DKK'000  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.4124em;top:41.4273em;"><span class="stl_154 stl_08 stl_67">DKK'000  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:43.8635em;"><span class="stl_155 stl_08 stl_67">PLN  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:20.9406em;top:43.8635em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.5608em;top:43.8635em;"><span class="stl_155 stl_08 stl_78">1,341  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.5904em;top:43.8635em;"><span class="stl_155 stl_08 stl_25">(30,635)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.3036em;top:43.8635em;"><span class="stl_155 stl_08 stl_21">(29,294)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.8357em;top:43.8635em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.7565em;top:43.8635em;"><span class="stl_155 stl_08 stl_25">(29,294)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:44.8935em;"><span class="stl_155 stl_08 stl_140">DKK  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:20.31em;top:44.8935em;"><span class="stl_155 stl_08 stl_51">307  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.6601em;top:44.8935em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.9086em;top:44.8935em;"><span class="stl_155 stl_08 stl_18">(2,221)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.63em;top:44.8935em;"><span class="stl_155 stl_08 stl_28">(1,914)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.8376em;top:44.8935em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.0734em;top:44.8935em;"><span class="stl_155 stl_08 stl_21">(1,914)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:46.0535em;"><span class="stl_157 stl_08 stl_72">Total  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:20.31em;top:46.0535em;"><span class="stl_157 stl_08 stl_51">307  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.5513em;top:46.0535em;"><span class="stl_157 stl_08 stl_25">1,341  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.5766em;top:46.0535em;"><span class="stl_157 stl_08 stl_70">(32,856)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.2923em;top:46.0535em;"><span class="stl_157 stl_08 stl_27">(31,208)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.8351em;top:46.0535em;"><span class="stl_157 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.7433em;top:46.0535em;"><span class="stl_157 stl_08 stl_78">(31,208)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:19.6873em;top:49.2373em;"><span class="stl_154 stl_08 stl_43">Cash,  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.8465em;top:49.2373em;"><span class="stl_154 stl_08 stl_132">Unhedged  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:50.0973em;"><span class="stl_154 stl_08 stl_51">2021  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:17.5104em;top:50.0973em;"><span class="stl_154 stl_08 stl_32" style="word-spacing:-0.0037em;">deposits and  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.3557em;top:50.0973em;"><span class="stl_154 stl_08 stl_153">Net  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.5352em;top:50.0973em;"><span class="stl_154 stl_08 stl_107" style="word-spacing:0.0079em;">Of which  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.8907em;top:50.0973em;"><span class="stl_154 stl_08 stl_194">net  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:18.459em;top:50.9573em;"><span class="stl_154 stl_08 stl_17">securities  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.5161em;top:50.9573em;"><span class="stl_154 stl_08 stl_68">Receivables  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.9286em;top:50.9573em;"><span class="stl_154 stl_08 stl_21">Liabilities  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.8476em;top:50.9573em;"><span class="stl_154 stl_08 stl_127">position,  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.9634em;top:50.9573em;"><span class="stl_154 stl_08 stl_103">hedged  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.2917em;top:50.9573em;"><span class="stl_154 stl_08 stl_28">position,  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:51.8373em;"><span class="stl_154 stl_08 stl_107">Currency  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:18.7977em;top:51.8373em;"><span class="stl_154 stl_08 stl_43">DKK'000  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.5208em;top:51.8373em;"><span class="stl_154 stl_08 stl_24">DKK'000  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.2438em;top:51.8373em;"><span class="stl_154 stl_08 stl_67">DKK'000  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.9641em;top:51.8373em;"><span class="stl_154 stl_08 stl_30">DKK'000  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.6893em;top:51.8373em;"><span class="stl_154 stl_08 stl_43">DKK'000  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.4124em;top:51.8373em;"><span class="stl_154 stl_08 stl_67">DKK'000  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:54.2735em;"><span class="stl_155 stl_08 stl_67">PLN  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:20.9406em;top:54.2735em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.5608em;top:54.2735em;"><span class="stl_155 stl_08 stl_78">1,312  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.5904em;top:54.2735em;"><span class="stl_155 stl_08 stl_25">(27,366)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.3036em;top:54.2735em;"><span class="stl_155 stl_08 stl_21">(26,054)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.8357em;top:54.2735em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.7565em;top:54.2735em;"><span class="stl_155 stl_08 stl_25">(26,054)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:55.3035em;"><span class="stl_155 stl_08 stl_140">DKK  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:20.31em;top:55.3035em;"><span class="stl_155 stl_08 stl_51">206  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.6601em;top:55.3035em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.9086em;top:55.3035em;"><span class="stl_155 stl_08 stl_18">(1,976)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.63em;top:55.3035em;"><span class="stl_155 stl_08 stl_28">(1,770)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.8376em;top:55.3035em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.0734em;top:55.3035em;"><span class="stl_155 stl_08 stl_21">(1,770)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:56.4635em;"><span class="stl_157 stl_08 stl_72">Total  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:20.31em;top:56.4635em;"><span class="stl_157 stl_08 stl_51">206  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.55em;top:56.4635em;"><span class="stl_157 stl_08 stl_51">1,312  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.58em;top:56.4635em;"><span class="stl_157 stl_08 stl_90">(29,342)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.2994em;top:56.4635em;"><span class="stl_155 stl_08 stl_22">(</span><span class="stl_157 stl_08 stl_78">27,824)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.84em;top:56.4635em;"><span class="stl_157 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.75em;top:56.4635em;"><span class="stl_157 stl_08 stl_90">(27,824)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:5.8373em;"><span class="stl_162 stl_08 stl_26" style="word-spacing:0.8746em;">24. FINANCIAL</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.202em;top:5.8373em;"><span class="stl_162 stl_08 stl_36" style="word-spacing:0.0014em;">RISKS AND FINANCIAL INSTRUMENTS (CONTINUED)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:8.4754em;"><span class="stl_193 stl_08 stl_63" style="word-spacing:-0.0057em;">Credit risk  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:9.5254em;"><span class="stl_167 stl_08 stl_26" style="word-spacing:-0.0034em;">The Group’s credit risks associated with financial activities correspond to the amounts recognised in the balance sheet. The Group assesses the need  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:10.3354em;"><span class="stl_167 stl_08 stl_50" style="word-spacing:-0.0273em;">for insurance on individual debtors on an ongoing basis. This assessment is based on the individual debtor's present and expected future commitment  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:11.1554em;"><span class="stl_167 stl_08 stl_45" style="word-spacing:-0.0098em;">to the Group.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:13.2554em;"><span class="stl_167 stl_08 stl_25" style="word-spacing:0.0003em;">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:4.72em;top:16.4054em;"><span class="stl_193 stl_08 stl_36" style="word-spacing:-0.0081em;">Capital management  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:17.4654em;"><span class="stl_167 stl_08 stl_19" style="word-spacing:0.1057em;">The Group evaluates the need to adapt its capital structure on an ongoing basis. Management believes that the financing of the Group's future  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:18.2754em;"><span class="stl_167 stl_08 stl_27" style="word-spacing:0.0031em;">operations will be secured with the existing financial resources and cash flows from operating activities.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:20.3754em;"><span class="stl_167 stl_08 stl_18" style="word-spacing:-0.0026em;">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  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:21.1954em;"><span class="stl_167 stl_08 stl_70">dividends.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:23.2954em;"><span class="stl_167 stl_08 stl_18" style="word-spacing:0.0004em;">For the Group, equity as a percentage of total equity and liabilities at the end of 2022 was 74.9% (2021: 72.7%). The realised return on equity for the  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:24.1054em;"><span class="stl_167 stl_08 stl_26" style="word-spacing:-0.0008em;">Group for 2022 was 15.7% (2021: 22.0%).  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:27.2654em;"><span class="stl_167 stl_08 stl_45" style="word-spacing:-0.0013em;">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:6.51em;top:29.3473em;"><span class="stl_154 stl_08 stl_54" style="word-spacing:-0.0221em;">PARENT COMPANY  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.08em;top:29.3473em;"><span class="stl_154 stl_08 stl_36">GROUP  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:6.2324em;top:30.6873em;"><span class="stl_154 stl_08 stl_28">2022  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:10.3704em;top:30.6873em;"><span class="stl_154 stl_08 stl_28">2021  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.5783em;top:30.6873em;"><span class="stl_154 stl_08 stl_67">DKK'000  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.5331em;top:30.6873em;"><span class="stl_154 stl_08 stl_51">2022  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.2505em;top:30.6873em;"><span class="stl_154 stl_08 stl_51">2021  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:6.251em;top:33.1235em;"><span class="stl_155 stl_08 stl_25">1,033  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:10.8571em;top:33.1235em;"><span class="stl_155 stl_08 stl_51">976  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.58em;top:33.1235em;"><span class="stl_155 stl_08 stl_64" style="word-spacing:0.0072em;">Bank debt  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.5544em;top:33.1235em;"><span class="stl_155 stl_08 stl_34">1,033  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.7471em;top:33.1235em;"><span class="stl_155 stl_08 stl_51">976  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:6.3392em;top:34.1535em;"><span class="stl_155 stl_08 stl_22">(307)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:10.4791em;top:34.1535em;"><span class="stl_155 stl_08 stl_22">(820)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.5794em;top:34.1535em;"><span class="stl_155 stl_08 stl_91" style="word-spacing:-0.0012em;">Cash and cash equivalents  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.1726em;top:34.1535em;"><span class="stl_155 stl_08 stl_46">(7,139)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.5765em;top:34.1535em;"><span class="stl_155 stl_08 stl_25">(16,204)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:6.72em;top:35.3135em;"><span class="stl_157 stl_08 stl_51">726  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:10.86em;top:35.3135em;"><span class="stl_157 stl_08 stl_51">156  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.58em;top:35.3135em;"><span class="stl_157 stl_08 stl_77" style="word-spacing:0.0039em;">Net interest-bearing debt  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.16em;top:35.3135em;"><span class="stl_157 stl_08 stl_20">(6,106)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.57em;top:35.3135em;"><span class="stl_157 stl_08 stl_90">(15,228)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:5.92em;top:37.4935em;"><span class="stl_157 stl_08 stl_51">62,131  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:10.0599em;top:37.4935em;"><span class="stl_157 stl_08 stl_34">65,515  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.5723em;top:37.4935em;"><span class="stl_157 stl_08 stl_24">Equity  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.9122em;top:37.4935em;"><span class="stl_157 stl_08 stl_36">150,896  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.6317em;top:37.4935em;"><span class="stl_157 stl_08 stl_78">131,367  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:6.55em;top:39.6735em;"><span class="stl_157 stl_08 stl_63">0.01  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:10.69em;top:39.6735em;"><span class="stl_157 stl_08 stl_63">0.00  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.58em;top:39.6735em;"><span class="stl_157 stl_08 stl_21" style="word-spacing:-0.0141em;">Financial gearing  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.47em;top:39.6735em;"><span class="stl_157 stl_08 stl_34">(0.04)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.19em;top:39.6735em;"><span class="stl_157 stl_08 stl_34">(0.12)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:42.6654em;"><span class="stl_193 stl_08 stl_45" style="word-spacing:-0.0003em;">Liquidity and capital resources  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:43.7154em;"><span class="stl_167 stl_08 stl_73" style="word-spacing:-0.0118em;">At Group level, free cash and cash equivalents amounted to DKK 7.1 million at 31 December 2022, of which DKK 4.8 million are attributable to CeMat  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:44.5354em;"><span class="stl_167 stl_08 stl_63" style="word-spacing:0.0003em;">'70 S.A.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:46.3954em;"><span class="stl_167 stl_08 stl_28" style="word-spacing:0.078em;">Based on expectations for 2023, Management believes that the existing capital resources and the expected future cash flows will be sufficient to  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:47.2054em;"><span class="stl_167 stl_08 stl_18" style="word-spacing:-0.0005em;">maintain operations and finance planned investments.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:48.8354em;"><span class="stl_167 stl_08 stl_73" style="word-spacing:0.1234em;">The Group’s budgets, and consequently also its future capital resources, are inherently subject to risk since the extent and timing of cash flow  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:49.6554em;"><span class="stl_167 stl_08 stl_45" style="word-spacing:0.0783em;">fluctuations will have an impact on the Group’s capital resources. Management believes that any negative deviations in its operations relative to  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:50.4654em;"><span class="stl_167 stl_08 stl_25" style="word-spacing:0.0011em;">budgeted cash flows can be mitigated on a timely basis by cash flow-enhancing measures.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:52.5254em;"><span class="stl_193 stl_08 stl_34" style="word-spacing:-0.0025em;">Risk related to obtaining external financing  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:54.3554em;"><span class="stl_167 stl_08 stl_18" style="word-spacing:0.0147em;">The real estate development business, in which the Group intends to operate, requires significant initial expenditures to purchase land and to cover  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:55.1654em;"><span class="stl_167 stl_08 stl_50" style="word-spacing:0.0167em;">construction, infrastructure, and design costs. As such, the Group, in order to continue and develop its business, require significant amounts of cash  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:55.9854em;"><span class="stl_167 stl_08 stl_19" style="word-spacing:0.0161em;">through external financing by banks. The Group’s ability to obtain such financing depend on many factors, in particular, on market conditions which  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:56.7954em;"><span class="stl_167 stl_08 stl_19" style="word-spacing:0.0062em;">are beyond the Group’s control. In the event of difficulties to obtain the required financing, there is a risk that the scale of the Group’s development  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:57.6154em;"><span class="stl_167 stl_08 stl_66" style="word-spacing:0.0159em;">and pace of achieving its strategic objectives may differ from what was originally planned. In such situation as described above, there is no certainty  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:58.4254em;"><span class="stl_167 stl_08 stl_20" style="word-spacing:-0.0387em;">whether the Group will be able to obtain the required financing, nor whether financial resources will be obtained under conditions that are favourable  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:59.2354em;"><span class="stl_167 stl_08 stl_45" style="word-spacing:-0.0098em;">to the Group.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:61.0654em;"><span class="stl_167 stl_08 stl_52" style="word-spacing:0.0163em;">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  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:61.8854em;"><span class="stl_167 stl_08 stl_35" style="word-spacing:-0.0042em;">the WIBOR rates 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:4.72em;top:5.8373em;"><span class="stl_162 stl_08 stl_26" style="word-spacing:0.8746em;">24. FINANCIAL</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.202em;top:5.8373em;"><span class="stl_162 stl_08 stl_36" style="word-spacing:0.0014em;">RISKS AND FINANCIAL INSTRUMENTS (CONTINUED)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:8.4354em;"><span class="stl_193 stl_08 stl_18" style="word-spacing:0.0053em;">Availability of mortgages  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:10.2654em;"><span class="stl_167 stl_08 stl_19" style="word-spacing:0.0345em;">The demand for residential real estate largely depends on the availability of credits and loans for financing the purchase of apartments and houses  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:11.0754em;"><span class="stl_167 stl_08 stl_18" style="word-spacing:0.1189em;">by individuals. Possible increase in interest rates, deterioration of the economic situation in Poland, the pandemic situation and the increase in  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:11.8854em;"><span class="stl_167 stl_08 stl_19" style="word-spacing:-0.0152em;">unemployment in Poland as well as possible administrative restrictions on lending activities of the banks may cause a drop in demand for apartments  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:12.7054em;"><span class="stl_167 stl_08 stl_73" style="word-spacing:0.0005em;">and houses, and therefore a decrease in interest from potential buyers in the Company's development projects, which in turn may have a significant  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:13.533em;"><span class="stl_167 stl_08 stl_34" style="word-spacing:-0.001em;">adverse impact on activities, financial standing or performance of the Company</span><span class="stl_07 stl_08 stl_32" style="word-spacing:-0.0008em;">.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:39.8154em;"><span class="stl_193 stl_08 stl_17" style="word-spacing:0.0022em;">Currency risk  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:40.8654em;"><span class="stl_167 stl_08 stl_19" style="word-spacing:0.042em;">Currency risk constitutes the risk of losses (or the possibility of gains) when exchange rates change. Currency risk arises when income and expense  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:41.6854em;"><span class="stl_167 stl_08 stl_45" style="word-spacing:-0.0024em;">items in foreign 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:4.72em;top:43.7854em;"><span class="stl_167 stl_08 stl_25" style="word-spacing:0.1516em;">The Group’s sales are primarily settled in PLN and cost items are typically settled in DKK or PLN. The Group does not use derivative financial  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:44.5954em;"><span class="stl_167 stl_08 stl_26" style="word-spacing:0.0294em;">instruments to hedge currency risks from cash flows or balance sheet items. Instead, the Group uses foreign currency to settle same-currency debt  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:45.4154em;"><span class="stl_167 stl_08 stl_34" style="word-spacing:-0.0036em;">items, which generally reduces currency risk.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:27.2654em;"><span class="stl_167 stl_08 stl_45" style="word-spacing:-0.0013em;">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:6.51em;top:29.3473em;"><span class="stl_154 stl_08 stl_54" style="word-spacing:-0.0221em;">PARENT COMPANY  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.08em;top:29.3473em;"><span class="stl_154 stl_08 stl_36">GROUP  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:6.2324em;top:30.6873em;"><span class="stl_154 stl_08 stl_28">2022  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:10.3704em;top:30.6873em;"><span class="stl_154 stl_08 stl_28">2021  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.5783em;top:30.6873em;"><span class="stl_154 stl_08 stl_67">DKK'000  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.5331em;top:30.6873em;"><span class="stl_154 stl_08 stl_51">2022  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.2505em;top:30.6873em;"><span class="stl_154 stl_08 stl_51">2021  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:6.251em;top:33.1235em;"><span class="stl_155 stl_08 stl_25">1,033  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:10.8571em;top:33.1235em;"><span class="stl_155 stl_08 stl_51">976  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.58em;top:33.1235em;"><span class="stl_155 stl_08 stl_64" style="word-spacing:0.0072em;">Bank debt  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.5544em;top:33.1235em;"><span class="stl_155 stl_08 stl_34">1,033  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.7471em;top:33.1235em;"><span class="stl_155 stl_08 stl_51">976  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:6.3392em;top:34.1535em;"><span class="stl_155 stl_08 stl_22">(307)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:10.4791em;top:34.1535em;"><span class="stl_155 stl_08 stl_22">(820)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.5794em;top:34.1535em;"><span class="stl_155 stl_08 stl_91" style="word-spacing:-0.0012em;">Cash and cash equivalents  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.1726em;top:34.1535em;"><span class="stl_155 stl_08 stl_46">(7,139)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.5765em;top:34.1535em;"><span class="stl_155 stl_08 stl_25">(16,204)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:6.72em;top:35.3135em;"><span class="stl_157 stl_08 stl_51">726  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:10.86em;top:35.3135em;"><span class="stl_157 stl_08 stl_51">156  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.58em;top:35.3135em;"><span class="stl_157 stl_08 stl_77" style="word-spacing:0.0039em;">Net interest-bearing debt  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.16em;top:35.3135em;"><span class="stl_157 stl_08 stl_20">(6,106)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.57em;top:35.3135em;"><span class="stl_157 stl_08 stl_90">(15,228)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:5.92em;top:37.4935em;"><span class="stl_157 stl_08 stl_51">62,131  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:10.0599em;top:37.4935em;"><span class="stl_157 stl_08 stl_34">65,515  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.5723em;top:37.4935em;"><span class="stl_157 stl_08 stl_24">Equity  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.9122em;top:37.4935em;"><span class="stl_157 stl_08 stl_36">150,896  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.6317em;top:37.4935em;"><span class="stl_157 stl_08 stl_78">131,367  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:6.55em;top:39.6735em;"><span class="stl_157 stl_08 stl_63">0.01  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:10.69em;top:39.6735em;"><span class="stl_157 stl_08 stl_63">0.00  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.58em;top:39.6735em;"><span class="stl_157 stl_08 stl_21" style="word-spacing:-0.0141em;">Financial gearing  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.47em;top:39.6735em;"><span class="stl_157 stl_08 stl_34">(0.04)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.19em;top:39.6735em;"><span class="stl_157 stl_08 stl_34">(0.12)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:5.8373em;"><span class="stl_162 stl_08 stl_26" style="word-spacing:0.8746em;">24. FINANCIAL</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.202em;top:5.8373em;"><span class="stl_162 stl_08 stl_36" style="word-spacing:0.0014em;">RISKS AND FINANCIAL INSTRUMENTS (CONTINUED)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:8.4754em;"><span class="stl_193 stl_08 stl_63" style="word-spacing:-0.0057em;">Credit risk  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:9.5254em;"><span class="stl_167 stl_08 stl_26" style="word-spacing:-0.0034em;">The Group’s credit risks associated with financial activities correspond to the amounts recognised in the balance sheet. The Group assesses the need  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:10.3354em;"><span class="stl_167 stl_08 stl_50" style="word-spacing:-0.0273em;">for insurance on individual debtors on an ongoing basis. This assessment is based on the individual debtor's present and expected future commitment  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:11.1554em;"><span class="stl_167 stl_08 stl_45" style="word-spacing:-0.0098em;">to the Group.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:13.2554em;"><span class="stl_167 stl_08 stl_25" style="word-spacing:0.0003em;">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:4.72em;top:42.6654em;"><span class="stl_193 stl_08 stl_45" style="word-spacing:-0.0003em;">Liquidity and capital resources  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:43.7154em;"><span class="stl_167 stl_08 stl_73" style="word-spacing:-0.0118em;">At Group level, free cash and cash equivalents amounted to DKK 7.1 million at 31 December 2022, of which DKK 4.8 million are attributable to CeMat  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:44.5354em;"><span class="stl_167 stl_08 stl_63" style="word-spacing:0.0003em;">'70 S.A.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:46.3954em;"><span class="stl_167 stl_08 stl_28" style="word-spacing:0.078em;">Based on expectations for 2023, Management believes that the existing capital resources and the expected future cash flows will be sufficient to  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:47.2054em;"><span class="stl_167 stl_08 stl_18" style="word-spacing:-0.0005em;">maintain operations and finance planned investments.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:48.8354em;"><span class="stl_167 stl_08 stl_73" style="word-spacing:0.1234em;">The Group’s budgets, and consequently also its future capital resources, are inherently subject to risk since the extent and timing of cash flow  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:49.6554em;"><span class="stl_167 stl_08 stl_45" style="word-spacing:0.0783em;">fluctuations will have an impact on the Group’s capital resources. Management believes that any negative deviations in its operations relative to  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:50.4654em;"><span class="stl_167 stl_08 stl_25" style="word-spacing:0.0011em;">budgeted cash flows can be mitigated on a timely basis by cash flow-enhancing measures.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:52.5254em;"><span class="stl_193 stl_08 stl_34" style="word-spacing:-0.0025em;">Risk related to obtaining external financing  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:54.3554em;"><span class="stl_167 stl_08 stl_18" style="word-spacing:0.0147em;">The real estate development business, in which the Group intends to operate, requires significant initial expenditures to purchase land and to cover  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:55.1654em;"><span class="stl_167 stl_08 stl_50" style="word-spacing:0.0167em;">construction, infrastructure, and design costs. As such, the Group, in order to continue and develop its business, require significant amounts of cash  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:55.9854em;"><span class="stl_167 stl_08 stl_19" style="word-spacing:0.0161em;">through external financing by banks. The Group’s ability to obtain such financing depend on many factors, in particular, on market conditions which  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:56.7954em;"><span class="stl_167 stl_08 stl_19" style="word-spacing:0.0062em;">are beyond the Group’s control. In the event of difficulties to obtain the required financing, there is a risk that the scale of the Group’s development  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:57.6154em;"><span class="stl_167 stl_08 stl_66" style="word-spacing:0.0159em;">and pace of achieving its strategic objectives may differ from what was originally planned. In such situation as described above, there is no certainty  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:58.4254em;"><span class="stl_167 stl_08 stl_20" style="word-spacing:-0.0387em;">whether the Group will be able to obtain the required financing, nor whether financial resources will be obtained under conditions that are favourable  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:59.2354em;"><span class="stl_167 stl_08 stl_45" style="word-spacing:-0.0098em;">to the Group.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:61.0654em;"><span class="stl_167 stl_08 stl_52" style="word-spacing:0.0163em;">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  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:61.8854em;"><span class="stl_167 stl_08 stl_35" style="word-spacing:-0.0042em;">the WIBOR rates 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:4.72em;top:5.8373em;"><span class="stl_162 stl_08 stl_26" style="word-spacing:0.8746em;">24. FINANCIAL</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.202em;top:5.8373em;"><span class="stl_162 stl_08 stl_36" style="word-spacing:0.0014em;">RISKS AND FINANCIAL INSTRUMENTS (CONTINUED)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:8.4354em;"><span class="stl_193 stl_08 stl_18" style="word-spacing:0.0053em;">Availability of mortgages  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:10.2654em;"><span class="stl_167 stl_08 stl_19" style="word-spacing:0.0345em;">The demand for residential real estate largely depends on the availability of credits and loans for financing the purchase of apartments and houses  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:11.0754em;"><span class="stl_167 stl_08 stl_18" style="word-spacing:0.1189em;">by individuals. Possible increase in interest rates, deterioration of the economic situation in Poland, the pandemic situation and the increase in  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:11.8854em;"><span class="stl_167 stl_08 stl_19" style="word-spacing:-0.0152em;">unemployment in Poland as well as possible administrative restrictions on lending activities of the banks may cause a drop in demand for apartments  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:12.7054em;"><span class="stl_167 stl_08 stl_73" style="word-spacing:0.0005em;">and houses, and therefore a decrease in interest from potential buyers in the Company's development projects, which in turn may have a significant  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:13.533em;"><span class="stl_167 stl_08 stl_34" style="word-spacing:-0.001em;">adverse impact on activities, financial standing or performance of the Company</span><span class="stl_07 stl_08 stl_32" style="word-spacing:-0.0008em;">.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:32.9373em;"><span class="stl_162 stl_08 stl_20" style="word-spacing:0.875em;">26. FEE</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:8.423em;top:32.9373em;"><span class="stl_162 stl_08 stl_32" style="word-spacing:-0.0044em;">FOR AUDITORS APPOINTED BY THE GENERAL MEETING  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:6.51em;top:35.6373em;"><span class="stl_154 stl_08 stl_54" style="word-spacing:-0.0221em;">PARENT COMPANY  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.08em;top:35.6373em;"><span class="stl_154 stl_08 stl_36">GROUP  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:6.2324em;top:36.9773em;"><span class="stl_154 stl_08 stl_28">2022  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:10.3704em;top:36.9773em;"><span class="stl_154 stl_08 stl_28">2021  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.5783em;top:36.9773em;"><span class="stl_154 stl_08 stl_67">DKK'000  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.5331em;top:36.9773em;"><span class="stl_154 stl_08 stl_51">2022  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.2505em;top:36.9773em;"><span class="stl_154 stl_08 stl_51">2021  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:6.7172em;top:39.4135em;"><span class="stl_155 stl_08 stl_51">140  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:10.8577em;top:39.4135em;"><span class="stl_155 stl_08 stl_51">135  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.5807em;top:39.4135em;"><span class="stl_155 stl_08 stl_90" style="word-spacing:-0.0032em;">Audit of annual report  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.0231em;top:39.4135em;"><span class="stl_155 stl_08 stl_51">263  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.7433em;top:39.4135em;"><span class="stl_155 stl_08 stl_51">258  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.0385em;top:40.4435em;"><span class="stl_155 stl_08 stl_51">48  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.1815em;top:40.4435em;"><span class="stl_155 stl_08 stl_158">26  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.5819em;top:40.4435em;"><span class="stl_155 stl_08 stl_134" style="word-spacing:0.0069em;">Non-audit services  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.3501em;top:40.4435em;"><span class="stl_155 stl_08 stl_158">48  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.069em;top:40.4435em;"><span class="stl_155 stl_08 stl_51">26  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:6.7172em;top:41.6035em;"><span class="stl_155 stl_08 stl_51">188  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:10.86em;top:41.6035em;"><span class="stl_157 stl_08 stl_51">161  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.58em;top:41.6035em;"><span class="stl_157 stl_08 stl_72">Total  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.0282em;top:41.6035em;"><span class="stl_155 stl_08 stl_51">311  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.75em;top:41.6035em;"><span class="stl_157 stl_08 stl_51">284  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:45.4773em;"><span class="stl_162 stl_08 stl_30" style="word-spacing:0.8723em;">27. RELATED</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:10.491em;top:45.4773em;"><span class="stl_162 stl_08 stl_20">PARTIES  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:48.1254em;"><span class="stl_167 stl_08 stl_19" style="word-spacing:0.0001em;">The Group has no related parties exercising control.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:49.9854em;"><span class="stl_167 stl_08 stl_90" style="word-spacing:0.0036em;">The Group has the following related parties:  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:51.0354em;"><span class="stl_167 stl_08 stl_63" style="word-spacing:0.267em;">• Ambit</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.173em;top:51.0354em;"><span class="stl_167 stl_08 stl_50" style="word-spacing:0.0032em;">Jarosław Lipiński, owned by member of the Management Board  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:52.9054em;"><span class="stl_167 stl_08 stl_18" style="word-spacing:0.0013em;">The parent company has the following related parties:  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:53.9554em;"><span class="stl_167 stl_08 stl_73" style="word-spacing:0.2703em;">• CeMat</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.325em;top:53.9554em;"><span class="stl_167 stl_08 stl_46" style="word-spacing:-0.0014em;">Real Estate S.A., subsidiary in Poland  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:55.0054em;"><span class="stl_167 stl_08 stl_73" style="word-spacing:0.2703em;">• CeMat</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.325em;top:55.0054em;"><span class="stl_167 stl_08 stl_21" style="word-spacing:-0.0023em;">'70 S.A., subsidiary in Poland  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:56.8654em;"><span class="stl_167 stl_08 stl_73" style="word-spacing:-0.0003em;">The parent company had transactions with the following related parties in 2021 and 2022:  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:57.9254em;"><span class="stl_167 stl_08 stl_73" style="word-spacing:0.2703em;">• CeMat</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.325em;top:57.9254em;"><span class="stl_167 stl_08 stl_46" style="word-spacing:-0.0014em;">Real Estate S.A., subsidiary in Poland  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:58.9754em;"><span class="stl_167 stl_08 stl_73" style="word-spacing:0.2703em;">• CeMat</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.325em;top:58.9754em;"><span class="stl_167 stl_08 stl_21" style="word-spacing:-0.0023em;">'70 S.A., subsidiary in Poland  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:5.8373em;"><span class="stl_162 stl_08 stl_30" style="word-spacing:0.8723em;">28. RELATED</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:10.491em;top:5.8373em;"><span class="stl_162 stl_08 stl_34" style="word-spacing:-0.0025em;">PARTY TRANSACTIONS  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:6.51em;top:8.5273em;"><span class="stl_154 stl_08 stl_54" style="word-spacing:-0.0221em;">PARENT COMPANY  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.08em;top:8.5273em;"><span class="stl_154 stl_08 stl_36">GROUP  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:6.2324em;top:9.8673em;"><span class="stl_154 stl_08 stl_28">2022  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:10.3704em;top:9.8673em;"><span class="stl_154 stl_08 stl_28">2021  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.5783em;top:9.8673em;"><span class="stl_154 stl_08 stl_67">DKK'000  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.5331em;top:9.8673em;"><span class="stl_154 stl_08 stl_51">2022  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.2505em;top:9.8673em;"><span class="stl_154 stl_08 stl_51">2021  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.0385em;top:12.3035em;"><span class="stl_155 stl_08 stl_51">54  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.1815em;top:12.3035em;"><span class="stl_155 stl_08 stl_158">55  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.5819em;top:12.3035em;"><span class="stl_155 stl_08 stl_52" style="word-spacing:0.0022em;">Subsidiaries, interest income  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.655em;top:12.3035em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.3777em;top:12.3035em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:6.251em;top:13.3335em;"><span class="stl_155 stl_08 stl_25">1,147  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:10.3909em;top:13.3335em;"><span class="stl_155 stl_08 stl_78">1,083  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.5763em;top:13.3335em;"><span class="stl_155 stl_08 stl_64" style="word-spacing:0.0095em;">Subsidiaries, interest expenses  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.6525em;top:13.3335em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.3752em;top:13.3335em;"><span class="stl_155 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:6.24em;top:14.4935em;"><span class="stl_157 stl_08 stl_51">1,201  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:10.38em;top:14.4935em;"><span class="stl_157 stl_08 stl_51">1,138  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.58em;top:14.4935em;"><span class="stl_157 stl_08 stl_70" style="word-spacing:0.0165em;">Total transactions  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.66em;top:14.4935em;"><span class="stl_157 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.38em;top:14.4935em;"><span class="stl_157 stl_08 stl_09">0</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:16.6454em;"><span class="stl_167 stl_08 stl_26" style="word-spacing:-0.0025em;">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:29.7573em;"><span class="stl_162 stl_08 stl_34" style="word-spacing:0.8708em;">29. SHAREHOLDER</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:12.760em;top:29.7573em;"><span class="stl_162 stl_08 stl_34">INFORMATION  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:32.3954em;"><span class="stl_167 stl_08 stl_26" style="word-spacing:0.0168em;">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  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:33.2154em;"><span class="stl_167 stl_08 stl_32">31.12.2022  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:35.5373em;"><span class="stl_154 stl_08 stl_24" style="word-spacing:0.0034em;">Composition of shareholders  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.1865em;top:35.5373em;"><span class="stl_154 stl_08 stl_14" style="word-spacing:-0.0036em;">Number of shares  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.723em;top:35.5373em;"><span class="stl_154 stl_08 stl_122" style="word-spacing:-0.0195em;">Capital DKK  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.1504em;top:35.5373em;"><span class="stl_154 stl_08 stl_132" style="word-spacing:-0.0129em;">Capital %  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:37.9735em;"><span class="stl_155 stl_08 stl_77" style="word-spacing:0.0012em;">EDJ-Gruppen Havnegade 19 6700 Esbjerg, Denmark  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.574em;top:37.9735em;"><span class="stl_155 stl_08 stl_25">81,250,000  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.8305em;top:37.9735em;"><span class="stl_155 stl_08 stl_78">1,625,000.00  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.4445em;top:37.9735em;"><span class="stl_155 stl_08 stl_18">32.52  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:39.0035em;"><span class="stl_155 stl_08 stl_90" style="word-spacing:-0.0002em;">Gist Holding ApS C.F Richs Vej 31  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.5766em;top:39.0035em;"><span class="stl_155 stl_08 stl_25">25,691,023  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.3055em;top:39.0035em;"><span class="stl_155 stl_08 stl_28">513,820.46  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.4514em;top:39.0035em;"><span class="stl_155 stl_08 stl_18">10.28  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:43.8073em;"><span class="stl_162 stl_08 stl_47" style="word-spacing:0.9159em;">30. BOARD</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:9.929em;top:43.8073em;"><span class="stl_162 stl_08 stl_19" style="word-spacing:0.0029em;">OF DIRECTORS AND MANAGEMENT BOARD  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:46.4354em;"><span class="stl_167 stl_08 stl_32" style="word-spacing:-0.0036em;">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:39.923em;top:47.7373em;"><span class="stl_154 stl_08 stl_46">Shareholding,  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.8995em;top:48.6073em;"><span class="stl_154 stl_08 stl_33" style="word-spacing:-0.0107em;">nominal value, DKK'000  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:49.9473em;"><span class="stl_154 stl_08 stl_42" style="word-spacing:-0.0055em;">Shares (own and related parties*)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.716em;top:49.9473em;"><span class="stl_154 stl_08 stl_51">2022  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.4334em;top:49.9473em;"><span class="stl_154 stl_08 stl_51">2021  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:52.3835em;"><span class="stl_155 stl_08 stl_110" style="word-spacing:0.0031em;">Frede Clausen, Chairman  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.2088em;top:52.3835em;"><span class="stl_155 stl_08 stl_51">190  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.929em;top:52.3835em;"><span class="stl_155 stl_08 stl_127">190  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:53.4035em;"><span class="stl_155 stl_08 stl_110" 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:38.7351em;top:53.4035em;"><span class="stl_155 stl_08 stl_25">1,625  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.4546em;top:53.4035em;"><span class="stl_155 stl_08 stl_25">1,625  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:54.4335em;"><span class="stl_155 stl_08 stl_91" style="word-spacing:-0.0017em;">Joanna Iwanowska-Nielsen, Member of the Board of Directors  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.5245em;top:54.4335em;"><span class="stl_155 stl_08 stl_51">22  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.2408em;top:54.4335em;"><span class="stl_155 stl_08 stl_51">20  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:55.4635em;"><span class="stl_155 stl_08 stl_18" style="word-spacing:-0.0028em;">Jarosław Lipiński, CEO  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.5301em;top:55.4635em;"><span class="stl_155 stl_08 stl_51">40  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.2465em;top:55.4635em;"><span class="stl_155 stl_08 stl_51">36  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:56.6235em;"><span class="stl_157 stl_08 stl_72">Total  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.73em;top:56.6235em;"><span class="stl_157 stl_08 stl_51">1,877  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.45em;top:56.6235em;"><span class="stl_157 stl_08 stl_51">1,871  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:57.7735em;"><span class="stl_155 stl_08 stl_90" style="word-spacing:-0.0017em;">* 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:4.72em;top:43.8073em;"><span class="stl_162 stl_08 stl_47" style="word-spacing:0.9159em;">30. BOARD</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:9.929em;top:43.8073em;"><span class="stl_162 stl_08 stl_19" style="word-spacing:0.0029em;">OF DIRECTORS AND MANAGEMENT BOARD  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:46.4354em;"><span class="stl_167 stl_08 stl_32" style="word-spacing:-0.0036em;">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:39.923em;top:47.7373em;"><span class="stl_154 stl_08 stl_46">Shareholding,  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.8995em;top:48.6073em;"><span class="stl_154 stl_08 stl_33" style="word-spacing:-0.0107em;">nominal value, DKK'000  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:49.9473em;"><span class="stl_154 stl_08 stl_42" style="word-spacing:-0.0055em;">Shares (own and related parties*)  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.716em;top:49.9473em;"><span class="stl_154 stl_08 stl_51">2022  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.4334em;top:49.9473em;"><span class="stl_154 stl_08 stl_51">2021  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:52.3835em;"><span class="stl_155 stl_08 stl_110" style="word-spacing:0.0031em;">Frede Clausen, Chairman  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.2088em;top:52.3835em;"><span class="stl_155 stl_08 stl_51">190  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.929em;top:52.3835em;"><span class="stl_155 stl_08 stl_127">190  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:53.4035em;"><span class="stl_155 stl_08 stl_110" 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:38.7351em;top:53.4035em;"><span class="stl_155 stl_08 stl_25">1,625  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.4546em;top:53.4035em;"><span class="stl_155 stl_08 stl_25">1,625  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:54.4335em;"><span class="stl_155 stl_08 stl_91" style="word-spacing:-0.0017em;">Joanna Iwanowska-Nielsen, Member of the Board of Directors  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.5245em;top:54.4335em;"><span class="stl_155 stl_08 stl_51">22  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.2408em;top:54.4335em;"><span class="stl_155 stl_08 stl_51">20  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:55.4635em;"><span class="stl_155 stl_08 stl_18" style="word-spacing:-0.0028em;">Jarosław Lipiński, CEO  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.5301em;top:55.4635em;"><span class="stl_155 stl_08 stl_51">40  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.2465em;top:55.4635em;"><span class="stl_155 stl_08 stl_51">36  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:56.6235em;"><span class="stl_157 stl_08 stl_72">Total  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.73em;top:56.6235em;"><span class="stl_157 stl_08 stl_51">1,877  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.45em;top:56.6235em;"><span class="stl_157 stl_08 stl_51">1,871  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:57.7735em;"><span class="stl_155 stl_08 stl_90" style="word-spacing:-0.0017em;">* 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:4.72em;top:5.8373em;"><span class="stl_162 stl_08 stl_27" style="word-spacing:0.919em;">31. EVENTS</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:10.073em;top:5.8373em;"><span class="stl_162 stl_08 stl_20" style="word-spacing:0.0015em;">AFTER THE BALANCE SHEET DATE  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:8.4754em;"><span class="stl_167 stl_08 stl_52" style="word-spacing:0.0041em;">No significant events have occurred after the balance sheet date.  </span></div> OSLO PLADS 2, 2100 KØBENHAVN Ø