529900P5DOKT3XLWL480 2025-01-01 2025-12-31 529900P5DOKT3XLWL480 2024-01-01 2024-12-31 529900P5DOKT3XLWL480 2025-12-31 529900P5DOKT3XLWL480 2024-12-31 529900P5DOKT3XLWL480 2024-12-31 ifrs-full:IssuedCapitalMember 529900P5DOKT3XLWL480 2024-12-31 ifrs-full:TreasurySharesMember 529900P5DOKT3XLWL480 2024-12-31 ifrs-full:ReserveOfCashFlowHedgesMember 529900P5DOKT3XLWL480 2024-12-31 ifrs-full:RetainedEarningsMember 529900P5DOKT3XLWL480 2024-12-31 TCM:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersRecognisedInEquityMember 529900P5DOKT3XLWL480 2025-01-01 2025-12-31 ifrs-full:IssuedCapitalMember 529900P5DOKT3XLWL480 2025-01-01 2025-12-31 ifrs-full:TreasurySharesMember 529900P5DOKT3XLWL480 2025-01-01 2025-12-31 ifrs-full:ReserveOfCashFlowHedgesMember 529900P5DOKT3XLWL480 2025-01-01 2025-12-31 ifrs-full:RetainedEarningsMember 529900P5DOKT3XLWL480 2025-01-01 2025-12-31 TCM:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersRecognisedInEquityMember 529900P5DOKT3XLWL480 2025-12-31 ifrs-full:IssuedCapitalMember 529900P5DOKT3XLWL480 2025-12-31 ifrs-full:TreasurySharesMember 529900P5DOKT3XLWL480 2025-12-31 ifrs-full:ReserveOfCashFlowHedgesMember 529900P5DOKT3XLWL480 2025-12-31 ifrs-full:RetainedEarningsMember 529900P5DOKT3XLWL480 2025-12-31 TCM:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersRecognisedInEquityMember 529900P5DOKT3XLWL480 2023-12-31 ifrs-full:IssuedCapitalMember 529900P5DOKT3XLWL480 2023-12-31 ifrs-full:TreasurySharesMember 529900P5DOKT3XLWL480 2023-12-31 ifrs-full:ReserveOfCashFlowHedgesMember 529900P5DOKT3XLWL480 2023-12-31 ifrs-full:RetainedEarningsMember 529900P5DOKT3XLWL480 2023-12-31 TCM:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersRecognisedInEquityMember 529900P5DOKT3XLWL480 2023-12-31 529900P5DOKT3XLWL480 2024-01-01 2024-12-31 ifrs-full:IssuedCapitalMember 529900P5DOKT3XLWL480 2024-01-01 2024-12-31 ifrs-full:TreasurySharesMember 529900P5DOKT3XLWL480 2024-01-01 2024-12-31 ifrs-full:ReserveOfCashFlowHedgesMember 529900P5DOKT3XLWL480 2024-01-01 2024-12-31 ifrs-full:RetainedEarningsMember 529900P5DOKT3XLWL480 2024-01-01 2024-12-31 TCM:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersRecognisedInEquityMember iso4217:DKK iso4217:DKK xbrli:shares TCM Group A/S A/S Skautrupvej 16, 7500 Holstebro Holstebro Denmark Denmark TCM Group is Scandinavia’s third-largest kitchen manufacturer, with headquarters in Denmark and selling through approximately 220 points of sale across Scandinavia. The majority of our business is concentrated in Denmark, with Norway the primary export market. The product offering includes kitchens, bathroom furniture and storage solutions.Manufacturing is largely carried out in-house at four manufacturing sites located in Tvis and Aulum (in the western part of Denmark). TCM Group pursues a multi-brand strategy in which the main brand is Svane Køkkenet and the other brands are Tvis Køkken, Nettoline, AUBO and private label. Combined, the brands cover the entire price spectrum. Products are mainly marketed through a network of franchise stores and independent kitchen retailers. In addition, TCM Group serves as a supplier of certain goods sold by Celebert, a business fully owned by TCM Group. Celebert operates primarily as an e-commerce business under the brands Kitchn.dk, Billigskabe.dk, Celebert and Just Wood, but also has three exhibition showrooms through which design services are provided and customer orders are processed.TCM Group is listed on Nasdaq Copenhagen. 1279197000 1203783000 988723000 948377000 290474000 255406000 120059000 101429000 86675000 83060000 4500000 9500000 10095000 9891000 98335000 90308000 17950000 0 116285000 90308000 -1345000 5733000 1142000 1190000 22187000 27788000 93895000 69443000 16125000 11768000 77770000 57675000 7.51 5.52 7.48 5.51 77770000 57675000 28000 127000 1000 -1220000 6000 296000 21000 1051000 77791000 58726000 519748000 411998000 219356000 177211000 35625000 40375000 8179000 7591000 89173000 54928000 872081000 692103000 108898000 111729000 15627000 15623000 877000 10656000 65931000 53345000 5820000 5113000 41986000 39494000 239139000 235960000 0 49793000 395000 7587000 3829000 8256000 4224000 65636000 1115444000 993699000 53236000 49431000 31915000 27341000 16885000 12375000 102036000 89147000 90389000 57914000 5640000 6714000 0 1923000 32451000 26372000 4497000 1676000 132977000 94599000 30816000 29099000 265829000 212845000 1381273000 1206544000 1051000 1051000 18000 7000 120000 99000 581101000 557019000 46493000 31322000 628747000 589484000 76725000 66629000 33933000 35220000 240083000 193607000 37195000 43703000 38500000 43000000 426436000 382159000 1287000 1236000 81428000 21759000 13636000 12291000 7246000 0 127893000 122285000 4138000 1408000 89321000 75629000 1141000 293000 326090000 234901000 1381273000 1206544000 1051000 -7000 99000 557019000 31322000 589484000 0 0 0 31277000 46493000 77770000 0 0 21000 0 0 21000 0 0 21000 31277000 46493000 77791000 0 0 0 0 30985000 30985000 0 0 0 -337000 337000 0 0 0 0 720000 0 720000 0 11000 0 8252000 0 8263000 0 0 0 0 0 0 1051000 -18000 120000 581101000 46493000 628747000 1051000 -12087000 -916000 541605000 0 529653000 0 0 0 26353000 31322000 57675000 0 0 1051000 0 0 1051000 0 0 1051000 26353000 31322000 58726000 0 0 36000 -36000 0 0 0 12080000 0 -12080000 0 0 0 0 0 1105000 0 1105000 0 0 0 0 0 0 1051000 -7000 99000 557019000 31322000 589484000 116285000 90308000 37504000 35587000 -23964000 -8235000 17789000 13724000 -7054000 3390000 -27422000 19446000 9841000 -23285000 87401000 103487000 16464000 20983000 34304000 28270000 65000 0 -477000 -153000 79324000 0 6750000 4500000 -122800000 -44600000 43925000 58887000 -35399000 58887000 21654000 24810000 939000 1190000 125616000 36757000 21240000 49136000 7618000 5980000 8263000 0 30985000 0 36795000 -41979000 1396000 16908000 29099000 13285000 1396000 16908000 321000 -1094000 30816000 29099000 30816000 29099000 30816000 29099000 <div class="pp-class-7" id="pp-id-3308" xmlns="http://www.w3.org/1999/xhtml"><div class="w485 h16558 pa t2 l3 wtro4 xx16559 tro6 xx16560"><p class="pp-class-107 pp-area-text"><span class="pp-class-119 pa t16561 l3 ls361">1. </span><span class="pp-class-119 pa t16561 l16562 ls16563">Accounting </span><span class="pp-class-119 pa t16561 l16564 ls16565">policies</span></p></div></div><div class="pp-class-7" id="pp-id-3310" xmlns="http://www.w3.org/1999/xhtml"><div class="w485 h16566 pa t2 l3 wtro4 xx16567 tro6 xx16568"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-120 pa t16569 l3 ls5310">Principles </span><span class="pp-class-120 pa t16569 l16570 ls15165">applied </span><span class="pp-class-120 pa t16569 l8701 ls458">in </span><span class="pp-class-120 pa t16569 l16571 ls2759">the </span><span class="pp-class-120 pa t16569 l16572 ls1866">preparation </span><span class="pp-class-120 pa t16569 l16573 ls458">of </span><span class="pp-class-120 pa t16569 l16574 ls2554">the </span><span class="pp-class-120 pa t16575 l3 ls7519">consolidated </span><span class="pp-class-120 pa t16575 l16576 ls16577">financial </span><span class="pp-class-120 pa t16575 l6185 ls1072">statements</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-118 pa t16578 l3">The </span><span class="pp-class-118 pa t16578 l550">consolidated </span><span class="pp-class-118 pa t16578 l16579">financial </span><span class="pp-class-118 pa t16578 l16580">statements </span><span class="pp-class-118 pa t16578 l11596">are </span><span class="pp-class-118 pa t16578 l16581">presented </span><span class="pp-class-118 pa t16578 l16582">in </span><span class="pp-class-118 pa t16583 l3">accordance </span><span class="pp-class-118 pa t16583 l16584">with </span><span class="pp-class-118 pa t16583 l16585">IFRS </span><span class="pp-class-118 pa t16583 l16586">accounting </span><span class="pp-class-118 pa t16583 l16587">standards </span><span class="pp-class-118 pa t16583 l16588">as </span><span class="pp-class-118 pa t16583 l16589">adopted </span><span class="pp-class-118 pa t16590 l3">by </span><span class="pp-class-118 pa t16590 l7708">the </span><span class="pp-class-118 pa t16590 l7709">EU </span><span class="pp-class-118 pa t16590 l5973">and </span><span class="pp-class-118 pa t16590 l16591">additional </span><span class="pp-class-118 pa t16590 l16592">requirements </span><span class="pp-class-118 pa t16590 l5960">of </span><span class="pp-class-118 pa t16590 l11796">the </span><span class="pp-class-118 pa t16590 l14914">Danish </span><span class="pp-class-118 pa t16593 l3">Financial </span><span class="pp-class-118 pa t16593 l2830">Statements </span><span class="pp-class-118 pa t16593 l2123">Act.</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-118 pa t16594 l3 ls617">The </span><span class="pp-class-118 pa t16594 l7402 ls636">accounting </span><span class="pp-class-118 pa t16594 l16595 ls620">policies </span><span class="pp-class-118 pa t16594 l16596 ls617">are </span><span class="pp-class-118 pa t16594 l16597 ls620">unchanged </span><span class="pp-class-118 pa t16594 l6700 ls620">compared </span><span class="pp-class-118 pa t16594 l16598 ls7837">with </span><span class="pp-class-118 pa t16599 l3 ls639">last </span><span class="pp-class-118 pa t16599 l16600 ls639">year.</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-121 pa t16601 l3">Implementation </span><span class="pp-class-121 pa t16601 l16602">of </span><span class="pp-class-121 pa t16601 l16603">new </span><span class="pp-class-121 pa t16601 l16604">standards, </span><span class="pp-class-121 pa t16601 l3481">amendments </span><span class="pp-class-121 pa t16601 l16605">and </span><span class="pp-class-121 pa t16606 l3">interpretations</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-118 pa t16607 l3">TCM </span><span class="pp-class-118 pa t16607 l1586">Group </span><span class="pp-class-118 pa t16607 l1587">has </span><span class="pp-class-118 pa t16607 l1996">assessed </span><span class="pp-class-118 pa t16607 l16608">the </span><span class="pp-class-118 pa t16607 l16609">effect </span><span class="pp-class-118 pa t16607 l16610">of </span><span class="pp-class-118 pa t16607 l11426">the </span><span class="pp-class-118 pa t16607 l16611">new </span><span class="pp-class-118 pa t16607 l16612">standards, </span><span class="pp-class-118 pa t16613 l3">amendments </span><span class="pp-class-118 pa t16613 l8742">and </span><span class="pp-class-118 pa t16613 l16614">interpretations. </span><span class="pp-class-118 pa t16613 l16615">TCM </span><span class="pp-class-118 pa t16613 l16616">Group </span><span class="pp-class-118 pa t16613 l11704">has </span><span class="pp-class-118 pa t16613 l16617">con-</span><span class="pp-class-118 pa t16618 l3">cluded </span><span class="pp-class-118 pa t16618 l16619">that </span><span class="pp-class-118 pa t16618 l16620">all </span><span class="pp-class-118 pa t16618 l3423">standards, </span><span class="pp-class-118 pa t16618 l16621">amendments </span><span class="pp-class-118 pa t16618 l16622">and </span><span class="pp-class-118 pa t16618 l16623">interpreta-</span><span class="pp-class-118 pa t16624 l3">tions </span><span class="pp-class-118 pa t16624 l16625">effective </span><span class="pp-class-118 pa t16624 l16626">for </span><span class="pp-class-118 pa t16624 l16627">financial </span><span class="pp-class-118 pa t16624 l16628">years </span><span class="pp-class-118 pa t16624 l16629">beginning </span><span class="pp-class-118 pa t16624 l16630">on </span><span class="pp-class-118 pa t16624 l16631">or </span><span class="pp-class-118 pa t16624 l16632">after </span><span class="pp-class-118 pa t16624 l16633">1 </span><span class="pp-class-118 pa t16634 l3">January </span><span class="pp-class-118 pa t16634 l16635">2025 </span><span class="pp-class-118 pa t16634 l11790">are </span><span class="pp-class-118 pa t16634 l16636">either </span><span class="pp-class-118 pa t16634 l607">not </span><span class="pp-class-118 pa t16634 l16637">relevant </span><span class="pp-class-118 pa t16634 l16638">to </span><span class="pp-class-118 pa t16634 l16639">the </span><span class="pp-class-118 pa t16634 l10494">Group </span><span class="pp-class-118 pa t16634 l16640">or </span><span class="pp-class-118 pa t16641 l3">have </span><span class="pp-class-118 pa t16641 l7104">no </span><span class="pp-class-118 pa t16641 l16642">significant </span><span class="pp-class-118 pa t16641 l16643">effect </span><span class="pp-class-118 pa t16641 l7146">on </span><span class="pp-class-118 pa t16641 l16644">the </span><span class="pp-class-118 pa t16641 l16645">consolidated </span><span class="pp-class-118 pa t16641 l16646">financial </span><span class="pp-class-118 pa t16647 l3">statements.</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-121 pa t16648 l3">Change </span><span class="pp-class-121 pa t16648 l16649">in </span><span class="pp-class-121 pa t16648 l1913">estimates </span><span class="pp-class-121 pa t16648 l12032">of </span><span class="pp-class-121 pa t16648 l16650">depreciation </span><span class="pp-class-121 pa t16648 l8391">periods </span><span class="pp-class-121 pa t16648 l6251">for </span><span class="pp-class-121 pa t16651 l3">machinery </span><span class="pp-class-121 pa t16651 l16652">and </span><span class="pp-class-121 pa t16651 l16653">other </span><span class="pp-class-121 pa t16651 l16654">technical </span><span class="pp-class-121 pa t16651 l16655">equipment</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-118 pa t16656 l3">In </span><span class="pp-class-118 pa t16656 l669">2025, </span><span class="pp-class-118 pa t16656 l916">TCM </span><span class="pp-class-118 pa t16656 l6207">Group </span><span class="pp-class-118 pa t16656 l6208">reassessed </span><span class="pp-class-118 pa t16656 l16657">the </span><span class="pp-class-118 pa t16656 l11605">estimated </span><span class="pp-class-118 pa t16656 l16658">useful </span><span class="pp-class-118 pa t16659 l3">lives </span><span class="pp-class-118 pa t16659 l16660">of </span><span class="pp-class-118 pa t16659 l12655">certain </span><span class="pp-class-118 pa t16659 l16661">machinery </span><span class="pp-class-118 pa t16659 l16662">and </span><span class="pp-class-118 pa t16659 l16663">other </span><span class="pp-class-118 pa t16659 l16664">technical </span><span class="pp-class-118 pa t16659 l16665">equip-</span><span class="pp-class-118 pa t16666 l3">ment. </span><span class="pp-class-118 pa t16666 l16667">Machinery </span><span class="pp-class-118 pa t16666 l16668">and </span><span class="pp-class-118 pa t16666 l877">other </span><span class="pp-class-118 pa t16666 l16669">technical </span><span class="pp-class-118 pa t16666 l584">equipment </span><span class="pp-class-118 pa t16666 l16670">was </span><span class="pp-class-118 pa t16671 l3">previously </span><span class="pp-class-118 pa t16671 l16672">depreciated </span><span class="pp-class-118 pa t16671 l14362">over </span><span class="pp-class-118 pa t16671 l16673">3–10 </span><span class="pp-class-118 pa t16671 l16674">years; </span><span class="pp-class-118 pa t16671 l16675">this </span><span class="pp-class-118 pa t16671 l16676">has </span><span class="pp-class-118 pa t16671 l16677">been </span><span class="pp-class-118 pa t16678 l3">changed </span><span class="pp-class-118 pa t16678 l16679">to </span><span class="pp-class-118 pa t16678 l16680">5–12 </span><span class="pp-class-118 pa t16678 l16681">years. </span><span class="pp-class-118 pa t16678 l885">As </span><span class="pp-class-118 pa t16678 l16682">a </span><span class="pp-class-118 pa t16678 l16683">result, </span><span class="pp-class-118 pa t16678 l16684">depreciation </span><span class="pp-class-118 pa t16678 l12885">expense </span><span class="pp-class-118 pa t16685 l3">in </span><span class="pp-class-118 pa t16685 l1343">2025 </span><span class="pp-class-118 pa t16685 l16686">is </span><span class="pp-class-118 pa t16685 l16687">DKK </span><span class="pp-class-118 pa t16685 l16688">4.2 </span><span class="pp-class-118 pa t16685 l1969">million </span><span class="pp-class-118 pa t16685 l8351">lower, </span><span class="pp-class-118 pa t16685 l16689">which </span><span class="pp-class-118 pa t16685 l16690">will </span><span class="pp-class-118 pa t16685 l16691">be </span><span class="pp-class-118 pa t16685 l16692">offset </span><span class="pp-class-118 pa t16693 l3">over </span><span class="pp-class-118 pa t16693 l16694">the </span><span class="pp-class-118 pa t16693 l16695">coming </span><span class="pp-class-118 pa t16693 l16696">years. </span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-120 pa t16697 l3 ls1144">Reporting </span><span class="pp-class-120 pa t16697 l16698 ls176">under </span><span class="pp-class-120 pa t16697 l16699 ls2759">the </span><span class="pp-class-120 pa t16697 l16700 ls15162">ESEF </span><span class="pp-class-120 pa t16697 l16701 ls1345">Regulation</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-118 pa t16702 l3">The </span><span class="pp-class-118 pa t16702 l550">Commission </span><span class="pp-class-118 pa t16702 l11217">Delegated </span><span class="pp-class-118 pa t16702 l16703">Regulation </span><span class="pp-class-118 pa t16702 l16704">(EU) </span><span class="pp-class-118 pa t16702 l16705">2019/815 </span><span class="pp-class-118 pa t16702 l16706">on </span><span class="pp-class-118 pa t16707 l3">the </span><span class="pp-class-118 pa t16707 l1444">European </span><span class="pp-class-118 pa t16707 l1336">Single </span><span class="pp-class-118 pa t16707 l16708">Electronic </span><span class="pp-class-118 pa t16707 l16709">Format </span><span class="pp-class-118 pa t16707 l9347">(ESEF </span><span class="pp-class-118 pa t16707 l10449">Regula-</span><span class="pp-class-118 pa t16710 l3">tion) </span><span class="pp-class-118 pa t16710 l16711">requires </span><span class="pp-class-118 pa t16710 l16712">listed </span><span class="pp-class-118 pa t16710 l1035">companies </span><span class="pp-class-118 pa t16710 l16713">in </span><span class="pp-class-118 pa t16710 l9134">the </span><span class="pp-class-118 pa t16710 l16714">EU </span><span class="pp-class-118 pa t16710 l16715">to </span><span class="pp-class-118 pa t16710 l16716">use </span><span class="pp-class-118 pa t16710 l16717">a </span><span class="pp-class-118 pa t16710 l16718">par-</span><span class="pp-class-118 pa t16719 l3">ticular </span><span class="pp-class-118 pa t16719 l16720">electronic </span><span class="pp-class-118 pa t16719 l11836">reporting </span><span class="pp-class-118 pa t16719 l16721">format </span><span class="pp-class-118 pa t16719 l16722">for </span><span class="pp-class-118 pa t16719 l16723">their </span><span class="pp-class-118 pa t16719 l16724">annual </span><span class="pp-class-118 pa t16725 l3">reports. </span><span class="pp-class-118 pa t16725 l16726">More </span><span class="pp-class-118 pa t16725 l14330">specifically, </span><span class="pp-class-118 pa t16725 l16727">the </span><span class="pp-class-118 pa t16725 l16728">annual </span><span class="pp-class-118 pa t16725 l16729">report </span><span class="pp-class-118 pa t16725 l16730">must </span><span class="pp-class-118 pa t16725 l16731">be </span><span class="pp-class-118 pa t16732 l3">prepared </span><span class="pp-class-118 pa t16732 l1192">in </span><span class="pp-class-118 pa t16732 l16733">XHTML </span><span class="pp-class-118 pa t16732 l16734">format </span><span class="pp-class-118 pa t16732 l16735">with </span><span class="pp-class-118 pa t16732 l16736">iXBRL </span><span class="pp-class-118 pa t16732 l16737">tagging </span><span class="pp-class-118 pa t16732 l16738">of </span><span class="pp-class-118 pa t16732 l16739">the </span><span class="pp-class-118 pa t16740 l3">consolidated </span><span class="pp-class-118 pa t16740 l16741">financial </span><span class="pp-class-118 pa t16740 l16742">statements, </span><span class="pp-class-118 pa t16740 l16743">including </span><span class="pp-class-118 pa t16740 l16744">notes.</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-118 pa t16745 l3">TCM </span><span class="pp-class-118 pa t16745 l1586">Group’s </span><span class="pp-class-118 pa t16745 l3202">iXBRL </span><span class="pp-class-118 pa t16745 l2084">tagging </span><span class="pp-class-118 pa t16745 l16746">follows </span><span class="pp-class-118 pa t16745 l16747">the </span><span class="pp-class-118 pa t16745 l16748">ESEF </span><span class="pp-class-118 pa t16745 l16749">taxonomy </span><span class="pp-class-118 pa t16750 l3">disclosed </span><span class="pp-class-118 pa t16750 l510">in </span><span class="pp-class-118 pa t16750 l12029">the </span><span class="pp-class-118 pa t16750 l16751">annexes </span><span class="pp-class-118 pa t16750 l13084">to </span><span class="pp-class-118 pa t16750 l11550">the </span><span class="pp-class-118 pa t16750 l11703">ESEF </span><span class="pp-class-118 pa t16750 l16752">Regulation </span><span class="pp-class-118 pa t16750 l16753">and </span></p></div></div><div class="pp-class-7" id="pp-id-3311" xmlns="http://www.w3.org/1999/xhtml"><div class="w485 h16754 pa t2 l3 wtro4 xx30 tro6 xx31"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-118 pa t16755 l3">developed </span><span class="pp-class-118 pa t16755 l8364">based </span><span class="pp-class-118 pa t16755 l16756">on </span><span class="pp-class-118 pa t16755 l6389">the </span><span class="pp-class-118 pa t16755 l8355">IFRS </span><span class="pp-class-118 pa t16755 l8639">taxonomy </span><span class="pp-class-118 pa t16755 l12389">published </span><span class="pp-class-118 pa t16755 l10835">by </span><span class="pp-class-118 pa t16755 l14803">the </span><span class="pp-class-118 pa t16757 l3">IFRS </span><span class="pp-class-118 pa t16757 l16758">Foundation.</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-118 pa t16759 l3">The </span><span class="pp-class-118 pa t16759 l550">line </span><span class="pp-class-118 pa t16759 l16760">items </span><span class="pp-class-118 pa t16759 l16761">in </span><span class="pp-class-118 pa t16759 l16762">the </span><span class="pp-class-118 pa t16759 l16763">consolidated </span><span class="pp-class-118 pa t16759 l16764">financial </span><span class="pp-class-118 pa t16759 l16765">statements </span><span class="pp-class-118 pa t16766 l3">are </span><span class="pp-class-118 pa t16766 l2545">XBRL-tagged </span><span class="pp-class-118 pa t16766 l16767">to </span><span class="pp-class-118 pa t16766 l16768">the </span><span class="pp-class-118 pa t16766 l16769">elements </span><span class="pp-class-118 pa t16766 l16770">of </span><span class="pp-class-118 pa t16766 l16771">the </span><span class="pp-class-118 pa t16766 l16772">ESEF </span><span class="pp-class-118 pa t16766 l1203">taxonomy </span><span class="pp-class-118 pa t16773 l3">that </span><span class="pp-class-118 pa t16773 l2107">are </span><span class="pp-class-118 pa t16773 l16774">considered </span><span class="pp-class-118 pa t16773 l6037">to </span><span class="pp-class-118 pa t16773 l16775">match </span><span class="pp-class-118 pa t16773 l16776">the </span><span class="pp-class-118 pa t16773 l16777">content </span><span class="pp-class-118 pa t16773 l11544">of </span><span class="pp-class-118 pa t16773 l16778">those </span><span class="pp-class-118 pa t16773 l16779">line </span><span class="pp-class-118 pa t16780 l3">items. </span><span class="pp-class-118 pa t16780 l1050">For </span><span class="pp-class-118 pa t16780 l15314">line </span><span class="pp-class-118 pa t16780 l16781">items </span><span class="pp-class-118 pa t16780 l16782">not </span><span class="pp-class-118 pa t16780 l16783">considered </span><span class="pp-class-118 pa t16780 l7229">to </span><span class="pp-class-118 pa t16780 l16784">be </span><span class="pp-class-118 pa t16780 l16785">covered </span><span class="pp-class-118 pa t16780 l16786">by </span><span class="pp-class-118 pa t16780 l16787">line </span><span class="pp-class-118 pa t16788 l3">items </span><span class="pp-class-118 pa t16788 l16789">defined </span><span class="pp-class-118 pa t16788 l16790">in </span><span class="pp-class-118 pa t16788 l16791">the </span><span class="pp-class-118 pa t16788 l16792">taxonomy, </span><span class="pp-class-118 pa t16788 l16793">entity-specific </span><span class="pp-class-118 pa t16788 l8682">exten-</span><span class="pp-class-118 pa t16794 l3">sions </span><span class="pp-class-118 pa t16794 l16795">to </span><span class="pp-class-118 pa t16794 l16796">the </span><span class="pp-class-118 pa t16794 l3025">taxonomy </span><span class="pp-class-118 pa t16794 l16797">have </span><span class="pp-class-118 pa t16794 l16798">been </span><span class="pp-class-118 pa t16794 l16799">incorporated. </span><span class="pp-class-118 pa t16794 l16800">Except </span><span class="pp-class-118 pa t16801 l3">for </span><span class="pp-class-118 pa t16801 l2129">subtotals, </span><span class="pp-class-118 pa t16801 l16802">these </span><span class="pp-class-118 pa t16801 l10496">extensions </span><span class="pp-class-118 pa t16801 l16803">are </span><span class="pp-class-118 pa t16801 l16804">anchored </span><span class="pp-class-118 pa t16801 l14013">to </span><span class="pp-class-118 pa t16801 l16805">standard </span><span class="pp-class-118 pa t16806 l3">elements </span><span class="pp-class-118 pa t16806 l16807">of </span><span class="pp-class-118 pa t16806 l2734">the </span><span class="pp-class-118 pa t16806 l16808">ESEF </span><span class="pp-class-118 pa t16806 l16809">taxonomy.</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-118 pa t16810 l3">In </span><span class="pp-class-118 pa t16810 l669">compliance </span><span class="pp-class-118 pa t16810 l16811">with </span><span class="pp-class-118 pa t16810 l16812">the </span><span class="pp-class-118 pa t16810 l16813">requirements </span><span class="pp-class-118 pa t16810 l16814">of </span><span class="pp-class-118 pa t16810 l16815">the </span><span class="pp-class-118 pa t16810 l1288">ESEF </span><span class="pp-class-118 pa t16810 l16816">Regu-</span><span class="pp-class-118 pa t16817 l3">lation, </span><span class="pp-class-118 pa t16817 l16818">the </span><span class="pp-class-118 pa t16817 l16819">annual </span><span class="pp-class-118 pa t16817 l16820">report </span><span class="pp-class-118 pa t16817 l16821">approved </span><span class="pp-class-118 pa t16817 l16822">by </span><span class="pp-class-118 pa t16817 l16823">Management </span><span class="pp-class-118 pa t16824 l3">comprises </span><span class="pp-class-118 pa t16824 l10421">a </span><span class="pp-class-118 pa t16824 l16825">ZIP </span><span class="pp-class-118 pa t16824 l16826">file, </span><span class="pp-class-118 pa t16824 l16827">tcm-group-2025-12-31-en.zip, </span><span class="pp-class-118 pa t16828 l3">which </span><span class="pp-class-118 pa t16828 l6980">includes </span><span class="pp-class-118 pa t16828 l16829">an </span><span class="pp-class-118 pa t16828 l16830">XHTML </span><span class="pp-class-118 pa t16828 l16831">file </span><span class="pp-class-118 pa t16828 l16832">that </span><span class="pp-class-118 pa t16828 l16833">can </span><span class="pp-class-118 pa t16828 l3293">be </span><span class="pp-class-118 pa t16828 l16834">opened </span><span class="pp-class-118 pa t16828 l16835">using </span><span class="pp-class-118 pa t16836 l3">standard </span><span class="pp-class-118 pa t16836 l10907">web </span><span class="pp-class-118 pa t16836 l8536">browsers, </span><span class="pp-class-118 pa t16836 l16837">and </span><span class="pp-class-118 pa t16836 l16838">a </span><span class="pp-class-118 pa t16836 l16839">number </span><span class="pp-class-118 pa t16836 l16840">of </span><span class="pp-class-118 pa t16836 l16841">technical </span><span class="pp-class-118 pa t16836 l16842">XBRL </span><span class="pp-class-118 pa t16843 l3">files </span><span class="pp-class-118 pa t16843 l16844">enabling </span><span class="pp-class-118 pa t16843 l16845">mechanical </span><span class="pp-class-118 pa t16843 l12033">retrieval </span><span class="pp-class-118 pa t16843 l16846">of </span><span class="pp-class-118 pa t16843 l16847">the </span><span class="pp-class-118 pa t16843 l16848">XBRL </span><span class="pp-class-118 pa t16843 l16849">data </span><span class="pp-class-118 pa t16850 l3">incorporated.</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-120 pa t16851 l3 ls6169">General </span><span class="pp-class-120 pa t16851 l16852 ls1144">principles</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-118 pa t16853 l3">Assets </span><span class="pp-class-118 pa t16853 l588">and </span><span class="pp-class-118 pa t16853 l10262">liabilities </span><span class="pp-class-118 pa t16853 l16854">are </span><span class="pp-class-118 pa t16853 l11132">recognised </span><span class="pp-class-118 pa t16853 l16855">at </span><span class="pp-class-118 pa t16853 l9939">historic </span><span class="pp-class-118 pa t16853 l16856">acquisi-</span><span class="pp-class-118 pa t16857 l3">tion </span><span class="pp-class-118 pa t16857 l11323">cost, </span><span class="pp-class-118 pa t16857 l16858">except </span><span class="pp-class-118 pa t16857 l16859">for </span><span class="pp-class-118 pa t16857 l2592">certain </span><span class="pp-class-118 pa t16857 l16860">financial </span><span class="pp-class-118 pa t16857 l8702">assets </span><span class="pp-class-118 pa t16857 l16861">and </span><span class="pp-class-118 pa t16857 l16862">liabili-</span><span class="pp-class-118 pa t16863 l3">ties </span><span class="pp-class-118 pa t16863 l16864">and </span><span class="pp-class-118 pa t16863 l16865">non-current </span><span class="pp-class-118 pa t16863 l4638">assets </span><span class="pp-class-118 pa t16863 l16866">held </span><span class="pp-class-118 pa t16863 l2577">for </span><span class="pp-class-118 pa t16863 l16867">sale. </span><span class="pp-class-118 pa t16863 l16868">Financial </span><span class="pp-class-118 pa t16869 l3">assets </span><span class="pp-class-118 pa t16869 l16870">and </span><span class="pp-class-118 pa t16869 l16871">liabilities </span><span class="pp-class-118 pa t16869 l16872">measured </span><span class="pp-class-118 pa t16869 l16873">at </span><span class="pp-class-118 pa t16869 l7212">fair </span><span class="pp-class-118 pa t16869 l6653">value </span><span class="pp-class-118 pa t16869 l16874">comprise </span><span class="pp-class-118 pa t16875 l3">derivative </span><span class="pp-class-118 pa t16875 l12656">instruments. </span><span class="pp-class-118 pa t16875 l16876">Non-current </span><span class="pp-class-118 pa t16875 l16877">assets </span><span class="pp-class-118 pa t16875 l16878">held </span><span class="pp-class-118 pa t16875 l16879">for </span><span class="pp-class-118 pa t16875 l16880">sale </span><span class="pp-class-118 pa t16881 l3">are </span><span class="pp-class-118 pa t16881 l2545">recognised </span><span class="pp-class-118 pa t16881 l16882">at </span><span class="pp-class-118 pa t16881 l15392">the </span><span class="pp-class-118 pa t16881 l16883">lower </span><span class="pp-class-118 pa t16881 l1719">of </span><span class="pp-class-118 pa t16881 l16884">the </span><span class="pp-class-118 pa t16881 l16885">carrying </span><span class="pp-class-118 pa t16881 l14672">amount </span><span class="pp-class-118 pa t16881 l8727">and </span><span class="pp-class-118 pa t16886 l3">fair </span><span class="pp-class-118 pa t16886 l6806">value, </span><span class="pp-class-118 pa t16886 l6807">less </span><span class="pp-class-118 pa t16886 l16887">selling </span><span class="pp-class-118 pa t16886 l5968">expenses.</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-118 pa t16888 l3" xmlns="http://www.w3.org/1999/xhtml">The </span><span class="pp-class-118 pa t16888 l550" xmlns="http://www.w3.org/1999/xhtml">parent </span><span class="pp-class-118 pa t16888 l16889" xmlns="http://www.w3.org/1999/xhtml">company’s </span><span class="pp-class-118 pa t16888 l16890" xmlns="http://www.w3.org/1999/xhtml">functional </span><span class="pp-class-118 pa t16888 l16891" xmlns="http://www.w3.org/1999/xhtml">currency </span><span class="pp-class-118 pa t16888 l16892" xmlns="http://www.w3.org/1999/xhtml">is </span><span class="pp-class-118 pa t16888 l16893" xmlns="http://www.w3.org/1999/xhtml">the </span><span class="pp-class-118 pa t16888 l16894" xmlns="http://www.w3.org/1999/xhtml">Danish </span><span class="pp-class-118 pa t16895 l3" xmlns="http://www.w3.org/1999/xhtml">krone </span><span class="pp-class-118 pa t16895 l16896" xmlns="http://www.w3.org/1999/xhtml">(DKK), </span><span class="pp-class-118 pa t16895 l16897" xmlns="http://www.w3.org/1999/xhtml">which </span><span class="pp-class-118 pa t16895 l6409" xmlns="http://www.w3.org/1999/xhtml">is </span><span class="pp-class-118 pa t16895 l9482" xmlns="http://www.w3.org/1999/xhtml">also </span><span class="pp-class-118 pa t16895 l16898" xmlns="http://www.w3.org/1999/xhtml">the </span><span class="pp-class-118 pa t16895 l16899" xmlns="http://www.w3.org/1999/xhtml">presentation </span><span class="pp-class-118 pa t16895 l16900" xmlns="http://www.w3.org/1999/xhtml">currency </span><span class="pp-class-118 pa t16895 l16901" xmlns="http://www.w3.org/1999/xhtml">for </span><span class="pp-class-118 pa t16902 l3" xmlns="http://www.w3.org/1999/xhtml">the </span><span class="pp-class-118 pa t16902 l1444" xmlns="http://www.w3.org/1999/xhtml">parent </span><span class="pp-class-118 pa t16902 l889" xmlns="http://www.w3.org/1999/xhtml">company </span><span class="pp-class-118 pa t16902 l16903" xmlns="http://www.w3.org/1999/xhtml">and </span><span class="pp-class-118 pa t16902 l16904" xmlns="http://www.w3.org/1999/xhtml">the </span><span class="pp-class-118 pa t16902 l16905" xmlns="http://www.w3.org/1999/xhtml">Group. </span><span class="pp-class-118 pa t16902 l16906" xmlns="http://www.w3.org/1999/xhtml">Accordingly, </span><span class="pp-class-118 pa t16902 l16907" xmlns="http://www.w3.org/1999/xhtml">the </span><span class="pp-class-118 pa t16908 l3" xmlns="http://www.w3.org/1999/xhtml">consolidated </span><span class="pp-class-118 pa t16908 l16741" xmlns="http://www.w3.org/1999/xhtml">financial </span><span class="pp-class-118 pa t16908 l16742" xmlns="http://www.w3.org/1999/xhtml">statements </span><span class="pp-class-118 pa t16908 l16909" xmlns="http://www.w3.org/1999/xhtml">are </span><span class="pp-class-118 pa t16908 l16910" xmlns="http://www.w3.org/1999/xhtml">presented </span><span class="pp-class-118 pa t16908 l16911" xmlns="http://www.w3.org/1999/xhtml">in </span><span class="pp-class-118 pa t16908 l8727" xmlns="http://www.w3.org/1999/xhtml">DKK. </span><span class="pp-class-118 pa t16912 l3" xmlns="http://www.w3.org/1999/xhtml">All </span><span class="pp-class-118 pa t16912 l2483" xmlns="http://www.w3.org/1999/xhtml">amounts </span><span class="pp-class-118 pa t16912 l16913" xmlns="http://www.w3.org/1999/xhtml">are </span><span class="pp-class-118 pa t16912 l16914" xmlns="http://www.w3.org/1999/xhtml">stated </span><span class="pp-class-118 pa t16912 l16915" xmlns="http://www.w3.org/1999/xhtml">in </span><span class="pp-class-118 pa t16912 l16916" xmlns="http://www.w3.org/1999/xhtml">DKK </span><span class="pp-class-118 pa t16912 l16917" xmlns="http://www.w3.org/1999/xhtml">thousand, </span><span class="pp-class-118 pa t16912 l3224" xmlns="http://www.w3.org/1999/xhtml">unless </span><span class="pp-class-118 pa t16912 l16918" xmlns="http://www.w3.org/1999/xhtml">indi-</span><span class="pp-class-118 pa t16919 l3" xmlns="http://www.w3.org/1999/xhtml">cated </span><span class="pp-class-118 pa t16919 l16920" xmlns="http://www.w3.org/1999/xhtml">otherwise.</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-120 pa t16921 l3 ls161">New </span><span class="pp-class-120 pa t16921 l16922 ls14110">IFRS </span><span class="pp-class-120 pa t16921 l16923 ls1866">standards </span><span class="pp-class-120 pa t16921 l16924 ls8819">that </span><span class="pp-class-120 pa t16921 l16925 ls16926">have </span><span class="pp-class-120 pa t16921 l16927 ls1215">not </span><span class="pp-class-120 pa t16921 l16928 ls161">yet </span><span class="pp-class-120 pa t16921 l16929 ls9542">been </span><span class="pp-class-120 pa t16921 l16930 ls1845">applied</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-118 pa t16931 l3">A </span><span class="pp-class-118 pa t16931 l851">number </span><span class="pp-class-118 pa t16931 l16932">of </span><span class="pp-class-118 pa t16931 l16933">new </span><span class="pp-class-118 pa t16931 l16934">or </span><span class="pp-class-118 pa t16931 l16935">amended </span><span class="pp-class-118 pa t16931 l16936">IFRS </span><span class="pp-class-118 pa t16931 l16937">standards </span><span class="pp-class-118 pa t16931 l16938">will </span><span class="pp-class-118 pa t16931 l16939">come </span><span class="pp-class-118 pa t16940 l3">into </span><span class="pp-class-118 pa t16940 l11323">effect </span><span class="pp-class-118 pa t16940 l7380">in </span><span class="pp-class-118 pa t16940 l16941">future </span><span class="pp-class-118 pa t16940 l16942">financial </span><span class="pp-class-118 pa t16940 l16943">years, </span><span class="pp-class-118 pa t16940 l7408">but </span><span class="pp-class-118 pa t16940 l16944">have </span><span class="pp-class-118 pa t16940 l16945">not </span><span class="pp-class-118 pa t16940 l16946">been </span><span class="pp-class-118 pa t16947 l3">applied </span><span class="pp-class-118 pa t16947 l11239">in </span><span class="pp-class-118 pa t16947 l7004">advance </span><span class="pp-class-118 pa t16947 l5988">when </span><span class="pp-class-118 pa t16947 l16948">preparing </span><span class="pp-class-118 pa t16947 l16949">these </span><span class="pp-class-118 pa t16947 l16950">consolidated </span><span class="pp-class-118 pa t16951 l3">financial </span><span class="pp-class-118 pa t16951 l1386">statements.</span></p></div></div><div class="pp-class-7" id="pp-id-3313" xmlns="http://www.w3.org/1999/xhtml"><div class="w485 h16952 pa t2 l3 wtro4 xx30 tro6 xx31"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-118 pa t16953 l3">The </span><span class="pp-class-118 pa t16953 l550">Group </span><span class="pp-class-118 pa t16953 l6239">has </span><span class="pp-class-118 pa t16953 l16954">assessed </span><span class="pp-class-118 pa t16953 l16955">these </span><span class="pp-class-118 pa t16953 l16956">standards </span><span class="pp-class-118 pa t16953 l9464">and </span><span class="pp-class-118 pa t16953 l16957">interpreta-</span><span class="pp-class-118 pa t16958 l3">tions </span><span class="pp-class-118 pa t16958 l16625">and </span><span class="pp-class-118 pa t16958 l16959">concluded </span><span class="pp-class-118 pa t16958 l16960">that </span><span class="pp-class-118 pa t16958 l12914">they </span><span class="pp-class-118 pa t16958 l16961">are </span><span class="pp-class-118 pa t16958 l10253">not </span><span class="pp-class-118 pa t16958 l16962">expected </span><span class="pp-class-118 pa t16958 l577">to </span><span class="pp-class-118 pa t16958 l10457">have </span><span class="pp-class-118 pa t16958 l16963">a </span><span class="pp-class-118 pa t16964 l3">material </span><span class="pp-class-118 pa t16964 l4668">impact </span><span class="pp-class-118 pa t16964 l4669">on </span><span class="pp-class-118 pa t16964 l4670">the </span><span class="pp-class-118 pa t16964 l4671">Group’s </span><span class="pp-class-118 pa t16964 l16965">financial </span><span class="pp-class-118 pa t16964 l12028">statements, </span><span class="pp-class-118 pa t16966 l3">except </span><span class="pp-class-118 pa t16966 l16967">for </span><span class="pp-class-118 pa t16966 l7105">IFRS </span><span class="pp-class-118 pa t16966 l16968">18.</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-118 pa t16969 l3">IFRS </span><span class="pp-class-118 pa t16969 l16758">18 </span><span class="pp-class-118 pa t16969 l11599">Presentation </span><span class="pp-class-118 pa t16969 l8672">and </span><span class="pp-class-118 pa t16969 l16970">Disclosure </span><span class="pp-class-118 pa t16969 l16971">in </span><span class="pp-class-118 pa t16969 l16972">Financial </span><span class="pp-class-118 pa t16969 l9250">State-</span><span class="pp-class-118 pa t16973 l3">ments: </span><span class="pp-class-118 pa t16973 l16974">This </span><span class="pp-class-118 pa t16973 l16825">introduces </span><span class="pp-class-118 pa t16973 l16975">new </span><span class="pp-class-118 pa t16973 l16976">requirements </span><span class="pp-class-118 pa t16973 l16977">that </span><span class="pp-class-118 pa t16973 l16978">will </span><span class="pp-class-118 pa t16973 l16979">help </span><span class="pp-class-118 pa t16980 l3">to </span><span class="pp-class-118 pa t16980 l2249">achieve </span><span class="pp-class-118 pa t16980 l6036">comparability </span><span class="pp-class-118 pa t16980 l16981">of </span><span class="pp-class-118 pa t16980 l1028">the </span><span class="pp-class-118 pa t16980 l16982">financial </span><span class="pp-class-118 pa t16980 l16983">performance </span><span class="pp-class-118 pa t16980 l16984">of </span><span class="pp-class-118 pa t16985 l3">similar </span><span class="pp-class-118 pa t16985 l16986">entities </span><span class="pp-class-118 pa t16985 l16987">and </span><span class="pp-class-118 pa t16985 l16988">provide </span><span class="pp-class-118 pa t16985 l7794">more </span><span class="pp-class-118 pa t16985 l16989">relevant </span><span class="pp-class-118 pa t16985 l16990">information </span><span class="pp-class-118 pa t16991 l3">and </span><span class="pp-class-118 pa t16991 l1110">transparency. </span><span class="pp-class-118 pa t16991 l11118">The </span><span class="pp-class-118 pa t16991 l16992">main </span><span class="pp-class-118 pa t16991 l12383">expected </span><span class="pp-class-118 pa t16991 l16993">change </span><span class="pp-class-118 pa t16991 l16994">is </span><span class="pp-class-118 pa t16991 l16995">that </span><span class="pp-class-118 pa t16996 l3">operating </span><span class="pp-class-118 pa t16996 l11398">profit </span><span class="pp-class-118 pa t16996 l4713">will </span><span class="pp-class-118 pa t16996 l9487">include </span><span class="pp-class-118 pa t16996 l16997">foreign </span><span class="pp-class-118 pa t16996 l16998">exchange </span><span class="pp-class-118 pa t16996 l16999">gains/</span><span class="pp-class-118 pa t17000 l3">losses </span><span class="pp-class-118 pa t17000 l17001">and </span><span class="pp-class-118 pa t17000 l17002">loss </span><span class="pp-class-118 pa t17000 l14139">on </span><span class="pp-class-118 pa t17000 l17003">monetary </span><span class="pp-class-118 pa t17000 l17004">items.</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-120 pa t17005 l3 ls17006">Classification, </span><span class="pp-class-120 pa t17005 l17007 ls1497">etc.</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-118 pa t17008 l3">Non-current </span><span class="pp-class-118 pa t17008 l17009">assets </span><span class="pp-class-118 pa t17008 l17010">essentially </span><span class="pp-class-118 pa t17008 l17011">comprise </span><span class="pp-class-118 pa t17008 l17012">amounts </span><span class="pp-class-118 pa t17008 l17013">that </span><span class="pp-class-118 pa t17014 l3">are </span><span class="pp-class-118 pa t17014 l2545">expected </span><span class="pp-class-118 pa t17014 l17015">to </span><span class="pp-class-118 pa t17014 l9395">be </span><span class="pp-class-118 pa t17014 l17016">recovered </span><span class="pp-class-118 pa t17014 l12027">more </span><span class="pp-class-118 pa t17014 l17017">than </span><span class="pp-class-118 pa t17014 l17018">12 </span><span class="pp-class-118 pa t17014 l17019">months </span><span class="pp-class-118 pa t17014 l17020">after </span><span class="pp-class-118 pa t17021 l3">the </span><span class="pp-class-118 pa t17021 l1444">balance </span><span class="pp-class-118 pa t17021 l17022">sheet </span><span class="pp-class-118 pa t17021 l17023">date. </span><span class="pp-class-118 pa t17021 l11487">Current </span><span class="pp-class-118 pa t17021 l17024">assets </span><span class="pp-class-118 pa t17021 l17025">essentially </span><span class="pp-class-118 pa t17021 l17026">com-</span><span class="pp-class-118 pa t17027 l3">prise </span><span class="pp-class-118 pa t17027 l17028">amounts </span><span class="pp-class-118 pa t17027 l17029">that </span><span class="pp-class-118 pa t17027 l17030">are </span><span class="pp-class-118 pa t17027 l17031">expected </span><span class="pp-class-118 pa t17027 l17032">to </span><span class="pp-class-118 pa t17027 l17033">be </span><span class="pp-class-118 pa t17027 l17034">recovered </span><span class="pp-class-118 pa t17027 l17035">within </span><span class="pp-class-118 pa t17036 l3">12 </span><span class="pp-class-118 pa t17036 l17037">months </span><span class="pp-class-118 pa t17036 l17038">of </span><span class="pp-class-118 pa t17036 l2517">the </span><span class="pp-class-118 pa t17036 l11389">balance </span><span class="pp-class-118 pa t17036 l17039">sheet </span><span class="pp-class-118 pa t17036 l17040">date. </span><span class="pp-class-118 pa t17036 l17041">Non-current </span><span class="pp-class-118 pa t17036 l10066">liabil-</span><span class="pp-class-118 pa t17042 l3">ities </span><span class="pp-class-118 pa t17042 l17043">comprise </span><span class="pp-class-118 pa t17042 l17044">amounts </span><span class="pp-class-118 pa t17042 l17045">that </span><span class="pp-class-118 pa t17042 l14151">TCM </span><span class="pp-class-118 pa t17042 l17046">Group </span><span class="pp-class-118 pa t17042 l836">has </span><span class="pp-class-118 pa t17042 l17047">an </span><span class="pp-class-118 pa t17042 l17048">uncon-</span><span class="pp-class-118 pa t17049 l3">ditional </span><span class="pp-class-118 pa t17049 l12855">right </span><span class="pp-class-118 pa t17049 l17050">to </span><span class="pp-class-118 pa t17049 l9571">pay </span><span class="pp-class-118 pa t17049 l1472">more </span><span class="pp-class-118 pa t17049 l17051">than </span><span class="pp-class-118 pa t17049 l13833">12 </span><span class="pp-class-118 pa t17049 l17052">months </span><span class="pp-class-118 pa t17049 l7705">after </span><span class="pp-class-118 pa t17049 l17053">the </span><span class="pp-class-118 pa t17049 l17054">bal-</span><span class="pp-class-118 pa t17055 l3">ance </span><span class="pp-class-118 pa t17055 l17056">sheet </span><span class="pp-class-118 pa t17055 l4244">date. </span><span class="pp-class-118 pa t17055 l9748">Other </span><span class="pp-class-118 pa t17055 l17057">liabilities </span><span class="pp-class-118 pa t17055 l17058">comprise </span><span class="pp-class-118 pa t17055 l17059">current </span><span class="pp-class-118 pa t17060 l3">liabilities.</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-120 pa t17061 l3 ls2759">Consolidation </span><span class="pp-class-120 pa t17061 l4279 ls5310">principles </span><span class="pp-class-120 pa t17061 l17062 ls2759">and </span><span class="pp-class-120 pa t17061 l17063 ls15160">business </span><span class="pp-class-120 pa t17064 l3 ls1731">combinations</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-121 pa t17065 l3">Subsidiaries</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-118 pa t17066 l3">Subsidiaries </span><span class="pp-class-118 pa t17066 l14023">are </span><span class="pp-class-118 pa t17066 l17067">companies </span><span class="pp-class-118 pa t17066 l17068">where </span><span class="pp-class-118 pa t17066 l17069">TCM </span><span class="pp-class-118 pa t17066 l8719">Group </span><span class="pp-class-118 pa t17066 l17070">has </span><span class="pp-class-118 pa t17066 l17071">con-</span><span class="pp-class-118 pa t17072 l3">trol. </span><span class="pp-class-118 pa t17072 l17073">Control </span><span class="pp-class-118 pa t17072 l17074">entails </span><span class="pp-class-118 pa t17072 l17075">the </span><span class="pp-class-118 pa t17072 l17076">direct </span><span class="pp-class-118 pa t17072 l17077">or </span><span class="pp-class-118 pa t17072 l17078">indirect </span><span class="pp-class-118 pa t17072 l17079">right </span><span class="pp-class-118 pa t17072 l3438">to </span><span class="pp-class-118 pa t17072 l17080">shape </span><span class="pp-class-118 pa t17072 l17081">a </span><span class="pp-class-118 pa t17082 l3">company’s </span><span class="pp-class-118 pa t17082 l17083">financial </span><span class="pp-class-118 pa t17082 l6881">or </span><span class="pp-class-118 pa t17082 l17084">operational </span><span class="pp-class-118 pa t17082 l17085">strategies </span><span class="pp-class-118 pa t17082 l17086">in </span><span class="pp-class-118 pa t17082 l17087">a </span><span class="pp-class-118 pa t17082 l17088">bid </span><span class="pp-class-118 pa t17082 l17089">to </span><span class="pp-class-118 pa t17090 l3">receive </span><span class="pp-class-118 pa t17090 l17091">financial </span><span class="pp-class-118 pa t17090 l17092">benefits. </span><span class="pp-class-118 pa t17090 l4177">When </span><span class="pp-class-118 pa t17090 l10316">assessing </span><span class="pp-class-118 pa t17090 l17093">whether </span><span class="pp-class-118 pa t17090 l17094">con-</span><span class="pp-class-118 pa t17095 l3">trol </span><span class="pp-class-118 pa t17095 l17096">exists, </span><span class="pp-class-118 pa t17095 l14088">potential </span><span class="pp-class-118 pa t17095 l17097">voting </span><span class="pp-class-118 pa t17095 l17098">shares </span><span class="pp-class-118 pa t17095 l17099">that </span><span class="pp-class-118 pa t17095 l17100">can </span><span class="pp-class-118 pa t17095 l17101">be </span><span class="pp-class-118 pa t17095 l17102">immedi-</span><span class="pp-class-118 pa t17103 l3">ately </span><span class="pp-class-118 pa t17103 l17104">utilised </span><span class="pp-class-118 pa t17103 l17105">or </span><span class="pp-class-118 pa t17103 l17106">converted </span><span class="pp-class-118 pa t17103 l17107">must </span><span class="pp-class-118 pa t17103 l17108">be </span><span class="pp-class-118 pa t17103 l4154">taken </span><span class="pp-class-118 pa t17103 l8392">into </span><span class="pp-class-118 pa t17103 l17109">account.</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-118 pa t17110 l3">The </span><span class="pp-class-118 pa t17110 l550">financial </span><span class="pp-class-118 pa t17110 l1530">statements </span><span class="pp-class-118 pa t17110 l17111">of </span><span class="pp-class-118 pa t17110 l2209">subsidiaries </span><span class="pp-class-118 pa t17110 l17112">are </span><span class="pp-class-118 pa t17110 l11086">included </span><span class="pp-class-118 pa t17110 l17113">in </span><span class="pp-class-118 pa t17114 l3">the </span><span class="pp-class-118 pa t17114 l1444">consolidated </span><span class="pp-class-118 pa t17114 l7395">financial </span><span class="pp-class-118 pa t17114 l17115">statements </span><span class="pp-class-118 pa t17114 l17116">from </span><span class="pp-class-118 pa t17114 l17117">the </span><span class="pp-class-118 pa t17114 l17118">date </span><span class="pp-class-118 pa t17114 l17119">that </span><span class="pp-class-118 pa t17120 l3">the </span><span class="pp-class-118 pa t17120 l1444">controlling </span><span class="pp-class-118 pa t17120 l17121">interest </span><span class="pp-class-118 pa t17120 l17122">arises </span><span class="pp-class-118 pa t17120 l17123">and </span><span class="pp-class-118 pa t17120 l17124">until </span><span class="pp-class-118 pa t17120 l11205">the </span><span class="pp-class-118 pa t17120 l17125">date </span><span class="pp-class-118 pa t17120 l17126">on </span><span class="pp-class-118 pa t17127 l3">which </span><span class="pp-class-118 pa t17127 l6980">the </span><span class="pp-class-118 pa t17127 l1905">controlling </span><span class="pp-class-118 pa t17127 l17128">interest </span><span class="pp-class-118 pa t17127 l17129">ceases.</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-118 pa t17130 l3">If </span><span class="pp-class-118 pa t17130 l17131">ownership </span><span class="pp-class-118 pa t17130 l17132">is </span><span class="pp-class-118 pa t17130 l6305">reduced </span><span class="pp-class-118 pa t17130 l17133">to </span><span class="pp-class-118 pa t17130 l16662">such </span><span class="pp-class-118 pa t17130 l10483">an </span><span class="pp-class-118 pa t17130 l17134">extent </span><span class="pp-class-118 pa t17130 l17135">that </span><span class="pp-class-118 pa t17130 l17136">the </span><span class="pp-class-118 pa t17130 l15391">con-</span><span class="pp-class-118 pa t17137 l3">trolling </span><span class="pp-class-118 pa t17137 l17138">interest </span><span class="pp-class-118 pa t17137 l9748">is </span><span class="pp-class-118 pa t17137 l17139">lost, </span><span class="pp-class-118 pa t17137 l17140">any </span><span class="pp-class-118 pa t17137 l9187">remaining </span><span class="pp-class-118 pa t17137 l17141">holdings </span><span class="pp-class-118 pa t17137 l17142">are </span><span class="pp-class-118 pa t17137 l17143">rec-</span><span class="pp-class-118 pa t17144 l3">ognised </span><span class="pp-class-118 pa t17144 l10501">at </span><span class="pp-class-118 pa t17144 l17145">fair </span><span class="pp-class-118 pa t17144 l17146">value </span><span class="pp-class-118 pa t17144 l17147">and </span><span class="pp-class-118 pa t17144 l17148">the </span><span class="pp-class-118 pa t17144 l17149">change </span><span class="pp-class-118 pa t17144 l17150">in </span><span class="pp-class-118 pa t17144 l9520">value </span><span class="pp-class-118 pa t17144 l17151">is </span><span class="pp-class-118 pa t17144 l17152">recog-</span><span class="pp-class-118 pa t17153 l3">nised </span><span class="pp-class-118 pa t17153 l17154">in </span><span class="pp-class-118 pa t17153 l17155">the </span><span class="pp-class-118 pa t17153 l17156">income </span><span class="pp-class-118 pa t17153 l17157">statement.</span></p></div></div><div class="pp-class-7" id="pp-id-3314" xmlns="http://www.w3.org/1999/xhtml"><div class="w485 h16952 pa t2 l3 wtro4 xx30 tro6 xx31"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-121 pa t16953 l3 ls663">Transactions </span><span class="pp-class-121 pa t16953 l17158 ls639">that </span><span class="pp-class-121 pa t16953 l17159 ls617">are </span><span class="pp-class-121 pa t16953 l17160 ls636">eliminated </span><span class="pp-class-121 pa t16953 l1402 ls623">through </span><span class="pp-class-121 pa t16953 l17161 ls663">consolidation</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-118 pa t16958 l3">Intra-group </span><span class="pp-class-118 pa t16958 l17162">receivables </span><span class="pp-class-118 pa t16958 l17163">and </span><span class="pp-class-118 pa t16958 l17164">liabilities, </span><span class="pp-class-118 pa t16958 l17165">income </span><span class="pp-class-118 pa t16958 l1638">and </span><span class="pp-class-118 pa t16964 l3">expenses, </span><span class="pp-class-118 pa t16964 l17166">and </span><span class="pp-class-118 pa t16964 l12577">unrealised </span><span class="pp-class-118 pa t16964 l17167">gains </span><span class="pp-class-118 pa t16964 l17168">or </span><span class="pp-class-118 pa t16964 l3410">losses </span><span class="pp-class-118 pa t16964 l17169">that </span><span class="pp-class-118 pa t16964 l17170">arise </span><span class="pp-class-118 pa t16964 l17171">from </span><span class="pp-class-118 pa t16966 l3">transactions </span><span class="pp-class-118 pa t16966 l8399">between </span><span class="pp-class-118 pa t16966 l12347">Group </span><span class="pp-class-118 pa t16966 l17172">companies </span><span class="pp-class-118 pa t16966 l17173">are </span><span class="pp-class-118 pa t16966 l10779">eliminated </span><span class="pp-class-118 pa t17174 l3">fully </span><span class="pp-class-118 pa t17174 l11156">in </span><span class="pp-class-118 pa t17174 l14875">the </span><span class="pp-class-118 pa t17174 l14876">preparation </span><span class="pp-class-118 pa t17174 l9488">of </span><span class="pp-class-118 pa t17174 l17175">the </span><span class="pp-class-118 pa t17174 l17176">consolidated </span><span class="pp-class-118 pa t17174 l17177">financial </span><span class="pp-class-118 pa t16969 l3">statements.</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-121 pa t16980 l3">Business </span><span class="pp-class-121 pa t16980 l17178">combinations</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-118 pa t16985 l3 ls7271">Business </span><span class="pp-class-118 pa t16985 l11232 ls2718">combinations </span><span class="pp-class-118 pa t16985 l17179 ls683">are </span><span class="pp-class-118 pa t16985 l17180 ls4643">recognised </span><span class="pp-class-118 pa t16985 l17181 ls2711">in </span><span class="pp-class-118 pa t16985 l17182 ls4643">accordance </span><span class="pp-class-118 pa t16985 l17183 ls5925">with </span><span class="pp-class-118 pa t16991 l3 ls683">the </span><span class="pp-class-118 pa t16991 l7278 ls4640">acquisition </span><span class="pp-class-118 pa t16991 l17184 ls7275">method. </span><span class="pp-class-118 pa t16991 l17185 ls2713">This </span><span class="pp-class-118 pa t16991 l17186 ls2716">means </span><span class="pp-class-118 pa t16991 l17187 ls683">the </span><span class="pp-class-118 pa t16991 l17188 ls7271">acquired </span><span class="pp-class-118 pa t16991 l17189 ls7271">identifi-</span><span class="pp-class-118 pa t16996 l3 ls2713">able </span><span class="pp-class-118 pa t16996 l17190 ls2721">assets </span><span class="pp-class-118 pa t16996 l1355 ls683">and </span><span class="pp-class-118 pa t16996 l17191 ls7275">assumed </span><span class="pp-class-118 pa t16996 l17192 ls4640">liabilities </span><span class="pp-class-118 pa t16996 l17193 ls4645">and </span><span class="pp-class-118 pa t16996 l17194 ls4643">contingent </span><span class="pp-class-118 pa t16996 l17195 ls7275">liabili-</span><span class="pp-class-118 pa t17000 l3 ls2713">ties </span><span class="pp-class-118 pa t17000 l17196 ls4645">are </span><span class="pp-class-118 pa t17000 l17197 ls4643">recognised </span><span class="pp-class-118 pa t17000 l2170 ls2711">at </span><span class="pp-class-118 pa t17000 l17198 ls683">the </span><span class="pp-class-118 pa t17000 l17199 ls2713">fair </span><span class="pp-class-118 pa t17000 l17200 ls2716">value </span><span class="pp-class-118 pa t17000 l17201 ls2711">on </span><span class="pp-class-118 pa t17000 l17202 ls683">the </span><span class="pp-class-118 pa t17000 l17203 ls2716">acquisition </span><span class="pp-class-118 pa t17204 l3 ls2716">date. </span><span class="pp-class-118 pa t17204 l17205 ls683">The </span><span class="pp-class-118 pa t17204 l17206 ls14078">consideration </span><span class="pp-class-118 pa t17204 l17207 ls2711">is </span><span class="pp-class-118 pa t17204 l17208 ls7271">measured </span><span class="pp-class-118 pa t17204 l17209 ls2711">at </span><span class="pp-class-118 pa t17204 l17210 ls683">the </span><span class="pp-class-118 pa t17204 l2164 ls2713">fair </span><span class="pp-class-118 pa t17204 l17211 ls2716">value </span><span class="pp-class-118 pa t17204 l17212 ls615">of </span><span class="pp-class-118 pa t17213 l3 ls683">the </span><span class="pp-class-118 pa t17213 l7278 ls14078">consideration </span><span class="pp-class-118 pa t17213 l4075 ls4640">transferred </span><span class="pp-class-118 pa t17213 l17214 ls2711">to </span><span class="pp-class-118 pa t17213 l12302 ls683">the </span><span class="pp-class-118 pa t17213 l17215 ls2721">former </span><span class="pp-class-118 pa t17213 l12843 ls2716">owner </span><span class="pp-class-118 pa t17213 l13802 ls2711">of </span><span class="pp-class-118 pa t17213 l17216 ls7287">the </span><span class="pp-class-118 pa t17008 l3 ls692">acquiree. </span><span class="pp-class-118 pa t17008 l2792 ls692">Acquisition-related </span><span class="pp-class-118 pa t17008 l17217 ls2716">costs </span><span class="pp-class-118 pa t17008 l17218 ls4645">are </span><span class="pp-class-118 pa t17008 l17219 ls4643">recognised </span><span class="pp-class-118 pa t17008 l17220 ls615">as </span><span class="pp-class-118 pa t17014 l3 ls2721">non-recurring </span><span class="pp-class-118 pa t17014 l566 ls2716">items </span><span class="pp-class-118 pa t17014 l2935 ls2711">in </span><span class="pp-class-118 pa t17014 l13840 ls683">the </span><span class="pp-class-118 pa t17014 l17221 ls2721">income </span><span class="pp-class-118 pa t17014 l17222 ls692">statement </span><span class="pp-class-118 pa t17014 l17223 ls2711">as </span><span class="pp-class-118 pa t17014 l17224 ls7271">incurred.</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-118 pa t17027 l3">Goodwill </span><span class="pp-class-118 pa t17027 l17225">arising </span><span class="pp-class-118 pa t17027 l17226">from </span><span class="pp-class-118 pa t17027 l17227">business </span><span class="pp-class-118 pa t17027 l17228">combinations </span><span class="pp-class-118 pa t17027 l17229">is </span><span class="pp-class-118 pa t17027 l17230">calcu-</span><span class="pp-class-118 pa t17036 l3">lated </span><span class="pp-class-118 pa t17036 l17231">as </span><span class="pp-class-118 pa t17036 l17232">the </span><span class="pp-class-118 pa t17036 l776">total </span><span class="pp-class-118 pa t17036 l9367">of </span><span class="pp-class-118 pa t17036 l17233">the </span><span class="pp-class-118 pa t17036 l17234">consideration </span><span class="pp-class-118 pa t17036 l17235">transferred, </span><span class="pp-class-118 pa t17036 l15354">any </span><span class="pp-class-118 pa t17042 l3">non-controlling </span><span class="pp-class-118 pa t17042 l17236">interests </span><span class="pp-class-118 pa t17042 l17237">and </span><span class="pp-class-118 pa t17042 l9777">the </span><span class="pp-class-118 pa t17042 l17238">fair </span><span class="pp-class-118 pa t17042 l17239">value </span><span class="pp-class-118 pa t17042 l17240">of </span><span class="pp-class-118 pa t17042 l17241">previ-</span><span class="pp-class-118 pa t17049 l3">ously </span><span class="pp-class-118 pa t17049 l1282">held </span><span class="pp-class-118 pa t17049 l11472">interests </span><span class="pp-class-118 pa t17049 l17242">(for </span><span class="pp-class-118 pa t17049 l17243">step </span><span class="pp-class-118 pa t17049 l17244">acquisitions) </span><span class="pp-class-118 pa t17049 l17245">less </span><span class="pp-class-118 pa t17049 l17246">the </span><span class="pp-class-118 pa t17049 l17247">fair </span><span class="pp-class-118 pa t17055 l3">value </span><span class="pp-class-118 pa t17055 l1282">of </span><span class="pp-class-118 pa t17055 l9893">the </span><span class="pp-class-118 pa t17055 l1446">subsidiary’s </span><span class="pp-class-118 pa t17055 l17248">identifiable </span><span class="pp-class-118 pa t17055 l17249">assets </span><span class="pp-class-118 pa t17055 l17250">and </span><span class="pp-class-118 pa t17055 l17251">assumed </span><span class="pp-class-118 pa t17060 l3">liabilities. </span><span class="pp-class-118 pa t17060 l17252">If </span><span class="pp-class-118 pa t17060 l17253">the </span><span class="pp-class-118 pa t17060 l11977">difference </span><span class="pp-class-118 pa t17060 l17254">is </span><span class="pp-class-118 pa t17060 l17255">negative, </span><span class="pp-class-118 pa t17060 l17256">it </span><span class="pp-class-118 pa t17060 l17257">is </span><span class="pp-class-118 pa t17060 l17258">recognised </span><span class="pp-class-118 pa t17259 l3">directly </span><span class="pp-class-118 pa t17259 l8368">in </span><span class="pp-class-118 pa t17259 l17260">net </span><span class="pp-class-118 pa t17259 l17261">profit </span><span class="pp-class-118 pa t17259 l12906">for </span><span class="pp-class-118 pa t17259 l17262">the </span><span class="pp-class-118 pa t17259 l9406">year.</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-118 pa t17263 l3">Contingent </span><span class="pp-class-118 pa t17263 l7208">consideration </span><span class="pp-class-118 pa t17263 l17264">in </span><span class="pp-class-118 pa t17263 l1589">acquisitions </span><span class="pp-class-118 pa t17263 l17265">is </span><span class="pp-class-118 pa t17263 l17266">measured </span><span class="pp-class-118 pa t17263 l17267">at </span><span class="pp-class-118 pa t17065 l3">fair </span><span class="pp-class-118 pa t17065 l6806">value </span><span class="pp-class-118 pa t17065 l17268">on </span><span class="pp-class-118 pa t17065 l17269">both </span><span class="pp-class-118 pa t17065 l13777">the </span><span class="pp-class-118 pa t17065 l17270">acquisition </span><span class="pp-class-118 pa t17065 l17271">date </span><span class="pp-class-118 pa t17065 l17272">and </span><span class="pp-class-118 pa t17065 l17273">continuously </span><span class="pp-class-118 pa t17066 l3">thereafter, </span><span class="pp-class-118 pa t17066 l10935">with </span><span class="pp-class-118 pa t17066 l17274">changes </span><span class="pp-class-118 pa t17066 l17275">in </span><span class="pp-class-118 pa t17066 l17276">value </span><span class="pp-class-118 pa t17066 l1338">recognised </span><span class="pp-class-118 pa t17066 l1333">in </span><span class="pp-class-118 pa t17066 l17277">the </span><span class="pp-class-118 pa t17072 l3">income </span><span class="pp-class-118 pa t17072 l6781">statement.</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-118 pa t17090 l3">For </span><span class="pp-class-118 pa t17090 l1476">acquisitions </span><span class="pp-class-118 pa t17090 l17278">of </span><span class="pp-class-118 pa t17090 l13168">subsidiaries </span><span class="pp-class-118 pa t17090 l17279">involving </span><span class="pp-class-118 pa t17090 l17280">non- </span><span class="pp-class-118 pa t17095 l3">controlling </span><span class="pp-class-118 pa t17095 l10272">interests, </span><span class="pp-class-118 pa t17095 l17281">the </span><span class="pp-class-118 pa t17095 l17282">Group </span><span class="pp-class-118 pa t17095 l17283">recognises </span><span class="pp-class-118 pa t17095 l17284">net </span><span class="pp-class-118 pa t17095 l17285">assets </span><span class="pp-class-118 pa t17103 l3">attributable </span><span class="pp-class-118 pa t17103 l17286">to </span><span class="pp-class-118 pa t17103 l17287">non-controlling </span><span class="pp-class-118 pa t17103 l17288">interests </span><span class="pp-class-118 pa t17103 l17289">at </span><span class="pp-class-118 pa t17103 l17290">the </span><span class="pp-class-118 pa t17103 l17291 ls5925">fair </span><span class="pp-class-118 pa t17103 l17292 ls679">value </span><span class="pp-class-118 pa t17293 l3 ls679">of </span><span class="pp-class-118 pa t17293 l17294 ls681">all </span><span class="pp-class-118 pa t17293 l17295 ls681">the </span><span class="pp-class-118 pa t17293 l17296 ls681">net </span><span class="pp-class-118 pa t17293 l9456 ls688">assets </span><span class="pp-class-118 pa t17293 l17297 ls688">either </span><span class="pp-class-118 pa t17293 l17298 ls677">excluding </span><span class="pp-class-118 pa t17293 l11924 ls679">or </span><span class="pp-class-118 pa t17293 l17299 ls677">including </span><span class="pp-class-118 pa t17293 l6411 ls6896">goodwill. </span><span class="pp-class-118 pa t17110 l3 ls681">The </span><span class="pp-class-118 pa t17110 l6733 ls677">principle </span><span class="pp-class-118 pa t17110 l17300 ls679">is </span><span class="pp-class-118 pa t17110 l17301 ls6903">decided </span><span class="pp-class-118 pa t17110 l14694 ls11968">individually </span><span class="pp-class-118 pa t17110 l17085 ls681">for </span><span class="pp-class-118 pa t17110 l11152 ls6896">each </span><span class="pp-class-118 pa t17110 l17302 ls11966">acquisition.</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-118 pa t17120 l3">When </span><span class="pp-class-118 pa t17120 l17303">a </span><span class="pp-class-118 pa t17120 l17304">business </span><span class="pp-class-118 pa t17120 l17305">combination </span><span class="pp-class-118 pa t17120 l8562">is </span><span class="pp-class-118 pa t17120 l17306">achieved </span><span class="pp-class-118 pa t17120 l17307">in </span><span class="pp-class-118 pa t17120 l17308">stages, </span><span class="pp-class-118 pa t17120 l17309">the </span><span class="pp-class-118 pa t17127 l3">Group’s </span><span class="pp-class-118 pa t17127 l4222">previously </span><span class="pp-class-118 pa t17127 l9162">held </span><span class="pp-class-118 pa t17127 l17310">interests </span><span class="pp-class-118 pa t17127 l1409">in </span><span class="pp-class-118 pa t17127 l17311">the </span><span class="pp-class-118 pa t17127 l17312">acquired </span><span class="pp-class-118 pa t17127 l17313">entity </span><span class="pp-class-118 pa t17314 l3">are </span><span class="pp-class-118 pa t17314 l2545">remeasured </span><span class="pp-class-118 pa t17314 l17315">to </span><span class="pp-class-118 pa t17314 l17316">its </span><span class="pp-class-118 pa t17314 l17317">acquisition-date </span><span class="pp-class-118 pa t17314 l17318">fair </span><span class="pp-class-118 pa t17314 l17319">value, </span><span class="pp-class-118 pa t17314 l17320">and </span><span class="pp-class-118 pa t17130 l3">the </span><span class="pp-class-118 pa t17130 l1444">resulting </span><span class="pp-class-118 pa t17130 l17321">gain </span><span class="pp-class-118 pa t17130 l8685">or </span><span class="pp-class-118 pa t17130 l2683">loss, </span><span class="pp-class-118 pa t17130 l17322">if </span><span class="pp-class-118 pa t17130 l17323">any, </span><span class="pp-class-118 pa t17130 l17324">is </span><span class="pp-class-118 pa t17130 l17325">recognised </span><span class="pp-class-118 pa t17130 l17326">in </span><span class="pp-class-118 pa t17130 l12721">the </span><span class="pp-class-118 pa t17137 l3">income </span><span class="pp-class-118 pa t17137 l6781">statement.</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-118 pa t17153 l3">When </span><span class="pp-class-118 pa t17153 l17303">a </span><span class="pp-class-118 pa t17153 l17304">controlling </span><span class="pp-class-118 pa t17153 l17327">interest </span><span class="pp-class-118 pa t17153 l2209">is </span><span class="pp-class-118 pa t17153 l12846">achieved, </span><span class="pp-class-118 pa t17153 l17328">changes </span><span class="pp-class-118 pa t17153 l17329">in </span><span class="pp-class-118 pa t17330 l3">ownership </span><span class="pp-class-118 pa t17330 l17331">are </span><span class="pp-class-118 pa t17330 l17332 ls786">recognised </span><span class="pp-class-118 pa t17330 l17333">as </span><span class="pp-class-118 pa t17330 l17334">a </span><span class="pp-class-118 pa t17330 l17335">reallocation </span><span class="pp-class-118 pa t17330 l17336">of </span><span class="pp-class-118 pa t17330 l17337">sharehold-</span><span class="pp-class-118 pa t17338 l3">ers’ </span><span class="pp-class-118 pa t17338 l17339">equity </span><span class="pp-class-118 pa t17338 l1693">between </span><span class="pp-class-118 pa t17338 l17340">the </span><span class="pp-class-118 pa t17338 l17341">parent </span><span class="pp-class-118 pa t17338 l17342">company’s </span><span class="pp-class-118 pa t17338 l17343">owners </span><span class="pp-class-118 pa t17338 l17344">and </span></p></div></div><div class="pp-class-7" id="pp-id-3315" xmlns="http://www.w3.org/1999/xhtml"><div class="w485 h16558 pa t2 l3 wtro4 xx16559 tro6 xx16560"><p class="pp-class-107 pp-area-text"><span class="pp-class-119 pa t16561 l3 ls361">1. </span><span class="pp-class-119 pa t16561 l16562 ls16563">Accounting </span><span class="pp-class-119 pa t16561 l16564 ls17345">policies </span><span class="pp-class-119 pa t16561 l17346 ls17347">(continued)</span></p></div></div><div class="pp-class-7" id="pp-id-3316" xmlns="http://www.w3.org/1999/xhtml"><div class="w485 h17348 pa t2 l3 wtro4 xx30 tro6 xx31"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-118 pa t17349 l3">non-controlling </span><span class="pp-class-118 pa t17349 l17236">interests, </span><span class="pp-class-118 pa t17349 l10877">without </span><span class="pp-class-118 pa t17349 l17350">any </span><span class="pp-class-118 pa t17349 l17351">remeasurement </span><span class="pp-class-118 pa t17352 l3">of </span><span class="pp-class-118 pa t17352 l557">the </span><span class="pp-class-118 pa t17352 l3322">subsidiary’s </span><span class="pp-class-118 pa t17352 l11453">net </span><span class="pp-class-118 pa t17352 l17353">assets.</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-120 pa t17354 l3 ls6169">Segment </span><span class="pp-class-120 pa t17354 l17355 ls15027">reporting</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-118 pa t17356 l3">An </span><span class="pp-class-118 pa t17356 l17357">operating </span><span class="pp-class-118 pa t17356 l17358">segment </span><span class="pp-class-118 pa t17356 l17359">is </span><span class="pp-class-118 pa t17356 l17360">a </span><span class="pp-class-118 pa t17356 l17361">part </span><span class="pp-class-118 pa t17356 l17362">of </span><span class="pp-class-118 pa t17356 l17363">the </span><span class="pp-class-118 pa t17356 l11919">Group </span><span class="pp-class-118 pa t17356 l17364">that </span><span class="pp-class-118 pa t17356 l17365">con-</span><span class="pp-class-118 pa t17366 l3">ducts </span><span class="pp-class-118 pa t17366 l17367">business </span><span class="pp-class-118 pa t17366 l17368">activities </span><span class="pp-class-118 pa t17366 l17369">from </span><span class="pp-class-118 pa t17366 l17370">which </span><span class="pp-class-118 pa t17366 l17371">it </span><span class="pp-class-118 pa t17366 l17372">earns </span><span class="pp-class-118 pa t17366 l17373">revenue </span><span class="pp-class-118 pa t17374 l3">and </span><span class="pp-class-118 pa t17374 l1110">incurs </span><span class="pp-class-118 pa t17374 l17375">expenses </span><span class="pp-class-118 pa t17374 l1633">and </span><span class="pp-class-118 pa t17374 l8779">for </span><span class="pp-class-118 pa t17374 l17376">which </span><span class="pp-class-118 pa t17374 l17377">independent </span><span class="pp-class-118 pa t17374 l17378">finan-</span><span class="pp-class-118 pa t17379 l3">cial </span><span class="pp-class-118 pa t17379 l17380">information </span><span class="pp-class-118 pa t17379 l17381">is </span><span class="pp-class-118 pa t17379 l17382">available. </span><span class="pp-class-118 pa t17379 l17383">Furthermore, </span><span class="pp-class-118 pa t17379 l17384">the </span><span class="pp-class-118 pa t17379 l17385">results </span><span class="pp-class-118 pa t17379 l17386">of </span><span class="pp-class-118 pa t17387 l3">an </span><span class="pp-class-118 pa t17387 l8451">operating </span><span class="pp-class-118 pa t17387 l9486">segment </span><span class="pp-class-118 pa t17387 l17388">are </span><span class="pp-class-118 pa t17387 l871">monitored </span><span class="pp-class-118 pa t17387 l17389">by </span><span class="pp-class-118 pa t17387 l17390">the </span><span class="pp-class-118 pa t17387 l17391">company’s </span><span class="pp-class-118 pa t17392 l3">chief </span><span class="pp-class-118 pa t17392 l17393">operating </span><span class="pp-class-118 pa t17392 l17394">decision </span><span class="pp-class-118 pa t17392 l17395">maker </span><span class="pp-class-118 pa t17392 l17396">to </span><span class="pp-class-118 pa t17392 l17397">evaluate </span><span class="pp-class-118 pa t17392 l17398">them </span><span class="pp-class-118 pa t17392 l1559">and </span><span class="pp-class-118 pa t17392 l17399">to </span><span class="pp-class-118 pa t17400 l3">allocate </span><span class="pp-class-118 pa t17400 l14636">resources </span><span class="pp-class-118 pa t17400 l17401">to </span><span class="pp-class-118 pa t17400 l17402">the </span><span class="pp-class-118 pa t17400 l17403">operating </span><span class="pp-class-118 pa t17400 l17404">segment. </span><span class="pp-class-118 pa t17400 l17405">TCM </span><span class="pp-class-118 pa t17400 l17406">Group </span><span class="pp-class-118 pa t17407 l3">has </span><span class="pp-class-118 pa t17407 l14274">only </span><span class="pp-class-118 pa t17407 l17408">one </span><span class="pp-class-118 pa t17407 l17409">operating </span><span class="pp-class-118 pa t17407 l14332">segment, </span><span class="pp-class-118 pa t17407 l542">which </span><span class="pp-class-118 pa t17407 l7230">is </span><span class="pp-class-118 pa t17407 l17410">producing </span><span class="pp-class-118 pa t17407 l17411">and </span><span class="pp-class-118 pa t17412 l3">selling </span><span class="pp-class-118 pa t17412 l1596">kitchens, </span><span class="pp-class-118 pa t17412 l16859">bathrooms </span><span class="pp-class-118 pa t17412 l17413">and </span><span class="pp-class-118 pa t17412 l17414">storage.</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-120 pa t17415 l3 ls15165">Revenue </span><span class="pp-class-120 pa t17415 l17416 ls8076">recognition</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-118 pa t17417 l3">The </span><span class="pp-class-118 pa t17417 l550">Group </span><span class="pp-class-118 pa t17417 l6239">sells </span><span class="pp-class-118 pa t17417 l17418">kitchen </span><span class="pp-class-118 pa t17417 l17419">products </span><span class="pp-class-118 pa t17417 l17420">through </span><span class="pp-class-118 pa t17417 l6950">a </span><span class="pp-class-118 pa t17417 l11959">number </span><span class="pp-class-118 pa t17417 l17421">of </span><span class="pp-class-118 pa t17422 l3">independent </span><span class="pp-class-118 pa t17422 l12760">stores, </span><span class="pp-class-118 pa t17422 l16792">DIY </span><span class="pp-class-118 pa t17422 l7367">chains </span><span class="pp-class-118 pa t17422 l17423">and </span><span class="pp-class-118 pa t17422 l17424">other </span><span class="pp-class-118 pa t17422 l17425">retailers. </span><span class="pp-class-118 pa t17422 l17426">Rev-</span><span class="pp-class-118 pa t17427 l3">enue </span><span class="pp-class-118 pa t17427 l17428">is </span><span class="pp-class-118 pa t17427 l17429">recognised </span><span class="pp-class-118 pa t17427 l17430">in </span><span class="pp-class-118 pa t17427 l17431">the </span><span class="pp-class-118 pa t17427 l17432">income </span><span class="pp-class-118 pa t17427 l8738">statement </span><span class="pp-class-118 pa t17427 l17433">when </span><span class="pp-class-118 pa t17427 l7362">con-</span><span class="pp-class-118 pa t17434 l3">trol </span><span class="pp-class-118 pa t17434 l17096">of </span><span class="pp-class-118 pa t17434 l7709">the </span><span class="pp-class-118 pa t17434 l17435">products </span><span class="pp-class-118 pa t17434 l13021">has </span><span class="pp-class-118 pa t17434 l17436">been </span><span class="pp-class-118 pa t17434 l17437">transferred </span><span class="pp-class-118 pa t17434 l17438">to </span><span class="pp-class-118 pa t17434 l13086">the </span><span class="pp-class-118 pa t17434 l13466">cus-</span><span class="pp-class-118 pa t17439 l3">tomer. </span><span class="pp-class-118 pa t17439 l17440">Control </span><span class="pp-class-118 pa t17439 l17441">is </span><span class="pp-class-118 pa t17439 l17442">transferred </span><span class="pp-class-118 pa t17439 l17443">when </span><span class="pp-class-118 pa t17439 l7846">the </span><span class="pp-class-118 pa t17439 l17444">products </span><span class="pp-class-118 pa t17439 l11546">are </span><span class="pp-class-118 pa t17445 l3">delivered, </span><span class="pp-class-118 pa t17445 l10480">which </span><span class="pp-class-118 pa t17445 l11845">occurs </span><span class="pp-class-118 pa t17445 l17446">when </span><span class="pp-class-118 pa t17445 l17447">the </span><span class="pp-class-118 pa t17445 l17448">Group </span><span class="pp-class-118 pa t17445 l17449">has </span><span class="pp-class-118 pa t17445 l17450">objective </span><span class="pp-class-118 pa t17451 l3">evidence </span><span class="pp-class-118 pa t17451 l17452">that </span><span class="pp-class-118 pa t17451 l17453">all </span><span class="pp-class-118 pa t17451 l17454">criteria </span><span class="pp-class-118 pa t17451 l17455">for </span><span class="pp-class-118 pa t17451 l17456">transfer </span><span class="pp-class-118 pa t17451 l17457">of </span><span class="pp-class-118 pa t17451 l11958">risk </span><span class="pp-class-118 pa t17451 l17458">have </span><span class="pp-class-118 pa t17451 l17459">been </span><span class="pp-class-118 pa t17460 l3">satisfied. </span><span class="pp-class-118 pa t17460 l1192">Revenue </span><span class="pp-class-118 pa t17460 l17461">is </span><span class="pp-class-118 pa t17460 l17462">only </span><span class="pp-class-118 pa t17460 l17463">recognised </span><span class="pp-class-118 pa t17460 l17464">to </span><span class="pp-class-118 pa t17460 l17465">the </span><span class="pp-class-118 pa t17460 l17466">extent </span><span class="pp-class-118 pa t17460 l17467">that </span><span class="pp-class-118 pa t17460 l17468">it </span><span class="pp-class-118 pa t17469 l3">is </span><span class="pp-class-118 pa t17469 l4125">highly </span><span class="pp-class-118 pa t17469 l10082">probable </span><span class="pp-class-118 pa t17469 l17470">that </span><span class="pp-class-118 pa t17469 l17471">a </span><span class="pp-class-118 pa t17469 l17472">significant </span><span class="pp-class-118 pa t17469 l17473">reversal </span><span class="pp-class-118 pa t17469 l17474">will </span><span class="pp-class-118 pa t17469 l17475">not </span><span class="pp-class-118 pa t17476 l3">occur. </span><span class="pp-class-118 pa t17476 l17477">Products </span><span class="pp-class-118 pa t17476 l17478">are </span><span class="pp-class-118 pa t17476 l17479">often </span><span class="pp-class-118 pa t17476 l17480">sold </span><span class="pp-class-118 pa t17476 l17481">with </span><span class="pp-class-118 pa t17476 l17482">retrospective </span><span class="pp-class-118 pa t17476 l17483">volume </span><span class="pp-class-118 pa t17484 l3">discounts. </span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-118 pa t17485 l3">The </span><span class="pp-class-118 pa t17485 l550">Group </span><span class="pp-class-118 pa t17485 l6239">owns </span><span class="pp-class-118 pa t17485 l17486">a </span><span class="pp-class-118 pa t17485 l16830">few </span><span class="pp-class-118 pa t17485 l17487">retailers, </span><span class="pp-class-118 pa t17485 l17283">which </span><span class="pp-class-118 pa t17485 l9385">provide </span><span class="pp-class-118 pa t17485 l17488">installa-</span><span class="pp-class-118 pa t17489 l3">tion </span><span class="pp-class-118 pa t17489 l11323">services. </span><span class="pp-class-118 pa t17489 l17490">When </span><span class="pp-class-118 pa t17489 l17491">the </span><span class="pp-class-118 pa t17489 l13234">Group </span><span class="pp-class-118 pa t17489 l17492">provides </span><span class="pp-class-118 pa t17489 l17493">installation </span><span class="pp-class-118 pa t17489 l17494">ser-</span><span class="pp-class-118 pa t17495 l3">vices, </span><span class="pp-class-118 pa t17495 l17496">revenue </span><span class="pp-class-118 pa t17495 l17497">is </span><span class="pp-class-118 pa t17495 l12333">recognised </span><span class="pp-class-118 pa t17495 l1330">as </span><span class="pp-class-118 pa t17495 l17498">a </span><span class="pp-class-118 pa t17495 l17499">performance </span><span class="pp-class-118 pa t17495 l17500">obligation </span><span class="pp-class-118 pa t17501 l3">satisfied </span><span class="pp-class-118 pa t17501 l12615">over </span><span class="pp-class-118 pa t17501 l17502">time. </span><span class="pp-class-118 pa t17501 l17503">Revenue </span><span class="pp-class-118 pa t17501 l17504">is </span><span class="pp-class-118 pa t17501 l17505">recognised </span><span class="pp-class-118 pa t17501 l17506">for </span><span class="pp-class-118 pa t17501 l17507">these </span><span class="pp-class-118 pa t17508 l3">installation </span><span class="pp-class-118 pa t17508 l17509">services </span><span class="pp-class-118 pa t17508 l9745">based </span><span class="pp-class-118 pa t17508 l17510">on </span><span class="pp-class-118 pa t17508 l17511">the </span><span class="pp-class-118 pa t17508 l6753">percentage </span><span class="pp-class-118 pa t17508 l17512">of </span><span class="pp-class-118 pa t17508 l17513">comple-</span><span class="pp-class-118 pa t17514 l3">tion </span><span class="pp-class-118 pa t17514 l11323">of </span><span class="pp-class-118 pa t17514 l17515">the </span><span class="pp-class-118 pa t17514 l17516">contract.</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-118 pa t17517 l3">When </span><span class="pp-class-118 pa t17517 l17303">using </span><span class="pp-class-118 pa t17517 l17518">the </span><span class="pp-class-118 pa t17517 l17519">percentage-of-completion </span><span class="pp-class-118 pa t17517 l17520">method, </span><span class="pp-class-118 pa t17521 l3">revenue </span><span class="pp-class-118 pa t17521 l728">is </span><span class="pp-class-118 pa t17521 l7299">recognised </span><span class="pp-class-118 pa t17521 l17522">at </span><span class="pp-class-118 pa t17521 l17523">the </span><span class="pp-class-118 pa t17521 l17524">amount </span><span class="pp-class-118 pa t17521 l14769">that </span><span class="pp-class-118 pa t17521 l16848">corresponds </span><span class="pp-class-118 pa t17521 l17525">to </span><span class="pp-class-118 pa t17526 l3">the </span><span class="pp-class-118 pa t17526 l1444">selling </span><span class="pp-class-118 pa t17526 l17527">price </span><span class="pp-class-118 pa t17526 l10947">of </span><span class="pp-class-118 pa t17526 l17528">the </span><span class="pp-class-118 pa t17526 l17529">work </span><span class="pp-class-118 pa t17526 l17530">performed </span><span class="pp-class-118 pa t17526 l17531">during </span><span class="pp-class-118 pa t17526 l17532">the </span><span class="pp-class-118 pa t17533 l3">financial </span><span class="pp-class-118 pa t17533 l1386">year. </span><span class="pp-class-118 pa t17533 l17534">The </span><span class="pp-class-118 pa t17533 l17535">stage </span><span class="pp-class-118 pa t17533 l17536">of </span><span class="pp-class-118 pa t17533 l2888">completion </span><span class="pp-class-118 pa t17533 l17537">is </span><span class="pp-class-118 pa t17533 l17538">measured </span><span class="pp-class-118 pa t17539 l3">based </span><span class="pp-class-118 pa t17539 l2837">on </span><span class="pp-class-118 pa t17539 l9654">the </span><span class="pp-class-118 pa t17539 l17540">ratio </span><span class="pp-class-118 pa t17539 l17541">between </span><span class="pp-class-118 pa t17539 l17542">the </span><span class="pp-class-118 pa t17539 l17543">expenses </span><span class="pp-class-118 pa t17539 l17544">incurred </span><span class="pp-class-118 pa t17539 l7362">and </span><span class="pp-class-118 pa t17545 l3">the </span><span class="pp-class-118 pa t17545 l1444">total </span><span class="pp-class-118 pa t17545 l17546">expenses </span><span class="pp-class-118 pa t17545 l17547">expected </span><span class="pp-class-118 pa t17545 l10758">for </span><span class="pp-class-118 pa t17545 l8587">the </span><span class="pp-class-118 pa t17545 l17548">contracts. </span><span class="pp-class-118 pa t17545 l17549">In </span><span class="pp-class-118 pa t17545 l17550">situa-</span><span class="pp-class-118 pa t17551 l3">tions </span><span class="pp-class-118 pa t17551 l16625">where </span><span class="pp-class-118 pa t17551 l17552">it </span><span class="pp-class-118 pa t17551 l17553">is </span><span class="pp-class-118 pa t17551 l17554">probable </span><span class="pp-class-118 pa t17551 l17555">that </span><span class="pp-class-118 pa t17551 l17556">total </span><span class="pp-class-118 pa t17551 l17557">contract </span><span class="pp-class-118 pa t17551 l13862">expenses </span></p></div></div><div class="pp-class-7" id="pp-id-3317" xmlns="http://www.w3.org/1999/xhtml"><div class="w485 h17558 pa t2 l3 wtro4 xx30 tro6 xx31"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-118 pa t17559 l3">will </span><span class="pp-class-118 pa t17559 l17560">exceed </span><span class="pp-class-118 pa t17559 l17561">total </span><span class="pp-class-118 pa t17559 l17562 ls786">revenue </span><span class="pp-class-118 pa t17559 l17563">from </span><span class="pp-class-118 pa t17559 l3708">the </span><span class="pp-class-118 pa t17559 l17564 ls786">contract, </span><span class="pp-class-118 pa t17559 l17565">the </span><span class="pp-class-118 pa t17559 l17566">expected </span><span class="pp-class-118 pa t17567 l3">loss </span><span class="pp-class-118 pa t17567 l17568">is </span><span class="pp-class-118 pa t17567 l4420">recognised </span><span class="pp-class-118 pa t17567 l17569">as </span><span class="pp-class-118 pa t17567 l17570">an </span><span class="pp-class-118 pa t17567 l17571">expense </span><span class="pp-class-118 pa t17567 l13768">in </span><span class="pp-class-118 pa t17567 l6215">the </span><span class="pp-class-118 pa t17567 l17572">income </span><span class="pp-class-118 pa t17573 l3">statement.</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-118 pa t17574 l3">Net </span><span class="pp-class-118 pa t17574 l2845">revenue </span><span class="pp-class-118 pa t17574 l17575">is </span><span class="pp-class-118 pa t17574 l17576">recognised </span><span class="pp-class-118 pa t17574 l2973">at </span><span class="pp-class-118 pa t17574 l17577">the </span><span class="pp-class-118 pa t17574 l17578">fair </span><span class="pp-class-118 pa t17574 l12823">value </span><span class="pp-class-118 pa t17574 l17579">of </span><span class="pp-class-118 pa t17574 l17580">the </span><span class="pp-class-118 pa t17574 l17581">consid-</span><span class="pp-class-118 pa t17582 l3">eration </span><span class="pp-class-118 pa t17582 l1416">agreed, </span><span class="pp-class-118 pa t17582 l17583">excluding </span><span class="pp-class-118 pa t17582 l17584">VAT, </span><span class="pp-class-118 pa t17582 l17585">duties </span><span class="pp-class-118 pa t17582 l1061">and </span><span class="pp-class-118 pa t17582 l17586">discounts </span><span class="pp-class-118 pa t17582 l17587">in </span><span class="pp-class-118 pa t17588 l3">relation </span><span class="pp-class-118 pa t17588 l11851">to </span><span class="pp-class-118 pa t17588 l6594">the </span><span class="pp-class-118 pa t17588 l11852">sale.</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-120 pa t17589 l3 ls16079">Cost </span><span class="pp-class-120 pa t17589 l17590 ls458">of </span><span class="pp-class-120 pa t17589 l17591 ls176">goods </span><span class="pp-class-120 pa t17589 l17592 ls2759">sold</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-118 pa t17593 l3">Cost </span><span class="pp-class-118 pa t17593 l17594">of </span><span class="pp-class-118 pa t17593 l17595">goods </span><span class="pp-class-118 pa t17593 l17596">sold </span><span class="pp-class-118 pa t17593 l802">includes </span><span class="pp-class-118 pa t17593 l17597">the </span><span class="pp-class-118 pa t17593 l17598">manufacturing </span><span class="pp-class-118 pa t17593 l17599">costs </span><span class="pp-class-118 pa t17600 l3">incurred </span><span class="pp-class-118 pa t17600 l17601">to </span><span class="pp-class-118 pa t17600 l17602">achieve </span><span class="pp-class-118 pa t17600 l13993">the </span><span class="pp-class-118 pa t17600 l17603">revenue </span><span class="pp-class-118 pa t17600 l12908">for </span><span class="pp-class-118 pa t17600 l4147">the </span><span class="pp-class-118 pa t17600 l17604">year. </span><span class="pp-class-118 pa t17600 l17605">These </span><span class="pp-class-118 pa t17600 l5908">con-</span><span class="pp-class-118 pa t17606 l3">sist </span><span class="pp-class-118 pa t17606 l17607">of </span><span class="pp-class-118 pa t17606 l17608">raw </span><span class="pp-class-118 pa t17606 l17609">materials, </span><span class="pp-class-118 pa t17606 l17610">direct </span><span class="pp-class-118 pa t17606 l17611">labour </span><span class="pp-class-118 pa t17606 l17612">costs, </span><span class="pp-class-118 pa t17606 l9726">in- </span><span class="pp-class-118 pa t17606 l6879">and </span><span class="pp-class-118 pa t17606 l17613">out-</span><span class="pp-class-118 pa t17614 l3">bound </span><span class="pp-class-118 pa t17614 l17615">transportation </span><span class="pp-class-118 pa t17614 l17616">costs, </span><span class="pp-class-118 pa t17614 l8723">and </span><span class="pp-class-118 pa t17614 l14011">indirect </span><span class="pp-class-118 pa t17614 l17617">costs </span><span class="pp-class-118 pa t17614 l17618">related </span><span class="pp-class-118 pa t17614 l17619">to </span><span class="pp-class-118 pa t17620 l3">manufacturing, </span><span class="pp-class-118 pa t17620 l17621">such </span><span class="pp-class-118 pa t17620 l17622">as </span><span class="pp-class-118 pa t17620 l17623">salaries, </span><span class="pp-class-118 pa t17620 l17624">energy </span><span class="pp-class-118 pa t17620 l17625">and </span><span class="pp-class-118 pa t17620 l673">mainte-</span><span class="pp-class-118 pa t17626 l3">nance </span><span class="pp-class-118 pa t17626 l17627">costs, </span><span class="pp-class-118 pa t17626 l13966">as </span><span class="pp-class-118 pa t17626 l17628">well </span><span class="pp-class-118 pa t17626 l1592">as </span><span class="pp-class-118 pa t17626 l17629">depreciation </span><span class="pp-class-118 pa t17626 l17630">of </span><span class="pp-class-118 pa t17626 l17631">production </span><span class="pp-class-118 pa t17626 l17632">facil-</span><span class="pp-class-118 pa t17633 l3">ities </span><span class="pp-class-118 pa t17633 l17043">and </span><span class="pp-class-118 pa t17633 l10730">equipment.</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-120 pa t17634 l3 ls1845">Non-recurring </span><span class="pp-class-120 pa t17634 l17635 ls9542">items</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-118 pa t17636 l3">Non-recurring </span><span class="pp-class-118 pa t17636 l6522">items </span><span class="pp-class-118 pa t17636 l6759">are </span><span class="pp-class-118 pa t17636 l17637">applied </span><span class="pp-class-118 pa t17636 l17638">in </span><span class="pp-class-118 pa t17636 l6079">connection </span><span class="pp-class-118 pa t17636 l15121">with </span><span class="pp-class-118 pa t17636 l17639">the </span><span class="pp-class-118 pa t17640 l3">presentation </span><span class="pp-class-118 pa t17640 l17641">of </span><span class="pp-class-118 pa t17640 l13436">the </span><span class="pp-class-118 pa t17640 l17642">profit </span><span class="pp-class-118 pa t17640 l17643">or </span><span class="pp-class-118 pa t17640 l17644">loss </span><span class="pp-class-118 pa t17640 l17645">for </span><span class="pp-class-118 pa t17640 l17646">the </span><span class="pp-class-118 pa t17640 l17647">year </span><span class="pp-class-118 pa t17640 l17648">to </span><span class="pp-class-118 pa t17640 l17053">distin-</span><span class="pp-class-118 pa t17649 l3">guish </span><span class="pp-class-118 pa t17649 l17650">income </span><span class="pp-class-118 pa t17649 l17651">and </span><span class="pp-class-118 pa t17649 l17652">expenses </span><span class="pp-class-118 pa t17649 l17653">that </span><span class="pp-class-118 pa t17649 l17654">are </span><span class="pp-class-118 pa t17649 l17655">special </span><span class="pp-class-118 pa t17649 l17656">and </span><span class="pp-class-118 pa t17649 l17657">of </span><span class="pp-class-118 pa t17649 l17658">a </span><span class="pp-class-118 pa t17659 l3">non-recurring </span><span class="pp-class-118 pa t17659 l17660">nature </span><span class="pp-class-118 pa t17659 l13437">from </span><span class="pp-class-118 pa t17659 l17661">the </span><span class="pp-class-118 pa t17659 l17662">consolidated </span><span class="pp-class-118 pa t17659 l17663">operating </span><span class="pp-class-118 pa t17664 l3">profit </span><span class="pp-class-118 pa t17664 l17665">for </span><span class="pp-class-118 pa t17664 l17666">the </span><span class="pp-class-118 pa t17664 l17105">year. </span><span class="pp-class-118 pa t17664 l2170">Non-recurring </span><span class="pp-class-118 pa t17664 l17667">items </span><span class="pp-class-118 pa t17664 l17668">are </span><span class="pp-class-118 pa t17664 l9785">assessed </span><span class="pp-class-118 pa t17669 l3">item </span><span class="pp-class-118 pa t17669 l2038">by </span><span class="pp-class-118 pa t17669 l2067">item </span><span class="pp-class-118 pa t17669 l13007">and </span><span class="pp-class-118 pa t17669 l17670">comprise </span><span class="pp-class-118 pa t17669 l17671">transaction </span><span class="pp-class-118 pa t17669 l13693">costs </span><span class="pp-class-118 pa t17669 l17672">related </span><span class="pp-class-118 pa t17669 l16880">to </span><span class="pp-class-118 pa t17673 l3">business </span><span class="pp-class-118 pa t17673 l1707">combinations, </span><span class="pp-class-118 pa t17673 l17674">as </span><span class="pp-class-118 pa t17673 l9132">well </span><span class="pp-class-118 pa t17673 l665">as </span><span class="pp-class-118 pa t17673 l9134">gains </span><span class="pp-class-118 pa t17673 l17675">or </span><span class="pp-class-118 pa t17673 l14431">losses </span><span class="pp-class-118 pa t17673 l17676">on </span><span class="pp-class-118 pa t17677 l3">major </span><span class="pp-class-118 pa t17677 l17678">disposals.</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-120 pa t17679 l3 ls1345">Operating </span><span class="pp-class-120 pa t17679 l17680 ls15027">expenses </span><span class="pp-class-120 pa t17679 l17681 ls17682">(selling </span><span class="pp-class-120 pa t17679 l17683 ls2759">and </span><span class="pp-class-120 pa t17679 l17684 ls17685">administrative </span><span class="pp-class-120 pa t17686 l3 ls11035">expenses)</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-118 pa t17687 l3 ls620">Operating </span><span class="pp-class-118 pa t17687 l17688 ls620">expenses </span><span class="pp-class-118 pa t17687 l17689 ls636">primarily </span><span class="pp-class-118 pa t17687 l17690 ls620">comprise </span><span class="pp-class-118 pa t17687 l17691 ls623">selling </span><span class="pp-class-118 pa t17687 l17692 ls630">and </span><span class="pp-class-118 pa t17693 l3 ls2618">administrative </span><span class="pp-class-118 pa t17693 l17694 ls620">expenses. </span><span class="pp-class-118 pa t17693 l17695 ls623">Selling </span><span class="pp-class-118 pa t17693 l9494 ls620">expenses </span><span class="pp-class-118 pa t17693 l17696 ls623">include </span><span class="pp-class-118 pa t17693 l17697 ls615">staff </span><span class="pp-class-118 pa t17698 l3 ls626">costs, </span><span class="pp-class-118 pa t17698 l17699 ls620">marketing </span><span class="pp-class-118 pa t17698 l10784 ls626">costs, </span><span class="pp-class-118 pa t17698 l17700 ls626">losses </span><span class="pp-class-118 pa t17698 l17701 ls626">(incl. </span><span class="pp-class-118 pa t17698 l17702 ls636">provisions </span><span class="pp-class-118 pa t17698 l17703 ls617">for </span><span class="pp-class-118 pa t17698 l17704 ls617">losses) </span><span class="pp-class-118 pa t17705 l3 ls615">on </span><span class="pp-class-118 pa t17705 l9872 ls628">trade </span><span class="pp-class-118 pa t17705 l17706 ls663">receivables, </span><span class="pp-class-118 pa t17705 l4513 ls617">and </span><span class="pp-class-118 pa t17705 l7465 ls628">other </span><span class="pp-class-118 pa t17705 l11923 ls628">costs </span><span class="pp-class-118 pa t17705 l7445 ls623">related </span><span class="pp-class-118 pa t17705 l17707 ls615">to </span><span class="pp-class-118 pa t17705 l17708 ls628">sales </span><span class="pp-class-118 pa t17705 l17709 ls7807">and </span><span class="pp-class-118 pa t17710 l3 ls620">marketing </span><span class="pp-class-118 pa t17710 l17711 ls663">activities. </span><span class="pp-class-118 pa t17710 l1718 ls2618">Administrative </span><span class="pp-class-118 pa t17710 l17712 ls620">expenses </span><span class="pp-class-118 pa t17710 l17713 ls617">include </span><span class="pp-class-118 pa t17714 l3 ls628">staff </span><span class="pp-class-118 pa t17714 l17715 ls628">costs </span><span class="pp-class-118 pa t17714 l15986 ls617">and </span><span class="pp-class-118 pa t17714 l17716 ls628">other </span><span class="pp-class-118 pa t17714 l17717 ls628">costs </span><span class="pp-class-118 pa t17714 l17718 ls623">related </span><span class="pp-class-118 pa t17714 l17719 ls615">to </span><span class="pp-class-118 pa t17714 l17720 ls2618">administration.</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-120 pa t17721 l3 ls176">Share </span><span class="pp-class-120 pa t17721 l17722 ls458">of </span><span class="pp-class-120 pa t17721 l17723 ls17724">profit/loss </span><span class="pp-class-120 pa t17721 l17725 ls458">in </span><span class="pp-class-120 pa t17721 l17726 ls17727">associates</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-118 pa t17728 l3">The </span><span class="pp-class-118 pa t17728 l550">Group’s </span><span class="pp-class-118 pa t17728 l7469">share </span><span class="pp-class-118 pa t17728 l17382">of </span><span class="pp-class-118 pa t17728 l6698">associates’ </span><span class="pp-class-118 pa t17728 l10455">results </span><span class="pp-class-118 pa t17728 l17729">after </span><span class="pp-class-118 pa t17728 l17730">tax </span><span class="pp-class-118 pa t17728 l17731">and </span><span class="pp-class-118 pa t17732 l3">elimination </span><span class="pp-class-118 pa t17732 l8421">of </span><span class="pp-class-118 pa t17732 l17733">the </span><span class="pp-class-118 pa t17732 l17734">proportionate </span><span class="pp-class-118 pa t17732 l6460">share </span><span class="pp-class-118 pa t17732 l17735">of </span><span class="pp-class-118 pa t17732 l17736">internal </span><span class="pp-class-118 pa t17732 l17737">profit/</span><span class="pp-class-118 pa t17738 l3">loss </span><span class="pp-class-118 pa t17738 l17568">is </span><span class="pp-class-118 pa t17738 l4420">recognised </span><span class="pp-class-118 pa t17738 l17569">in </span><span class="pp-class-118 pa t17738 l12529">the </span><span class="pp-class-118 pa t17738 l17739">income </span><span class="pp-class-118 pa t17738 l17740">statement.</span></p></div></div><div class="pp-class-7" id="pp-id-3318" xmlns="http://www.w3.org/1999/xhtml"><div class="w485 h17741 pa t2 l3 wtro4 xx17742 tro6 xx17743"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-120 pa t17744 l3 ls16577">Financial </span><span class="pp-class-120 pa t17744 l17745 ls1845">income </span><span class="pp-class-120 pa t17744 l17746 ls2759">and </span><span class="pp-class-120 pa t17744 l17747 ls17748">expenses</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-118 pa t17749 l3">Financial </span><span class="pp-class-118 pa t17749 l2830">income </span><span class="pp-class-118 pa t17749 l17750">and </span><span class="pp-class-118 pa t17749 l17751">expenses </span><span class="pp-class-118 pa t17749 l12890">comprise </span><span class="pp-class-118 pa t17749 l749">interest </span><span class="pp-class-118 pa t17752 l3">income </span><span class="pp-class-118 pa t17752 l6781">on </span><span class="pp-class-118 pa t17752 l12323">bank </span><span class="pp-class-118 pa t17752 l17753">balances </span><span class="pp-class-118 pa t17752 l17754">and </span><span class="pp-class-118 pa t17752 l17755">receivables, </span><span class="pp-class-118 pa t17752 l1663">interest </span><span class="pp-class-118 pa t17756 l3">expense </span><span class="pp-class-118 pa t17756 l17757">on </span><span class="pp-class-118 pa t17756 l10075">loans, </span><span class="pp-class-118 pa t17756 l10453">gain/loss </span><span class="pp-class-118 pa t17756 l17758">on </span><span class="pp-class-118 pa t17756 l6795">interest </span><span class="pp-class-118 pa t17756 l17759">rate </span><span class="pp-class-118 pa t17756 l12594">swaps </span><span class="pp-class-118 pa t17756 l13119">as </span><span class="pp-class-118 pa t17760 l3">well </span><span class="pp-class-118 pa t17760 l17761">as </span><span class="pp-class-118 pa t17760 l13395">exchange </span><span class="pp-class-118 pa t17760 l17762">rate </span><span class="pp-class-118 pa t17760 l6423">differences </span><span class="pp-class-118 pa t17760 l10111">on </span><span class="pp-class-118 pa t17760 l2015">financial </span><span class="pp-class-118 pa t17760 l17763">items.</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-118 pa t17764 l3">Interest </span><span class="pp-class-118 pa t17764 l17765">income </span><span class="pp-class-118 pa t17764 l17766">on </span><span class="pp-class-118 pa t17764 l738">receivables </span><span class="pp-class-118 pa t17764 l17767">and </span><span class="pp-class-118 pa t17764 l17768">interest </span><span class="pp-class-118 pa t17764 l17769">expense </span><span class="pp-class-118 pa t17764 l17770">on </span><span class="pp-class-118 pa t17771 l3">liabilities </span><span class="pp-class-118 pa t17771 l17772">are </span><span class="pp-class-118 pa t17771 l17773">calculated </span><span class="pp-class-118 pa t17771 l17774">in </span><span class="pp-class-118 pa t17771 l17775">accordance </span><span class="pp-class-118 pa t17771 l17776">with </span><span class="pp-class-118 pa t17771 l10917">the </span><span class="pp-class-118 pa t17771 l17777">effective </span><span class="pp-class-118 pa t17778 l3">interest </span><span class="pp-class-118 pa t17778 l17779">rate </span><span class="pp-class-118 pa t17778 l16933">method. </span><span class="pp-class-118 pa t17778 l8358">The </span><span class="pp-class-118 pa t17778 l17780">effective </span><span class="pp-class-118 pa t17778 l14372">interest </span><span class="pp-class-118 pa t17778 l17781">rate </span><span class="pp-class-118 pa t17778 l17782">is </span><span class="pp-class-118 pa t17778 l17783">the </span><span class="pp-class-118 pa t17784 l3">interest </span><span class="pp-class-118 pa t17784 l17779">rate </span><span class="pp-class-118 pa t17784 l16933">that </span><span class="pp-class-118 pa t17784 l8505">makes </span><span class="pp-class-118 pa t17784 l17785">the </span><span class="pp-class-118 pa t17784 l8522">present </span><span class="pp-class-118 pa t17784 l17786">value </span><span class="pp-class-118 pa t17784 l17787">of </span><span class="pp-class-118 pa t17784 l17788">all </span><span class="pp-class-118 pa t17784 l9742">future </span><span class="pp-class-118 pa t17789 l3">receipts </span><span class="pp-class-118 pa t17789 l17790">and </span><span class="pp-class-118 pa t17789 l12814">disbursements </span><span class="pp-class-118 pa t17789 l17791">during </span><span class="pp-class-118 pa t17789 l17792">the </span><span class="pp-class-118 pa t17789 l17793">fixed-interest </span><span class="pp-class-118 pa t17794 l3">term </span><span class="pp-class-118 pa t17794 l13013">equal </span><span class="pp-class-118 pa t17794 l10621">to </span><span class="pp-class-118 pa t17794 l17795">the </span><span class="pp-class-118 pa t17794 l17796">carrying </span><span class="pp-class-118 pa t17794 l17797">amount </span><span class="pp-class-118 pa t17794 l17798">of </span><span class="pp-class-118 pa t17794 l17799">the </span><span class="pp-class-118 pa t17794 l9280">receivable </span><span class="pp-class-118 pa t17794 l6322">or </span><span class="pp-class-118 pa t17800 l3">liability. </span><span class="pp-class-118 pa t17800 l17801">The </span><span class="pp-class-118 pa t17800 l17802">calculation </span><span class="pp-class-118 pa t17800 l17803">includes </span><span class="pp-class-118 pa t17800 l17804">all </span><span class="pp-class-118 pa t17800 l12291">fees </span><span class="pp-class-118 pa t17800 l17805">paid </span><span class="pp-class-118 pa t17800 l17806">or </span><span class="pp-class-118 pa t17807 l3">received </span><span class="pp-class-118 pa t17807 l14135">by </span><span class="pp-class-118 pa t17807 l17808">contractual </span><span class="pp-class-118 pa t17807 l17809">parties </span><span class="pp-class-118 pa t17807 l17810">that </span><span class="pp-class-118 pa t17807 l17811">are </span><span class="pp-class-118 pa t17807 l13034">part </span><span class="pp-class-118 pa t17807 l17812">of </span><span class="pp-class-118 pa t17807 l17813">the </span><span class="pp-class-118 pa t17807 l17814">effec-</span><span class="pp-class-118 pa t17815 l3">tive </span><span class="pp-class-118 pa t17815 l17816">interest </span><span class="pp-class-118 pa t17815 l9456">rate, </span><span class="pp-class-118 pa t17815 l17817">i.e. </span><span class="pp-class-118 pa t17815 l17818">transaction </span><span class="pp-class-118 pa t17815 l17819">costs </span><span class="pp-class-118 pa t17815 l17820">and </span><span class="pp-class-118 pa t17815 l2143">surplus </span><span class="pp-class-118 pa t17815 l17821">and </span><span class="pp-class-118 pa t17822 l3">deficit </span><span class="pp-class-118 pa t17822 l11548">values.</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-120 pa t17823 l3 ls17824">Tax</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-118 pa t17825 l3">Tax </span><span class="pp-class-118 pa t17825 l17826">costs </span><span class="pp-class-118 pa t17825 l705">for </span><span class="pp-class-118 pa t17825 l17827">the </span><span class="pp-class-118 pa t17825 l17828">year </span><span class="pp-class-118 pa t17825 l17829">comprise </span><span class="pp-class-118 pa t17825 l17830">current </span><span class="pp-class-118 pa t17825 l17831">tax </span><span class="pp-class-118 pa t17825 l17832">and </span><span class="pp-class-118 pa t17825 l17833">deferred </span><span class="pp-class-118 pa t17834 l3">tax. </span><span class="pp-class-118 pa t17834 l17835">Income </span><span class="pp-class-118 pa t17834 l2533">taxes </span><span class="pp-class-118 pa t17834 l17836">are </span><span class="pp-class-118 pa t17834 l9051">recognised </span><span class="pp-class-118 pa t17834 l17837">in </span><span class="pp-class-118 pa t17834 l9751">the </span><span class="pp-class-118 pa t17834 l1960">income </span><span class="pp-class-118 pa t17834 l7441">state-</span><span class="pp-class-118 pa t17838 l3">ment </span><span class="pp-class-118 pa t17838 l17839">except </span><span class="pp-class-118 pa t17838 l17840">when </span><span class="pp-class-118 pa t17838 l17841">the </span><span class="pp-class-118 pa t17838 l17842">underlying </span><span class="pp-class-118 pa t17838 l12623">transaction </span><span class="pp-class-118 pa t17838 l17843">is </span><span class="pp-class-118 pa t17838 l17844">recog-</span><span class="pp-class-118 pa t17845 l3">nised </span><span class="pp-class-118 pa t17845 l17154">in </span><span class="pp-class-118 pa t17845 l17155">other </span><span class="pp-class-118 pa t17845 l17846">comprehensive </span><span class="pp-class-118 pa t17845 l17847">income </span><span class="pp-class-118 pa t17845 l17848">or </span><span class="pp-class-118 pa t17845 l13830">in </span><span class="pp-class-118 pa t17845 l17849">sharehold-</span><span class="pp-class-118 pa t17850 l3">ers’ </span><span class="pp-class-118 pa t17850 l17339">equity, </span><span class="pp-class-118 pa t17850 l17851">in </span><span class="pp-class-118 pa t17850 l17846">which </span><span class="pp-class-118 pa t17850 l17852">case </span><span class="pp-class-118 pa t17850 l17853">the </span><span class="pp-class-118 pa t17850 l17854">associated </span><span class="pp-class-118 pa t17850 l10868">tax </span><span class="pp-class-118 pa t17850 l17855">effects </span><span class="pp-class-118 pa t17850 l17856">are </span><span class="pp-class-118 pa t17857 l3">recognised </span><span class="pp-class-118 pa t17857 l4260">directly </span><span class="pp-class-118 pa t17857 l17858">in </span><span class="pp-class-118 pa t17857 l5968">other </span><span class="pp-class-118 pa t17857 l13077">comprehensive </span><span class="pp-class-118 pa t17857 l12594">income </span><span class="pp-class-118 pa t17857 l17859">or </span><span class="pp-class-118 pa t17857 l17860">in </span><span class="pp-class-118 pa t17861 l3">shareholders’ </span><span class="pp-class-118 pa t17861 l17862">equity.</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-118 pa t17863 l3">Current </span><span class="pp-class-118 pa t17863 l17864">tax </span><span class="pp-class-118 pa t17863 l2573">is </span><span class="pp-class-118 pa t17863 l17865">tax </span><span class="pp-class-118 pa t17863 l15171">that </span><span class="pp-class-118 pa t17863 l7300">is </span><span class="pp-class-118 pa t17863 l13593">to </span><span class="pp-class-118 pa t17863 l17866">be </span><span class="pp-class-118 pa t17863 l17867">paid </span><span class="pp-class-118 pa t17863 l17868">or </span><span class="pp-class-118 pa t17863 l11337">received </span><span class="pp-class-118 pa t17863 l17869">regarding </span><span class="pp-class-118 pa t17870 l3">the </span><span class="pp-class-118 pa t17870 l1444">current </span><span class="pp-class-118 pa t17870 l17871">year, </span><span class="pp-class-118 pa t17870 l17872">calculated </span><span class="pp-class-118 pa t17870 l1618">using </span><span class="pp-class-118 pa t17870 l17873">the </span><span class="pp-class-118 pa t17870 l17874">tax </span><span class="pp-class-118 pa t17870 l17875">rates </span><span class="pp-class-118 pa t17870 l17876">set </span><span class="pp-class-118 pa t17870 l17877">or </span><span class="pp-class-118 pa t17870 l17878">set </span><span class="pp-class-118 pa t17879 l3">in </span><span class="pp-class-118 pa t17879 l1343">principle </span><span class="pp-class-118 pa t17879 l17880">on </span><span class="pp-class-118 pa t17879 l7316">the </span><span class="pp-class-118 pa t17879 l17881">balance </span><span class="pp-class-118 pa t17879 l17882">sheet </span><span class="pp-class-118 pa t17879 l17883">date. </span><span class="pp-class-118 pa t17879 l17884">This </span><span class="pp-class-118 pa t17879 l17885">item </span><span class="pp-class-118 pa t17879 l17886">also </span><span class="pp-class-118 pa t17887 l3">includes </span><span class="pp-class-118 pa t17887 l7314">adjustments </span><span class="pp-class-118 pa t17887 l17888">to </span><span class="pp-class-118 pa t17887 l12356">current </span><span class="pp-class-118 pa t17887 l15074">tax </span><span class="pp-class-118 pa t17887 l17889">attributable </span><span class="pp-class-118 pa t17887 l17890">to </span><span class="pp-class-118 pa t17887 l17891">pre-</span><span class="pp-class-118 pa t17892 l3">vious </span><span class="pp-class-118 pa t17892 l17893">periods.</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-118 pa t17894 l3 ls620">Deferred </span><span class="pp-class-118 pa t17894 l2168 ls617">tax </span><span class="pp-class-118 pa t17894 l17895 ls615">is </span><span class="pp-class-118 pa t17894 l17896 ls636">calculated </span><span class="pp-class-118 pa t17894 l17897 ls620">according </span><span class="pp-class-118 pa t17894 l17898 ls615">to </span><span class="pp-class-118 pa t17894 l17899 ls617">the </span><span class="pp-class-118 pa t17894 l17900 ls623">balance </span><span class="pp-class-118 pa t17894 l17901 ls615">sheet </span><span class="pp-class-118 pa t17902 l3 ls626">method </span><span class="pp-class-118 pa t17902 l17903 ls615">on </span><span class="pp-class-118 pa t17902 l17904 ls617">all </span><span class="pp-class-118 pa t17902 l17905 ls620">temporary </span><span class="pp-class-118 pa t17902 l11311 ls663">differences </span><span class="pp-class-118 pa t17902 l17906 ls623">arising </span><span class="pp-class-118 pa t17902 l17907 ls623">between </span><span class="pp-class-118 pa t17902 l17908 ls630">the </span><span class="pp-class-118 pa t17909 l3 ls620">carrying </span><span class="pp-class-118 pa t17909 l2610 ls626">amount </span><span class="pp-class-118 pa t17909 l17910 ls617">and </span><span class="pp-class-118 pa t17909 l11142 ls617">tax </span><span class="pp-class-118 pa t17909 l17911 ls639">base </span><span class="pp-class-118 pa t17909 l17912 ls615">of </span><span class="pp-class-118 pa t17909 l17913 ls626">assets </span><span class="pp-class-118 pa t17909 l17914 ls617">and </span><span class="pp-class-118 pa t17909 l17915 ls663">liabilities.</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-118 pa t17916 l3">The </span><span class="pp-class-118 pa t17916 l550">tax </span><span class="pp-class-118 pa t17916 l17917">effect </span><span class="pp-class-118 pa t17916 l17918">attributable </span><span class="pp-class-118 pa t17916 l17919">to </span><span class="pp-class-118 pa t17916 l11113">tax </span><span class="pp-class-118 pa t17916 l17920">loss </span><span class="pp-class-118 pa t17916 l17921">carryforwards </span><span class="pp-class-118 pa t17916 l17922">that </span><span class="pp-class-118 pa t17923 l3">could </span><span class="pp-class-118 pa t17923 l17924">be </span><span class="pp-class-118 pa t17923 l14353">utilised </span><span class="pp-class-118 pa t17923 l17925">against </span><span class="pp-class-118 pa t17923 l17926">future </span><span class="pp-class-118 pa t17923 l17927">profits </span><span class="pp-class-118 pa t17923 l17928">is </span><span class="pp-class-118 pa t17923 l17929">capitalised </span><span class="pp-class-118 pa t17923 l17930">as </span><span class="pp-class-118 pa t17923 l17931">a </span><span class="pp-class-118 pa t17932 l3">deferred </span><span class="pp-class-118 pa t17932 l1927">tax </span><span class="pp-class-118 pa t17932 l17933">asset. </span><span class="pp-class-118 pa t17932 l6351">This </span><span class="pp-class-118 pa t17932 l17934">applies </span><span class="pp-class-118 pa t17932 l15084">to </span><span class="pp-class-118 pa t17932 l17935">both </span><span class="pp-class-118 pa t17932 l17936">accumulated </span><span class="pp-class-118 pa t17932 l17937">loss </span><span class="pp-class-118 pa t17938 l3">carryforwards </span><span class="pp-class-118 pa t17938 l17939">at </span><span class="pp-class-118 pa t17938 l13463">the </span><span class="pp-class-118 pa t17938 l17940">acquisition </span><span class="pp-class-118 pa t17938 l17941">date </span><span class="pp-class-118 pa t17938 l17942">and </span><span class="pp-class-118 pa t17938 l17943">losses </span><span class="pp-class-118 pa t17938 l17944">arising </span><span class="pp-class-118 pa t17945 l3">subsequently.</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-118 pa t17946 l3">Deferred </span><span class="pp-class-118 pa t17946 l7485">tax </span><span class="pp-class-118 pa t17946 l17947">is </span><span class="pp-class-118 pa t17946 l11233">measured </span><span class="pp-class-118 pa t17946 l17948">at </span><span class="pp-class-118 pa t17946 l17949">the </span><span class="pp-class-118 pa t17946 l17950">tax </span><span class="pp-class-118 pa t17946 l17951">rates </span><span class="pp-class-118 pa t17946 l17952">that </span><span class="pp-class-118 pa t17946 l17953">are </span><span class="pp-class-118 pa t17954 l3">expected </span><span class="pp-class-118 pa t17954 l17225">to </span><span class="pp-class-118 pa t17954 l17955">apply </span><span class="pp-class-118 pa t17954 l17956">to </span><span class="pp-class-118 pa t17954 l13778">the </span><span class="pp-class-118 pa t17954 l17957">period </span><span class="pp-class-118 pa t17954 l17958">when </span><span class="pp-class-118 pa t17954 l17959">the </span><span class="pp-class-118 pa t17954 l9448">asset </span><span class="pp-class-118 pa t17954 l17960">is </span><span class="pp-class-118 pa t17954 l17961">realised </span><span class="pp-class-118 pa t17962 l3">or </span><span class="pp-class-118 pa t17962 l8418">the </span><span class="pp-class-118 pa t17962 l17963">liability </span><span class="pp-class-118 pa t17962 l17964">is </span><span class="pp-class-118 pa t17962 l4261">settled. </span><span class="pp-class-118 pa t17962 l3325">Deferred </span><span class="pp-class-118 pa t17962 l17965">tax </span><span class="pp-class-118 pa t17962 l13703">is </span><span class="pp-class-118 pa t17962 l14190">recognised </span><span class="pp-class-118 pa t17962 l17966">in </span></p></div></div><div class="pp-class-7" id="pp-id-3319" xmlns="http://www.w3.org/1999/xhtml"><div class="w6150 h17741 pa t2 l3 wtro4 xx30 tro6 xx31"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-118 pa t17967 l3">the </span><span class="pp-class-118 pa t17967 l1444">balance </span><span class="pp-class-118 pa t17967 l17022">sheet </span><span class="pp-class-118 pa t17967 l17023">as </span><span class="pp-class-118 pa t17967 l17968">a </span><span class="pp-class-118 pa t17967 l17969">non-current </span><span class="pp-class-118 pa t17967 l17970">asset </span><span class="pp-class-118 pa t17967 l17971">or </span><span class="pp-class-118 pa t17967 l17972">liability. </span><span class="pp-class-118 pa t17967 l17973">The </span><span class="pp-class-118 pa t17749 l3">income </span><span class="pp-class-118 pa t17749 l6781">tax </span><span class="pp-class-118 pa t17749 l17974">liability </span><span class="pp-class-118 pa t17749 l10496">is </span><span class="pp-class-118 pa t17749 l17975">recognised </span><span class="pp-class-118 pa t17749 l17976">as </span><span class="pp-class-118 pa t17749 l10832">a </span><span class="pp-class-118 pa t17749 l10833">current </span><span class="pp-class-118 pa t17749 l17977">receivable </span><span class="pp-class-118 pa t17752 l3">or </span><span class="pp-class-118 pa t17752 l8418">current </span><span class="pp-class-118 pa t17752 l6807">liability.</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-118 pa t17760 l3">If </span><span class="pp-class-118 pa t17760 l17131">the </span><span class="pp-class-118 pa t17760 l17978">actual </span><span class="pp-class-118 pa t17760 l17979">outcome </span><span class="pp-class-118 pa t17760 l17980">differs </span><span class="pp-class-118 pa t17760 l6289">from </span><span class="pp-class-118 pa t17760 l8312">the </span><span class="pp-class-118 pa t17760 l17981">amounts </span><span class="pp-class-118 pa t17760 l11821">initially </span><span class="pp-class-118 pa t17982 l3">recognised, </span><span class="pp-class-118 pa t17982 l17983">the </span><span class="pp-class-118 pa t17982 l17984">differences </span><span class="pp-class-118 pa t17982 l17985">will </span><span class="pp-class-118 pa t17982 l17288">affect </span><span class="pp-class-118 pa t17982 l17986">current </span><span class="pp-class-118 pa t17982 l17500">tax </span><span class="pp-class-118 pa t17982 l17987">and </span><span class="pp-class-118 pa t17764 l3">deferred </span><span class="pp-class-118 pa t17764 l1927">tax </span><span class="pp-class-118 pa t17764 l17933">in </span><span class="pp-class-118 pa t17764 l17988">the </span><span class="pp-class-118 pa t17764 l17989">period </span><span class="pp-class-118 pa t17764 l17990">in </span><span class="pp-class-118 pa t17764 l17991">which </span><span class="pp-class-118 pa t17764 l17992">these </span><span class="pp-class-118 pa t17764 l17993">calculations </span><span class="pp-class-118 pa t17764 l17994">are </span><span class="pp-class-118 pa t17771 l3">made.</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-120 pa t17995 l3 ls1219">Intangible </span><span class="pp-class-120 pa t17995 l17996 ls2759">assets</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-118 pa t17789 l3">Goodwill </span><span class="pp-class-118 pa t17789 l17225">comprises </span><span class="pp-class-118 pa t17789 l1035">the </span><span class="pp-class-118 pa t17789 l17997">amount </span><span class="pp-class-118 pa t17789 l10316">by </span><span class="pp-class-118 pa t17789 l17998">which </span><span class="pp-class-118 pa t17789 l17999">the </span><span class="pp-class-118 pa t17789 l18000">cost </span><span class="pp-class-118 pa t17789 l18001">of </span><span class="pp-class-118 pa t17789 l18002">the </span><span class="pp-class-118 pa t17794 l3">acquired </span><span class="pp-class-118 pa t17794 l18003">entity </span><span class="pp-class-118 pa t17794 l18004">exceeds </span><span class="pp-class-118 pa t17794 l18005">the </span><span class="pp-class-118 pa t17794 l9986">established </span><span class="pp-class-118 pa t17794 l18006">fair </span><span class="pp-class-118 pa t17794 l18007">value </span><span class="pp-class-118 pa t17794 l18008">of </span><span class="pp-class-118 pa t17800 l3">identifiable </span><span class="pp-class-118 pa t17800 l18009">net </span><span class="pp-class-118 pa t17800 l18010">assets, </span><span class="pp-class-118 pa t17800 l18011">as </span><span class="pp-class-118 pa t17800 l18012">recognised </span><span class="pp-class-118 pa t17800 l18013">in </span><span class="pp-class-118 pa t17800 l18014">the </span><span class="pp-class-118 pa t17800 l18015">acquisition </span><span class="pp-class-118 pa t17807 l3">analysis. </span><span class="pp-class-118 pa t17807 l18003">In </span><span class="pp-class-118 pa t17807 l9544">connection </span><span class="pp-class-118 pa t17807 l18016">with </span><span class="pp-class-118 pa t17807 l17004">the </span><span class="pp-class-118 pa t17807 l18017">acquisition </span><span class="pp-class-118 pa t17807 l18018">of </span><span class="pp-class-118 pa t17807 l18019">entities, </span><span class="pp-class-118 pa t17815 l3">goodwill </span><span class="pp-class-118 pa t17815 l18020">is </span><span class="pp-class-118 pa t17815 l18021">allocated </span><span class="pp-class-118 pa t17815 l18022">to </span><span class="pp-class-118 pa t17815 l18023">cash-generating </span><span class="pp-class-118 pa t17815 l18024">units </span><span class="pp-class-118 pa t17815 l6509">and </span><span class="pp-class-118 pa t17815 l6580">the </span><span class="pp-class-118 pa t17822 l3">fair </span><span class="pp-class-118 pa t17822 l6806">value </span><span class="pp-class-118 pa t17822 l17268">of </span><span class="pp-class-118 pa t17822 l18025">each </span><span class="pp-class-118 pa t17822 l18026">brand </span><span class="pp-class-118 pa t17822 l18027">is </span><span class="pp-class-118 pa t17822 l18028">measured. </span><span class="pp-class-118 pa t17822 l18029">Since </span><span class="pp-class-118 pa t17822 l18030">goodwill </span><span class="pp-class-118 pa t17822 l18031">and </span><span class="pp-class-118 pa t18032 l3">the </span><span class="pp-class-118 pa t18032 l1444">Svane </span><span class="pp-class-118 pa t18032 l18033">Køkkenet </span><span class="pp-class-118 pa t18032 l12904">brand </span><span class="pp-class-118 pa t18032 l18034">have </span><span class="pp-class-118 pa t18032 l18035">an </span><span class="pp-class-118 pa t18032 l18036">indefinite </span><span class="pp-class-118 pa t18032 l18037">useful </span><span class="pp-class-118 pa t18032 l18038">life, </span><span class="pp-class-118 pa t18039 l3">they </span><span class="pp-class-118 pa t18039 l18040">are </span><span class="pp-class-118 pa t18039 l16760">not </span><span class="pp-class-118 pa t18039 l18041">amortised. </span><span class="pp-class-118 pa t18039 l11978">The </span><span class="pp-class-118 pa t18039 l12367">indefinite </span><span class="pp-class-118 pa t18039 l18042">useful </span><span class="pp-class-118 pa t18039 l18043">life </span><span class="pp-class-118 pa t18039 l18044">is </span><span class="pp-class-118 pa t18039 l18045">justi-</span><span class="pp-class-118 pa t17825 l3">fied </span><span class="pp-class-118 pa t17825 l18046">by </span><span class="pp-class-118 pa t17825 l7177">the </span><span class="pp-class-118 pa t17825 l18047">long </span><span class="pp-class-118 pa t17825 l18048">life </span><span class="pp-class-118 pa t17825 l12278">of </span><span class="pp-class-118 pa t17825 l18049">the </span><span class="pp-class-118 pa t17825 l18050">brand, </span><span class="pp-class-118 pa t17825 l12065">as </span><span class="pp-class-118 pa t17825 l18051">there </span><span class="pp-class-118 pa t17825 l9378">is </span><span class="pp-class-118 pa t17825 l18052">no </span><span class="pp-class-118 pa t17825 l18053">intention </span><span class="pp-class-118 pa t17834 l3">of </span><span class="pp-class-118 pa t17834 l557">changing </span><span class="pp-class-118 pa t17834 l17518">the </span><span class="pp-class-118 pa t17834 l18054">brand </span><span class="pp-class-118 pa t17834 l18055">set-up. </span><span class="pp-class-118 pa t17834 l18056">Thus, </span><span class="pp-class-118 pa t17834 l18057">it </span><span class="pp-class-118 pa t17834 l9939">is </span><span class="pp-class-118 pa t17834 l18058">not </span><span class="pp-class-118 pa t17834 l18059">possible </span><span class="pp-class-118 pa t17834 l18060">to </span><span class="pp-class-118 pa t17838 l3">determine </span><span class="pp-class-118 pa t17838 l18061">a </span><span class="pp-class-118 pa t17838 l18062">useful </span><span class="pp-class-118 pa t17838 l18063">life. </span><span class="pp-class-118 pa t17838 l18064">Instead, </span><span class="pp-class-118 pa t17838 l1909">goodwill </span><span class="pp-class-118 pa t17838 l11392">and </span><span class="pp-class-118 pa t17838 l18065">the </span><span class="pp-class-118 pa t17838 l18066">Svane </span><span class="pp-class-118 pa t17845 l3">Køkkenet </span><span class="pp-class-118 pa t17845 l18067">brand </span><span class="pp-class-118 pa t17845 l18068">are </span><span class="pp-class-118 pa t17845 l18069">subject </span><span class="pp-class-118 pa t17845 l18070">to </span><span class="pp-class-118 pa t17845 l18071">impairment </span><span class="pp-class-118 pa t17845 l18072">testing </span><span class="pp-class-118 pa t17845 l9209">annu-</span><span class="pp-class-118 pa t17850 l3">ally </span><span class="pp-class-118 pa t17850 l18073">or </span><span class="pp-class-118 pa t17850 l18074">if </span><span class="pp-class-118 pa t17850 l18075">an </span><span class="pp-class-118 pa t17850 l18076">indication </span><span class="pp-class-118 pa t17850 l18077">of </span><span class="pp-class-118 pa t17850 l18078">impairment </span><span class="pp-class-118 pa t17850 l18079">arises. </span><span class="pp-class-118 pa t17850 l18080">The </span><span class="pp-class-118 pa t17850 l18081">carry-</span><span class="pp-class-118 pa t17857 l3">ing </span><span class="pp-class-118 pa t17857 l18082">amount </span><span class="pp-class-118 pa t17857 l10495">comprises </span><span class="pp-class-118 pa t17857 l9794">the </span><span class="pp-class-118 pa t17857 l18083">cost </span><span class="pp-class-118 pa t17857 l18084">less </span><span class="pp-class-118 pa t17857 l18085">any </span><span class="pp-class-118 pa t17857 l18086">accumulated </span><span class="pp-class-118 pa t17861 l3">impairment </span><span class="pp-class-118 pa t17861 l18087">losses. </span><span class="pp-class-118 pa t17861 l17503">A </span><span class="pp-class-118 pa t17861 l18088">description </span><span class="pp-class-118 pa t17861 l18089">of </span><span class="pp-class-118 pa t17861 l7384">the </span><span class="pp-class-118 pa t17861 l8719">method </span><span class="pp-class-118 pa t17861 l18090">and </span><span class="pp-class-118 pa t18091 l3">assumptions </span><span class="pp-class-118 pa t18091 l18092">applied </span><span class="pp-class-118 pa t18091 l7651">when </span><span class="pp-class-118 pa t18091 l18093">conducting </span><span class="pp-class-118 pa t18091 l8675">impairment </span><span class="pp-class-118 pa t18091 l18094">tests </span><span class="pp-class-118 pa t17863 l3">is </span><span class="pp-class-118 pa t17863 l4125">found </span><span class="pp-class-118 pa t17863 l18095">in </span><span class="pp-class-118 pa t17863 l18096">note </span><span class="pp-class-118 pa t17863 l6736">12 </span><span class="pp-class-118 pa t17863 l9918">Intangible </span><span class="pp-class-118 pa t17863 l18097">assets.</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-118 pa t17879 l3" xmlns="http://www.w3.org/1999/xhtml">Other </span><span class="pp-class-118 pa t17879 l6573" xmlns="http://www.w3.org/1999/xhtml">intangible </span><span class="pp-class-118 pa t17879 l18098" xmlns="http://www.w3.org/1999/xhtml">assets </span><span class="pp-class-118 pa t17879 l18099" xmlns="http://www.w3.org/1999/xhtml">with </span><span class="pp-class-118 pa t17879 l16997" xmlns="http://www.w3.org/1999/xhtml">definite </span><span class="pp-class-118 pa t17879 l18100" xmlns="http://www.w3.org/1999/xhtml">useful </span><span class="pp-class-118 pa t17879 l18101" xmlns="http://www.w3.org/1999/xhtml">life, </span><span class="pp-class-118 pa t17879 l9720" xmlns="http://www.w3.org/1999/xhtml">includ-</span><span class="pp-class-118 pa t17887 l3" xmlns="http://www.w3.org/1999/xhtml">ing </span><span class="pp-class-118 pa t17887 l18082" xmlns="http://www.w3.org/1999/xhtml">the </span><span class="pp-class-118 pa t17887 l18102" xmlns="http://www.w3.org/1999/xhtml">AUBO </span><span class="pp-class-118 pa t17887 l1430" xmlns="http://www.w3.org/1999/xhtml">brand </span><span class="pp-class-118 pa t17887 l18103" xmlns="http://www.w3.org/1999/xhtml">and </span><span class="pp-class-118 pa t17887 l18104" xmlns="http://www.w3.org/1999/xhtml">the </span><span class="pp-class-118 pa t17887 l18105" xmlns="http://www.w3.org/1999/xhtml">Celebert </span><span class="pp-class-118 pa t17887 l18106" xmlns="http://www.w3.org/1999/xhtml">brand/domain, </span><span class="pp-class-118 pa t17887 l18107" xmlns="http://www.w3.org/1999/xhtml">are </span><span class="pp-class-118 pa t17892 l3" xmlns="http://www.w3.org/1999/xhtml">recognised </span><span class="pp-class-118 pa t17892 l4260" xmlns="http://www.w3.org/1999/xhtml">at </span><span class="pp-class-118 pa t17892 l4253" xmlns="http://www.w3.org/1999/xhtml">cost </span><span class="pp-class-118 pa t17892 l17016" xmlns="http://www.w3.org/1999/xhtml">less </span><span class="pp-class-118 pa t17892 l18108" xmlns="http://www.w3.org/1999/xhtml">accumulated </span><span class="pp-class-118 pa t17892 l18109" xmlns="http://www.w3.org/1999/xhtml">amortisation </span><span class="pp-class-118 pa t17892 l18110" xmlns="http://www.w3.org/1999/xhtml">and </span><span class="pp-class-118 pa t18111 l3" xmlns="http://www.w3.org/1999/xhtml">any </span><span class="pp-class-118 pa t18111 l18112" xmlns="http://www.w3.org/1999/xhtml">impairment. </span><span class="pp-class-118 pa t18111 l18113" xmlns="http://www.w3.org/1999/xhtml">This </span><span class="pp-class-118 pa t18111 l18114" xmlns="http://www.w3.org/1999/xhtml">also </span><span class="pp-class-118 pa t18111 l18115" xmlns="http://www.w3.org/1999/xhtml">includes </span><span class="pp-class-118 pa t18111 l18116" xmlns="http://www.w3.org/1999/xhtml">capitalised </span><span class="pp-class-118 pa t18111 l18117" xmlns="http://www.w3.org/1999/xhtml">costs </span><span class="pp-class-118 pa t18111 l18118" xmlns="http://www.w3.org/1999/xhtml">for </span><span class="pp-class-118 pa t17894 l3" xmlns="http://www.w3.org/1999/xhtml">purchases, </span><span class="pp-class-118 pa t17894 l18119" xmlns="http://www.w3.org/1999/xhtml">and </span><span class="pp-class-118 pa t17894 l18120" xmlns="http://www.w3.org/1999/xhtml">internal </span><span class="pp-class-118 pa t17894 l18121" xmlns="http://www.w3.org/1999/xhtml">and </span><span class="pp-class-118 pa t17894 l18122" xmlns="http://www.w3.org/1999/xhtml">external </span><span class="pp-class-118 pa t17894 l18123" xmlns="http://www.w3.org/1999/xhtml">costs </span><span class="pp-class-118 pa t17894 l18124" xmlns="http://www.w3.org/1999/xhtml">for </span><span class="pp-class-118 pa t17894 l18125" xmlns="http://www.w3.org/1999/xhtml">the </span><span class="pp-class-118 pa t17894 l18126" xmlns="http://www.w3.org/1999/xhtml">devel-</span><span class="pp-class-118 pa t17902 l3" xmlns="http://www.w3.org/1999/xhtml">opment </span><span class="pp-class-118 pa t17902 l16796" xmlns="http://www.w3.org/1999/xhtml">of </span><span class="pp-class-118 pa t17902 l18127" xmlns="http://www.w3.org/1999/xhtml">software </span><span class="pp-class-118 pa t17902 l12784" xmlns="http://www.w3.org/1999/xhtml">for </span><span class="pp-class-118 pa t17902 l18128" xmlns="http://www.w3.org/1999/xhtml">the </span><span class="pp-class-118 pa t17902 l13049" xmlns="http://www.w3.org/1999/xhtml">Group’s </span><span class="pp-class-118 pa t17902 l18129" xmlns="http://www.w3.org/1999/xhtml">IT </span><span class="pp-class-118 pa t17902 l7450" xmlns="http://www.w3.org/1999/xhtml">operations, </span><span class="pp-class-118 pa t17902 l11770" xmlns="http://www.w3.org/1999/xhtml">pat-</span><span class="pp-class-118 pa t17909 l3" xmlns="http://www.w3.org/1999/xhtml">ents </span><span class="pp-class-118 pa t17909 l6940" xmlns="http://www.w3.org/1999/xhtml">and </span><span class="pp-class-118 pa t17909 l2927" xmlns="http://www.w3.org/1999/xhtml">licences. </span><span class="pp-class-118 pa t17909 l18130" xmlns="http://www.w3.org/1999/xhtml">Amortisation </span><span class="pp-class-118 pa t17909 l18131" xmlns="http://www.w3.org/1999/xhtml">is </span><span class="pp-class-118 pa t17909 l18132" xmlns="http://www.w3.org/1999/xhtml">calculated </span><span class="pp-class-118 pa t17909 l18133" xmlns="http://www.w3.org/1999/xhtml">according </span><span class="pp-class-118 pa t18134 l3" xmlns="http://www.w3.org/1999/xhtml">to </span><span class="pp-class-118 pa t18134 l2249" xmlns="http://www.w3.org/1999/xhtml">the </span><span class="pp-class-118 pa t18134 l13031" xmlns="http://www.w3.org/1999/xhtml">straight-line </span><span class="pp-class-118 pa t18134 l18135" xmlns="http://www.w3.org/1999/xhtml">method </span><span class="pp-class-118 pa t18134 l18136" xmlns="http://www.w3.org/1999/xhtml">based </span><span class="pp-class-118 pa t18134 l18137" xmlns="http://www.w3.org/1999/xhtml">on </span><span class="pp-class-118 pa t18134 l6902" xmlns="http://www.w3.org/1999/xhtml">the </span><span class="pp-class-118 pa t18134 l17203" xmlns="http://www.w3.org/1999/xhtml">estimated </span><span class="pp-class-118 pa t18134 l18138" xmlns="http://www.w3.org/1999/xhtml">use-</span><span class="pp-class-118 pa t17916 l3" xmlns="http://www.w3.org/1999/xhtml">ful </span><span class="pp-class-118 pa t17916 l18139" xmlns="http://www.w3.org/1999/xhtml">life </span><span class="pp-class-118 pa t17916 l18140" xmlns="http://www.w3.org/1999/xhtml">of </span><span class="pp-class-118 pa t17916 l18141" xmlns="http://www.w3.org/1999/xhtml">the </span><span class="pp-class-118 pa t17916 l18142" xmlns="http://www.w3.org/1999/xhtml">asset </span><span class="pp-class-118 pa t17916 l9390" xmlns="http://www.w3.org/1999/xhtml">(3-10 </span><span class="pp-class-118 pa t17916 l18143" xmlns="http://www.w3.org/1999/xhtml">years).</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-120 pa t18144 l3 ls18145">Property, </span><span class="pp-class-120 pa t18144 l18146 ls2759">plant </span><span class="pp-class-120 pa t18144 l18147 ls2759">and </span><span class="pp-class-120 pa t18144 l18148 ls176">equipment</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-118 pa t17938 l3">Property, </span><span class="pp-class-118 pa t17938 l18149">plant </span><span class="pp-class-118 pa t17938 l18150">and </span><span class="pp-class-118 pa t17938 l18151">equipment </span><span class="pp-class-118 pa t17938 l18152">are </span><span class="pp-class-118 pa t17938 l18153">recognised </span><span class="pp-class-118 pa t17938 l18154">at </span><span class="pp-class-118 pa t17938 l18155">cost </span><span class="pp-class-118 pa t17945 l3">with </span><span class="pp-class-118 pa t17945 l2056">deductions </span><span class="pp-class-118 pa t17945 l10289">for </span><span class="pp-class-118 pa t17945 l6783">depreciation </span><span class="pp-class-118 pa t17945 l18156">and </span><span class="pp-class-118 pa t17945 l18157">any </span><span class="pp-class-118 pa t17945 l18158">impairment. </span><span class="pp-class-118 pa t18159 l3">Cost </span><span class="pp-class-118 pa t18159 l17594">includes </span><span class="pp-class-118 pa t18159 l18160">expenses </span><span class="pp-class-118 pa t18159 l8632">that </span><span class="pp-class-118 pa t18159 l18161">can </span><span class="pp-class-118 pa t18159 l18162">be </span><span class="pp-class-118 pa t18159 l18163">directly </span><span class="pp-class-118 pa t18159 l18164">attributed </span><span class="pp-class-118 pa t18159 l18165">to </span><span class="pp-class-118 pa t17946 l3">the </span><span class="pp-class-118 pa t17946 l1444">acquisition. </span><span class="pp-class-118 pa t17946 l18166">Costs </span><span class="pp-class-118 pa t17946 l18167">for </span><span class="pp-class-118 pa t17946 l18168">repairs </span><span class="pp-class-118 pa t17946 l18169">and </span><span class="pp-class-118 pa t17946 l17464">maintenance </span><span class="pp-class-118 pa t17946 l1953">are </span><span class="pp-class-118 pa t17954 l3">recognised </span><span class="pp-class-118 pa t17954 l4260">as </span><span class="pp-class-118 pa t17954 l18170">costs </span><span class="pp-class-118 pa t17954 l11648">in </span><span class="pp-class-118 pa t17954 l18171">the </span><span class="pp-class-118 pa t17954 l46">income </span><span class="pp-class-118 pa t17954 l18172">statement </span><span class="pp-class-118 pa t17954 l18173">in </span><span class="pp-class-118 pa t17954 l18174">the </span><span class="pp-class-118 pa t17962 l3">period </span><span class="pp-class-118 pa t17962 l18175">in </span><span class="pp-class-118 pa t17962 l18176">which </span><span class="pp-class-118 pa t17962 l18177">they </span><span class="pp-class-118 pa t17962 l10069">arise.</span></p></div></div><div class="pp-class-7" id="pp-id-3320" xmlns="http://www.w3.org/1999/xhtml"><div class="w485 h18181 pa t2 l3 wtro4 xx30 tro6 xx31"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-118 pa t18182 l3">If </span><span class="pp-class-118 pa t18182 l17131">an </span><span class="pp-class-118 pa t18182 l18183">asset’s </span><span class="pp-class-118 pa t18182 l18184">carrying </span><span class="pp-class-118 pa t18182 l18185">amount </span><span class="pp-class-118 pa t18182 l12002">exceeds </span><span class="pp-class-118 pa t18182 l18186">its </span><span class="pp-class-118 pa t18182 l18187">estimated </span><span class="pp-class-118 pa t18188 l3">recoverable </span><span class="pp-class-118 pa t18188 l12402">amount, </span><span class="pp-class-118 pa t18188 l18189">the </span><span class="pp-class-118 pa t18188 l17911">asset </span><span class="pp-class-118 pa t18188 l12018">is </span><span class="pp-class-118 pa t18188 l18190">written </span><span class="pp-class-118 pa t18188 l6701">down </span><span class="pp-class-118 pa t18188 l17532">to </span><span class="pp-class-118 pa t18188 l4123">the </span><span class="pp-class-118 pa t18191 l3">recoverable </span><span class="pp-class-118 pa t18191 l12402">amount, </span><span class="pp-class-118 pa t18191 l18189">and </span><span class="pp-class-118 pa t18191 l18192">the </span><span class="pp-class-118 pa t18191 l18193">write-down </span><span class="pp-class-118 pa t18191 l18194">is </span><span class="pp-class-118 pa t18191 l6290">recognised </span><span class="pp-class-118 pa t18195 l3">in </span><span class="pp-class-118 pa t18195 l1343">the </span><span class="pp-class-118 pa t18195 l12867">income </span><span class="pp-class-118 pa t18195 l18196">statement.</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-118 pa t18197 l3">In </span><span class="pp-class-118 pa t18197 l669">the </span><span class="pp-class-118 pa t18197 l4712">income </span><span class="pp-class-118 pa t18197 l18198">statement, </span><span class="pp-class-118 pa t18197 l18199">operating </span><span class="pp-class-118 pa t18197 l4666">profit </span><span class="pp-class-118 pa t18197 l1608">is </span><span class="pp-class-118 pa t18197 l18200">reduced </span><span class="pp-class-118 pa t18197 l18201">by </span><span class="pp-class-118 pa t18202 l3">straight-line </span><span class="pp-class-118 pa t18202 l7654">depreciation, </span><span class="pp-class-118 pa t18202 l18203">which </span><span class="pp-class-118 pa t18202 l18204">is </span><span class="pp-class-118 pa t18202 l18205">calculated </span><span class="pp-class-118 pa t18202 l18206">on </span><span class="pp-class-118 pa t18202 l11598">the </span><span class="pp-class-118 pa t18207 l3">original </span><span class="pp-class-118 pa t18207 l18208">cost </span><span class="pp-class-118 pa t18207 l18209">less </span><span class="pp-class-118 pa t18207 l9829">estimated </span><span class="pp-class-118 pa t18207 l18210">residual </span><span class="pp-class-118 pa t18207 l18211">value </span><span class="pp-class-118 pa t18207 l18212">after </span><span class="pp-class-118 pa t18207 l6871">useful </span><span class="pp-class-118 pa t18213 l3">life </span><span class="pp-class-118 pa t18213 l18214">and </span><span class="pp-class-118 pa t18213 l18215">is </span><span class="pp-class-118 pa t18213 l18216">based </span><span class="pp-class-118 pa t18213 l18217">on </span><span class="pp-class-118 pa t18213 l9481">the </span><span class="pp-class-118 pa t18213 l18218">estimated </span><span class="pp-class-118 pa t18213 l18219">useful </span><span class="pp-class-118 pa t18213 l18220">life </span><span class="pp-class-118 pa t18213 l18221">of </span><span class="pp-class-118 pa t18213 l13976">the </span><span class="pp-class-118 pa t18213 l11770">assets </span><span class="pp-class-118 pa t18222 l3">as </span><span class="pp-class-118 pa t18222 l604">follows:</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-118 pa t18223 l3">Buildings </span><span class="pp-class-118 pa t18223 l18224">40 </span><span class="pp-class-118 pa t18223 l18225">years</span><span class="pp-class-118 pa t18226 l3">Machinery </span><span class="pp-class-118 pa t18226 l17904">and </span><span class="pp-class-118 pa t18226 l18227">other </span><span class="pp-class-118 pa t18226 l18228">technical </span><span class="pp-class-118 pa t18226 l18229">equipment</span><span class="pp-class-118 pa t18226 l18230">5-12 </span><span class="pp-class-118 pa t18226 l18225">years</span><span class="pp-class-118 pa t18231 l3">Equipment, </span><span class="pp-class-118 pa t18231 l9894">tools, </span><span class="pp-class-118 pa t18231 l706">fixtures </span><span class="pp-class-118 pa t18231 l18232">and </span><span class="pp-class-118 pa t18231 l11691">fittings</span><span class="pp-class-118 pa t18231 l18233">3-5 </span><span class="pp-class-118 pa t18231 l18225">years</span><span class="pp-class-118 pa t18234 l3">Land </span><span class="pp-class-118 pa t18234 l18235">is </span><span class="pp-class-118 pa t18234 l18236">not </span><span class="pp-class-118 pa t18234 l18237">depreciated.</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-118 pa t18238 l3">Expected </span><span class="pp-class-118 pa t18238 l18239">useful </span><span class="pp-class-118 pa t18238 l17274">life </span><span class="pp-class-118 pa t18238 l18240">and </span><span class="pp-class-118 pa t18238 l8561">residual </span><span class="pp-class-118 pa t18238 l18241">value </span><span class="pp-class-118 pa t18238 l18242">are </span><span class="pp-class-118 pa t18238 l7351">reviewed </span><span class="pp-class-118 pa t18243 l3">annually.</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-120 pa t18244 l3 ls4484">Research </span><span class="pp-class-120 pa t18244 l18245 ls2759">and </span><span class="pp-class-120 pa t18244 l18246 ls2759">product </span><span class="pp-class-120 pa t18244 l18247 ls4751">development</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-118 pa t18248 l3">Costs </span><span class="pp-class-118 pa t18248 l18249">for </span><span class="pp-class-118 pa t18248 l8321">product </span><span class="pp-class-118 pa t18248 l7439">development </span><span class="pp-class-118 pa t18248 l18250">are </span><span class="pp-class-118 pa t18248 l18251">expensed </span><span class="pp-class-118 pa t18248 l18252">immedi-</span><span class="pp-class-118 pa t18253 l3">ately </span><span class="pp-class-118 pa t18253 l17104">as </span><span class="pp-class-118 pa t18253 l18254">and </span><span class="pp-class-118 pa t18253 l18255">when </span><span class="pp-class-118 pa t18253 l18256">they </span><span class="pp-class-118 pa t18253 l18257">arise </span><span class="pp-class-118 pa t18253 l18258">and </span><span class="pp-class-118 pa t18253 l10278">are </span><span class="pp-class-118 pa t18253 l18259">presented </span><span class="pp-class-118 pa t18253 l18260">in </span><span class="pp-class-118 pa t18261 l3">administrative </span><span class="pp-class-118 pa t18261 l18262">expenses.</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-118 pa t18263 l3">Product </span><span class="pp-class-118 pa t18263 l9893">development </span><span class="pp-class-118 pa t18263 l18264">within </span><span class="pp-class-118 pa t18263 l18265">the </span><span class="pp-class-118 pa t18263 l18266">Group </span><span class="pp-class-118 pa t18263 l6591">is </span><span class="pp-class-118 pa t18263 l18267">mainly </span><span class="pp-class-118 pa t18263 l18268">in </span><span class="pp-class-118 pa t18263 l6022">the </span><span class="pp-class-118 pa t18269 l3">form </span><span class="pp-class-118 pa t18269 l4101">of </span><span class="pp-class-118 pa t18269 l18270">design </span><span class="pp-class-118 pa t18269 l18271">development </span><span class="pp-class-118 pa t18269 l12285">and </span><span class="pp-class-118 pa t18269 l18272">is </span><span class="pp-class-118 pa t18269 l9633">conducted </span><span class="pp-class-118 pa t18269 l18273">continu-</span><span class="pp-class-118 pa t18274 l3">ously </span><span class="pp-class-118 pa t18274 l1282">to </span><span class="pp-class-118 pa t18274 l18275">adapt </span><span class="pp-class-118 pa t18274 l18276">to </span><span class="pp-class-118 pa t18274 l18277">current </span><span class="pp-class-118 pa t18274 l18278">style </span><span class="pp-class-118 pa t18274 l9908">trends. </span><span class="pp-class-118 pa t18274 l8570">To </span><span class="pp-class-118 pa t18274 l18279">a </span><span class="pp-class-118 pa t18274 l18280">large </span><span class="pp-class-118 pa t18274 l18281">extent, </span><span class="pp-class-118 pa t18282 l3">product </span><span class="pp-class-118 pa t18282 l1964">development </span><span class="pp-class-118 pa t18282 l7422">is </span><span class="pp-class-118 pa t18282 l4440">based </span><span class="pp-class-118 pa t18282 l18283">on </span><span class="pp-class-118 pa t18282 l18284">the </span><span class="pp-class-118 pa t18282 l18285">further </span><span class="pp-class-118 pa t18282 l18286">develop-</span><span class="pp-class-118 pa t18287 l3">ment </span><span class="pp-class-118 pa t18287 l17839">of </span><span class="pp-class-118 pa t18287 l18288">existing </span><span class="pp-class-118 pa t18287 l15376">materials </span><span class="pp-class-118 pa t18287 l18289">and </span><span class="pp-class-118 pa t18287 l18290">designs, </span><span class="pp-class-118 pa t18287 l9344">which </span><span class="pp-class-118 pa t18287 l18291">is </span><span class="pp-class-118 pa t18287 l18292">why </span><span class="pp-class-118 pa t18287 l18293">no </span><span class="pp-class-118 pa t18294 l3">portion </span><span class="pp-class-118 pa t18294 l18295">of </span><span class="pp-class-118 pa t18294 l18296">the </span><span class="pp-class-118 pa t18294 l18297">costs </span><span class="pp-class-118 pa t18294 l9391">for </span><span class="pp-class-118 pa t18294 l18298">product </span><span class="pp-class-118 pa t18294 l2210">development </span><span class="pp-class-118 pa t18294 l15052">is </span><span class="pp-class-118 pa t18294 l9478">recog-</span><span class="pp-class-118 pa t18299 l3">nised </span><span class="pp-class-118 pa t18299 l17154">as </span><span class="pp-class-118 pa t18299 l18300">an </span><span class="pp-class-118 pa t18299 l17083">intangible </span><span class="pp-class-118 pa t18299 l827">asset. </span><span class="pp-class-118 pa t18299 l18301">The </span><span class="pp-class-118 pa t18299 l18302">Group </span><span class="pp-class-118 pa t18299 l18303">does </span><span class="pp-class-118 pa t18299 l18304">not </span><span class="pp-class-118 pa t18299 l18305">carry </span><span class="pp-class-118 pa t18306 l3">out </span><span class="pp-class-118 pa t18306 l18307">research </span><span class="pp-class-118 pa t18306 l9846">and </span><span class="pp-class-118 pa t18306 l18308">development </span><span class="pp-class-118 pa t18306 l18309">in </span><span class="pp-class-118 pa t18306 l13941">the </span><span class="pp-class-118 pa t18306 l18310">true </span><span class="pp-class-118 pa t18306 l18311">sense, </span><span class="pp-class-118 pa t18306 l18312">or </span><span class="pp-class-118 pa t18306 l18313">to </span><span class="pp-class-118 pa t18314 l3">any </span><span class="pp-class-118 pa t18314 l18112">significant </span><span class="pp-class-118 pa t18314 l18315">extent.</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-120 pa t18316 l3 ls1731">Leases</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-118 pa t18317 l3">When </span><span class="pp-class-118 pa t18317 l18318 ls786">entering </span><span class="pp-class-118 pa t18317 l18319">into </span><span class="pp-class-118 pa t18317 l18320">an </span><span class="pp-class-118 pa t18317 l18321">agreement, </span><span class="pp-class-118 pa t18317 l18322">the </span><span class="pp-class-118 pa t18317 l18323">company </span><span class="pp-class-118 pa t18317 l18324">assesses </span><span class="pp-class-118 pa t18325 l3">whether </span><span class="pp-class-118 pa t18325 l18326">an </span><span class="pp-class-118 pa t18325 l18327">agreement </span><span class="pp-class-118 pa t18325 l18328">is </span><span class="pp-class-118 pa t18325 l6584">a </span><span class="pp-class-118 pa t18325 l18329">lease </span><span class="pp-class-118 pa t18325 l18330">agreement </span><span class="pp-class-118 pa t18325 l18331">or </span><span class="pp-class-118 pa t18325 l18332">contains </span><span class="pp-class-118 pa t18325 l18333">a </span><span class="pp-class-118 pa t18334 l3">lease </span><span class="pp-class-118 pa t18334 l18335">element. </span><span class="pp-class-118 pa t18334 l18336">A </span><span class="pp-class-118 pa t18334 l10767">lease </span><span class="pp-class-118 pa t18334 l2095">is </span><span class="pp-class-118 pa t18334 l11279">an </span><span class="pp-class-118 pa t18334 l18337">agreement </span><span class="pp-class-118 pa t18334 l18338">that </span><span class="pp-class-118 pa t18334 l18339">transfers </span><span class="pp-class-118 pa t18334 l18340">the </span><span class="pp-class-118 pa t18341 l3">right </span><span class="pp-class-118 pa t18341 l18342">to </span><span class="pp-class-118 pa t18341 l18343">control </span><span class="pp-class-118 pa t18341 l18344">the </span><span class="pp-class-118 pa t18341 l7306">use </span><span class="pp-class-118 pa t18341 l18345">of </span><span class="pp-class-118 pa t18341 l18346">an </span><span class="pp-class-118 pa t18341 l10269">identifiable </span><span class="pp-class-118 pa t18341 l12697">asset </span><span class="pp-class-118 pa t18341 l18347">for </span><span class="pp-class-118 pa t18341 l18348">a </span><span class="pp-class-118 pa t18349 l3">period </span><span class="pp-class-118 pa t18349 l18175">against </span><span class="pp-class-118 pa t18349 l18350">payment. </span><span class="pp-class-118 pa t18349 l11689">In </span><span class="pp-class-118 pa t18349 l18351">assessing </span><span class="pp-class-118 pa t18349 l18352">whether </span><span class="pp-class-118 pa t18349 l18353">an </span><span class="pp-class-118 pa t18349 l18354">agree-</span><span class="pp-class-118 pa t18355 l3">ment </span><span class="pp-class-118 pa t18355 l17839">contains </span><span class="pp-class-118 pa t18355 l18356">a </span><span class="pp-class-118 pa t18355 l18357">lease </span><span class="pp-class-118 pa t18355 l18358">item </span><span class="pp-class-118 pa t18355 l4687">that </span><span class="pp-class-118 pa t18355 l12302">has </span><span class="pp-class-118 pa t18355 l18359">been </span><span class="pp-class-118 pa t18355 l18360">transferred </span><span class="pp-class-118 pa t18355 l18361">to </span></p></div></div><div class="pp-class-7" id="pp-id-3312" xmlns="http://www.w3.org/1999/xhtml"><div class="w485 h16754 pa t2 l3 wtro4 xx30 tro6 xx31"><p class="pp-class-107 pp-area-text"><span class="pp-class-118 pa t16755 l3">the </span><span class="pp-class-118 pa t16755 l1444">lessee, </span><span class="pp-class-118 pa t16755 l2578">it </span><span class="pp-class-118 pa t16755 l18362">is </span><span class="pp-class-118 pa t16755 l18363">necessary </span><span class="pp-class-118 pa t16755 l18364">to </span><span class="pp-class-118 pa t16755 l18365">consider </span><span class="pp-class-118 pa t16755 l18366">whether </span><span class="pp-class-118 pa t16755 l18367">the </span><span class="pp-class-118 pa t16755 l18368">lessee </span><span class="pp-class-118 pa t16757 l3">has </span><span class="pp-class-118 pa t16757 l14274">the </span><span class="pp-class-118 pa t16757 l18369">right, </span><span class="pp-class-118 pa t16757 l18370">during </span><span class="pp-class-118 pa t16757 l14286">the </span><span class="pp-class-118 pa t16757 l18371">useful </span><span class="pp-class-118 pa t16757 l18372">life, </span><span class="pp-class-118 pa t16757 l18373">to </span><span class="pp-class-118 pa t16757 l18374">obtain </span><span class="pp-class-118 pa t16757 l18375">virtually </span><span class="pp-class-118 pa t18376 l3">all </span><span class="pp-class-118 pa t18376 l12254">the </span><span class="pp-class-118 pa t18376 l8954">economic </span><span class="pp-class-118 pa t18376 l18377">benefits </span><span class="pp-class-118 pa t18376 l18378">from </span><span class="pp-class-118 pa t18376 l18379">the </span><span class="pp-class-118 pa t18376 l18380">use </span><span class="pp-class-118 pa t18376 l11829">of </span><span class="pp-class-118 pa t18376 l9529">the </span><span class="pp-class-118 pa t18376 l16945">identifiable </span><span class="pp-class-118 pa t16759 l3">asset </span><span class="pp-class-118 pa t16759 l18381">and </span><span class="pp-class-118 pa t16759 l18382">the </span><span class="pp-class-118 pa t16759 l10045">right </span><span class="pp-class-118 pa t16759 l9954">to </span><span class="pp-class-118 pa t16759 l18383">decide </span><span class="pp-class-118 pa t16759 l18384">on </span><span class="pp-class-118 pa t16759 l18385">the </span><span class="pp-class-118 pa t16759 l18386">use </span><span class="pp-class-118 pa t16759 l18387">of </span><span class="pp-class-118 pa t16759 l18388">the </span><span class="pp-class-118 pa t16759 l18389">identifi- </span><span class="pp-class-118 pa t16766 l3">able </span><span class="pp-class-118 pa t16766 l18390">asset.</span></p><p class="pp-class-107 pp-area-text"><span class="pp-class-118 pa t16780 l3">The </span><span class="pp-class-118 pa t16780 l550">company </span><span class="pp-class-118 pa t16780 l18391">recognises </span><span class="pp-class-118 pa t16780 l18392">a </span><span class="pp-class-118 pa t16780 l18393">right </span><span class="pp-class-118 pa t16780 l18394">of </span><span class="pp-class-118 pa t16780 l17612">use </span><span class="pp-class-118 pa t16780 l18395">(the </span><span class="pp-class-118 pa t16780 l18396">asset) </span><span class="pp-class-118 pa t16780 l18397">and </span><span class="pp-class-118 pa t16780 l18398">a </span><span class="pp-class-118 pa t16788 l3">lease </span><span class="pp-class-118 pa t16788 l18335">obligation </span><span class="pp-class-118 pa t16788 l18399">at </span><span class="pp-class-118 pa t16788 l6488">the </span><span class="pp-class-118 pa t16788 l18400">start </span><span class="pp-class-118 pa t16788 l18401">of </span><span class="pp-class-118 pa t16788 l18402">the </span><span class="pp-class-118 pa t16788 l18403">lease </span><span class="pp-class-118 pa t16788 l18404">period.</span></p><p class="pp-class-107 pp-area-text"><span class="pp-class-118 pa t16801 l3">The </span><span class="pp-class-118 pa t16801 l550">right-of-use </span><span class="pp-class-118 pa t16801 l18405">asset </span><span class="pp-class-118 pa t16801 l18345">is </span><span class="pp-class-118 pa t16801 l18406">measured </span><span class="pp-class-118 pa t16801 l18407">at </span><span class="pp-class-118 pa t16801 l18408">cost, </span><span class="pp-class-118 pa t16801 l18409">which </span><span class="pp-class-118 pa t16801 l18410">is </span><span class="pp-class-118 pa t16801 l18411">cal-</span><span class="pp-class-118 pa t16806 l3">culated </span><span class="pp-class-118 pa t16806 l11599">as </span><span class="pp-class-118 pa t16806 l6843">the </span><span class="pp-class-118 pa t16806 l18412">present </span><span class="pp-class-118 pa t16806 l18413">value </span><span class="pp-class-118 pa t16806 l6469">of </span><span class="pp-class-118 pa t16806 l18414">the </span><span class="pp-class-118 pa t16806 l18415">lease </span><span class="pp-class-118 pa t16806 l13514">obligation </span><span class="pp-class-118 pa t16806 l18416">plus </span><span class="pp-class-118 pa t18417 l3">any </span><span class="pp-class-118 pa t18417 l18112">direct </span><span class="pp-class-118 pa t18417 l18418">costs </span><span class="pp-class-118 pa t18417 l1205">associated </span><span class="pp-class-118 pa t18417 l18419">with </span><span class="pp-class-118 pa t18417 l18420">entering </span><span class="pp-class-118 pa t18417 l18421">into </span><span class="pp-class-118 pa t18417 l18422">the </span><span class="pp-class-118 pa t18417 l18423">lease, </span><span class="pp-class-118 pa t16810 l3">any </span><span class="pp-class-118 pa t16810 l18112">costs </span><span class="pp-class-118 pa t16810 l5945">for </span><span class="pp-class-118 pa t16810 l419">demolition </span><span class="pp-class-118 pa t16810 l12252">and </span><span class="pp-class-118 pa t16810 l18424">disposal </span><span class="pp-class-118 pa t16810 l18425">of </span><span class="pp-class-118 pa t16810 l18426">the </span><span class="pp-class-118 pa t16810 l18427">asset </span><span class="pp-class-118 pa t16810 l16632">at </span><span class="pp-class-118 pa t16810 l18428">the </span><span class="pp-class-118 pa t16817 l3">end </span><span class="pp-class-118 pa t16817 l6733">of </span><span class="pp-class-118 pa t16817 l6734">the </span><span class="pp-class-118 pa t16817 l6735">lease </span><span class="pp-class-118 pa t16817 l18429">period </span><span class="pp-class-118 pa t16817 l9886">that </span><span class="pp-class-118 pa t16817 l18430">the </span><span class="pp-class-118 pa t16817 l18431">lessee </span><span class="pp-class-118 pa t16817 l18432">is </span><span class="pp-class-118 pa t16817 l18433">obliged </span><span class="pp-class-118 pa t16817 l18434">to </span><span class="pp-class-118 pa t16817 l2018">pay, </span><span class="pp-class-118 pa t16824 l3">and </span><span class="pp-class-118 pa t16824 l1110">prepaid </span><span class="pp-class-118 pa t16824 l18435">lease </span><span class="pp-class-118 pa t16824 l2117">payments.</span></p><p class="pp-class-107 pp-area-text"><span class="pp-class-118 pa t16836 l3">The </span><span class="pp-class-118 pa t16836 l550">right-of-use </span><span class="pp-class-118 pa t16836 l18405">asset </span><span class="pp-class-118 pa t16836 l18345">is </span><span class="pp-class-118 pa t16836 l18406">depreciated </span><span class="pp-class-118 pa t16836 l18436">on </span><span class="pp-class-118 pa t16836 l18437">a </span><span class="pp-class-118 pa t16836 l8377">straight-line </span><span class="pp-class-118 pa t16843 l3">basis </span><span class="pp-class-118 pa t16843 l9951">over </span><span class="pp-class-118 pa t16843 l15366">the </span><span class="pp-class-118 pa t16843 l1521">shorter </span><span class="pp-class-118 pa t16843 l18438">of </span><span class="pp-class-118 pa t16843 l18439">the </span><span class="pp-class-118 pa t16843 l18440">lease </span><span class="pp-class-118 pa t16843 l18441">term </span><span class="pp-class-118 pa t16843 l18442">and </span><span class="pp-class-118 pa t16843 l18443">the </span><span class="pp-class-118 pa t16843 l18444">useful </span><span class="pp-class-118 pa t16850 l3">life </span><span class="pp-class-118 pa t16850 l18214">of </span><span class="pp-class-118 pa t16850 l18445">the </span><span class="pp-class-118 pa t16850 l11892">asset. </span><span class="pp-class-118 pa t16850 l18446">If </span><span class="pp-class-118 pa t16850 l14753">the </span><span class="pp-class-118 pa t16850 l18447">lease </span><span class="pp-class-118 pa t16850 l13909">agreement </span><span class="pp-class-118 pa t16850 l11815">contains </span><span class="pp-class-118 pa t16850 l18448">a </span><span class="pp-class-118 pa t16850 l18449">pur-</span><span class="pp-class-118 pa t18450 l3">chase </span><span class="pp-class-118 pa t18450 l18451">option </span><span class="pp-class-118 pa t18450 l18452">that </span><span class="pp-class-118 pa t18450 l18453">the </span><span class="pp-class-118 pa t18450 l18454">company </span><span class="pp-class-118 pa t18450 l13885">expects </span><span class="pp-class-118 pa t18450 l18455">to </span><span class="pp-class-118 pa t18450 l18456">exercise, </span><span class="pp-class-118 pa t18450 l18457">the </span><span class="pp-class-118 pa t18458 l3">right-of-use </span><span class="pp-class-118 pa t18458 l18459">asset </span><span class="pp-class-118 pa t18458 l18460 ls786">is </span><span class="pp-class-118 pa t18458 l18461">depreciated </span><span class="pp-class-118 pa t18458 l18462">on </span><span class="pp-class-118 pa t18458 l18463">a </span><span class="pp-class-118 pa t18458 l18464 ls786">straight-line </span><span class="pp-class-118 pa t18458 l18465">basis </span><span class="pp-class-118 pa t16853 l3">over </span><span class="pp-class-118 pa t16853 l16694">the </span><span class="pp-class-118 pa t16853 l16695">total </span><span class="pp-class-118 pa t16853 l12605">expected </span><span class="pp-class-118 pa t16853 l18466">useful </span><span class="pp-class-118 pa t16853 l18467">life </span><span class="pp-class-118 pa t16853 l18468">of </span><span class="pp-class-118 pa t16853 l18469">the </span><span class="pp-class-118 pa t16853 l18470">asset.</span></p><p class="pp-class-107 pp-area-text"><span class="pp-class-118 pa t16863 l3">The </span><span class="pp-class-118 pa t16863 l550">company’s </span><span class="pp-class-118 pa t16863 l18471">vehicle </span><span class="pp-class-118 pa t16863 l18472">leases </span><span class="pp-class-118 pa t16863 l18473">include </span><span class="pp-class-118 pa t16863 l18474">a </span><span class="pp-class-118 pa t16863 l18475">service </span><span class="pp-class-118 pa t16863 l18476">element </span><span class="pp-class-118 pa t16869 l3">in </span><span class="pp-class-118 pa t16869 l1343">the </span><span class="pp-class-118 pa t16869 l12867">payments </span><span class="pp-class-118 pa t16869 l18477">to </span><span class="pp-class-118 pa t16869 l18478">the </span><span class="pp-class-118 pa t16869 l18479">lessor. </span><span class="pp-class-118 pa t16869 l18480">This </span><span class="pp-class-118 pa t16869 l18481">service </span><span class="pp-class-118 pa t16869 l18482">element </span><span class="pp-class-118 pa t16869 l59">is </span><span class="pp-class-118 pa t16875 l3">deducted </span><span class="pp-class-118 pa t16875 l18483">from </span><span class="pp-class-118 pa t16875 l18484">the </span><span class="pp-class-118 pa t16875 l18485">lease </span><span class="pp-class-118 pa t16875 l15411">payment </span><span class="pp-class-118 pa t16875 l740">when </span><span class="pp-class-118 pa t16875 l18486">measuring </span><span class="pp-class-118 pa t16875 l18487">the </span><span class="pp-class-118 pa t16881 l3">lease </span><span class="pp-class-118 pa t16881 l18335">obligation. </span><span class="pp-class-118 pa t16881 l13691">Where </span><span class="pp-class-118 pa t16881 l18488">the </span><span class="pp-class-118 pa t16881 l18489">company </span><span class="pp-class-118 pa t16881 l18490">cannot </span><span class="pp-class-118 pa t16881 l18491">reliably </span><span class="pp-class-118 pa t16886 l3">separate </span><span class="pp-class-118 pa t16886 l18492">lease </span><span class="pp-class-118 pa t16886 l18493">and </span><span class="pp-class-118 pa t16886 l854">non-lease </span><span class="pp-class-118 pa t16886 l13552">items, </span><span class="pp-class-118 pa t16886 l18494">it </span><span class="pp-class-118 pa t16886 l9810">is </span><span class="pp-class-118 pa t16886 l1062">considered </span><span class="pp-class-118 pa t16886 l18031">a </span><span class="pp-class-118 pa t18495 l3">single </span><span class="pp-class-118 pa t18495 l18496">lease </span><span class="pp-class-118 pa t18495 l14624">payment.</span></p><p class="pp-class-107 pp-area-text"><span class="pp-class-118 pa t16895 l3">Short </span><span class="pp-class-118 pa t16895 l18497">leases </span><span class="pp-class-118 pa t16895 l18498">of </span><span class="pp-class-118 pa t16895 l18499">less </span><span class="pp-class-118 pa t16895 l4665">than </span><span class="pp-class-118 pa t16895 l18500">12 </span><span class="pp-class-118 pa t16895 l18501">months </span><span class="pp-class-118 pa t16895 l18502">and </span><span class="pp-class-118 pa t16895 l18503">leases </span><span class="pp-class-118 pa t16895 l18504">where </span><span class="pp-class-118 pa t16895 l14803">the </span><span class="pp-class-118 pa t16902 l3">underlying </span><span class="pp-class-118 pa t16902 l16680">asset </span><span class="pp-class-118 pa t16902 l18505">has </span><span class="pp-class-118 pa t16902 l18506">a </span><span class="pp-class-118 pa t16902 l18507">low </span><span class="pp-class-118 pa t16902 l18508">value </span><span class="pp-class-118 pa t16902 l8673">are </span><span class="pp-class-118 pa t16902 l18509">not </span><span class="pp-class-118 pa t16902 l11109">recognised </span><span class="pp-class-118 pa t16902 l18510">in </span><span class="pp-class-118 pa t16908 l3">the </span><span class="pp-class-118 pa t16908 l1444">balance </span><span class="pp-class-118 pa t16908 l17022">sheet.</span></p><p class="pp-class-107 pp-area-text"><span class="pp-class-118 pa t16919 l3">The </span><span class="pp-class-118 pa t16919 l550">lease </span><span class="pp-class-118 pa t16919 l18511">obligation, </span><span class="pp-class-118 pa t16919 l18512">which </span><span class="pp-class-118 pa t16919 l18513">is </span><span class="pp-class-118 pa t16919 l18514">recognised </span><span class="pp-class-118 pa t16919 l18515">under </span><span class="pp-class-118 pa t16919 l18516">lease </span><span class="pp-class-118 pa t18517 l3">liabilities, </span><span class="pp-class-118 pa t18517 l18518">is </span><span class="pp-class-118 pa t18517 l18519">measured </span><span class="pp-class-118 pa t18517 l18520">at </span><span class="pp-class-118 pa t18517 l18521">the </span><span class="pp-class-118 pa t18517 l18522">present </span><span class="pp-class-118 pa t18517 l18523">value </span><span class="pp-class-118 pa t18517 l18524">of </span><span class="pp-class-118 pa t18517 l11499">the </span><span class="pp-class-118 pa t18525 l3">remaining </span><span class="pp-class-118 pa t18525 l18526">lease </span><span class="pp-class-118 pa t18525 l18527">payments, </span><span class="pp-class-118 pa t18525 l18528">discounted </span><span class="pp-class-118 pa t18525 l18529">by </span><span class="pp-class-118 pa t18525 l18530">the </span><span class="pp-class-118 pa t18525 l18531">company’s </span><span class="pp-class-118 pa t16931 l3">incremental </span><span class="pp-class-118 pa t16931 l18532">loan </span><span class="pp-class-118 pa t16931 l18533">interest </span><span class="pp-class-118 pa t16931 l18534">rate </span><span class="pp-class-118 pa t16931 l18535">if </span><span class="pp-class-118 pa t16931 l18536">the </span><span class="pp-class-118 pa t16931 l18537">implicit </span><span class="pp-class-118 pa t16931 l18538">interest </span><span class="pp-class-118 pa t16931 l18539">rate </span><span class="pp-class-118 pa t16940 l3">is </span><span class="pp-class-118 pa t16940 l4125">not </span><span class="pp-class-118 pa t16940 l18540">stated </span><span class="pp-class-118 pa t16940 l1981">in </span><span class="pp-class-118 pa t16940 l18541">the </span><span class="pp-class-118 pa t16940 l18542">lease </span><span class="pp-class-118 pa t16940 l18543">agreement </span><span class="pp-class-118 pa t16940 l7408">or </span><span class="pp-class-118 pa t16940 l13202">cannot </span><span class="pp-class-118 pa t16940 l18544">reason- </span><span class="pp-class-118 pa t16947 l3">ably </span><span class="pp-class-118 pa t16947 l18545">be </span><span class="pp-class-118 pa t16947 l18546">determined. </span><span class="pp-class-118 pa t16947 l18547">The </span><span class="pp-class-118 pa t16947 l14827">lease </span><span class="pp-class-118 pa t16947 l12548">payment </span><span class="pp-class-118 pa t16947 l18548">consists </span><span class="pp-class-118 pa t16947 l12060">of </span><span class="pp-class-118 pa t16947 l18549">fixed </span><span class="pp-class-118 pa t16951 l3">and </span><span class="pp-class-118 pa t16951 l1110">variable </span><span class="pp-class-118 pa t16951 l680">lease </span><span class="pp-class-118 pa t16951 l18550">payments </span><span class="pp-class-118 pa t16951 l18551">that </span><span class="pp-class-118 pa t16951 l18552">are </span><span class="pp-class-118 pa t16951 l12777">regulated </span><span class="pp-class-118 pa t16951 l18553">by </span><span class="pp-class-118 pa t16951 l18554">index </span></p></div></div><div class="pp-class-7" id="pp-id-3321" xmlns="http://www.w3.org/1999/xhtml"><div class="w485 h18555 pa t2 l3 wtro4 xx30 tro6 xx31"><p class="pp-class-107 pp-area-text"><span class="pp-class-118 pa t1025 l3">or </span><span class="pp-class-118 pa t1025 l8418">interest </span><span class="pp-class-118 pa t1025 l18556">rate, </span><span class="pp-class-118 pa t1025 l18557">guaranteed </span><span class="pp-class-118 pa t1025 l18558">residual </span><span class="pp-class-118 pa t1025 l13212">values, </span><span class="pp-class-118 pa t1025 l18559">the </span><span class="pp-class-118 pa t1025 l18560">exercise </span><span class="pp-class-118 pa t1032 l3">of </span><span class="pp-class-118 pa t1032 l557">purchase </span><span class="pp-class-118 pa t1032 l18561">options </span><span class="pp-class-118 pa t1032 l18562">and </span><span class="pp-class-118 pa t1032 l18563">the </span><span class="pp-class-118 pa t1032 l18564">cost </span><span class="pp-class-118 pa t1032 l18565">of </span><span class="pp-class-118 pa t1032 l4723">cancelling </span><span class="pp-class-118 pa t1032 l18566">the </span><span class="pp-class-118 pa t1032 l10942">lease. </span><span class="pp-class-118 pa t1038 l3">The </span><span class="pp-class-118 pa t1038 l550">lease </span><span class="pp-class-118 pa t1038 l18511">obligation </span><span class="pp-class-118 pa t1038 l9745">is </span><span class="pp-class-118 pa t1038 l18567">subsequently </span><span class="pp-class-118 pa t1038 l13102">adjusted </span><span class="pp-class-118 pa t1038 l18568">if:</span></p><p class="pp-class-107 pp-area-text"><span class="pp-class-118 pa t1049 l2299">The </span><span class="pp-class-118 pa t1049 l2301">value </span><span class="pp-class-118 pa t1049 l18569">of </span><span class="pp-class-118 pa t1049 l18570">the </span><span class="pp-class-118 pa t1049 l18571">index </span><span class="pp-class-118 pa t1049 l18572">or </span><span class="pp-class-118 pa t1049 l18573">interest </span><span class="pp-class-118 pa t1049 l18574">rate </span><span class="pp-class-118 pa t1049 l18575">on </span><span class="pp-class-118 pa t1049 l13311">which </span><span class="pp-class-118 pa t1049 l18576">the </span><span class="pp-class-118 pa t1056 l2299">lease </span><span class="pp-class-118 pa t1056 l18577">payments </span><span class="pp-class-118 pa t1056 l18578">are </span><span class="pp-class-118 pa t1056 l3146">based </span><span class="pp-class-118 pa t1056 l18579">changes.</span></p><p class="pp-class-107 pp-area-text"><span class="pp-class-118 pa t1064 l2299">There </span><span class="pp-class-118 pa t1064 l18580">is </span><span class="pp-class-118 pa t1064 l18581">a </span><span class="pp-class-118 pa t1064 l18582">change </span><span class="pp-class-118 pa t1064 l18583">in </span><span class="pp-class-118 pa t1064 l18584">the </span><span class="pp-class-118 pa t1064 l18585">exercise </span><span class="pp-class-118 pa t1064 l18586">of </span><span class="pp-class-118 pa t1064 l18587">options </span><span class="pp-class-118 pa t1064 l18588">to </span><span class="pp-class-118 pa t1064 l18589">extend </span><span class="pp-class-118 pa t1109 l2299">or </span><span class="pp-class-118 pa t1109 l18590">shorten </span><span class="pp-class-118 pa t1109 l18591">the </span><span class="pp-class-118 pa t1109 l18592">lease </span><span class="pp-class-118 pa t1109 l18593">period </span><span class="pp-class-118 pa t1109 l18594">due </span><span class="pp-class-118 pa t1109 l18595">to </span><span class="pp-class-118 pa t1109 l18596">a </span><span class="pp-class-118 pa t1109 l18597">material </span><span class="pp-class-118 pa t1109 l18598">event </span><span class="pp-class-118 pa t1109 l18599">or </span><span class="pp-class-118 pa t1475 l2299">material </span><span class="pp-class-118 pa t1475 l18600">change </span><span class="pp-class-118 pa t1475 l18601">in </span><span class="pp-class-118 pa t1475 l18602">circumstances </span><span class="pp-class-118 pa t1475 l18603">that </span><span class="pp-class-118 pa t1475 l18604">are </span><span class="pp-class-118 pa t1475 l18605">within </span><span class="pp-class-118 pa t1475 l18606">the </span><span class="pp-class-118 pa t1484 l2299">control </span><span class="pp-class-118 pa t1484 l18607">of </span><span class="pp-class-118 pa t1484 l18608">the </span><span class="pp-class-118 pa t1484 l18609">lessee.</span></p><p class="pp-class-107 pp-area-text"><span class="pp-class-118 pa t1221 l2299">The </span><span class="pp-class-118 pa t1221 l2301">lease </span><span class="pp-class-118 pa t1221 l18610">term </span><span class="pp-class-118 pa t1221 l18611">is </span><span class="pp-class-118 pa t1221 l18612">changed </span><span class="pp-class-118 pa t1221 l18613">as </span><span class="pp-class-118 pa t1221 l18614">a </span><span class="pp-class-118 pa t1221 l18615">result </span><span class="pp-class-118 pa t1221 l18616">of </span><span class="pp-class-118 pa t1221 l18617">exercising </span><span class="pp-class-118 pa t1221 l18618">an </span><span class="pp-class-118 pa t1228 l2299">option </span><span class="pp-class-118 pa t1228 l18619">to </span><span class="pp-class-118 pa t1228 l18620">extend </span><span class="pp-class-118 pa t1228 l18621">or </span><span class="pp-class-118 pa t1228 l18622">shorten </span><span class="pp-class-118 pa t1228 l18623">the </span><span class="pp-class-118 pa t1228 l18624">lease </span><span class="pp-class-118 pa t1228 l18625">term.</span></p><p class="pp-class-107 pp-area-text"><span class="pp-class-118 pa t1236 l2299">The </span><span class="pp-class-118 pa t1236 l2301">estimate </span><span class="pp-class-118 pa t1236 l18626">of </span><span class="pp-class-118 pa t1236 l18627">a </span><span class="pp-class-118 pa t1236 l18628">residual </span><span class="pp-class-118 pa t1236 l18629">value </span><span class="pp-class-118 pa t1236 l18630">guarantee </span><span class="pp-class-118 pa t1236 l18631">is </span><span class="pp-class-118 pa t1241 l2299">changed.</span></p><p class="pp-class-107 pp-area-text"><span class="pp-class-118 pa t1246 l2299">The </span><span class="pp-class-118 pa t1246 l2301">contract </span><span class="pp-class-118 pa t1246 l18632">is </span><span class="pp-class-118 pa t1246 l18633">renegotiated </span><span class="pp-class-118 pa t1246 l18634">or </span><span class="pp-class-118 pa t1246 l18635">modified.</span></p><p class="pp-class-107 pp-area-text"><span class="pp-class-118 pa t1260 l3">Subsequent </span><span class="pp-class-118 pa t1260 l18636">adjustment </span><span class="pp-class-118 pa t1260 l18637">of </span><span class="pp-class-118 pa t1260 l18638">the </span><span class="pp-class-118 pa t1260 l16917">lease </span><span class="pp-class-118 pa t1260 l18639">obligation </span><span class="pp-class-118 pa t1260 l17960">is </span><span class="pp-class-118 pa t1260 l17961">recog-</span><span class="pp-class-118 pa t1266 l3">nised </span><span class="pp-class-118 pa t1266 l17154">as </span><span class="pp-class-118 pa t1266 l18300">a </span><span class="pp-class-118 pa t1266 l1477">correction </span><span class="pp-class-118 pa t1266 l18640">to </span><span class="pp-class-118 pa t1266 l12794">the </span><span class="pp-class-118 pa t1266 l12305">right-of-use </span><span class="pp-class-118 pa t1266 l18641">asset. </span><span class="pp-class-118 pa t1266 l18642">However, </span><span class="pp-class-118 pa t1525 l3">if </span><span class="pp-class-118 pa t1525 l18643">the </span><span class="pp-class-118 pa t1525 l18644">right-of-use </span><span class="pp-class-118 pa t1525 l9990">asset </span><span class="pp-class-118 pa t1525 l18645">has </span><span class="pp-class-118 pa t1525 l864">a </span><span class="pp-class-118 pa t1525 l18646">value </span><span class="pp-class-118 pa t1525 l18647">of </span><span class="pp-class-118 pa t1525 l18648">DKK </span><span class="pp-class-118 pa t1525 l13132">0, </span><span class="pp-class-118 pa t1525 l17869">a </span><span class="pp-class-118 pa t1525 l18649">negative </span><span class="pp-class-118 pa t1691 l3">reassessment </span><span class="pp-class-118 pa t1691 l18196">of </span><span class="pp-class-118 pa t1691 l18650">the </span><span class="pp-class-118 pa t1691 l14465">right-of-use </span><span class="pp-class-118 pa t1691 l18651">asset </span><span class="pp-class-118 pa t1691 l18652">is </span><span class="pp-class-118 pa t1691 l18653">recognised </span><span class="pp-class-118 pa t1691 l18654">in </span><span class="pp-class-118 pa t1273 l3">the </span><span class="pp-class-118 pa t1273 l1444">income </span><span class="pp-class-118 pa t1273 l10272">statement.</span></p><p class="pp-class-107 pp-area-text"><span class="pp-class-122 pa t1291 l3">Lease </span><span class="pp-class-122 pa t1291 l18655">period</span><span class="pp-class-118 pa t1305 l3">The </span><span class="pp-class-118 pa t1305 l550">company </span><span class="pp-class-118 pa t1305 l18391">recognises </span><span class="pp-class-118 pa t1305 l18392">the </span><span class="pp-class-118 pa t1305 l18656">lease </span><span class="pp-class-118 pa t1305 l18657">obligations </span><span class="pp-class-118 pa t1305 l18658">on </span><span class="pp-class-118 pa t1305 l18659">the </span><span class="pp-class-118 pa t1313 l3">basis </span><span class="pp-class-118 pa t1313 l9951">of </span><span class="pp-class-118 pa t1313 l18660">the </span><span class="pp-class-118 pa t1313 l18661">future </span><span class="pp-class-118 pa t1313 l18662">payments </span><span class="pp-class-118 pa t1313 l18663">during </span><span class="pp-class-118 pa t1313 l18664">the </span><span class="pp-class-118 pa t1313 l18665">lease </span><span class="pp-class-118 pa t1313 l15356">period. </span><span class="pp-class-118 pa t1560 l3">The </span><span class="pp-class-118 pa t1560 l550">lease </span><span class="pp-class-118 pa t1560 l18511">period </span><span class="pp-class-118 pa t1560 l17925">consists </span><span class="pp-class-118 pa t1560 l13679">of </span><span class="pp-class-118 pa t1560 l18666">the </span><span class="pp-class-118 pa t1560 l18667">non-cancellable </span><span class="pp-class-118 pa t1560 l18668">period </span><span class="pp-class-118 pa t1317 l3">and </span><span class="pp-class-118 pa t1317 l1110">periods </span><span class="pp-class-118 pa t1317 l18669">covered </span><span class="pp-class-118 pa t1317 l18670">by </span><span class="pp-class-118 pa t1317 l6689">extension </span><span class="pp-class-118 pa t1317 l18671">and </span><span class="pp-class-118 pa t1317 l18672">termination </span><span class="pp-class-118 pa t1326 l3">options.</span></p><p class="pp-class-107 pp-area-text"><span class="pp-class-118 pa t1342 l3">The </span><span class="pp-class-118 pa t1342 l550">company </span><span class="pp-class-118 pa t1342 l18391">rents </span><span class="pp-class-118 pa t1342 l18673">properties </span><span class="pp-class-118 pa t1342 l18674">for </span><span class="pp-class-118 pa t1342 l1558">production </span><span class="pp-class-118 pa t1342 l18675">and </span><span class="pp-class-118 pa t1342 l18676">for </span><span class="pp-class-118 pa t2408 l3">retail </span><span class="pp-class-118 pa t2408 l3418">leases. </span><span class="pp-class-118 pa t2408 l18677">Often </span><span class="pp-class-118 pa t2408 l1183">leases </span><span class="pp-class-118 pa t2408 l18678">do </span><span class="pp-class-118 pa t2408 l18679">not </span><span class="pp-class-118 pa t2408 l18680">have </span><span class="pp-class-118 pa t2408 l18681">a </span><span class="pp-class-118 pa t2408 l8325">fixed </span><span class="pp-class-118 pa t2408 l18682">expiry </span><span class="pp-class-118 pa t2408 l18683">date, </span><span class="pp-class-118 pa t1575 l3">but </span><span class="pp-class-118 pa t1575 l4142">continue </span><span class="pp-class-118 pa t1575 l18684">after </span><span class="pp-class-118 pa t1575 l18685">the </span><span class="pp-class-118 pa t1575 l6038">non-cancellable </span><span class="pp-class-118 pa t1575 l18686">period </span><span class="pp-class-118 pa t1575 l18687">until </span><span class="pp-class-118 pa t1575 l18688">the </span><span class="pp-class-118 pa t1352 l3">lessee </span><span class="pp-class-118 pa t1352 l15973">terminates </span><span class="pp-class-118 pa t1352 l2087">the </span><span class="pp-class-118 pa t1352 l18689">contract. </span><span class="pp-class-118 pa t1352 l18690">When </span><span class="pp-class-118 pa t1352 l18691">determining </span><span class="pp-class-118 pa t1352 l18692">the </span><span class="pp-class-118 pa t1361 l3">lease </span><span class="pp-class-118 pa t1361 l18335">term, </span><span class="pp-class-118 pa t1361 l18693">the </span><span class="pp-class-118 pa t1361 l18694">company </span><span class="pp-class-118 pa t1361 l11603">therefore </span><span class="pp-class-118 pa t1361 l9891">assesses </span><span class="pp-class-118 pa t1361 l2691">whether </span><span class="pp-class-118 pa t1361 l18695">it </span><span class="pp-class-118 pa t1361 l18696">is </span><span class="pp-class-118 pa t1368 l3">reasonably </span><span class="pp-class-118 pa t1368 l18697">certain </span><span class="pp-class-118 pa t1368 l18698">of </span><span class="pp-class-118 pa t1368 l18699">exercising </span><span class="pp-class-118 pa t1368 l13401">or </span><span class="pp-class-118 pa t1368 l18700">not </span><span class="pp-class-118 pa t1368 l18701">exercising </span><span class="pp-class-118 pa t1368 l18702">exten-</span><span class="pp-class-118 pa t1375 l3">sion </span><span class="pp-class-118 pa t1375 l7144">options.</span></p><p class="pp-class-107 pp-area-text"><span class="pp-class-118 pa t1391 l3">Retail </span><span class="pp-class-118 pa t1391 l8803">leases </span><span class="pp-class-118 pa t1391 l18703">are </span><span class="pp-class-118 pa t1391 l9998">in </span><span class="pp-class-118 pa t1391 l18704">all </span><span class="pp-class-118 pa t1391 l18705">cases </span><span class="pp-class-118 pa t1391 l18706">subleased </span><span class="pp-class-118 pa t1391 l18707">to </span><span class="pp-class-118 pa t1391 l18708">franchisees </span><span class="pp-class-118 pa t1391 l18709">on </span><span class="pp-class-118 pa t1396 l3">the </span><span class="pp-class-118 pa t1396 l1444">same </span><span class="pp-class-118 pa t1396 l9805">terms, </span><span class="pp-class-118 pa t1396 l18710">for </span><span class="pp-class-118 pa t1396 l18711">which </span><span class="pp-class-118 pa t1396 l14989">reason </span><span class="pp-class-118 pa t1396 l18712">the </span><span class="pp-class-118 pa t1396 l18713">lease </span><span class="pp-class-118 pa t1396 l18714">term </span><span class="pp-class-118 pa t1396 l18715">is </span><span class="pp-class-118 pa t1396 l18716">esti-</span><span class="pp-class-118 pa t1405 l3">mated </span><span class="pp-class-118 pa t1405 l9315">to </span><span class="pp-class-118 pa t1405 l1671">be </span><span class="pp-class-118 pa t1405 l7843">the </span><span class="pp-class-118 pa t1405 l18717">same </span><span class="pp-class-118 pa t1405 l18689">period. </span><span class="pp-class-118 pa t1405 l18718">The </span><span class="pp-class-118 pa t1405 l18719">right-of-use </span><span class="pp-class-118 pa t1405 l18720">asset </span><span class="pp-class-118 pa t1405 l18721">is </span><span class="pp-class-118 pa t1415 l3">therefore </span><span class="pp-class-118 pa t1415 l6557">recognised </span><span class="pp-class-118 pa t1415 l18722">under </span><span class="pp-class-118 pa t1415 l18723">lease </span><span class="pp-class-118 pa t1415 l18724">receivables </span><span class="pp-class-118 pa t1415 l17648">in </span><span class="pp-class-118 pa t1415 l9843">the </span><span class="pp-class-118 pa t1415 l18725">bal-</span><span class="pp-class-118 pa t1423 l3">ance </span><span class="pp-class-118 pa t1423 l17056">sheet.</span></p><p class="pp-class-107 pp-area-text"><span class="pp-class-122 pa t6823 l3">Incremental </span><span class="pp-class-122 pa t6823 l18726">borrowing </span><span class="pp-class-122 pa t6823 l12606">rate</span><span class="pp-class-118 pa t6831 l3">The </span><span class="pp-class-118 pa t6831 l550">company </span><span class="pp-class-118 pa t6831 l18391">has </span><span class="pp-class-118 pa t6831 l18130">chosen </span><span class="pp-class-118 pa t6831 l18727">to </span><span class="pp-class-118 pa t6831 l18728">subdivide </span><span class="pp-class-118 pa t6831 l18729">its </span><span class="pp-class-118 pa t6831 l13051">leases </span><span class="pp-class-118 pa t6831 l18730">into </span><span class="pp-class-118 pa t6831 l18731">the </span><span class="pp-class-118 pa t18732 l3">following </span><span class="pp-class-118 pa t18732 l18733">categories:</span></p></div></div><div class="pp-class-7" id="pp-id-3322" xmlns="http://www.w3.org/1999/xhtml"><div class="w485 h18734 pa t2 l3 wtro4 xx30 tro6 xx31"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-118 pa t1025 l2299">Rental </span><span class="pp-class-118 pa t1025 l18735">contracts </span><span class="pp-class-118 pa t1025 l18736">for </span><span class="pp-class-118 pa t1025 l18737">premises</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-118 pa t1032 l2299">Vehicles</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-118 pa t1043 l3">The </span><span class="pp-class-118 pa t1043 l550">borrowing </span><span class="pp-class-118 pa t1043 l18738">rate </span><span class="pp-class-118 pa t1043 l18739">is </span><span class="pp-class-118 pa t1043 l18740">set </span><span class="pp-class-118 pa t1043 l18741">on </span><span class="pp-class-118 pa t1043 l10715">initial </span><span class="pp-class-118 pa t1043 l18742">recognition. </span><span class="pp-class-118 pa t1043 l9471">If </span><span class="pp-class-118 pa t1043 l18743">the </span><span class="pp-class-118 pa t1049 l3">company </span><span class="pp-class-118 pa t1049 l18744">considers </span><span class="pp-class-118 pa t1049 l18745">there </span><span class="pp-class-118 pa t1049 l18746">is </span><span class="pp-class-118 pa t1049 l18747">a </span><span class="pp-class-118 pa t1049 l18748">change </span><span class="pp-class-118 pa t1049 l18749">in </span><span class="pp-class-118 pa t1049 l18750">the </span><span class="pp-class-118 pa t1049 l18751">residual </span><span class="pp-class-118 pa t1056 l3">value </span><span class="pp-class-118 pa t1056 l1282">guarantee, </span><span class="pp-class-118 pa t1056 l18752">termination </span><span class="pp-class-118 pa t1056 l18753">or </span><span class="pp-class-118 pa t1056 l18754">renewal </span><span class="pp-class-118 pa t1056 l18755">options, </span><span class="pp-class-118 pa t1056 l18756">the </span><span class="pp-class-118 pa t1064 l3">incremental </span><span class="pp-class-118 pa t1064 l14023">borrowing </span><span class="pp-class-118 pa t1064 l18757">rate </span><span class="pp-class-118 pa t1064 l17456">is </span><span class="pp-class-118 pa t1064 l18758">revised.</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-118 pa t1475 l3">For </span><span class="pp-class-118 pa t1475 l1476">the </span><span class="pp-class-118 pa t1475 l15305">company’s </span><span class="pp-class-118 pa t1475 l18063">vehicles, </span><span class="pp-class-118 pa t1475 l18759">the </span><span class="pp-class-118 pa t1475 l18760">incremental </span><span class="pp-class-118 pa t1475 l18761">borrowing </span><span class="pp-class-118 pa t1484 l3">rate </span><span class="pp-class-118 pa t1484 l18762">is </span><span class="pp-class-118 pa t1484 l18763">calculated </span><span class="pp-class-118 pa t1484 l18764">based </span><span class="pp-class-118 pa t1484 l18765">on </span><span class="pp-class-118 pa t1484 l17180">the </span><span class="pp-class-118 pa t1484 l18766">company’s </span><span class="pp-class-118 pa t1484 l18767">borrowing </span><span class="pp-class-118 pa t1221 l3">rate. </span><span class="pp-class-118 pa t1221 l18768">This </span><span class="pp-class-118 pa t1221 l18769">interest </span><span class="pp-class-118 pa t1221 l18770">rate </span><span class="pp-class-118 pa t1221 l18771">takes </span><span class="pp-class-118 pa t1221 l1589">into </span><span class="pp-class-118 pa t1221 l18772">account </span><span class="pp-class-118 pa t1221 l18773">credit </span><span class="pp-class-118 pa t1221 l18774">assess-</span><span class="pp-class-118 pa t1228 l3">ments, </span><span class="pp-class-118 pa t1228 l18775">collateral, </span><span class="pp-class-118 pa t1228 l14798">leasing </span><span class="pp-class-118 pa t1228 l5891">periods, </span><span class="pp-class-118 pa t1228 l18776">etc.</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-118 pa t1241 l3">For </span><span class="pp-class-118 pa t1241 l1476">rental </span><span class="pp-class-118 pa t1241 l6498">contracts </span><span class="pp-class-118 pa t1241 l18777">for </span><span class="pp-class-118 pa t1241 l18778">premises, </span><span class="pp-class-118 pa t1241 l18779">the </span><span class="pp-class-118 pa t1241 l9158">possibility </span><span class="pp-class-118 pa t1241 l18780">of </span><span class="pp-class-118 pa t1246 l3">using </span><span class="pp-class-118 pa t1246 l8481">mortgage </span><span class="pp-class-118 pa t1246 l18781">financing </span><span class="pp-class-118 pa t1246 l655">of </span><span class="pp-class-118 pa t1246 l18782">real </span><span class="pp-class-118 pa t1246 l18783">estate </span><span class="pp-class-118 pa t1246 l18784">has </span><span class="pp-class-118 pa t1246 l18785">been </span><span class="pp-class-118 pa t1246 l18786">taken </span><span class="pp-class-118 pa t1254 l3">into </span><span class="pp-class-118 pa t1254 l11323">account </span><span class="pp-class-118 pa t1254 l6499">when </span><span class="pp-class-118 pa t1254 l18787">calculating </span><span class="pp-class-118 pa t1254 l18788">the </span><span class="pp-class-118 pa t1254 l18789">incremental </span><span class="pp-class-118 pa t1254 l18790">borrow-</span><span class="pp-class-118 pa t1260 l3">ing </span><span class="pp-class-118 pa t1260 l18082">rate.</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-120 pa t18791 l3 ls1845">Investments </span><span class="pp-class-120 pa t18791 l18792 ls458">in </span><span class="pp-class-120 pa t18791 l18793 ls17727">associates</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-118 pa t1691 l3">Investments </span><span class="pp-class-118 pa t1691 l7184">in </span><span class="pp-class-118 pa t1691 l7185">associates </span><span class="pp-class-118 pa t1691 l18794">are </span><span class="pp-class-118 pa t1691 l9351">measured </span><span class="pp-class-118 pa t1691 l17625">using </span><span class="pp-class-118 pa t1691 l11161">the </span><span class="pp-class-118 pa t1691 l18795">equity </span><span class="pp-class-118 pa t1273 l3">method, </span><span class="pp-class-118 pa t1273 l18796">whereby </span><span class="pp-class-118 pa t1273 l18797">the </span><span class="pp-class-118 pa t1273 l18798">investments </span><span class="pp-class-118 pa t1273 l18799">in </span><span class="pp-class-118 pa t1273 l18800">the </span><span class="pp-class-118 pa t1273 l18801">balance </span><span class="pp-class-118 pa t1273 l18802">sheet </span><span class="pp-class-118 pa t1281 l3">are </span><span class="pp-class-118 pa t1281 l2545">measured </span><span class="pp-class-118 pa t1281 l18803">at </span><span class="pp-class-118 pa t1281 l931">the </span><span class="pp-class-118 pa t1281 l18804">proportionate </span><span class="pp-class-118 pa t1281 l18805">share </span><span class="pp-class-118 pa t1281 l18806">of </span><span class="pp-class-118 pa t1281 l18807">the </span><span class="pp-class-118 pa t1281 l18808">compa-</span><span class="pp-class-118 pa t1291 l3">nies’ </span><span class="pp-class-118 pa t1291 l18809">net </span><span class="pp-class-118 pa t1291 l18810">asset </span><span class="pp-class-118 pa t1291 l18811">value </span><span class="pp-class-118 pa t1291 l11211">calculated </span><span class="pp-class-118 pa t1291 l11396">in </span><span class="pp-class-118 pa t1291 l18812">accordance </span><span class="pp-class-118 pa t1291 l18813">with </span><span class="pp-class-118 pa t1291 l1087">the </span><span class="pp-class-118 pa t1305 l3">Group’s </span><span class="pp-class-118 pa t1305 l4222">accounting </span><span class="pp-class-118 pa t1305 l18814">policy </span><span class="pp-class-118 pa t1305 l18815">after </span><span class="pp-class-118 pa t1305 l18816">elimination </span><span class="pp-class-118 pa t1305 l18817">of </span><span class="pp-class-118 pa t1305 l3348">the </span><span class="pp-class-118 pa t1305 l18818">pro-</span><span class="pp-class-118 pa t1313 l3">portionate </span><span class="pp-class-118 pa t1313 l18819">share </span><span class="pp-class-118 pa t1313 l18820">of </span><span class="pp-class-118 pa t1313 l18821">unrealised </span><span class="pp-class-118 pa t1313 l12272">internal </span><span class="pp-class-118 pa t1313 l8545">profit/loss </span><span class="pp-class-118 pa t1313 l18822">and </span><span class="pp-class-118 pa t1560 l3">with </span><span class="pp-class-118 pa t1560 l2056">addition </span><span class="pp-class-118 pa t1560 l18823">of </span><span class="pp-class-118 pa t1560 l8754">value </span><span class="pp-class-118 pa t1560 l10799">added </span><span class="pp-class-118 pa t1560 l18824">on </span><span class="pp-class-118 pa t1560 l11782">acquisition, </span><span class="pp-class-118 pa t1560 l18825">including </span><span class="pp-class-118 pa t1317 l3">goodwill.</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-118 pa t1335 l3">Investments </span><span class="pp-class-118 pa t1335 l7184">in </span><span class="pp-class-118 pa t1335 l7185">associates </span><span class="pp-class-118 pa t1335 l18794">are </span><span class="pp-class-118 pa t1335 l9351">tested </span><span class="pp-class-118 pa t1335 l13861">for </span><span class="pp-class-118 pa t1335 l18826">impairment </span><span class="pp-class-118 pa t1335 l18827">if </span><span class="pp-class-118 pa t1342 l3">an </span><span class="pp-class-118 pa t1342 l8451">indication </span><span class="pp-class-118 pa t1342 l10854">of </span><span class="pp-class-118 pa t1342 l18828">impairment </span><span class="pp-class-118 pa t1342 l13205">arises.</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-120 pa t18829 l3 ls4751">Inventories</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-118 pa t1352 l3">Inventories </span><span class="pp-class-118 pa t1352 l2546">comprise </span><span class="pp-class-118 pa t1352 l18830">finished </span><span class="pp-class-118 pa t1352 l18831">and </span><span class="pp-class-118 pa t1352 l6746">semi-finished </span><span class="pp-class-118 pa t1352 l18832">prod-</span><span class="pp-class-118 pa t1361 l3">ucts </span><span class="pp-class-118 pa t1361 l18833">and </span><span class="pp-class-118 pa t1361 l18834">raw </span><span class="pp-class-118 pa t1361 l18835">materials. </span><span class="pp-class-118 pa t1361 l9235">Inventories </span><span class="pp-class-118 pa t1361 l18836">are </span><span class="pp-class-118 pa t1361 l18837">valued </span><span class="pp-class-118 pa t1361 l18838">according </span><span class="pp-class-118 pa t1368 l3">to </span><span class="pp-class-118 pa t1368 l2249">the </span><span class="pp-class-118 pa t1368 l13031">first-in, </span><span class="pp-class-118 pa t1368 l2251">first-out </span><span class="pp-class-118 pa t1368 l18839">(FIFO) </span><span class="pp-class-118 pa t1368 l18840">principle, </span><span class="pp-class-118 pa t1368 l18841">at </span><span class="pp-class-118 pa t1368 l2053">the </span><span class="pp-class-118 pa t1368 l18842">lower </span><span class="pp-class-118 pa t1368 l18843">of </span><span class="pp-class-118 pa t1375 l3">cost </span><span class="pp-class-118 pa t1375 l18844">and </span><span class="pp-class-118 pa t1375 l18845">net </span><span class="pp-class-118 pa t1375 l2484">realisable </span><span class="pp-class-118 pa t1375 l18846">value </span><span class="pp-class-118 pa t1375 l18847">on </span><span class="pp-class-118 pa t1375 l886">the </span><span class="pp-class-118 pa t1375 l16949">balance </span><span class="pp-class-118 pa t1375 l13571">sheet </span><span class="pp-class-118 pa t1375 l10002">date. </span><span class="pp-class-118 pa t1384 l3">The </span><span class="pp-class-118 pa t1384 l550">realisable </span><span class="pp-class-118 pa t1384 l9933">value </span><span class="pp-class-118 pa t1384 l18848">comprises </span><span class="pp-class-118 pa t1384 l18849">the </span><span class="pp-class-118 pa t1384 l18850">estimated </span><span class="pp-class-118 pa t1384 l18851">sales </span><span class="pp-class-118 pa t1384 l18852">price </span><span class="pp-class-118 pa t1391 l3">in </span><span class="pp-class-118 pa t1391 l1343">the </span><span class="pp-class-118 pa t1391 l12867">ongoing </span><span class="pp-class-118 pa t1391 l18853">operations </span><span class="pp-class-118 pa t1391 l18854">less </span><span class="pp-class-118 pa t1391 l12018">selling </span><span class="pp-class-118 pa t1391 l18855">expenses. </span><span class="pp-class-118 pa t1391 l18856">Cost </span><span class="pp-class-118 pa t1391 l18857">of </span><span class="pp-class-118 pa t1396 l3">finished </span><span class="pp-class-118 pa t1396 l14674">and </span><span class="pp-class-118 pa t1396 l18858">semi-finished </span><span class="pp-class-118 pa t1396 l18859">products </span><span class="pp-class-118 pa t1396 l18860">is </span><span class="pp-class-118 pa t1396 l18861">measured </span><span class="pp-class-118 pa t1396 l17987">at </span><span class="pp-class-118 pa t1405 l3">manufacturing </span><span class="pp-class-118 pa t1405 l1632">cost </span><span class="pp-class-118 pa t1405 l18862">including </span><span class="pp-class-118 pa t1405 l18863">raw </span><span class="pp-class-118 pa t1405 l18864">materials, </span><span class="pp-class-118 pa t1405 l18865">direct </span><span class="pp-class-118 pa t1415 l3">labour, </span><span class="pp-class-118 pa t1415 l1175">other </span><span class="pp-class-118 pa t1415 l18866">direct </span><span class="pp-class-118 pa t1415 l10709">expenses </span><span class="pp-class-118 pa t1415 l18867">and </span><span class="pp-class-118 pa t1415 l18868">production-related </span><span class="pp-class-118 pa t1423 l3">overheads </span><span class="pp-class-118 pa t1423 l18869">based </span><span class="pp-class-118 pa t1423 l8316">on </span><span class="pp-class-118 pa t1423 l18870">normal </span><span class="pp-class-118 pa t1423 l18871">production </span><span class="pp-class-118 pa t1423 l18872">capacity.</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-118 pa t6823 l3">Intra-group </span><span class="pp-class-118 pa t6823 l17162">profits </span><span class="pp-class-118 pa t6823 l18873">on </span><span class="pp-class-118 pa t6823 l18874">inventories </span><span class="pp-class-118 pa t6823 l18875">are </span><span class="pp-class-118 pa t6823 l18876">eliminated </span><span class="pp-class-118 pa t6823 l18877">in </span><span class="pp-class-118 pa t6823 l18878">the </span><span class="pp-class-118 pa t6831 l3">consolidated </span><span class="pp-class-118 pa t6831 l16741">financial </span><span class="pp-class-118 pa t6831 l16742">statements.</span></p></div></div><div class="pp-class-7" id="pp-id-3327" xmlns="http://www.w3.org/1999/xhtml"><div class="w485 h18879 pa t2 l3 wtro4 xx18880 tro6 xx18881"><p class="pp-class-107 pp-area-text"><span class="pp-class-120 pa t18882 l3 ls16577">Financial </span><span class="pp-class-120 pa t18882 l17745 ls1845">instruments</span></p><p class="pp-class-107 pp-area-text"><span class="pp-class-118 pa t16757 l3">Financial </span><span class="pp-class-118 pa t16757 l2830">instruments </span><span class="pp-class-118 pa t16757 l18883">recognised </span><span class="pp-class-118 pa t16757 l13107">in </span><span class="pp-class-118 pa t16757 l841">the </span><span class="pp-class-118 pa t16757 l18884">balance </span><span class="pp-class-118 pa t16757 l10665">sheet </span><span class="pp-class-118 pa t18376 l3">include </span><span class="pp-class-118 pa t18376 l15357">cash </span><span class="pp-class-118 pa t18376 l18885">and </span><span class="pp-class-118 pa t18376 l10313">cash </span><span class="pp-class-118 pa t18376 l18886">equivalents, </span><span class="pp-class-118 pa t18376 l18887">loans, </span><span class="pp-class-118 pa t18376 l18888">trade </span><span class="pp-class-118 pa t18376 l18889">receiv-</span><span class="pp-class-118 pa t16759 l3">ables </span><span class="pp-class-118 pa t16759 l18890">and </span><span class="pp-class-118 pa t16759 l18891">derivative </span><span class="pp-class-118 pa t16759 l2887">instruments </span><span class="pp-class-118 pa t16759 l18892">on </span><span class="pp-class-118 pa t16759 l18893">the </span><span class="pp-class-118 pa t16759 l18894">asset </span><span class="pp-class-118 pa t16759 l18895">side. </span><span class="pp-class-118 pa t16759 l18896">On </span><span class="pp-class-118 pa t16766 l3">the </span><span class="pp-class-118 pa t16766 l1444">liability </span><span class="pp-class-118 pa t16766 l18897">side, </span><span class="pp-class-118 pa t16766 l18898">there </span><span class="pp-class-118 pa t16766 l18899">are </span><span class="pp-class-118 pa t16766 l18900">trade </span><span class="pp-class-118 pa t16766 l18901">payables, </span><span class="pp-class-118 pa t16766 l18902">loan </span><span class="pp-class-118 pa t16766 l18903">liabilities </span><span class="pp-class-118 pa t16773 l3">and </span><span class="pp-class-118 pa t16773 l1110">derivative </span><span class="pp-class-118 pa t16773 l9115">instruments.</span></p><p class="pp-class-107 pp-area-text"><span class="pp-class-121 pa t16788 l3 ls11966">Recognition </span><span class="pp-class-121 pa t16788 l12814 ls679">in </span><span class="pp-class-121 pa t16788 l18904 ls681">and </span><span class="pp-class-121 pa t16788 l18905 ls685">derecognition </span><span class="pp-class-121 pa t16788 l9715 ls6896">from </span><span class="pp-class-121 pa t16788 l18906 ls681">the </span><span class="pp-class-121 pa t16788 l18907 ls6903">balance </span><span class="pp-class-121 pa t16788 l18908 ls6896">sheet</span></p><p class="pp-class-107 pp-area-text"><span class="pp-class-118 pa t16794 l3">A </span><span class="pp-class-118 pa t16794 l851">financial </span><span class="pp-class-118 pa t16794 l18909">asset </span><span class="pp-class-118 pa t16794 l13699">or </span><span class="pp-class-118 pa t16794 l18910">a </span><span class="pp-class-118 pa t16794 l13575">financial </span><span class="pp-class-118 pa t16794 l18911">liability </span><span class="pp-class-118 pa t16794 l6256">is </span><span class="pp-class-118 pa t16794 l18912">entered </span><span class="pp-class-118 pa t16794 l18913">in </span><span class="pp-class-118 pa t16794 l18914">the </span><span class="pp-class-118 pa t16801 l3">balance </span><span class="pp-class-118 pa t16801 l800">sheet </span><span class="pp-class-118 pa t16801 l18915">when </span><span class="pp-class-118 pa t16801 l17010">the </span><span class="pp-class-118 pa t16801 l18916">company </span><span class="pp-class-118 pa t16801 l4138">becomes </span><span class="pp-class-118 pa t16801 l18917">a </span><span class="pp-class-118 pa t16801 l18918">party </span><span class="pp-class-118 pa t16801 l18919">in </span><span class="pp-class-118 pa t16806 l3">accordance </span><span class="pp-class-118 pa t16806 l16584">with </span><span class="pp-class-118 pa t16806 l16585">the </span><span class="pp-class-118 pa t16806 l6836">contractual </span><span class="pp-class-118 pa t16806 l10831">terms </span><span class="pp-class-118 pa t16806 l18920">of </span><span class="pp-class-118 pa t16806 l18921">the </span><span class="pp-class-118 pa t16806 l18922">instru-</span><span class="pp-class-118 pa t18417 l3">ment. </span><span class="pp-class-118 pa t18417 l16667">A </span><span class="pp-class-118 pa t18417 l18923">receivable </span><span class="pp-class-118 pa t18417 l18924">is </span><span class="pp-class-118 pa t18417 l14807">recognised </span><span class="pp-class-118 pa t18417 l18925">when </span><span class="pp-class-118 pa t18417 l15361">the </span><span class="pp-class-118 pa t18417 l18926">company </span><span class="pp-class-118 pa t18417 l2638">has </span><span class="pp-class-118 pa t16810 l3">performed </span><span class="pp-class-118 pa t16810 l18927">a </span><span class="pp-class-118 pa t16810 l18928">service </span><span class="pp-class-118 pa t16810 l18777">and </span><span class="pp-class-118 pa t16810 l18929">a </span><span class="pp-class-118 pa t16810 l18930">contractual </span><span class="pp-class-118 pa t16810 l13876">payment </span><span class="pp-class-118 pa t16810 l18931">obliga-</span><span class="pp-class-118 pa t16817 l3">tion </span><span class="pp-class-118 pa t16817 l11323">arises </span><span class="pp-class-118 pa t16817 l832">for </span><span class="pp-class-118 pa t16817 l18932">the </span><span class="pp-class-118 pa t16817 l1755">counterparty, </span><span class="pp-class-118 pa t16817 l18933">even </span><span class="pp-class-118 pa t16817 l18934">if </span><span class="pp-class-118 pa t16817 l18935">no </span><span class="pp-class-118 pa t16817 l18936">invoice </span><span class="pp-class-118 pa t16817 l18937">has </span><span class="pp-class-118 pa t16824 l3">been </span><span class="pp-class-118 pa t16824 l18938">issued. </span><span class="pp-class-118 pa t16824 l18939">Trade </span><span class="pp-class-118 pa t16824 l7780">receivables </span><span class="pp-class-118 pa t16824 l18940">are </span><span class="pp-class-118 pa t16824 l18941">recognised </span><span class="pp-class-118 pa t16824 l18942">in </span><span class="pp-class-118 pa t16824 l6050">the </span><span class="pp-class-118 pa t16824 l18943">bal-</span><span class="pp-class-118 pa t16828 l3">ance </span><span class="pp-class-118 pa t16828 l17056">sheet </span><span class="pp-class-118 pa t16828 l4244">when </span><span class="pp-class-118 pa t16828 l18944">revenue </span><span class="pp-class-118 pa t16828 l18945">is </span><span class="pp-class-118 pa t16828 l17661">recognised </span><span class="pp-class-118 pa t16828 l11925">and </span><span class="pp-class-118 pa t16828 l5965">an </span><span class="pp-class-118 pa t16828 l18946">invoice </span><span class="pp-class-118 pa t16836 l3">has </span><span class="pp-class-118 pa t16836 l14274">been </span><span class="pp-class-118 pa t16836 l7136">issued. </span><span class="pp-class-118 pa t16836 l10767">A </span><span class="pp-class-118 pa t16836 l8571">liability </span><span class="pp-class-118 pa t16836 l18947">is </span><span class="pp-class-118 pa t16836 l2023">recognised </span><span class="pp-class-118 pa t16836 l9987">when </span><span class="pp-class-118 pa t16836 l17326">the </span><span class="pp-class-118 pa t16836 l18948">coun-</span><span class="pp-class-118 pa t16843 l3">terparty </span><span class="pp-class-118 pa t16843 l18949">has </span><span class="pp-class-118 pa t16843 l18950">performed </span><span class="pp-class-118 pa t16843 l1337">a </span><span class="pp-class-118 pa t16843 l18951">service </span><span class="pp-class-118 pa t16843 l2577">and </span><span class="pp-class-118 pa t16843 l18952">a </span><span class="pp-class-118 pa t16843 l18953">contractual </span><span class="pp-class-118 pa t16843 l18954">pay-</span><span class="pp-class-118 pa t16850 l3">ment </span><span class="pp-class-118 pa t16850 l17839">obligation </span><span class="pp-class-118 pa t16850 l1198">arises, </span><span class="pp-class-118 pa t16850 l18955">even </span><span class="pp-class-118 pa t16850 l11137">if </span><span class="pp-class-118 pa t16850 l18956">an </span><span class="pp-class-118 pa t16850 l18957">invoice </span><span class="pp-class-118 pa t16850 l18958">has </span><span class="pp-class-118 pa t16850 l18959">not </span><span class="pp-class-118 pa t16850 l9238">been </span><span class="pp-class-118 pa t18450 l3">received. </span><span class="pp-class-118 pa t18450 l7336">Accounts </span><span class="pp-class-118 pa t18450 l18960">payable </span><span class="pp-class-118 pa t18450 l18961">are </span><span class="pp-class-118 pa t18450 l18962">recognised </span><span class="pp-class-118 pa t18450 l15063">when </span><span class="pp-class-118 pa t18450 l9465">a </span><span class="pp-class-118 pa t18450 l18963">ser-</span><span class="pp-class-118 pa t18458 l3">vice </span><span class="pp-class-118 pa t18458 l18964">or </span><span class="pp-class-118 pa t18458 l18965">product </span><span class="pp-class-118 pa t18458 l11292">has </span><span class="pp-class-118 pa t18458 l6087">been </span><span class="pp-class-118 pa t18458 l12822">received.</span></p><p class="pp-class-107 pp-area-text"><span class="pp-class-118 pa t16857 l3">A </span><span class="pp-class-118 pa t16857 l851">financial </span><span class="pp-class-118 pa t16857 l18909">asset </span><span class="pp-class-118 pa t16857 l13699">is </span><span class="pp-class-118 pa t16857 l3286">derecognised </span><span class="pp-class-118 pa t16857 l18966">from </span><span class="pp-class-118 pa t16857 l18967">the </span><span class="pp-class-118 pa t16857 l18968">balance </span><span class="pp-class-118 pa t16857 l18822">sheet </span><span class="pp-class-118 pa t16863 l3">when </span><span class="pp-class-118 pa t16863 l1306">the </span><span class="pp-class-118 pa t16863 l18969">rights </span><span class="pp-class-118 pa t16863 l18970">resulting </span><span class="pp-class-118 pa t16863 l8786">from </span><span class="pp-class-118 pa t16863 l18971">the </span><span class="pp-class-118 pa t16863 l18972">agreement </span><span class="pp-class-118 pa t16863 l15299">have </span><span class="pp-class-118 pa t16863 l18973">been </span><span class="pp-class-118 pa t16869 l3">realised, </span><span class="pp-class-118 pa t16869 l6420">expire </span><span class="pp-class-118 pa t16869 l18974">or </span><span class="pp-class-118 pa t16869 l18975">the </span><span class="pp-class-118 pa t16869 l4176">company </span><span class="pp-class-118 pa t16869 l18976">loses </span><span class="pp-class-118 pa t16869 l18977">control </span><span class="pp-class-118 pa t16869 l17512">over </span><span class="pp-class-118 pa t16869 l18978">them. </span><span class="pp-class-118 pa t16875 l3">The </span><span class="pp-class-118 pa t16875 l550">same </span><span class="pp-class-118 pa t16875 l11209">applies </span><span class="pp-class-118 pa t16875 l18979">to </span><span class="pp-class-118 pa t16875 l13511">a </span><span class="pp-class-118 pa t16875 l18980">part </span><span class="pp-class-118 pa t16875 l17919">of </span><span class="pp-class-118 pa t16875 l18981">a </span><span class="pp-class-118 pa t16875 l18982">financial </span><span class="pp-class-118 pa t16875 l18983">asset. </span><span class="pp-class-118 pa t16875 l18984">A </span><span class="pp-class-118 pa t16875 l18985">finan-</span><span class="pp-class-118 pa t16881 l3">cial </span><span class="pp-class-118 pa t16881 l17380">liability </span><span class="pp-class-118 pa t16881 l18986">is </span><span class="pp-class-118 pa t16881 l12426">derecognised </span><span class="pp-class-118 pa t16881 l18987">from </span><span class="pp-class-118 pa t16881 l18988">the </span><span class="pp-class-118 pa t16881 l4630">balance </span><span class="pp-class-118 pa t16881 l9949">sheet </span><span class="pp-class-118 pa t16886 l3">when </span><span class="pp-class-118 pa t16886 l1306">the </span><span class="pp-class-118 pa t16886 l18969">obligation </span><span class="pp-class-118 pa t16886 l18989">resulting </span><span class="pp-class-118 pa t16886 l18990">from </span><span class="pp-class-118 pa t16886 l18991">the </span><span class="pp-class-118 pa t16886 l18992">agreement </span><span class="pp-class-118 pa t16886 l9962">has </span><span class="pp-class-118 pa t18495 l3">been </span><span class="pp-class-118 pa t18495 l18938">realised </span><span class="pp-class-118 pa t18495 l18993">or </span><span class="pp-class-118 pa t18495 l18994">is </span><span class="pp-class-118 pa t18495 l17401">extinguished </span><span class="pp-class-118 pa t18495 l748">in </span><span class="pp-class-118 pa t18495 l4235">some </span><span class="pp-class-118 pa t18495 l18995">other </span><span class="pp-class-118 pa t18495 l3363">manner. </span><span class="pp-class-118 pa t16888 l3">The </span><span class="pp-class-118 pa t16888 l550">same </span><span class="pp-class-118 pa t16888 l11209">applies </span><span class="pp-class-118 pa t16888 l18979">to </span><span class="pp-class-118 pa t16888 l13511">a </span><span class="pp-class-118 pa t16888 l18980">part </span><span class="pp-class-118 pa t16888 l17919">of </span><span class="pp-class-118 pa t16888 l18981">a </span><span class="pp-class-118 pa t16888 l18982">financial </span><span class="pp-class-118 pa t16888 l18983">liability.</span></p><p class="pp-class-107 pp-area-text"><span class="pp-class-118 pa t16902 l3">A </span><span class="pp-class-118 pa t16902 l851">financial </span><span class="pp-class-118 pa t16902 l18909">asset </span><span class="pp-class-118 pa t16902 l13699">and </span><span class="pp-class-118 pa t16902 l8455">a </span><span class="pp-class-118 pa t16902 l18996">financial </span><span class="pp-class-118 pa t16902 l18997">liability </span><span class="pp-class-118 pa t16902 l3405">may </span><span class="pp-class-118 pa t16902 l18998">only </span><span class="pp-class-118 pa t16902 l18999">be </span><span class="pp-class-118 pa t16908 l3">offset </span><span class="pp-class-118 pa t16908 l19000">against </span><span class="pp-class-118 pa t16908 l19001">each </span><span class="pp-class-118 pa t16908 l19002">other </span><span class="pp-class-118 pa t16908 l19003">and </span><span class="pp-class-118 pa t16908 l19004">recognised </span><span class="pp-class-118 pa t16908 l19005">net </span><span class="pp-class-118 pa t16908 l19006">in </span><span class="pp-class-118 pa t16908 l17285">the </span><span class="pp-class-118 pa t16908 l19007">bal-</span><span class="pp-class-118 pa t16912 l3">ance </span><span class="pp-class-118 pa t16912 l17056">sheet </span><span class="pp-class-118 pa t16912 l4244">if </span><span class="pp-class-118 pa t16912 l19008">there </span><span class="pp-class-118 pa t16912 l17881">is </span><span class="pp-class-118 pa t16912 l19009">a </span><span class="pp-class-118 pa t16912 l19010">legal </span><span class="pp-class-118 pa t16912 l19011">right </span><span class="pp-class-118 pa t16912 l19012">to </span><span class="pp-class-118 pa t16912 l19013">offset </span><span class="pp-class-118 pa t16912 l19014">the </span><span class="pp-class-118 pa t16912 l19015">amounts </span><span class="pp-class-118 pa t16919 l3">and </span><span class="pp-class-118 pa t16919 l1110">the </span><span class="pp-class-118 pa t16919 l2067">intention </span><span class="pp-class-118 pa t16919 l19016">is </span><span class="pp-class-118 pa t16919 l18873">to </span><span class="pp-class-118 pa t16919 l1998">settle </span><span class="pp-class-118 pa t16919 l7108">the </span><span class="pp-class-118 pa t16919 l19017">items </span><span class="pp-class-118 pa t16919 l19018">in </span><span class="pp-class-118 pa t16919 l19019">a </span><span class="pp-class-118 pa t16919 l19020">net </span><span class="pp-class-118 pa t16919 l18019">amount </span><span class="pp-class-118 pa t18517 l3">or </span><span class="pp-class-118 pa t18517 l8418">to </span><span class="pp-class-118 pa t18517 l19021">simultaneously </span><span class="pp-class-118 pa t18517 l4495">sell </span><span class="pp-class-118 pa t18517 l19022">the </span><span class="pp-class-118 pa t18517 l19023">asset </span><span class="pp-class-118 pa t18517 l19024">and </span><span class="pp-class-118 pa t18517 l19025">settle </span><span class="pp-class-118 pa t18517 l19026">the </span><span class="pp-class-118 pa t18517 l19027">debt.</span></p><p class="pp-class-107 pp-area-text"><span class="pp-class-118 pa t16931 l3">The </span><span class="pp-class-118 pa t16931 l550">acquisition </span><span class="pp-class-118 pa t16931 l14895">or </span><span class="pp-class-118 pa t16931 l19028">divestment </span><span class="pp-class-118 pa t16931 l9777">of </span><span class="pp-class-118 pa t16931 l19029">financial </span><span class="pp-class-118 pa t16931 l19030">assets </span><span class="pp-class-118 pa t16931 l19031">is </span><span class="pp-class-118 pa t16931 l19032">rec-</span><span class="pp-class-118 pa t16940 l3">ognised </span><span class="pp-class-118 pa t16940 l10501">on </span><span class="pp-class-118 pa t16940 l19033">the </span><span class="pp-class-118 pa t16940 l19034">transaction </span><span class="pp-class-118 pa t16940 l19035">date </span><span class="pp-class-118 pa t16940 l6590">for </span><span class="pp-class-118 pa t16940 l14645">on-demand </span><span class="pp-class-118 pa t16940 l19036">transac-</span><span class="pp-class-118 pa t16947 l3">tions, </span><span class="pp-class-118 pa t16947 l19037">which </span><span class="pp-class-118 pa t16947 l10860">is </span><span class="pp-class-118 pa t16947 l19038">the </span><span class="pp-class-118 pa t16947 l19039">date </span><span class="pp-class-118 pa t16947 l19040">when </span><span class="pp-class-118 pa t16947 l7238">the </span><span class="pp-class-118 pa t16947 l19041">company </span><span class="pp-class-118 pa t16947 l17885">undertakes </span><span class="pp-class-118 pa t16951 l3">to </span><span class="pp-class-118 pa t16951 l2249">acquire </span><span class="pp-class-118 pa t16951 l19042">or </span><span class="pp-class-118 pa t16951 l19043">sell </span><span class="pp-class-118 pa t16951 l19044">the </span><span class="pp-class-118 pa t16951 l19045">asset.</span></p></div></div><div class="pp-class-7" id="pp-id-3328" xmlns="http://www.w3.org/1999/xhtml"><div class="w485 h19046 pa t2 l3 wtro4 xx30 tro6 xx31"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-121 pa t19047 l3">Measurement</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-118 pa t19048 l3">Financial </span><span class="pp-class-118 pa t19048 l2830">instruments </span><span class="pp-class-118 pa t19048 l18883">that </span><span class="pp-class-118 pa t19048 l17542">are </span><span class="pp-class-118 pa t19048 l19049">not </span><span class="pp-class-118 pa t19048 l19050">derivative </span><span class="pp-class-118 pa t19048 l19051">instru-</span><span class="pp-class-118 pa t19052 l3">ments </span><span class="pp-class-118 pa t19052 l19053">are </span><span class="pp-class-118 pa t19052 l19054">initially </span><span class="pp-class-118 pa t19052 l19055">recognised </span><span class="pp-class-118 pa t19052 l19056">at </span><span class="pp-class-118 pa t19052 l19057">cost </span><span class="pp-class-118 pa t19052 l12562">corresponding </span><span class="pp-class-118 pa t19052 l19058">to </span><span class="pp-class-118 pa t19059 l3">the </span><span class="pp-class-118 pa t19059 l1444">instrument’s </span><span class="pp-class-118 pa t19059 l19060">fair </span><span class="pp-class-118 pa t19059 l19061">value </span><span class="pp-class-118 pa t19059 l18961">plus </span><span class="pp-class-118 pa t19059 l1869">transaction </span><span class="pp-class-118 pa t19059 l19062">costs. </span><span class="pp-class-118 pa t19063 l3">Transaction </span><span class="pp-class-118 pa t19063 l7024">costs </span><span class="pp-class-118 pa t19063 l7025">for </span><span class="pp-class-118 pa t19063 l19064">derivative </span><span class="pp-class-118 pa t19063 l17740">instruments </span><span class="pp-class-118 pa t19063 l19065">are </span><span class="pp-class-118 pa t19063 l19066">imme-</span><span class="pp-class-118 pa t19067 l3">diately </span><span class="pp-class-118 pa t19067 l19068">expensed. </span><span class="pp-class-118 pa t19067 l3344">On </span><span class="pp-class-118 pa t19067 l19069">initial </span><span class="pp-class-118 pa t19067 l19070">recognition, </span><span class="pp-class-118 pa t19067 l19071">a </span><span class="pp-class-118 pa t19067 l19072">financial </span><span class="pp-class-118 pa t19073 l3">instrument </span><span class="pp-class-118 pa t19073 l19074">is </span><span class="pp-class-118 pa t19073 l18803">classified </span><span class="pp-class-118 pa t19073 l11101">on </span><span class="pp-class-118 pa t19073 l19075">the </span><span class="pp-class-118 pa t19073 l18414">basis </span><span class="pp-class-118 pa t19073 l19076">of </span><span class="pp-class-118 pa t19073 l12567">the </span><span class="pp-class-118 pa t19073 l19077">purpose </span><span class="pp-class-118 pa t19078 l3">underlying </span><span class="pp-class-118 pa t19078 l16680">the </span><span class="pp-class-118 pa t19078 l4452">acquisition </span><span class="pp-class-118 pa t19078 l19079">of </span><span class="pp-class-118 pa t19078 l19080">the </span><span class="pp-class-118 pa t19078 l11677">instrument. </span><span class="pp-class-118 pa t19078 l19081">This </span><span class="pp-class-118 pa t19078 l19082">clas-</span><span class="pp-class-118 pa t19083 l3">sification </span><span class="pp-class-118 pa t19083 l17268">determines </span><span class="pp-class-118 pa t19083 l8350">how </span><span class="pp-class-118 pa t19083 l19084">the </span><span class="pp-class-118 pa t19083 l19085">financial </span><span class="pp-class-118 pa t19083 l10296">instrument </span><span class="pp-class-118 pa t19083 l19086">is </span><span class="pp-class-118 pa t19087 l3">measured </span><span class="pp-class-118 pa t19087 l17166">after </span><span class="pp-class-118 pa t19087 l19088">initial </span><span class="pp-class-118 pa t19087 l19089">recognition, </span><span class="pp-class-118 pa t19087 l19090">as </span><span class="pp-class-118 pa t19087 l19091">described </span><span class="pp-class-118 pa t19087 l19092">below. </span><span class="pp-class-118 pa t19093 l3">For </span><span class="pp-class-118 pa t19093 l1476">the </span><span class="pp-class-118 pa t19093 l15305">recognition </span><span class="pp-class-118 pa t19093 l13928">of </span><span class="pp-class-118 pa t19093 l19094">derivative </span><span class="pp-class-118 pa t19093 l19095">instruments, </span><span class="pp-class-118 pa t19093 l6027">refer </span><span class="pp-class-118 pa t19093 l19096">to </span><span class="pp-class-118 pa t19097 l3">cash </span><span class="pp-class-118 pa t19097 l3235">flow </span><span class="pp-class-118 pa t19097 l19098">hedges </span><span class="pp-class-118 pa t19097 l11903">below.</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-121 pa t19099 l3">Receivables </span><span class="pp-class-121 pa t19099 l10823">and </span><span class="pp-class-121 pa t19099 l19100 ls19101">liabilities </span><span class="pp-class-121 pa t19099 l19102">in </span><span class="pp-class-121 pa t19099 l19103">foreign </span><span class="pp-class-121 pa t19099 l19104">currencies</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-118 pa t19105 l3">Receivables </span><span class="pp-class-118 pa t19105 l14123">and </span><span class="pp-class-118 pa t19105 l19106">liabilities </span><span class="pp-class-118 pa t19105 l19107">in </span><span class="pp-class-118 pa t19105 l19108">foreign </span><span class="pp-class-118 pa t19105 l19109">currencies </span><span class="pp-class-118 pa t19105 l19110">are </span><span class="pp-class-118 pa t19105 l19111">val-</span><span class="pp-class-118 pa t19112 l3">ued </span><span class="pp-class-118 pa t19112 l7085">at </span><span class="pp-class-118 pa t19112 l9845">the </span><span class="pp-class-118 pa t19112 l19113">balance </span><span class="pp-class-118 pa t19112 l19114">sheet </span><span class="pp-class-118 pa t19112 l19115">date </span><span class="pp-class-118 pa t19112 l19116">rate. </span><span class="pp-class-118 pa t19112 l9145">Exchange </span><span class="pp-class-118 pa t19112 l19117">rate </span><span class="pp-class-118 pa t19112 l3251">fluctu-</span><span class="pp-class-118 pa t19118 l3">ations </span><span class="pp-class-118 pa t19118 l19119">pertaining </span><span class="pp-class-118 pa t19118 l14693">to </span><span class="pp-class-118 pa t19118 l19120">operating </span><span class="pp-class-118 pa t19118 l13920">receivables </span><span class="pp-class-118 pa t19118 l19121">and </span><span class="pp-class-118 pa t19118 l19122">liabilities </span><span class="pp-class-118 pa t19123 l3">are </span><span class="pp-class-118 pa t19123 l2545">recognised </span><span class="pp-class-118 pa t19123 l16882">in </span><span class="pp-class-118 pa t19123 l19124">operating </span><span class="pp-class-118 pa t19123 l19125">profit, </span><span class="pp-class-118 pa t19123 l19126">while </span><span class="pp-class-118 pa t19123 l19127">exchange </span><span class="pp-class-118 pa t19123 l19128">rate </span><span class="pp-class-118 pa t19129 l3">fluctuations </span><span class="pp-class-118 pa t19129 l19130">pertaining </span><span class="pp-class-118 pa t19129 l19131">to </span><span class="pp-class-118 pa t19129 l19132">financial </span><span class="pp-class-118 pa t19129 l10071">receivables </span><span class="pp-class-118 pa t19129 l19133">and </span><span class="pp-class-118 pa t19129 l19134">lia-</span><span class="pp-class-118 pa t19135 l3">bilities </span><span class="pp-class-118 pa t19135 l19136">are </span><span class="pp-class-118 pa t19135 l9232">recognised </span><span class="pp-class-118 pa t19135 l19137">in </span><span class="pp-class-118 pa t19135 l12021">net </span><span class="pp-class-118 pa t19135 l19138">financial </span><span class="pp-class-118 pa t19135 l19139">items.</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-121 pa t19140 l3">Loans </span><span class="pp-class-121 pa t19140 l19141">and </span><span class="pp-class-121 pa t19140 l6239">trade </span><span class="pp-class-121 pa t19140 l19142">receivables</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-118 pa t19143 l3">Loans </span><span class="pp-class-118 pa t19143 l19144">and </span><span class="pp-class-118 pa t19143 l2082">trade </span><span class="pp-class-118 pa t19143 l19145">receivables </span><span class="pp-class-118 pa t19143 l8522">comprise </span><span class="pp-class-118 pa t19143 l19146">financial </span><span class="pp-class-118 pa t19143 l19147">assets </span><span class="pp-class-118 pa t19148 l3">that </span><span class="pp-class-118 pa t19148 l2107">are </span><span class="pp-class-118 pa t19148 l16774">not </span><span class="pp-class-118 pa t19148 l19149">derivative </span><span class="pp-class-118 pa t19148 l19150">instruments, </span><span class="pp-class-118 pa t19148 l14204">that </span><span class="pp-class-118 pa t19148 l19151">have </span><span class="pp-class-118 pa t19148 l19152">fixed </span><span class="pp-class-118 pa t19148 l19153">or </span><span class="pp-class-118 pa t19154 l3">fixable </span><span class="pp-class-118 pa t19154 l19155">payments </span><span class="pp-class-118 pa t19154 l5833">and </span><span class="pp-class-118 pa t19154 l7119">that </span><span class="pp-class-118 pa t19154 l19156">are </span><span class="pp-class-118 pa t19154 l19157">not </span><span class="pp-class-118 pa t19154 l8781">listed </span><span class="pp-class-118 pa t19154 l19158">on </span><span class="pp-class-118 pa t19154 l6707">an </span><span class="pp-class-118 pa t19154 l18125">active </span><span class="pp-class-118 pa t19159 l3">market. </span><span class="pp-class-118 pa t19159 l19160">For </span><span class="pp-class-118 pa t19159 l19161">TCM </span><span class="pp-class-118 pa t19159 l19162">Group, </span><span class="pp-class-118 pa t19159 l19163">this </span><span class="pp-class-118 pa t19159 l11090">category </span><span class="pp-class-118 pa t19159 l19164">includes </span><span class="pp-class-118 pa t19165 l3">non-current </span><span class="pp-class-118 pa t19165 l13879">financial </span><span class="pp-class-118 pa t19165 l14193">assets, </span><span class="pp-class-118 pa t19165 l12607">and </span><span class="pp-class-118 pa t19165 l19166">trade </span><span class="pp-class-118 pa t19165 l19167">receivables </span><span class="pp-class-118 pa t19165 l6419">and </span><span class="pp-class-118 pa t19168 l3">other </span><span class="pp-class-118 pa t19168 l11647">receivables </span><span class="pp-class-118 pa t19168 l19169">recognised </span><span class="pp-class-118 pa t19168 l10651">as </span><span class="pp-class-118 pa t19168 l19170">current </span><span class="pp-class-118 pa t19168 l19171">assets. </span><span class="pp-class-118 pa t19168 l19172">These </span><span class="pp-class-118 pa t19173 l3">assets </span><span class="pp-class-118 pa t19173 l16870">are </span><span class="pp-class-118 pa t19173 l19174">valued </span><span class="pp-class-118 pa t19173 l19175">at </span><span class="pp-class-118 pa t19173 l19176">amortised </span><span class="pp-class-118 pa t19173 l19177">cost. </span><span class="pp-class-118 pa t19173 l1636">Amortised </span><span class="pp-class-118 pa t19173 l19178">cost </span><span class="pp-class-118 pa t19173 l19179">is </span><span class="pp-class-118 pa t19180 l3">determined </span><span class="pp-class-118 pa t19180 l19181">based </span><span class="pp-class-118 pa t19180 l19182">on </span><span class="pp-class-118 pa t19180 l19183">the </span><span class="pp-class-118 pa t19180 l9860">effective </span><span class="pp-class-118 pa t19180 l11196">rate </span><span class="pp-class-118 pa t19180 l19184">calculated </span><span class="pp-class-118 pa t19180 l19185">on </span><span class="pp-class-118 pa t19180 l19186">the </span><span class="pp-class-118 pa t19187 l3">acquisition </span><span class="pp-class-118 pa t19187 l861">date. </span><span class="pp-class-118 pa t19187 l19188">Loans </span><span class="pp-class-118 pa t19187 l8632">and </span><span class="pp-class-118 pa t19187 l19189">trade </span><span class="pp-class-118 pa t19187 l10813">receivables </span><span class="pp-class-118 pa t19187 l19190">are </span><span class="pp-class-118 pa t19187 l19191">recog-</span><span class="pp-class-118 pa t19192 l3">nised </span><span class="pp-class-118 pa t19192 l17154">at </span><span class="pp-class-118 pa t19192 l16865">the </span><span class="pp-class-118 pa t19192 l19193">amounts </span><span class="pp-class-118 pa t19192 l19194">that </span><span class="pp-class-118 pa t19192 l6168">are </span><span class="pp-class-118 pa t19192 l19195">expected </span><span class="pp-class-118 pa t19192 l9222">to </span><span class="pp-class-118 pa t19192 l19196">be </span><span class="pp-class-118 pa t19192 l19197">received, </span><span class="pp-class-118 pa t19198 l3">i.e. </span><span class="pp-class-118 pa t19198 l19199">less </span><span class="pp-class-118 pa t19198 l9359">any </span><span class="pp-class-118 pa t19198 l19200">provisions </span><span class="pp-class-118 pa t19198 l6214">for </span><span class="pp-class-118 pa t19198 l19201">decreases </span><span class="pp-class-118 pa t19198 l19202">in </span><span class="pp-class-118 pa t19198 l19203">value. </span><span class="pp-class-118 pa t19198 l19204">Receiv-</span><span class="pp-class-118 pa t19205 l3">ables </span><span class="pp-class-118 pa t19205 l18890">with </span><span class="pp-class-118 pa t19205 l19206">short </span><span class="pp-class-118 pa t19205 l12540">maturities </span><span class="pp-class-118 pa t19205 l19207">are </span><span class="pp-class-118 pa t19205 l943">not </span><span class="pp-class-118 pa t19205 l19208">discounted.</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-121 pa t19209 l3">Cash </span><span class="pp-class-121 pa t19209 l19210">and </span><span class="pp-class-121 pa t19209 l2830 ls7837">cash </span><span class="pp-class-121 pa t19209 l19211 ls786">equivalents</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-118 pa t19212 l3">Cash </span><span class="pp-class-118 pa t19212 l2906">and </span><span class="pp-class-118 pa t19212 l19213">cash </span><span class="pp-class-118 pa t19212 l12864">equivalents </span><span class="pp-class-118 pa t19212 l10725">are </span><span class="pp-class-118 pa t19212 l8562">defined </span><span class="pp-class-118 pa t19212 l19214">as </span><span class="pp-class-118 pa t19212 l19215">cash </span><span class="pp-class-118 pa t19212 l19216">and </span><span class="pp-class-118 pa t19212 l19217">bank </span><span class="pp-class-118 pa t19218 l3">balances </span><span class="pp-class-118 pa t19218 l19219">and </span><span class="pp-class-118 pa t19218 l19220">short-term </span><span class="pp-class-118 pa t19218 l19221">investments </span><span class="pp-class-118 pa t19218 l9810">with </span><span class="pp-class-118 pa t19218 l19222">maturities </span><span class="pp-class-118 pa t19223 l3">not </span><span class="pp-class-118 pa t19223 l8559">exceeding </span><span class="pp-class-118 pa t19223 l19224">three </span><span class="pp-class-118 pa t19223 l19225">months </span><span class="pp-class-118 pa t19223 l17004">from </span><span class="pp-class-118 pa t19223 l19226">the </span><span class="pp-class-118 pa t19223 l6856">acquisition </span><span class="pp-class-118 pa t19223 l19227">date.</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-121 pa t19228 l3">Financial </span><span class="pp-class-121 pa t19228 l19229">liabilities</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-118 pa t19230 l3">All </span><span class="pp-class-118 pa t19230 l2483">transactions </span><span class="pp-class-118 pa t19230 l19231">pertaining </span><span class="pp-class-118 pa t19230 l19232">to </span><span class="pp-class-118 pa t19230 l2133">financial </span><span class="pp-class-118 pa t19230 l7724">liabilities </span><span class="pp-class-118 pa t19230 l19233">are </span><span class="pp-class-118 pa t19234 l3">recognised </span><span class="pp-class-118 pa t19234 l4260">on </span><span class="pp-class-118 pa t19234 l19235">the </span><span class="pp-class-118 pa t19234 l19236">settlement </span><span class="pp-class-118 pa t19234 l11930">date. </span><span class="pp-class-118 pa t19234 l18887">Liabilities </span><span class="pp-class-118 pa t19234 l19237">(except </span><span class="pp-class-118 pa t19234 l19238">for </span></p></div></div><div class="pp-class-7" id="pp-id-3329" xmlns="http://www.w3.org/1999/xhtml"><div class="w485 h19239 pa t2 l3 wtro4 xx30 tro6 xx31"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-118 pa t19240 l3">derivative </span><span class="pp-class-118 pa t19240 l12656">instruments </span><span class="pp-class-118 pa t19240 l19241">with </span><span class="pp-class-118 pa t19240 l10715">negative </span><span class="pp-class-118 pa t19240 l19242">values) </span><span class="pp-class-118 pa t19240 l19243">are </span><span class="pp-class-118 pa t19240 l19244">meas-</span><span class="pp-class-118 pa t19245 l3">ured </span><span class="pp-class-118 pa t19245 l19246">at </span><span class="pp-class-118 pa t19245 l19247">amortised </span><span class="pp-class-118 pa t19245 l19248">cost.</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-118 pa t19249 l3">Financial </span><span class="pp-class-118 pa t19249 l2830">liabilities </span><span class="pp-class-118 pa t19249 l1567">related </span><span class="pp-class-118 pa t19249 l19250">to </span><span class="pp-class-118 pa t19249 l12039">contingent </span><span class="pp-class-118 pa t19249 l17265">payment </span><span class="pp-class-118 pa t19249 l19251">obli-</span><span class="pp-class-118 pa t19252 l3">gations </span><span class="pp-class-118 pa t19252 l19253">are </span><span class="pp-class-118 pa t19252 l12716">initially </span><span class="pp-class-118 pa t19252 l10745">measured </span><span class="pp-class-118 pa t19252 l19254">at </span><span class="pp-class-118 pa t19252 l1951">fair </span><span class="pp-class-118 pa t19252 l19255">value </span><span class="pp-class-118 pa t19252 l17161">based </span><span class="pp-class-118 pa t19252 l19256">on </span><span class="pp-class-118 pa t19252 l11891">the </span><span class="pp-class-118 pa t19257 l3">estimated </span><span class="pp-class-118 pa t19257 l19258">future </span><span class="pp-class-118 pa t19257 l16762">performance </span><span class="pp-class-118 pa t19257 l19259">of </span><span class="pp-class-118 pa t19257 l1434">the </span><span class="pp-class-118 pa t19257 l2681">acquired </span><span class="pp-class-118 pa t19257 l19260">entity. </span><span class="pp-class-118 pa t19261 l3">These </span><span class="pp-class-118 pa t19261 l1458">assumptions </span><span class="pp-class-118 pa t19261 l12043">are </span><span class="pp-class-118 pa t19261 l19262">then </span><span class="pp-class-118 pa t19261 l11910">reviewed </span><span class="pp-class-118 pa t19261 l4699">at </span><span class="pp-class-118 pa t19261 l12550">each </span><span class="pp-class-118 pa t19261 l19263">balance </span><span class="pp-class-118 pa t19264 l3">sheet </span><span class="pp-class-118 pa t19264 l6343">date </span><span class="pp-class-118 pa t19264 l19265">and </span><span class="pp-class-118 pa t19264 l19266">the </span><span class="pp-class-118 pa t19264 l9143">contingent </span><span class="pp-class-118 pa t19264 l19267">payment </span><span class="pp-class-118 pa t19264 l19268">obligation </span><span class="pp-class-118 pa t19269 l3">adjusted </span><span class="pp-class-118 pa t19269 l19270">accordingly, </span><span class="pp-class-118 pa t19269 l12347">with </span><span class="pp-class-118 pa t19269 l10750">the </span><span class="pp-class-118 pa t19269 l19271">adjustment </span><span class="pp-class-118 pa t19269 l19272">being </span><span class="pp-class-118 pa t19269 l19273">recog-</span><span class="pp-class-118 pa t19274 l3">nised </span><span class="pp-class-118 pa t19274 l17154">in </span><span class="pp-class-118 pa t19274 l17155">other </span><span class="pp-class-118 pa t19274 l17846">income/other </span><span class="pp-class-118 pa t19274 l1667">expenses.</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-121 pa t19275 l3">Cash </span><span class="pp-class-121 pa t19275 l19210">flow </span><span class="pp-class-121 pa t19275 l19276">hedges, </span><span class="pp-class-121 pa t19275 l19277">interest </span><span class="pp-class-121 pa t19275 l19278">rate </span><span class="pp-class-121 pa t19275 l10441">risk</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-118 pa t19279 l3">Interest </span><span class="pp-class-118 pa t19279 l17765">swaps </span><span class="pp-class-118 pa t19279 l17441">can </span><span class="pp-class-118 pa t19279 l19280">be </span><span class="pp-class-118 pa t19279 l12658">used </span><span class="pp-class-118 pa t19279 l19281">to </span><span class="pp-class-118 pa t19279 l19282">hedge </span><span class="pp-class-118 pa t19279 l19283">the </span><span class="pp-class-118 pa t19279 l8466">uncertainty </span><span class="pp-class-118 pa t19279 l19284">of </span><span class="pp-class-118 pa t19285 l3">highly </span><span class="pp-class-118 pa t19285 l19286">probable </span><span class="pp-class-118 pa t19285 l19287">forecast </span><span class="pp-class-118 pa t19285 l19288">interest </span><span class="pp-class-118 pa t19285 l12704">rate </span><span class="pp-class-118 pa t19285 l19289">flows </span><span class="pp-class-118 pa t19285 l19290">for </span><span class="pp-class-118 pa t19285 l19291">borrow-</span><span class="pp-class-118 pa t19292 l3">ing </span><span class="pp-class-118 pa t19292 l18082">at </span><span class="pp-class-118 pa t19292 l19293">variable </span><span class="pp-class-118 pa t19292 l19294">interest, </span><span class="pp-class-118 pa t19292 l19295">whereby </span><span class="pp-class-118 pa t19292 l16736">the </span><span class="pp-class-118 pa t19292 l19296">company </span><span class="pp-class-118 pa t19292 l11998">receives </span><span class="pp-class-118 pa t19297 l3">variable </span><span class="pp-class-118 pa t19297 l1640">interest </span><span class="pp-class-118 pa t19297 l14161">and </span><span class="pp-class-118 pa t19297 l19298">pays </span><span class="pp-class-118 pa t19297 l19299">fixed </span><span class="pp-class-118 pa t19297 l19300">interest. </span><span class="pp-class-118 pa t19297 l12550">Interest </span><span class="pp-class-118 pa t19297 l1602">rate </span><span class="pp-class-118 pa t19301 l3">swaps </span><span class="pp-class-118 pa t19301 l19302">are </span><span class="pp-class-118 pa t19301 l19303">measured </span><span class="pp-class-118 pa t19301 l19304">at </span><span class="pp-class-118 pa t19301 l13738">fair </span><span class="pp-class-118 pa t19301 l19305">value </span><span class="pp-class-118 pa t19301 l10280">in </span><span class="pp-class-118 pa t19301 l19306">the </span><span class="pp-class-118 pa t19301 l19307">balance </span><span class="pp-class-118 pa t19301 l19308">sheet. </span><span class="pp-class-118 pa t19309 l3">The </span><span class="pp-class-118 pa t19309 l550">interest </span><span class="pp-class-118 pa t19309 l19310">coupon </span><span class="pp-class-118 pa t19309 l19311">portion </span><span class="pp-class-118 pa t19309 l12428">is </span><span class="pp-class-118 pa t19309 l19312">recognised </span><span class="pp-class-118 pa t19309 l19313">in </span><span class="pp-class-118 pa t19309 l19314">the </span><span class="pp-class-118 pa t19309 l19315">income </span><span class="pp-class-118 pa t19316 l3">statement </span><span class="pp-class-118 pa t19316 l19317">on </span><span class="pp-class-118 pa t19316 l19318">an </span><span class="pp-class-118 pa t19316 l19319">ongoing </span><span class="pp-class-118 pa t19316 l19320">basis </span><span class="pp-class-118 pa t19316 l2124">as </span><span class="pp-class-118 pa t19316 l19321">a </span><span class="pp-class-118 pa t19316 l19322">portion </span><span class="pp-class-118 pa t19316 l13546">of </span><span class="pp-class-118 pa t19316 l19323">interest </span><span class="pp-class-118 pa t19324 l3">expense. </span><span class="pp-class-118 pa t19324 l19325">Unrealised </span><span class="pp-class-118 pa t19324 l19326">changes </span><span class="pp-class-118 pa t19324 l10497">in </span><span class="pp-class-118 pa t19324 l19327">the </span><span class="pp-class-118 pa t19324 l4147">fair </span><span class="pp-class-118 pa t19324 l19328">value </span><span class="pp-class-118 pa t19324 l19329">of </span><span class="pp-class-118 pa t19324 l19330">interest </span><span class="pp-class-118 pa t19331 l3">rate </span><span class="pp-class-118 pa t19331 l18762">swaps </span><span class="pp-class-118 pa t19331 l19332">are </span><span class="pp-class-118 pa t19331 l19333">recognised </span><span class="pp-class-118 pa t19331 l7703">in </span><span class="pp-class-118 pa t19331 l3394">other </span><span class="pp-class-118 pa t19331 l19334">comprehensive </span><span class="pp-class-118 pa t19335 l3">income </span><span class="pp-class-118 pa t19335 l6781">and </span><span class="pp-class-118 pa t19335 l19336">are </span><span class="pp-class-118 pa t19335 l19337">included </span><span class="pp-class-118 pa t19335 l19338">as </span><span class="pp-class-118 pa t19335 l19339">a </span><span class="pp-class-118 pa t19335 l19340">portion </span><span class="pp-class-118 pa t19335 l19341">of </span><span class="pp-class-118 pa t19335 l9172">the </span><span class="pp-class-118 pa t19335 l19342">hedging </span><span class="pp-class-118 pa t19343 l3">reserve </span><span class="pp-class-118 pa t19343 l19344">until </span><span class="pp-class-118 pa t19343 l19345">the </span><span class="pp-class-118 pa t19343 l883">hedged </span><span class="pp-class-118 pa t19343 l8621">item </span><span class="pp-class-118 pa t19343 l19346">impacts </span><span class="pp-class-118 pa t19343 l11430">net </span><span class="pp-class-118 pa t19343 l19347">profit </span><span class="pp-class-118 pa t19343 l19348">for </span><span class="pp-class-118 pa t19343 l19349">the </span><span class="pp-class-118 pa t19350 l3">year </span><span class="pp-class-118 pa t19350 l19351">and </span><span class="pp-class-118 pa t19350 l19352">as </span><span class="pp-class-118 pa t19350 l7693">long </span><span class="pp-class-118 pa t19350 l15140">as </span><span class="pp-class-118 pa t19350 l1976">the </span><span class="pp-class-118 pa t19350 l19353">criteria </span><span class="pp-class-118 pa t19350 l19354">for </span><span class="pp-class-118 pa t19350 l19355">hedge </span><span class="pp-class-118 pa t19350 l17971">accounting </span><span class="pp-class-118 pa t19350 l19356">and </span><span class="pp-class-118 pa t19357 l3">effectiveness </span><span class="pp-class-118 pa t19357 l19358">are </span><span class="pp-class-118 pa t19357 l19359">fulfilled. </span><span class="pp-class-118 pa t19357 l19360">The </span><span class="pp-class-118 pa t19357 l19361">gain </span><span class="pp-class-118 pa t19357 l19362">or </span><span class="pp-class-118 pa t19357 l19363">loss </span><span class="pp-class-118 pa t19357 l13820">attributable </span><span class="pp-class-118 pa t19364 l3">to </span><span class="pp-class-118 pa t19364 l2249">the </span><span class="pp-class-118 pa t19364 l13031">ineffective </span><span class="pp-class-118 pa t19364 l19365">portion </span><span class="pp-class-118 pa t19364 l19366">of </span><span class="pp-class-118 pa t19364 l19367">unrealised </span><span class="pp-class-118 pa t19364 l19368">changes </span><span class="pp-class-118 pa t19364 l972">in </span><span class="pp-class-118 pa t19364 l19369">the </span><span class="pp-class-118 pa t19370 l3">value </span><span class="pp-class-118 pa t19370 l1282">of </span><span class="pp-class-118 pa t19370 l9893">interest </span><span class="pp-class-118 pa t19370 l19371">rate </span><span class="pp-class-118 pa t19370 l8686">swaps </span><span class="pp-class-118 pa t19370 l647">is </span><span class="pp-class-118 pa t19370 l19372">recognised </span><span class="pp-class-118 pa t19370 l12689">in </span><span class="pp-class-118 pa t19370 l19373">the </span><span class="pp-class-118 pa t19370 l19374">income </span><span class="pp-class-118 pa t19375 l3">statement.</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-121 pa t19376 l3">Derivative </span><span class="pp-class-121 pa t19376 l19377">financial </span><span class="pp-class-121 pa t19376 l9487">instruments</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-118 pa t19378 l3">On </span><span class="pp-class-118 pa t19378 l3312">initial </span><span class="pp-class-118 pa t19378 l9744">recognition </span><span class="pp-class-118 pa t19378 l19379">in </span><span class="pp-class-118 pa t19378 l19380">the </span><span class="pp-class-118 pa t19378 l19381">balance </span><span class="pp-class-118 pa t19378 l3309">sheet, </span><span class="pp-class-118 pa t19378 l11889">derivative </span><span class="pp-class-118 pa t19382 l3">financial </span><span class="pp-class-118 pa t19382 l1386">instruments </span><span class="pp-class-118 pa t19382 l19383">are </span><span class="pp-class-118 pa t19382 l7261">measured </span><span class="pp-class-118 pa t19382 l19384">at </span><span class="pp-class-118 pa t19382 l13915">cost </span><span class="pp-class-118 pa t19382 l19385">and </span><span class="pp-class-118 pa t19382 l12564">subse-</span><span class="pp-class-118 pa t19386 l3">quently </span><span class="pp-class-118 pa t19386 l19387">at </span><span class="pp-class-118 pa t19386 l13599">fair </span><span class="pp-class-118 pa t19386 l19388">value. </span><span class="pp-class-118 pa t19386 l19389">Derivative </span><span class="pp-class-118 pa t19386 l4247">financial </span><span class="pp-class-118 pa t19386 l8392">instruments </span><span class="pp-class-118 pa t19390 l3">are </span><span class="pp-class-118 pa t19390 l2545">recognised </span><span class="pp-class-118 pa t19390 l16882">under </span><span class="pp-class-118 pa t19390 l4638">other </span><span class="pp-class-118 pa t19390 l19391">receivables/other </span><span class="pp-class-118 pa t19390 l19392">payables.</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-118 pa t19393 l3">Changes </span><span class="pp-class-118 pa t19393 l6102">that </span><span class="pp-class-118 pa t19393 l19394">comply </span><span class="pp-class-118 pa t19393 l18699">with </span><span class="pp-class-118 pa t19393 l9382">the </span><span class="pp-class-118 pa t19393 l19395">requirements </span><span class="pp-class-118 pa t19393 l18918">for </span><span class="pp-class-118 pa t19393 l19396">hedging </span><span class="pp-class-118 pa t19397 l3">of </span><span class="pp-class-118 pa t19397 l557">the </span><span class="pp-class-118 pa t19397 l3322">future </span><span class="pp-class-118 pa t19397 l19398">cash </span><span class="pp-class-118 pa t19397 l19399">flow </span><span class="pp-class-118 pa t19397 l18479">of </span><span class="pp-class-118 pa t19397 l19400">a </span><span class="pp-class-118 pa t19397 l18501">recognised </span><span class="pp-class-118 pa t19397 l18374">asset </span><span class="pp-class-118 pa t19397 l19401">or </span><span class="pp-class-118 pa t19397 l19402">liability </span><span class="pp-class-118 pa t19403 l3">are </span><span class="pp-class-118 pa t19403 l2545">recognised </span><span class="pp-class-118 pa t19403 l16882">in </span><span class="pp-class-118 pa t19403 l19124">the </span><span class="pp-class-118 pa t19403 l19404">statement </span><span class="pp-class-118 pa t19403 l19405">of </span><span class="pp-class-118 pa t19403 l19406">comprehensive </span><span class="pp-class-118 pa t19407 l3">income.</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-120 pa t19408 l3 ls19409">Impairment</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-118 pa t19410 l3">The </span><span class="pp-class-118 pa t19410 l550">carrying </span><span class="pp-class-118 pa t19410 l19411">amounts </span><span class="pp-class-118 pa t19410 l19412">of </span><span class="pp-class-118 pa t19410 l746">the </span><span class="pp-class-118 pa t19410 l19413">Group’s </span><span class="pp-class-118 pa t19410 l19414">non-financial </span><span class="pp-class-118 pa t19415 l3">assets </span><span class="pp-class-118 pa t19415 l16870">are </span><span class="pp-class-118 pa t19415 l19174">reviewed </span><span class="pp-class-118 pa t19415 l10472">at </span><span class="pp-class-118 pa t19415 l19416">each </span><span class="pp-class-118 pa t19415 l19417">reporting </span><span class="pp-class-118 pa t19415 l6902">date </span><span class="pp-class-118 pa t19415 l19418">for </span><span class="pp-class-118 pa t19415 l19419">indica-</span><span class="pp-class-118 pa t19420 l3">tions </span><span class="pp-class-118 pa t19420 l16625">of </span><span class="pp-class-118 pa t19420 l19421">impairment. </span><span class="pp-class-118 pa t19420 l19422">If </span><span class="pp-class-118 pa t19420 l2697">any </span><span class="pp-class-118 pa t19420 l19423">such </span><span class="pp-class-118 pa t19420 l19424">indication </span><span class="pp-class-118 pa t19420 l19425">exists, </span><span class="pp-class-118 pa t19420 l19426">the </span><span class="pp-class-118 pa t19427 l3">recoverable </span><span class="pp-class-118 pa t19427 l12402">amount </span><span class="pp-class-118 pa t19427 l19428">is </span><span class="pp-class-118 pa t19427 l19429">estimated </span><span class="pp-class-118 pa t19427 l19430">in </span><span class="pp-class-118 pa t19427 l19431">accordance </span><span class="pp-class-118 pa t19427 l19432">with </span><span class="pp-class-118 pa t19427 l19433">IAS </span></p></div></div><div class="pp-class-7" id="pp-id-3330" xmlns="http://www.w3.org/1999/xhtml"><div class="w485 h19434 pa t2 l3 wtro4 xx30 tro6 xx31"><p class="pp-class-107 pp-area-text"><span class="pp-class-118 pa t1025 l3">36. </span><span class="pp-class-118 pa t1025 l19435">Financial </span><span class="pp-class-118 pa t1025 l2682">assets </span><span class="pp-class-118 pa t1025 l19176">are </span><span class="pp-class-118 pa t1025 l19436">tested </span><span class="pp-class-118 pa t1025 l19056">for </span><span class="pp-class-118 pa t1025 l19437">impairment </span><span class="pp-class-118 pa t1025 l19438">in </span><span class="pp-class-118 pa t1025 l19439">accord-</span><span class="pp-class-118 pa t1032 l3">ance </span><span class="pp-class-118 pa t1032 l17056">with </span><span class="pp-class-118 pa t1032 l19440">IFRS </span><span class="pp-class-118 pa t1032 l19441">9.</span></p><p class="pp-class-107 pp-area-text"><span class="pp-class-121 pa t1043 l3">Impairment </span><span class="pp-class-121 pa t1043 l19442">testing </span><span class="pp-class-121 pa t1043 l19443">of </span><span class="pp-class-121 pa t1043 l19444">intangible </span><span class="pp-class-121 pa t1043 l18864">assets </span><span class="pp-class-121 pa t1043 l14245">and </span><span class="pp-class-121 pa t1043 l11827">property, </span><span class="pp-class-121 pa t1049 l3">plant </span><span class="pp-class-121 pa t1049 l19445">and </span><span class="pp-class-121 pa t1049 l12731">equipment</span></p><p class="pp-class-107 pp-area-text"><span class="pp-class-118 pa t1056 l3">If </span><span class="pp-class-118 pa t1056 l17131">there </span><span class="pp-class-118 pa t1056 l19446">is </span><span class="pp-class-118 pa t1056 l10074">an </span><span class="pp-class-118 pa t1056 l19447">indication </span><span class="pp-class-118 pa t1056 l19295">of </span><span class="pp-class-118 pa t1056 l19448">impairment, </span><span class="pp-class-118 pa t1056 l19449">the </span><span class="pp-class-118 pa t1056 l19450">recoverable </span><span class="pp-class-118 pa t1064 l3">amount </span><span class="pp-class-118 pa t1064 l10501">of </span><span class="pp-class-118 pa t1064 l19451">the </span><span class="pp-class-118 pa t1064 l19452">asset </span><span class="pp-class-118 pa t1064 l19453">is </span><span class="pp-class-118 pa t1064 l19454">tested </span><span class="pp-class-118 pa t1064 l17437">in </span><span class="pp-class-118 pa t1064 l19455">accordance </span><span class="pp-class-118 pa t1064 l19456">with </span><span class="pp-class-118 pa t1064 l19457">IAS </span><span class="pp-class-118 pa t1064 l19458">36 </span><span class="pp-class-118 pa t1109 l3">(see </span><span class="pp-class-118 pa t1109 l15157">below). </span><span class="pp-class-118 pa t1109 l19459">For </span><span class="pp-class-118 pa t1109 l19460">goodwill </span><span class="pp-class-118 pa t1109 l19461">and </span><span class="pp-class-118 pa t1109 l19462">assets </span><span class="pp-class-118 pa t1109 l19463">with </span><span class="pp-class-118 pa t1109 l16868">indefinite </span><span class="pp-class-118 pa t1109 l19464">life, </span><span class="pp-class-118 pa t1475 l3">e.g. </span><span class="pp-class-118 pa t1475 l19465">certain </span><span class="pp-class-118 pa t1475 l1248">brands, </span><span class="pp-class-118 pa t1475 l19466">the </span><span class="pp-class-118 pa t1475 l2581">recoverable </span><span class="pp-class-118 pa t1475 l19467">amount </span><span class="pp-class-118 pa t1475 l19468">is </span><span class="pp-class-118 pa t1475 l19469">calculated </span><span class="pp-class-118 pa t1484 l3">annually. </span><span class="pp-class-118 pa t1484 l510">When </span><span class="pp-class-118 pa t1484 l19470">testing </span><span class="pp-class-118 pa t1484 l19471">for </span><span class="pp-class-118 pa t1484 l19472">impairment, </span><span class="pp-class-118 pa t1484 l19473">if </span><span class="pp-class-118 pa t1484 l19474">it </span><span class="pp-class-118 pa t1484 l19475">is </span><span class="pp-class-118 pa t1484 l19476">not </span><span class="pp-class-118 pa t1484 l19477">poss-</span><span class="pp-class-118 pa t1221 l3">ible </span><span class="pp-class-118 pa t1221 l19478">to </span><span class="pp-class-118 pa t1221 l19119">establish </span><span class="pp-class-118 pa t1221 l7375">essentially </span><span class="pp-class-118 pa t1221 l19479">independent </span><span class="pp-class-118 pa t1221 l19480">cash </span><span class="pp-class-118 pa t1221 l19481">flows </span><span class="pp-class-118 pa t1221 l19482">for </span><span class="pp-class-118 pa t1228 l3">an </span><span class="pp-class-118 pa t1228 l8451">individual </span><span class="pp-class-118 pa t1228 l19483">asset, </span><span class="pp-class-118 pa t1228 l16988">the </span><span class="pp-class-118 pa t1228 l11833">assets </span><span class="pp-class-118 pa t1228 l16728">must </span><span class="pp-class-118 pa t1228 l7495">be </span><span class="pp-class-118 pa t1228 l6060">grouped </span><span class="pp-class-118 pa t1228 l14403">at </span><span class="pp-class-118 pa t1228 l19484">the </span><span class="pp-class-118 pa t1236 l3">lowest </span><span class="pp-class-118 pa t1236 l1615">level </span><span class="pp-class-118 pa t1236 l19485">at </span><span class="pp-class-118 pa t1236 l19486">which </span><span class="pp-class-118 pa t1236 l12409">it </span><span class="pp-class-118 pa t1236 l19487">is </span><span class="pp-class-118 pa t1236 l19400">possible </span><span class="pp-class-118 pa t1236 l19488">to </span><span class="pp-class-118 pa t1236 l19489">identify </span><span class="pp-class-118 pa t1236 l19490">essentially </span><span class="pp-class-118 pa t1241 l3">independent </span><span class="pp-class-118 pa t1241 l12760">cash </span><span class="pp-class-118 pa t1241 l6725">flows, </span><span class="pp-class-118 pa t1241 l19491">known </span><span class="pp-class-118 pa t1241 l19492">as </span><span class="pp-class-118 pa t1241 l19493">cash-generating </span><span class="pp-class-118 pa t1246 l3">units </span><span class="pp-class-118 pa t1246 l141">(CGUs).</span></p><p class="pp-class-107 pp-area-text"><span class="pp-class-118 pa t1260 l3">Impairment </span><span class="pp-class-118 pa t1260 l18939">losses </span><span class="pp-class-118 pa t1260 l19494">are </span><span class="pp-class-118 pa t1260 l19495">recognised </span><span class="pp-class-118 pa t1260 l19496">when </span><span class="pp-class-118 pa t1260 l18426">the </span><span class="pp-class-118 pa t1260 l19497">carrying </span><span class="pp-class-118 pa t1266 l3">amount </span><span class="pp-class-118 pa t1266 l10501">of </span><span class="pp-class-118 pa t1266 l19451">an </span><span class="pp-class-118 pa t1266 l19498">asset </span><span class="pp-class-118 pa t1266 l19499">or </span><span class="pp-class-118 pa t1266 l19500">a </span><span class="pp-class-118 pa t1266 l19501">CGU </span><span class="pp-class-118 pa t1266 l19502">exceeds </span><span class="pp-class-118 pa t1266 l19503">the </span><span class="pp-class-118 pa t1266 l19504">recoverable </span><span class="pp-class-118 pa t1525 l3">amount. </span><span class="pp-class-118 pa t1525 l19505">Impairment </span><span class="pp-class-118 pa t1525 l7861">losses </span><span class="pp-class-118 pa t1525 l19506">are </span><span class="pp-class-118 pa t1525 l19507">recognised </span><span class="pp-class-118 pa t1525 l19508">in </span><span class="pp-class-118 pa t1525 l17507">the </span><span class="pp-class-118 pa t1525 l19509">income </span><span class="pp-class-118 pa t1691 l3">statement. </span><span class="pp-class-118 pa t1691 l7774">Impairment </span><span class="pp-class-118 pa t1691 l19510">losses </span><span class="pp-class-118 pa t1691 l19511">related </span><span class="pp-class-118 pa t1691 l14022">to </span><span class="pp-class-118 pa t1691 l13823">assets </span><span class="pp-class-118 pa t1691 l12225">attribut-</span><span class="pp-class-118 pa t1273 l3">able </span><span class="pp-class-118 pa t1273 l18390">to </span><span class="pp-class-118 pa t1273 l19512">a </span><span class="pp-class-118 pa t1273 l19513">CGU </span><span class="pp-class-118 pa t1273 l19514">are </span><span class="pp-class-118 pa t1273 l1182">primarily </span><span class="pp-class-118 pa t1273 l13049">allocated </span><span class="pp-class-118 pa t1273 l19515">to </span><span class="pp-class-118 pa t1273 l19516">goodwill. </span><span class="pp-class-118 pa t1273 l19517">Subse-</span><span class="pp-class-118 pa t1281 l3">quently, </span><span class="pp-class-118 pa t1281 l19518">other </span><span class="pp-class-118 pa t1281 l19519">assets </span><span class="pp-class-118 pa t1281 l6698">included </span><span class="pp-class-118 pa t1281 l19520">in </span><span class="pp-class-118 pa t1281 l19521">the </span><span class="pp-class-118 pa t1281 l19522">CGU </span><span class="pp-class-118 pa t1281 l19523">are </span><span class="pp-class-118 pa t1281 l13937">impaired </span><span class="pp-class-118 pa t1291 l3">on </span><span class="pp-class-118 pa t1291 l9773">a </span><span class="pp-class-118 pa t1291 l19524">proportionate </span><span class="pp-class-118 pa t1291 l19525">basis.</span></p><p class="pp-class-107 pp-area-text"><span class="pp-class-118 pa t1313 l3 ls683">The </span><span class="pp-class-118 pa t1313 l19526 ls4640">recoverable </span><span class="pp-class-118 pa t1313 l19527 ls2721">amount </span><span class="pp-class-118 pa t1313 l19528 ls2711">is </span><span class="pp-class-118 pa t1313 l19529 ls683">the </span><span class="pp-class-118 pa t1313 l19530 ls2721">higher </span><span class="pp-class-118 pa t1313 l19531 ls2711">of </span><span class="pp-class-118 pa t1313 l19532 ls2713">fair </span><span class="pp-class-118 pa t1313 l19533 ls2716">value </span><span class="pp-class-118 pa t1313 l19534 ls5925">less </span><span class="pp-class-118 pa t1560 l3 ls7275">selling </span><span class="pp-class-118 pa t1560 l7345 ls7271">expenses </span><span class="pp-class-118 pa t1560 l9895 ls4645">and </span><span class="pp-class-118 pa t1560 l19535 ls2716">value </span><span class="pp-class-118 pa t1560 l19536 ls2711">in </span><span class="pp-class-118 pa t1560 l19537 ls2713">use. </span><span class="pp-class-118 pa t1560 l12587 ls2713">When </span><span class="pp-class-118 pa t1560 l19538 ls4640">calculating </span><span class="pp-class-118 pa t1560 l19539 ls7287">the </span><span class="pp-class-118 pa t1317 l3 ls2716">value </span><span class="pp-class-118 pa t1317 l19540 ls2711">in </span><span class="pp-class-118 pa t1317 l19541 ls2713">use, </span><span class="pp-class-118 pa t1317 l19542 ls2721">future </span><span class="pp-class-118 pa t1317 l19543 ls2713">cash </span><span class="pp-class-118 pa t1317 l19544 ls2716">flows </span><span class="pp-class-118 pa t1317 l19545 ls683">are </span><span class="pp-class-118 pa t1317 l19546 ls4643">discounted </span><span class="pp-class-118 pa t1317 l19547 ls2716">using </span><span class="pp-class-118 pa t1317 l19548 ls7287">a </span><span class="pp-class-118 pa t1317 l19549 ls4645">dis-</span><span class="pp-class-118 pa t1326 l3 ls2716">count </span><span class="pp-class-118 pa t1326 l19550 ls2721">factor </span><span class="pp-class-118 pa t1326 l19551 ls2713">that </span><span class="pp-class-118 pa t1326 l16756 ls2716">takes </span><span class="pp-class-118 pa t1326 l19552 ls2713">into </span><span class="pp-class-118 pa t1326 l18419 ls7275">account </span><span class="pp-class-118 pa t1326 l19553 ls683">the </span><span class="pp-class-118 pa t1326 l19554 ls2713">risk-free </span><span class="pp-class-118 pa t1326 l19555 ls19556">interest </span><span class="pp-class-118 pa t1335 l3 ls2713">rate </span><span class="pp-class-118 pa t1335 l19557 ls4645">and </span><span class="pp-class-118 pa t1335 l19558 ls683">the </span><span class="pp-class-118 pa t1335 l6433 ls2713">risk </span><span class="pp-class-118 pa t1335 l19559 ls4643">associated </span><span class="pp-class-118 pa t1335 l19035 ls2713">with </span><span class="pp-class-118 pa t1335 l19560 ls683">the </span><span class="pp-class-118 pa t1335 l19561 ls7271">specific </span><span class="pp-class-118 pa t1335 l19562 ls2716">asset </span><span class="pp-class-118 pa t1335 l19563 ls2711">or </span><span class="pp-class-118 pa t1335 l19564 ls683">CGU.</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-121 pa t2408 l3">Impairment </span><span class="pp-class-121 pa t2408 l19442">of </span><span class="pp-class-121 pa t2408 l19565">financial </span><span class="pp-class-121 pa t2408 l19566">assets</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-118 pa t1575 l3">Trade </span><span class="pp-class-118 pa t1575 l6997">receivables </span><span class="pp-class-118 pa t1575 l17569">are </span><span class="pp-class-118 pa t1575 l19567">recognised </span><span class="pp-class-118 pa t1575 l19568">initially </span><span class="pp-class-118 pa t1575 l19569">at </span><span class="pp-class-118 pa t1575 l19570">their </span><span class="pp-class-118 pa t1575 l18354">trans-</span><span class="pp-class-118 pa t1352 l3">action </span><span class="pp-class-118 pa t1352 l19571">price </span><span class="pp-class-118 pa t1352 l7355">less </span><span class="pp-class-118 pa t1352 l19572">allowance </span><span class="pp-class-118 pa t1352 l11395">for </span><span class="pp-class-118 pa t1352 l19573">expected </span><span class="pp-class-118 pa t1352 l12705">credit </span><span class="pp-class-118 pa t1352 l19574">losses </span><span class="pp-class-118 pa t1361 l3">over </span><span class="pp-class-118 pa t1361 l16694">the </span><span class="pp-class-118 pa t1361 l16695">lifetime </span><span class="pp-class-118 pa t1361 l19575">of </span><span class="pp-class-118 pa t1361 l9185">the </span><span class="pp-class-118 pa t1361 l19576">receivable </span><span class="pp-class-118 pa t1361 l19577">and </span><span class="pp-class-118 pa t1361 l19578">are </span><span class="pp-class-118 pa t1361 l19579">subsequently </span><span class="pp-class-118 pa t1368 l3">measured </span><span class="pp-class-118 pa t1368 l17166">at </span><span class="pp-class-118 pa t1368 l17895">amortised </span><span class="pp-class-118 pa t1368 l18128">cost </span><span class="pp-class-118 pa t1368 l10910">adjusted </span><span class="pp-class-118 pa t1368 l19580">for </span><span class="pp-class-118 pa t1368 l13578">changes </span><span class="pp-class-118 pa t1368 l19581">in </span><span class="pp-class-118 pa t1375 l3">expected </span><span class="pp-class-118 pa t1375 l17225">credit </span><span class="pp-class-118 pa t1375 l19582">losses. </span><span class="pp-class-118 pa t1375 l19583">The </span><span class="pp-class-118 pa t1375 l19584">expected </span><span class="pp-class-118 pa t1375 l19585">credit </span><span class="pp-class-118 pa t1375 l19586">losses </span><span class="pp-class-118 pa t1375 l19587">on </span><span class="pp-class-118 pa t1384 l3">trade </span><span class="pp-class-118 pa t1384 l19588">receivables </span><span class="pp-class-118 pa t1384 l19589">are </span><span class="pp-class-118 pa t1384 l19590">estimated </span><span class="pp-class-118 pa t1384 l19591">based </span><span class="pp-class-118 pa t1384 l19592">on </span><span class="pp-class-118 pa t1384 l19593">the </span><span class="pp-class-118 pa t1384 l19594">level </span><span class="pp-class-118 pa t1384 l19595">of </span><span class="pp-class-118 pa t1391 l3">unsecured </span><span class="pp-class-118 pa t1391 l8438">balances </span><span class="pp-class-118 pa t1391 l19596">past </span><span class="pp-class-118 pa t1391 l19597">due. </span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-118 pa t1405 l3">Receivables </span><span class="pp-class-118 pa t1405 l14123">that </span><span class="pp-class-118 pa t1405 l19598">the </span><span class="pp-class-118 pa t1405 l9745">Group </span><span class="pp-class-118 pa t1405 l948">has </span><span class="pp-class-118 pa t1405 l18971">no </span><span class="pp-class-118 pa t1405 l6347">reasonable </span><span class="pp-class-118 pa t1405 l19599">expecta-</span><span class="pp-class-118 pa t1415 l3">tion </span><span class="pp-class-118 pa t1415 l11323">of </span><span class="pp-class-118 pa t1415 l17515">recovering </span><span class="pp-class-118 pa t1415 l9618">are </span><span class="pp-class-118 pa t1415 l2232">written </span><span class="pp-class-118 pa t1415 l19600">off </span><span class="pp-class-118 pa t1415 l19601">in </span><span class="pp-class-118 pa t1415 l19602">part </span><span class="pp-class-118 pa t1415 l11372">or </span><span class="pp-class-118 pa t1415 l8725">entirely.</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-118 pa t6815 l3">Allowances </span><span class="pp-class-118 pa t6815 l19603">for </span><span class="pp-class-118 pa t6815 l19604">expected </span><span class="pp-class-118 pa t6815 l19605">credit </span><span class="pp-class-118 pa t6815 l16873">losses </span><span class="pp-class-118 pa t6815 l19289">and </span><span class="pp-class-118 pa t6815 l19606">write-offs </span><span class="pp-class-118 pa t6815 l19607">for </span><span class="pp-class-118 pa t6823 l3">trade </span><span class="pp-class-118 pa t6823 l19588">receivables </span><span class="pp-class-118 pa t6823 l19589">are </span><span class="pp-class-118 pa t6823 l19590">recognised </span><span class="pp-class-118 pa t6823 l19608">in </span><span class="pp-class-118 pa t6823 l19609">the </span><span class="pp-class-118 pa t6823 l14897">income </span><span class="pp-class-118 pa t6823 l11282">state-</span><span class="pp-class-118 pa t6831 l3">ment </span><span class="pp-class-118 pa t6831 l17839">and </span><span class="pp-class-118 pa t6831 l19610">included </span><span class="pp-class-118 pa t6831 l19611">in </span><span class="pp-class-118 pa t6831 l19612">selling </span><span class="pp-class-118 pa t6831 l19613">expenses.</span></p></div></div><div class="pp-class-7" id="pp-id-3331" xmlns="http://www.w3.org/1999/xhtml"><div class="w485 h19614 pa t2 l3 wtro4 xx30 tro6 xx31"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-121 pa t16755 l3">Impairment </span><span class="pp-class-121 pa t16755 l19442">reversal</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-118 pa t16757 l3 ls615">An </span><span class="pp-class-118 pa t16757 l19615 ls636">impairment </span><span class="pp-class-118 pa t16757 l18120 ls639">loss </span><span class="pp-class-118 pa t16757 l9793 ls615">on </span><span class="pp-class-118 pa t16757 l7405 ls626">assets </span><span class="pp-class-118 pa t16757 l18097 ls639">that </span><span class="pp-class-118 pa t16757 l19616 ls639">come </span><span class="pp-class-118 pa t16757 l19617 ls628">under </span><span class="pp-class-118 pa t16757 l19618 ls617">the </span><span class="pp-class-118 pa t16757 l19619 ls615">scope </span><span class="pp-class-118 pa t18376 l3 ls615">of </span><span class="pp-class-118 pa t18376 l643 ls617">IAS </span><span class="pp-class-118 pa t18376 l19620 ls615">36 </span><span class="pp-class-118 pa t18376 l2792 ls615">is </span><span class="pp-class-118 pa t18376 l19621 ls620">reversed </span><span class="pp-class-118 pa t18376 l19622 ls615">if </span><span class="pp-class-118 pa t18376 l19623 ls628">there </span><span class="pp-class-118 pa t18376 l9226 ls615">is </span><span class="pp-class-118 pa t18376 l19624 ls615">an </span><span class="pp-class-118 pa t18376 l1517 ls636">indication </span><span class="pp-class-118 pa t18376 l19625 ls639">that </span><span class="pp-class-118 pa t18376 l19457 ls630">the </span><span class="pp-class-118 pa t16759 l3 ls636">impairment </span><span class="pp-class-118 pa t16759 l19626 ls615">is </span><span class="pp-class-118 pa t16759 l19627 ls615">no </span><span class="pp-class-118 pa t16759 l19628 ls626">longer </span><span class="pp-class-118 pa t16759 l19629 ls636">pertinent </span><span class="pp-class-118 pa t16759 l19630 ls617">and </span><span class="pp-class-118 pa t16759 l19631 ls639">that </span><span class="pp-class-118 pa t16759 l19632 ls628">there </span><span class="pp-class-118 pa t16759 l19633 ls630">has </span><span class="pp-class-118 pa t16766 l3 ls639">been </span><span class="pp-class-118 pa t16766 l19634 ls7807">a </span><span class="pp-class-118 pa t16766 l19635 ls626">change </span><span class="pp-class-118 pa t16766 l19636 ls615">in </span><span class="pp-class-118 pa t16766 l19142 ls617">the </span><span class="pp-class-118 pa t16766 l11211 ls663">assumptions </span><span class="pp-class-118 pa t16766 l19637 ls639">upon </span><span class="pp-class-118 pa t16766 l19328 ls628">which </span><span class="pp-class-118 pa t16766 l19638 ls617">the </span><span class="pp-class-118 pa t16766 l19639 ls628">calcu-</span><span class="pp-class-118 pa t16773 l3 ls626">lation </span><span class="pp-class-118 pa t16773 l19640 ls615">of </span><span class="pp-class-118 pa t16773 l9813 ls617">the </span><span class="pp-class-118 pa t16773 l19641 ls663">recoverable </span><span class="pp-class-118 pa t16773 l19642 ls626">amount </span><span class="pp-class-118 pa t16773 l19643 ls617">was </span><span class="pp-class-118 pa t16773 l15298 ls626">based. </span><span class="pp-class-118 pa t16773 l19644 ls620">However, </span><span class="pp-class-118 pa t16773 l19645 ls7850">an </span><span class="pp-class-118 pa t16780 l3 ls636">impairment </span><span class="pp-class-118 pa t16780 l19626 ls639">loss </span><span class="pp-class-118 pa t16780 l13088 ls615">on </span><span class="pp-class-118 pa t16780 l7339 ls620">goodwill </span><span class="pp-class-118 pa t16780 l11613 ls617">and </span><span class="pp-class-118 pa t16780 l19646 ls626">brands </span><span class="pp-class-118 pa t16780 l19647 ls639">with </span><span class="pp-class-118 pa t16780 l19648 ls7182">indefinite </span><span class="pp-class-118 pa t16788 l3 ls626">useful </span><span class="pp-class-118 pa t16788 l19649 ls639">life </span><span class="pp-class-118 pa t16788 l19650 ls615">is </span><span class="pp-class-118 pa t16788 l19651 ls628">never </span><span class="pp-class-118 pa t16788 l11118 ls620">reversed. </span><span class="pp-class-118 pa t16788 l19652 ls630">A </span><span class="pp-class-118 pa t16788 l9318 ls620">reversal </span><span class="pp-class-118 pa t16788 l7385 ls615">is </span><span class="pp-class-118 pa t16788 l19653 ls639">only </span><span class="pp-class-118 pa t16788 l19654 ls639">performed </span><span class="pp-class-118 pa t16794 l3 ls615">to </span><span class="pp-class-118 pa t16794 l7161 ls617">the </span><span class="pp-class-118 pa t16794 l9712 ls626">extent </span><span class="pp-class-118 pa t16794 l7184 ls639">that </span><span class="pp-class-118 pa t16794 l19655 ls617">the </span><span class="pp-class-118 pa t16794 l19656 ls620">carrying </span><span class="pp-class-118 pa t16794 l19657 ls626">amount </span><span class="pp-class-118 pa t16794 l7450 ls615">of </span><span class="pp-class-118 pa t16794 l19658 ls617">the </span><span class="pp-class-118 pa t16794 l19659 ls628">asset </span><span class="pp-class-118 pa t16794 l18919 ls615">after </span><span class="pp-class-118 pa t16801 l3 ls617">the </span><span class="pp-class-118 pa t16801 l7852 ls620">reversal </span><span class="pp-class-118 pa t16801 l19660 ls639">does </span><span class="pp-class-118 pa t16801 l19661 ls617">not </span><span class="pp-class-118 pa t16801 l14357 ls626">exceed </span><span class="pp-class-118 pa t16801 l17524 ls617">the </span><span class="pp-class-118 pa t16801 l1869 ls620">carrying </span><span class="pp-class-118 pa t16801 l19662 ls626">amount </span><span class="pp-class-118 pa t16801 l19663 ls7837">that </span><span class="pp-class-118 pa t16806 l3 ls628">would </span><span class="pp-class-118 pa t16806 l19664 ls639">have </span><span class="pp-class-118 pa t16806 l1437 ls639">been </span><span class="pp-class-118 pa t16806 l18944 ls663">recognised, </span><span class="pp-class-118 pa t16806 l2233 ls639">less </span><span class="pp-class-118 pa t16806 l19665 ls663">depreciation </span><span class="pp-class-118 pa t16806 l19666 ls615">where </span><span class="pp-class-118 pa t18417 l3 ls663">applicable, </span><span class="pp-class-118 pa t18417 l19667 ls615">if </span><span class="pp-class-118 pa t18417 l19668 ls615">no </span><span class="pp-class-118 pa t18417 l18399 ls636">impairment </span><span class="pp-class-118 pa t18417 l14779 ls617">had </span><span class="pp-class-118 pa t18417 l19669 ls639">been </span><span class="pp-class-118 pa t18417 l19670 ls626">posted.</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-118 pa t16817 l3">An </span><span class="pp-class-118 pa t16817 l17357">impairment </span><span class="pp-class-118 pa t16817 l15447">loss </span><span class="pp-class-118 pa t16817 l19671">on </span><span class="pp-class-118 pa t16817 l2697">loans </span><span class="pp-class-118 pa t16817 l19672">and </span><span class="pp-class-118 pa t16817 l19673">trade </span><span class="pp-class-118 pa t16817 l19674">receivables </span><span class="pp-class-118 pa t16817 l19675">rec-</span><span class="pp-class-118 pa t16824 l3">ognised </span><span class="pp-class-118 pa t16824 l10501">at </span><span class="pp-class-118 pa t16824 l17145">amortised </span><span class="pp-class-118 pa t16824 l12878">cost </span><span class="pp-class-118 pa t16824 l19676">is </span><span class="pp-class-118 pa t16824 l19677">reversed </span><span class="pp-class-118 pa t16824 l19678">if </span><span class="pp-class-118 pa t16824 l19679">the </span><span class="pp-class-118 pa t16824 l19680">previous </span><span class="pp-class-118 pa t16824 l19681">rea-</span><span class="pp-class-118 pa t16828 l3 ls2713">sons </span><span class="pp-class-118 pa t16828 l19682 ls4645">for </span><span class="pp-class-118 pa t16828 l19683 ls683">the </span><span class="pp-class-118 pa t16828 l14231 ls4643">impairment </span><span class="pp-class-118 pa t16828 l12561 ls2713">loss </span><span class="pp-class-118 pa t16828 l19684 ls2711">no </span><span class="pp-class-118 pa t16828 l19685 ls2721">longer </span><span class="pp-class-118 pa t16828 l18408 ls2716">exist </span><span class="pp-class-118 pa t16828 l19686 ls683">and </span><span class="pp-class-118 pa t16828 l19687 ls2713">full </span><span class="pp-class-118 pa t16828 l19688 ls4645">pay-</span><span class="pp-class-118 pa t16836 l3 ls2713">ment </span><span class="pp-class-118 pa t16836 l19689 ls683">can </span><span class="pp-class-118 pa t16836 l19690 ls2711">be </span><span class="pp-class-118 pa t16836 l1376 ls7271">expected </span><span class="pp-class-118 pa t16836 l2176 ls2711">to </span><span class="pp-class-118 pa t16836 l18637 ls2711">be </span><span class="pp-class-118 pa t16836 l19691 ls7271">received </span><span class="pp-class-118 pa t16836 l19692 ls2713">from </span><span class="pp-class-118 pa t16836 l17438 ls4645">the </span><span class="pp-class-118 pa t16836 l19693 ls7271">customer.</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-120 pa t19694 l3 ls4751">Contingent </span><span class="pp-class-120 pa t19694 l19695 ls5310">liabilities</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-118 pa t18450 l3">A </span><span class="pp-class-118 pa t18450 l851">contingent </span><span class="pp-class-118 pa t18450 l18092">liability </span><span class="pp-class-118 pa t18450 l19696">is </span><span class="pp-class-118 pa t18450 l17076">disclosed </span><span class="pp-class-118 pa t18450 l19697">when </span><span class="pp-class-118 pa t18450 l18475">the </span><span class="pp-class-118 pa t18450 l19698">company </span><span class="pp-class-118 pa t18450 l1648">has </span><span class="pp-class-118 pa t18458 l3">a </span><span class="pp-class-118 pa t18458 l6465">possible </span><span class="pp-class-118 pa t18458 l19699">obligation </span><span class="pp-class-118 pa t18458 l19700">deriving </span><span class="pp-class-118 pa t18458 l19701">from </span><span class="pp-class-118 pa t18458 l19702">an </span><span class="pp-class-118 pa t18458 l11332">event </span><span class="pp-class-118 pa t18458 l19703">the </span><span class="pp-class-118 pa t18458 l7231">exist-</span><span class="pp-class-118 pa t16853 l3">ence </span><span class="pp-class-118 pa t16853 l19704">of </span><span class="pp-class-118 pa t16853 l17091">which </span><span class="pp-class-118 pa t16853 l19705">will </span><span class="pp-class-118 pa t16853 l19706">be </span><span class="pp-class-118 pa t16853 l8652">confirmed </span><span class="pp-class-118 pa t16853 l19707">only </span><span class="pp-class-118 pa t16853 l18310">by </span><span class="pp-class-118 pa t16853 l19708">one </span><span class="pp-class-118 pa t16853 l19709">or </span><span class="pp-class-118 pa t16853 l19710">more </span><span class="pp-class-118 pa t16857 l3">uncertain </span><span class="pp-class-118 pa t16857 l19711">future </span><span class="pp-class-118 pa t16857 l17226">events, </span><span class="pp-class-118 pa t16857 l19712">or </span><span class="pp-class-118 pa t16857 l948">when </span><span class="pp-class-118 pa t16857 l6811">there </span><span class="pp-class-118 pa t16857 l19713">is </span><span class="pp-class-118 pa t16857 l19714">an </span><span class="pp-class-118 pa t16857 l19715">obligation </span><span class="pp-class-118 pa t16863 l3">that </span><span class="pp-class-118 pa t16863 l2107">has </span><span class="pp-class-118 pa t16863 l19716">not </span><span class="pp-class-118 pa t16863 l19717">been </span><span class="pp-class-118 pa t16863 l15368">recognised </span><span class="pp-class-118 pa t16863 l19718">as </span><span class="pp-class-118 pa t16863 l19719">a </span><span class="pp-class-118 pa t16863 l19720">liability </span><span class="pp-class-118 pa t16863 l19721">or </span><span class="pp-class-118 pa t16863 l19722">provision </span><span class="pp-class-118 pa t16869 l3">because </span><span class="pp-class-118 pa t16869 l19723">an </span><span class="pp-class-118 pa t16869 l2239">outflow </span><span class="pp-class-118 pa t16869 l2207">of </span><span class="pp-class-118 pa t16869 l7252">resources </span><span class="pp-class-118 pa t16869 l19724">is </span><span class="pp-class-118 pa t16869 l19725">not </span><span class="pp-class-118 pa t16869 l19726">likely </span><span class="pp-class-118 pa t16869 l13579 ls2711">to </span><span class="pp-class-118 pa t16869 l19727 ls615">be </span><span class="pp-class-118 pa t16875 l3 ls692">required, </span><span class="pp-class-118 pa t16875 l1955 ls2711">or </span><span class="pp-class-118 pa t16875 l917 ls14078">alternatively </span><span class="pp-class-118 pa t16875 l19728 ls7275">because </span><span class="pp-class-118 pa t16875 l19729 ls2711">it </span><span class="pp-class-118 pa t16875 l1599 ls2711">is </span><span class="pp-class-118 pa t16875 l14144 ls683">not </span><span class="pp-class-118 pa t16875 l19730 ls7271">possible </span><span class="pp-class-118 pa t16875 l19731">to </span><span class="pp-class-118 pa t16881 l3">estimate </span><span class="pp-class-118 pa t16881 l11673">the </span><span class="pp-class-118 pa t16881 l19732">amount </span><span class="pp-class-118 pa t16881 l19733">concerned </span><span class="pp-class-118 pa t16881 l9607">sufficiently </span><span class="pp-class-118 pa t16881 l13109">reliably.</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-120 pa t19734 l3 ls12980">Shareholders’ </span><span class="pp-class-120 pa t19734 l19735 ls2759">equity</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-121 pa t16888 l3">Dividends</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-118 pa t16895 l3">Dividends </span><span class="pp-class-118 pa t16895 l19736">are </span><span class="pp-class-118 pa t16895 l19737">recognised </span><span class="pp-class-118 pa t16895 l19738">as </span><span class="pp-class-118 pa t16895 l19739">a </span><span class="pp-class-118 pa t16895 l8390">liability </span><span class="pp-class-118 pa t16895 l8806">after </span><span class="pp-class-118 pa t16895 l19740">the </span><span class="pp-class-118 pa t16895 l19741">Annual </span><span class="pp-class-118 pa t16902 l3">General </span><span class="pp-class-118 pa t16902 l7387">Meeting </span><span class="pp-class-118 pa t16902 l7388">has </span><span class="pp-class-118 pa t16902 l14226">approved </span><span class="pp-class-118 pa t16902 l17498">the </span><span class="pp-class-118 pa t16902 l19742">dividend.</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-121 pa t16912 l3">Treasury </span><span class="pp-class-121 pa t16912 l19743">shares</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-118 pa t16919 l3">Treasury </span><span class="pp-class-118 pa t16919 l19744">shares </span><span class="pp-class-118 pa t16919 l1198">are </span><span class="pp-class-118 pa t16919 l18862">primarily </span><span class="pp-class-118 pa t16919 l17847">acquired </span><span class="pp-class-118 pa t16919 l13171">to </span><span class="pp-class-118 pa t16919 l19745">finance </span><span class="pp-class-118 pa t16919 l19746">TCM </span><span class="pp-class-118 pa t18517 l3">Group’s </span><span class="pp-class-118 pa t18517 l4222">share-based </span><span class="pp-class-118 pa t18517 l19747">long-term </span><span class="pp-class-118 pa t18517 l19748">incentive </span><span class="pp-class-118 pa t18517 l19749">programme </span><span class="pp-class-118 pa t18525 l3">for </span><span class="pp-class-118 pa t18525 l2129">the </span><span class="pp-class-118 pa t18525 l6661">Executive </span><span class="pp-class-118 pa t18525 l8505">Management. </span><span class="pp-class-118 pa t18525 l19750">Treasury </span><span class="pp-class-118 pa t18525 l19751">shares </span><span class="pp-class-118 pa t18525 l19752">are </span><span class="pp-class-118 pa t16931 l3">deducted </span><span class="pp-class-118 pa t16931 l18483">from </span><span class="pp-class-118 pa t16931 l18484">the </span><span class="pp-class-118 pa t16931 l18485">share </span><span class="pp-class-118 pa t16931 l8779">capital </span><span class="pp-class-118 pa t16931 l19753">on </span><span class="pp-class-118 pa t16931 l19754">cancellation </span><span class="pp-class-118 pa t16931 l19755">at </span><span class="pp-class-118 pa t16931 l19082">their </span><span class="pp-class-118 pa t16940 l3">nominal </span><span class="pp-class-118 pa t16940 l19756">value </span><span class="pp-class-118 pa t16940 l3423">of </span><span class="pp-class-118 pa t16940 l19757">DKK </span><span class="pp-class-118 pa t16940 l13437">0.1 </span><span class="pp-class-118 pa t16940 l19758">per </span><span class="pp-class-118 pa t16940 l19759">share. </span><span class="pp-class-118 pa t16940 l19760">Differences </span><span class="pp-class-118 pa t16940 l19761">between </span><span class="pp-class-118 pa t16947 l3">this </span><span class="pp-class-118 pa t16947 l6953">amount </span><span class="pp-class-118 pa t16947 l19762">and </span><span class="pp-class-118 pa t16947 l19763">the </span><span class="pp-class-118 pa t16947 l19535">amount </span><span class="pp-class-118 pa t16947 l3346">paid </span><span class="pp-class-118 pa t16947 l19764">to </span><span class="pp-class-118 pa t16947 l19765">acquire </span><span class="pp-class-118 pa t16947 l19766">or </span><span class="pp-class-118 pa t16947 l19767">received </span></p></div></div><div class="pp-class-7" id="pp-id-3332" xmlns="http://www.w3.org/1999/xhtml"><div class="w485 h19768 pa t2 l3 wtro4 xx30 tro6 xx31"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-118 pa t19047 l3">for </span><span class="pp-class-118 pa t19047 l2129">disposing </span><span class="pp-class-118 pa t19047 l19769">of </span><span class="pp-class-118 pa t19047 l6824">treasury </span><span class="pp-class-118 pa t19047 l12747">shares </span><span class="pp-class-118 pa t19047 l19770">are </span><span class="pp-class-118 pa t19047 l14445">deducted </span><span class="pp-class-118 pa t19047 l12798">directly </span><span class="pp-class-118 pa t19047 l19771">in </span><span class="pp-class-118 pa t19048 l3">retained </span><span class="pp-class-118 pa t19048 l19772">earnings. </span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-120 pa t19773 l3 ls19774">Statement </span><span class="pp-class-120 pa t19773 l19775 ls458">of </span><span class="pp-class-120 pa t19773 l19776 ls1497">cash </span><span class="pp-class-120 pa t19773 l19777 ls1345">flows</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-118 pa t19063 l3">The </span><span class="pp-class-118 pa t19063 l550">cash </span><span class="pp-class-118 pa t19063 l12006">flow </span><span class="pp-class-118 pa t19063 l15005">statement </span><span class="pp-class-118 pa t19063 l5941">shows </span><span class="pp-class-118 pa t19063 l12302">the </span><span class="pp-class-118 pa t19063 l19778">cash </span><span class="pp-class-118 pa t19063 l19779">flows </span><span class="pp-class-118 pa t19063 l19780">from </span><span class="pp-class-118 pa t19067 l3">operating, </span><span class="pp-class-118 pa t19067 l10438">investing </span><span class="pp-class-118 pa t19067 l19781">and </span><span class="pp-class-118 pa t19067 l19782">financing </span><span class="pp-class-118 pa t19067 l19783">activities </span><span class="pp-class-118 pa t19067 l18133">for </span><span class="pp-class-118 pa t19067 l18281">the </span><span class="pp-class-118 pa t19073 l3">year, </span><span class="pp-class-118 pa t19073 l7484">the </span><span class="pp-class-118 pa t19073 l7485">year’s </span><span class="pp-class-118 pa t19073 l9821">changes </span><span class="pp-class-118 pa t19073 l19784">in </span><span class="pp-class-118 pa t19073 l19785">cash </span><span class="pp-class-118 pa t19073 l19786">and </span><span class="pp-class-118 pa t19073 l2270">cash </span><span class="pp-class-118 pa t19073 l19787">equivalents </span><span class="pp-class-118 pa t19073 l19788">as </span><span class="pp-class-118 pa t19078 l3">well </span><span class="pp-class-118 pa t19078 l17761">as </span><span class="pp-class-118 pa t19078 l13395">cash </span><span class="pp-class-118 pa t19078 l19789">and </span><span class="pp-class-118 pa t19078 l19790">cash </span><span class="pp-class-118 pa t19078 l19791">equivalents </span><span class="pp-class-118 pa t19078 l18957">at </span><span class="pp-class-118 pa t19078 l19792">the </span><span class="pp-class-118 pa t19078 l19793">beginning </span><span class="pp-class-118 pa t19078 l19794">and </span><span class="pp-class-118 pa t19083 l3">end </span><span class="pp-class-118 pa t19083 l6733">of </span><span class="pp-class-118 pa t19083 l6734">the </span><span class="pp-class-118 pa t19083 l6735">year.</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-118 pa t19093 l3">The </span><span class="pp-class-118 pa t19093 l550">cash </span><span class="pp-class-118 pa t19093 l12006">flow </span><span class="pp-class-118 pa t19093 l15005">effect </span><span class="pp-class-118 pa t19093 l19795">of </span><span class="pp-class-118 pa t19093 l19796">acquisitions </span><span class="pp-class-118 pa t19093 l19797">and </span><span class="pp-class-118 pa t19093 l19798">disposals </span><span class="pp-class-118 pa t19093 l19799">of </span><span class="pp-class-118 pa t19097 l3">entities </span><span class="pp-class-118 pa t19097 l19800">is </span><span class="pp-class-118 pa t19097 l11398">shown </span><span class="pp-class-118 pa t19097 l19801">separately </span><span class="pp-class-118 pa t19097 l12875">in </span><span class="pp-class-118 pa t19097 l16899">cash </span><span class="pp-class-118 pa t19097 l9676">flows </span><span class="pp-class-118 pa t19097 l19802">from </span><span class="pp-class-118 pa t19097 l19803">investing </span><span class="pp-class-118 pa t19804 l3">activities. </span><span class="pp-class-118 pa t19804 l19805">Cash </span><span class="pp-class-118 pa t19804 l19806">flows </span><span class="pp-class-118 pa t19804 l19807">from </span><span class="pp-class-118 pa t19804 l9936">acquired </span><span class="pp-class-118 pa t19804 l19808">entities </span><span class="pp-class-118 pa t19804 l17855">are </span><span class="pp-class-118 pa t19804 l19809">recog-</span><span class="pp-class-118 pa t19099 l3">nised </span><span class="pp-class-118 pa t19099 l17154">in </span><span class="pp-class-118 pa t19099 l17155">the </span><span class="pp-class-118 pa t19099 l17156">cash </span><span class="pp-class-118 pa t19099 l19810">flow </span><span class="pp-class-118 pa t19099 l19811">statement </span><span class="pp-class-118 pa t19099 l16736">from </span><span class="pp-class-118 pa t19099 l19812">the </span><span class="pp-class-118 pa t19099 l19813">date </span><span class="pp-class-118 pa t19099 l19814">of </span><span class="pp-class-118 pa t19099 l19815">acqui-</span><span class="pp-class-118 pa t19105 l3">sition, </span><span class="pp-class-118 pa t19105 l19816">and </span><span class="pp-class-118 pa t19105 l19817">cash </span><span class="pp-class-118 pa t19105 l19818">flows </span><span class="pp-class-118 pa t19105 l19819">from </span><span class="pp-class-118 pa t19105 l19820">entities </span><span class="pp-class-118 pa t19105 l19821">disposed </span><span class="pp-class-118 pa t19105 l18043">of </span><span class="pp-class-118 pa t19105 l19822">are </span><span class="pp-class-118 pa t19105 l19823">rec-</span><span class="pp-class-118 pa t19112 l3">ognised </span><span class="pp-class-118 pa t19112 l10501">up </span><span class="pp-class-118 pa t19112 l19824">until </span><span class="pp-class-118 pa t19112 l19825">the </span><span class="pp-class-118 pa t19112 l16792">date </span><span class="pp-class-118 pa t19112 l19826">of </span><span class="pp-class-118 pa t19112 l19827">disposal.</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-118 pa t19123 l3">Cash </span><span class="pp-class-118 pa t19123 l2906">flows </span><span class="pp-class-118 pa t19123 l19828">from </span><span class="pp-class-118 pa t19123 l5962">operating </span><span class="pp-class-118 pa t19123 l19829">activities </span><span class="pp-class-118 pa t19123 l19830">are </span><span class="pp-class-118 pa t19123 l19831">calculated </span><span class="pp-class-118 pa t19129 l3">according </span><span class="pp-class-118 pa t19129 l13913">to </span><span class="pp-class-118 pa t19129 l19832">the </span><span class="pp-class-118 pa t19129 l16696">indirect </span><span class="pp-class-118 pa t19129 l19833">method </span><span class="pp-class-118 pa t19129 l19834">as </span><span class="pp-class-118 pa t19129 l19835">operating </span><span class="pp-class-118 pa t19129 l10042">profit </span><span class="pp-class-118 pa t19135 l3">adjusted </span><span class="pp-class-118 pa t19135 l19270">for </span><span class="pp-class-118 pa t19135 l19836">non-cash </span><span class="pp-class-118 pa t19135 l19837">operating </span><span class="pp-class-118 pa t19135 l19838">items, </span><span class="pp-class-118 pa t19135 l19839">changes </span><span class="pp-class-118 pa t19135 l19840">in </span><span class="pp-class-118 pa t19841 l3">working </span><span class="pp-class-118 pa t19841 l10654">capital </span><span class="pp-class-118 pa t19841 l14669">and </span><span class="pp-class-118 pa t19841 l19842">corporation </span><span class="pp-class-118 pa t19841 l19843">tax </span><span class="pp-class-118 pa t19841 l19844">paid.</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-118 pa t19143 l3">Cash </span><span class="pp-class-118 pa t19143 l2906">flows </span><span class="pp-class-118 pa t19143 l19828">from </span><span class="pp-class-118 pa t19143 l5962">investing </span><span class="pp-class-118 pa t19143 l19845">activities </span><span class="pp-class-118 pa t19143 l19846">comprise </span><span class="pp-class-118 pa t19143 l19847">payments </span><span class="pp-class-118 pa t19148 l3">in </span><span class="pp-class-118 pa t19148 l1343">connection </span><span class="pp-class-118 pa t19148 l19848">with </span><span class="pp-class-118 pa t19148 l19494">acquisitions </span><span class="pp-class-118 pa t19148 l19849">and </span><span class="pp-class-118 pa t19148 l8524">disposals </span><span class="pp-class-118 pa t19148 l19850">of </span><span class="pp-class-118 pa t19148 l19851">entities </span><span class="pp-class-118 pa t19154 l3">and </span><span class="pp-class-118 pa t19154 l1110">activities, </span><span class="pp-class-118 pa t19154 l19852">intangible </span><span class="pp-class-118 pa t19154 l19853">assets </span><span class="pp-class-118 pa t19154 l5905">and </span><span class="pp-class-118 pa t19154 l18109">property, </span><span class="pp-class-118 pa t19154 l19854">plant </span><span class="pp-class-118 pa t19154 l19855">and </span><span class="pp-class-118 pa t19159 l3">equipment, </span><span class="pp-class-118 pa t19159 l19856">and </span><span class="pp-class-118 pa t19159 l19857">other </span><span class="pp-class-118 pa t19159 l18049">non-current </span><span class="pp-class-118 pa t19159 l11144">assets </span><span class="pp-class-118 pa t19159 l19858">as </span><span class="pp-class-118 pa t19159 l19859">well </span><span class="pp-class-118 pa t19159 l19860">as </span><span class="pp-class-118 pa t19159 l19861">div-</span><span class="pp-class-118 pa t19165 l3">idends </span><span class="pp-class-118 pa t19165 l19862">received.</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-118 pa t19173 l3">Cash </span><span class="pp-class-118 pa t19173 l2906">flows </span><span class="pp-class-118 pa t19173 l19828">from </span><span class="pp-class-118 pa t19173 l5962">financing </span><span class="pp-class-118 pa t19173 l6030">activities </span><span class="pp-class-118 pa t19173 l19863">comprise </span><span class="pp-class-118 pa t19173 l7189">changes </span><span class="pp-class-118 pa t19180 l3">in </span><span class="pp-class-118 pa t19180 l1343">the </span><span class="pp-class-118 pa t19180 l12867">size </span><span class="pp-class-118 pa t19180 l19864">or </span><span class="pp-class-118 pa t19180 l19865">composition </span><span class="pp-class-118 pa t19180 l19866">of </span><span class="pp-class-118 pa t19180 l11390">the </span><span class="pp-class-118 pa t19180 l19867">share </span><span class="pp-class-118 pa t19180 l19868">capital </span><span class="pp-class-118 pa t19180 l19869">and </span><span class="pp-class-118 pa t19187 l3">related </span><span class="pp-class-118 pa t19187 l11176">costs </span><span class="pp-class-118 pa t19187 l19870">as </span><span class="pp-class-118 pa t19187 l19871">well </span><span class="pp-class-118 pa t19187 l19872">as </span><span class="pp-class-118 pa t19187 l19873">the </span><span class="pp-class-118 pa t19187 l19874">raising </span><span class="pp-class-118 pa t19187 l19875">of </span><span class="pp-class-118 pa t19187 l19515">loans, </span><span class="pp-class-118 pa t19187 l9791">repayment </span><span class="pp-class-118 pa t19192 l3">of </span><span class="pp-class-118 pa t19192 l557">interest-bearing </span><span class="pp-class-118 pa t19192 l19876">debt, </span><span class="pp-class-118 pa t19192 l19877">interest </span><span class="pp-class-118 pa t19192 l19878">and </span><span class="pp-class-118 pa t19192 l7125">payment </span><span class="pp-class-118 pa t19192 l19879">of </span><span class="pp-class-118 pa t19192 l19880">divi-</span><span class="pp-class-118 pa t19198 l3">dends </span><span class="pp-class-118 pa t19198 l19881">to </span><span class="pp-class-118 pa t19198 l19882">shareholders.</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-120 pa t19883 l3 ls3601">Earnings </span><span class="pp-class-120 pa t19883 l19884 ls2759">per </span><span class="pp-class-120 pa t19883 l19885 ls9542">share</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-118 pa t19209 l3">The </span><span class="pp-class-118 pa t19209 l19886 ls786">calculation </span><span class="pp-class-118 pa t19209 l19887">of </span><span class="pp-class-118 pa t19209 l19888">earnings </span><span class="pp-class-118 pa t19209 l19889">per </span><span class="pp-class-118 pa t19209 l19890">share </span><span class="pp-class-118 pa t19209 l19891">is </span><span class="pp-class-118 pa t19209 l19892 ls786">based </span><span class="pp-class-118 pa t19209 l19893">on </span><span class="pp-class-118 pa t19209 l19894">consol-</span><span class="pp-class-118 pa t19212 l3">idated </span><span class="pp-class-118 pa t19212 l19895">net </span><span class="pp-class-118 pa t19212 l19896">profit </span><span class="pp-class-118 pa t19212 l19897">attributable </span><span class="pp-class-118 pa t19212 l19898">to </span><span class="pp-class-118 pa t19212 l886">the </span><span class="pp-class-118 pa t19212 l19899">parent </span><span class="pp-class-118 pa t19212 l11581">company </span><span class="pp-class-118 pa t19218 l3">shareholders </span><span class="pp-class-118 pa t19218 l19900">and </span><span class="pp-class-118 pa t19218 l4090">the </span><span class="pp-class-118 pa t19218 l1090">weighted </span><span class="pp-class-118 pa t19218 l19901">average </span><span class="pp-class-118 pa t19218 l9165">number </span><span class="pp-class-118 pa t19218 l19902">of </span><span class="pp-class-118 pa t19223 l3">shares </span><span class="pp-class-118 pa t19223 l6772">outstanding </span><span class="pp-class-118 pa t19223 l19903">during </span><span class="pp-class-118 pa t19223 l19904">the </span><span class="pp-class-118 pa t19223 l19905">year. </span><span class="pp-class-118 pa t19223 l19906">When </span><span class="pp-class-118 pa t19223 l19907">calculating </span><span class="pp-class-118 pa t19908 l3 ls7271">earnings </span><span class="pp-class-118 pa t19908 l19909 ls683">per </span><span class="pp-class-118 pa t19908 l19910 ls2716">share </span><span class="pp-class-118 pa t19908 l19911 ls2716">after </span><span class="pp-class-118 pa t19908 l19912 ls692">dilution, </span><span class="pp-class-118 pa t19908 l19913 ls683">the </span><span class="pp-class-118 pa t19908 l6507 ls7275">average </span><span class="pp-class-118 pa t19908 l1079 ls2721">number </span><span class="pp-class-118 pa t19908 l19914 ls615">of </span><span class="pp-class-118 pa t19228 l3">shares </span><span class="pp-class-118 pa t19228 l6772">outstanding </span><span class="pp-class-118 pa t19228 l19903">is </span><span class="pp-class-118 pa t19228 l19915">adjusted </span><span class="pp-class-118 pa t19228 l19916">to </span><span class="pp-class-118 pa t19228 l19917">take </span><span class="pp-class-118 pa t19228 l19918">into </span><span class="pp-class-118 pa t19228 l19919">account </span><span class="pp-class-118 pa t19228 l2054">the </span></p></div></div><div class="pp-class-7" id="pp-id-3333" xmlns="http://www.w3.org/1999/xhtml"><div class="w485 h19920 pa t2 l3 wtro4 xx30 tro6 xx31"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-118 pa t19921 l3">dilutive </span><span class="pp-class-118 pa t19921 l19922">effects </span><span class="pp-class-118 pa t19921 l19923">of </span><span class="pp-class-118 pa t19921 l19924">potential </span><span class="pp-class-118 pa t19921 l19925">ordinary </span><span class="pp-class-118 pa t19921 l13797">shares, </span><span class="pp-class-118 pa t19921 l19926">including </span><span class="pp-class-118 pa t19927 l3">employee </span><span class="pp-class-118 pa t19927 l14909">share </span><span class="pp-class-118 pa t19927 l12989">options. </span><span class="pp-class-118 pa t19927 l2278">The </span><span class="pp-class-118 pa t19927 l19928">options </span><span class="pp-class-118 pa t19927 l19580">are </span><span class="pp-class-118 pa t19927 l19929">dilutive </span><span class="pp-class-118 pa t19927 l19930">if </span><span class="pp-class-118 pa t19927 l5908">the </span><span class="pp-class-118 pa t19931 l3 ls7271">exercise </span><span class="pp-class-118 pa t19931 l19932 ls2716">price </span><span class="pp-class-118 pa t19931 l4253 ls2711">is </span><span class="pp-class-118 pa t19931 l19933 ls2716">lower </span><span class="pp-class-118 pa t19931 l19934 ls2713">than </span><span class="pp-class-118 pa t19931 l13349 ls683">the </span><span class="pp-class-118 pa t19931 l19935 ls2716">share </span><span class="pp-class-118 pa t19931 l19936 ls2721">price. </span><span class="pp-class-118 pa t19931 l12929 ls683">The </span><span class="pp-class-118 pa t19931 l19937 ls683">greater </span><span class="pp-class-118 pa t19938 l3">the </span><span class="pp-class-118 pa t19938 l1444">difference </span><span class="pp-class-118 pa t19938 l19939">between </span><span class="pp-class-118 pa t19938 l19940">the </span><span class="pp-class-118 pa t19938 l19941">exercise </span><span class="pp-class-118 pa t19938 l19942">price </span><span class="pp-class-118 pa t19938 l19943">and </span><span class="pp-class-118 pa t19938 l19944">the </span><span class="pp-class-118 pa t19938 l19945">share </span><span class="pp-class-118 pa t19946 l3">price, </span><span class="pp-class-118 pa t19946 l19947">the </span><span class="pp-class-118 pa t19946 l19948">greater </span><span class="pp-class-118 pa t19946 l13153">the </span><span class="pp-class-118 pa t19946 l15007">dilution. </span><span class="pp-class-118 pa t19946 l19949">For </span><span class="pp-class-118 pa t19946 l19950">options, </span><span class="pp-class-118 pa t19946 l19951">the </span><span class="pp-class-118 pa t19946 l2027">exercise </span><span class="pp-class-118 pa t19952 l3">price </span><span class="pp-class-118 pa t19952 l19953">is </span><span class="pp-class-118 pa t19952 l19954">added </span><span class="pp-class-118 pa t19952 l19955">to </span><span class="pp-class-118 pa t19952 l19897">the </span><span class="pp-class-118 pa t19952 l19956">value </span><span class="pp-class-118 pa t19952 l19957">of </span><span class="pp-class-118 pa t19952 l19958">future </span><span class="pp-class-118 pa t19952 l19959">services.</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-120 pa t19960 l3 ls176">Employee </span><span class="pp-class-120 pa t19960 l19961 ls16577">benefits</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-121 pa t19962 l3">Long-term </span><span class="pp-class-121 pa t19962 l19963">remuneration</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-118 pa t19964 l3">The </span><span class="pp-class-118 pa t19964 l550">Group </span><span class="pp-class-118 pa t19964 l6239">operates </span><span class="pp-class-118 pa t19964 l19965">schemes </span><span class="pp-class-118 pa t19964 l19966">that </span><span class="pp-class-118 pa t19964 l12792">reward </span><span class="pp-class-118 pa t19964 l19967">employees </span><span class="pp-class-118 pa t19964 l19968">for </span><span class="pp-class-118 pa t19969 l3">long </span><span class="pp-class-118 pa t19969 l19970">service. </span><span class="pp-class-118 pa t19969 l19971">The </span><span class="pp-class-118 pa t19969 l19972">obligation </span><span class="pp-class-118 pa t19969 l19973">is </span><span class="pp-class-118 pa t19969 l19974">deemed </span><span class="pp-class-118 pa t19969 l19975">insignificant </span><span class="pp-class-118 pa t19969 l19976">and </span><span class="pp-class-118 pa t19977 l3">the </span><span class="pp-class-118 pa t19977 l1444">Group </span><span class="pp-class-118 pa t19977 l2886">therefore </span><span class="pp-class-118 pa t19977 l19978">recognises </span><span class="pp-class-118 pa t19977 l19979">the </span><span class="pp-class-118 pa t19977 l19980">expense </span><span class="pp-class-118 pa t19977 l19981">at </span><span class="pp-class-118 pa t19977 l19982">the </span><span class="pp-class-118 pa t19977 l19983">time </span><span class="pp-class-118 pa t19984 l3">of </span><span class="pp-class-118 pa t19984 l557">the </span><span class="pp-class-118 pa t19984 l3322">employee’s </span><span class="pp-class-118 pa t19984 l19985">anniversary.</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-118 pa t19986 l3">The </span><span class="pp-class-118 pa t19986 l550">Group </span><span class="pp-class-118 pa t19986 l6239">has </span><span class="pp-class-118 pa t19986 l16954">an </span><span class="pp-class-118 pa t19986 l17569">equity-settled, </span><span class="pp-class-118 pa t19986 l14467">share-based </span><span class="pp-class-118 pa t19986 l19987">long-</span><span class="pp-class-118 pa t19988 l3">term </span><span class="pp-class-118 pa t19988 l13013">incentive </span><span class="pp-class-118 pa t19988 l19989">(LTI) </span><span class="pp-class-118 pa t19988 l19990">programme </span><span class="pp-class-118 pa t19988 l19991">for </span><span class="pp-class-118 pa t19988 l19992">the </span><span class="pp-class-118 pa t19988 l12219">Executive </span><span class="pp-class-118 pa t19988 l1087">Man-</span><span class="pp-class-118 pa t19993 l3">agement, </span><span class="pp-class-118 pa t19993 l10859">which </span><span class="pp-class-118 pa t19993 l19994">is </span><span class="pp-class-118 pa t19993 l8309">governed </span><span class="pp-class-118 pa t19993 l19995">by </span><span class="pp-class-118 pa t19993 l9946">the </span><span class="pp-class-118 pa t19993 l638">Remuneration </span><span class="pp-class-118 pa t19993 l19996">Policy. </span><span class="pp-class-118 pa t19997 l3">The </span><span class="pp-class-118 pa t19997 l550">LTI </span><span class="pp-class-118 pa t19997 l17779">is </span><span class="pp-class-118 pa t19997 l19998">a </span><span class="pp-class-118 pa t19997 l19193">share-based </span><span class="pp-class-118 pa t19997 l4097">programme </span><span class="pp-class-118 pa t19997 l19999">consisting </span><span class="pp-class-118 pa t19997 l20000">of </span><span class="pp-class-118 pa t20001 l3">annual </span><span class="pp-class-118 pa t20001 l20002">individual </span><span class="pp-class-118 pa t20001 l9212">performance </span><span class="pp-class-118 pa t20001 l20003">share </span><span class="pp-class-118 pa t20001 l20004">unit </span><span class="pp-class-118 pa t20001 l17696">(PSU) </span><span class="pp-class-118 pa t20001 l20005">plans </span><span class="pp-class-118 pa t20006 l3">with </span><span class="pp-class-118 pa t20006 l2056">rolling </span><span class="pp-class-118 pa t20006 l20007">3-year </span><span class="pp-class-118 pa t20006 l4670">performance </span><span class="pp-class-118 pa t20006 l6460">periods. </span><span class="pp-class-118 pa t20006 l20008">The </span><span class="pp-class-118 pa t20006 l20009">fair </span><span class="pp-class-118 pa t20006 l19746">value </span><span class="pp-class-118 pa t20010 l3">of </span><span class="pp-class-118 pa t20010 l557">employee </span><span class="pp-class-118 pa t20010 l14910">services </span><span class="pp-class-118 pa t20010 l11675">rendered </span><span class="pp-class-118 pa t20010 l9330">in </span><span class="pp-class-118 pa t20010 l9331">return </span><span class="pp-class-118 pa t20010 l20011">for </span><span class="pp-class-118 pa t20010 l20012">the </span><span class="pp-class-118 pa t20010 l20013">grant </span><span class="pp-class-118 pa t20010 l20014">of </span><span class="pp-class-118 pa t20015 l3">shares </span><span class="pp-class-118 pa t20015 l6772">is </span><span class="pp-class-118 pa t20015 l13406">recognised </span><span class="pp-class-118 pa t20015 l20016">as </span><span class="pp-class-118 pa t20015 l7291">an </span><span class="pp-class-118 pa t20015 l7703">expense </span><span class="pp-class-118 pa t20015 l17325">and </span><span class="pp-class-118 pa t20015 l20017">allocated </span><span class="pp-class-118 pa t20015 l20018">over </span><span class="pp-class-118 pa t20019 l3">the </span><span class="pp-class-118 pa t20019 l1444">vesting </span><span class="pp-class-118 pa t20019 l2586">period. </span><span class="pp-class-118 pa t20019 l20020">At </span><span class="pp-class-118 pa t20019 l20021">the </span><span class="pp-class-118 pa t20019 l20022">end </span><span class="pp-class-118 pa t20019 l19195">of </span><span class="pp-class-118 pa t20019 l2279">each </span><span class="pp-class-118 pa t20019 l20023">reporting </span><span class="pp-class-118 pa t20019 l17048">period, </span><span class="pp-class-118 pa t20024 l3">TCM </span><span class="pp-class-118 pa t20024 l1586">Group </span><span class="pp-class-118 pa t20024 l1587">revises </span><span class="pp-class-118 pa t20024 l20025">its </span><span class="pp-class-118 pa t20024 l11170">estimates </span><span class="pp-class-118 pa t20024 l20026">of </span><span class="pp-class-118 pa t20024 l3404">the </span><span class="pp-class-118 pa t20024 l13968">number </span><span class="pp-class-118 pa t20024 l20027">of </span><span class="pp-class-118 pa t20024 l14783">shares </span><span class="pp-class-118 pa t20028 l3">expected </span><span class="pp-class-118 pa t20028 l17225">to </span><span class="pp-class-118 pa t20028 l17955">vest. </span><span class="pp-class-118 pa t20028 l18505">TCM </span><span class="pp-class-118 pa t20028 l7702">Group </span><span class="pp-class-118 pa t20028 l20029">recognises </span><span class="pp-class-118 pa t20028 l20030">the </span><span class="pp-class-118 pa t20028 l20031">impact </span><span class="pp-class-118 pa t20028 l20032">of </span><span class="pp-class-118 pa t20033 l3">the </span><span class="pp-class-118 pa t20033 l1444">revision, </span><span class="pp-class-118 pa t20033 l20034">if </span><span class="pp-class-118 pa t20033 l20035">any, </span><span class="pp-class-118 pa t20033 l10472">of </span><span class="pp-class-118 pa t20033 l10055">the </span><span class="pp-class-118 pa t20033 l20036">original </span><span class="pp-class-118 pa t20033 l20037">estimates </span><span class="pp-class-118 pa t20033 l20038">in </span><span class="pp-class-118 pa t20033 l20039">the </span><span class="pp-class-118 pa t20040 l3">income </span><span class="pp-class-118 pa t20040 l6781">statement </span><span class="pp-class-118 pa t20040 l20041">and </span><span class="pp-class-118 pa t20040 l20042">in </span><span class="pp-class-118 pa t20040 l20043">a </span><span class="pp-class-118 pa t20040 l20044">corresponding </span><span class="pp-class-118 pa t20040 l20045">adjustment </span><span class="pp-class-118 pa t20040 l20046">to </span><span class="pp-class-118 pa t20047 l3">equity </span><span class="pp-class-118 pa t20047 l20048">over </span><span class="pp-class-118 pa t20047 l20049">the </span><span class="pp-class-118 pa t20047 l20050">remaining </span><span class="pp-class-118 pa t20047 l20051">vesting </span><span class="pp-class-118 pa t20047 l20052">period. </span><span class="pp-class-118 pa t20047 l20053">Adjustments </span><span class="pp-class-118 pa t20054 l3">relating </span><span class="pp-class-118 pa t20054 l13152">to </span><span class="pp-class-118 pa t20054 l10764">prior </span><span class="pp-class-118 pa t20054 l20055">years </span><span class="pp-class-118 pa t20054 l20056">are </span><span class="pp-class-118 pa t20054 l20057">included </span><span class="pp-class-118 pa t20054 l7477">in </span><span class="pp-class-118 pa t20054 l20058">the </span><span class="pp-class-118 pa t20054 l9356">income </span><span class="pp-class-118 pa t20054 l20059">state-</span><span class="pp-class-118 pa t20060 l3">ment </span><span class="pp-class-118 pa t20060 l17839">in </span><span class="pp-class-118 pa t20060 l20061">the </span><span class="pp-class-118 pa t20060 l9565">year </span><span class="pp-class-118 pa t20060 l20062">of </span><span class="pp-class-118 pa t20060 l738">adjustment.</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-121 pa t20063 l3">Short-term </span><span class="pp-class-121 pa t20063 l19717">remuneration</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-118 pa t20064 l3">Short-term </span><span class="pp-class-118 pa t20064 l19660">remuneration </span><span class="pp-class-118 pa t20064 l20065">of </span><span class="pp-class-118 pa t20064 l20066">employees </span><span class="pp-class-118 pa t20064 l20067">is </span><span class="pp-class-118 pa t20064 l20068">calculated </span><span class="pp-class-118 pa t20069 l3">without </span><span class="pp-class-118 pa t20069 l20070 ls786">discounting </span><span class="pp-class-118 pa t20069 l20071">and </span><span class="pp-class-118 pa t20069 l20072">is </span><span class="pp-class-118 pa t20069 l20073">recognised </span><span class="pp-class-118 pa t20069 l20074">as </span><span class="pp-class-118 pa t20069 l20075">a </span><span class="pp-class-118 pa t20069 l20076">cost </span><span class="pp-class-118 pa t20069 l20077">when </span><span class="pp-class-118 pa t20069 l20078">the </span><span class="pp-class-118 pa t20079 l3">related </span><span class="pp-class-118 pa t20079 l11176">services </span><span class="pp-class-118 pa t20079 l20080">are </span><span class="pp-class-118 pa t20079 l7317">rendered. </span><span class="pp-class-118 pa t20079 l12022">A </span><span class="pp-class-118 pa t20079 l20081">provision </span><span class="pp-class-118 pa t20079 l20082">is </span><span class="pp-class-118 pa t20079 l20083">recognised </span><span class="pp-class-118 pa t20084 l3">for </span><span class="pp-class-118 pa t20084 l2129">the </span><span class="pp-class-118 pa t20084 l6661">anticipated </span><span class="pp-class-118 pa t20084 l1242">cost </span><span class="pp-class-118 pa t20084 l20085">of </span><span class="pp-class-118 pa t20084 l20086">bonus </span><span class="pp-class-118 pa t20084 l20087">payments </span><span class="pp-class-118 pa t20084 l20088">when </span><span class="pp-class-118 pa t20084 l20089">the </span><span class="pp-class-118 pa t20090 l3">Group </span><span class="pp-class-118 pa t20090 l875">has </span><span class="pp-class-118 pa t20090 l20091">a </span><span class="pp-class-118 pa t20090 l20092">current </span><span class="pp-class-118 pa t20090 l20093">legal </span><span class="pp-class-118 pa t20090 l20094">or </span><span class="pp-class-118 pa t20090 l6469">contractual </span><span class="pp-class-118 pa t20090 l19158">obligation </span><span class="pp-class-118 pa t20090 l6062">to </span><span class="pp-class-118 pa t20095 l3">make </span><span class="pp-class-118 pa t20095 l20096">such </span><span class="pp-class-118 pa t20095 l4628">payments, </span><span class="pp-class-118 pa t20095 l827">based </span><span class="pp-class-118 pa t20095 l20097">on </span><span class="pp-class-118 pa t20095 l20098">the </span><span class="pp-class-118 pa t20095 l20099">services </span><span class="pp-class-118 pa t20095 l6114">being </span><span class="pp-class-118 pa t20095 l13916">ren-</span><span class="pp-class-118 pa t20100 l3">dered </span><span class="pp-class-118 pa t20100 l20101">by </span><span class="pp-class-118 pa t20100 l20102">the </span><span class="pp-class-118 pa t20100 l2140">employees </span><span class="pp-class-118 pa t20100 l1220">and </span><span class="pp-class-118 pa t20100 l20103">the </span><span class="pp-class-118 pa t20100 l748">possibility </span><span class="pp-class-118 pa t20100 l20104">of </span><span class="pp-class-118 pa t20100 l20105">reliably </span><span class="pp-class-118 pa t20106 l3">estimating </span><span class="pp-class-118 pa t20106 l18119">the </span><span class="pp-class-118 pa t20106 l20107">obligation.</span></p></div></div><div class="pp-class-7" id="pp-id-3426" xmlns="http://www.w3.org/1999/xhtml"><div class="w15596 h25491 pa t2 l3 wtro4 xx16559 tro6 xx16560"><p class="pp-class-107 pp-area-text"><span class="pp-class-119 pa t16561 l3 ls16194">Key </span><span class="pp-class-119 pa t16561 l25492 ls7563">figures</span></p><p class="pp-class-107 pp-area-text"><span class="pp-class-118 pa t19052 l3">Key </span><span class="pp-class-118 pa t19052 l25493">figures </span><span class="pp-class-118 pa t19052 l25494">and </span><span class="pp-class-118 pa t19052 l25495">financial </span><span class="pp-class-118 pa t19052 l15813">ratios </span><span class="pp-class-118 pa t19052 l25496">have </span><span class="pp-class-118 pa t19052 l25497">been </span><span class="pp-class-118 pa t19052 l3376">defined </span><span class="pp-class-118 pa t19052 l18822">and </span><span class="pp-class-118 pa t19052 l25498">calculated </span><span class="pp-class-118 pa t19052 l25499">as </span><span class="pp-class-118 pa t19052 l25500">stated </span><span class="pp-class-118 pa t19052 l25501 ls786">below:</span></p><p class="pp-class-107 pp-area-text"><span class="pp-class-118 pa t19063 l3">The </span><span class="pp-class-118 pa t19063 l550">following </span><span class="pp-class-118 pa t19063 l14837">key </span><span class="pp-class-118 pa t19063 l25502">figures </span><span class="pp-class-118 pa t19063 l25503">are </span><span class="pp-class-118 pa t19063 l25504">not </span><span class="pp-class-118 pa t19063 l17420">directly </span><span class="pp-class-118 pa t19063 l23711">derived </span><span class="pp-class-118 pa t19063 l25505">from </span><span class="pp-class-118 pa t19063 l25506">the </span><span class="pp-class-118 pa t19063 l25507">income </span><span class="pp-class-118 pa t19063 l25508">statement </span><span class="pp-class-118 pa t19063 l25509">or </span><span class="pp-class-118 pa t19063 l22630 ls786">balance </span><span class="pp-class-118 pa t19063 l25510 ls786">sheet </span><span class="pp-class-118 pa t19063 l25511">and </span><span class="pp-class-118 pa t19063 l25512 ls786">as </span><span class="pp-class-118 pa t19063 l25513 ls786">such </span><span class="pp-class-118 pa t19063 l25514">are </span><span class="pp-class-118 pa t19063 l25515">defined </span><span class="pp-class-118 pa t19067 l3">as </span><span class="pp-class-118 pa t19067 l604">follows:</span></p><table><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t25516 l3">Adjusted </span><span class="pp-class-114 pa t25516 l25517">EBITDA:</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t25516 l25518">Operating </span><span class="pp-class-113 pa t25516 l25519">profit </span><span class="pp-class-113 pa t25516 l25520">before </span><span class="pp-class-113 pa t25516 l25521">non-recurring </span><span class="pp-class-113 pa t25516 l25522">items </span><span class="pp-class-113 pa t25516 l25523">(Adjusted </span><span class="pp-class-113 pa t25516 l25524">EBIT) </span><span class="pp-class-113 pa t25516 l25525">plus </span><span class="pp-class-113 pa t25526 l25518">depreciation </span><span class="pp-class-113 pa t25526 l6198">and </span><span class="pp-class-113 pa t25526 l25527">amortisation</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t25528 l3">Adjusted </span><span class="pp-class-114 pa t25528 l25517">EBITA:</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t25528 l25518">Operating </span><span class="pp-class-113 pa t25528 l25519">profit </span><span class="pp-class-113 pa t25528 l25520">before </span><span class="pp-class-113 pa t25528 l25521">non-recurring </span><span class="pp-class-113 pa t25528 l25522">items </span><span class="pp-class-113 pa t25528 l25523">(Adjusted </span><span class="pp-class-113 pa t25528 l25524">EBIT) </span><span class="pp-class-113 pa t25528 l25525">plus </span><span class="pp-class-113 pa t25529 l25518">amortisation</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t25530 l3">Adjusted </span><span class="pp-class-114 pa t25530 l25517">EBIT:</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t25530 l25518">Operating </span><span class="pp-class-113 pa t25530 l25519">profit </span><span class="pp-class-113 pa t25530 l25520">before </span><span class="pp-class-113 pa t25530 l25521">non-recurring </span><span class="pp-class-113 pa t25530 l25522">items</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t25531 l3">Net </span><span class="pp-class-114 pa t25531 l15683">interest-bearing </span><span class="pp-class-114 pa t25531 l25532">debt:</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t25531 l25518">Current </span><span class="pp-class-113 pa t25531 l25533">and </span><span class="pp-class-113 pa t25531 l25534">non-current </span><span class="pp-class-113 pa t25531 l25535">interest-bearing </span><span class="pp-class-113 pa t25531 l25536">loans </span><span class="pp-class-113 pa t25531 l25537">and </span><span class="pp-class-113 pa t25531 l25538">borrowings </span><span class="pp-class-113 pa t25531 l25539">less </span><span class="pp-class-113 pa t25540 l25518">interest-bearing </span><span class="pp-class-113 pa t25540 l25541">receivables </span><span class="pp-class-113 pa t25540 l25542">and </span><span class="pp-class-113 pa t25540 l25543">cash </span><span class="pp-class-113 pa t25540 l25544">and </span><span class="pp-class-113 pa t25540 l25545">cash </span><span class="pp-class-113 pa t25540 l25546">equivalents</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t25547 l3">Net </span><span class="pp-class-114 pa t25547 l15683">working </span><span class="pp-class-114 pa t25547 l25548">capital:</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t25547 l25518">The </span><span class="pp-class-113 pa t25547 l25549">sum </span><span class="pp-class-113 pa t25547 l25550">of </span><span class="pp-class-113 pa t25547 l25551">inventories, </span><span class="pp-class-113 pa t25547 l25552">trade </span><span class="pp-class-113 pa t25547 l25553">receivables, </span><span class="pp-class-113 pa t25547 l25554">other </span><span class="pp-class-113 pa t25547 l25555">receivables </span><span class="pp-class-113 pa t25547 l25556">(excluding </span><span class="pp-class-113 pa t25557 l25518">subleases) </span><span class="pp-class-113 pa t25557 l25558">and </span><span class="pp-class-113 pa t25557 l25559">prepayments </span><span class="pp-class-113 pa t25557 l25560">less </span><span class="pp-class-113 pa t25557 l25561">the </span><span class="pp-class-113 pa t25557 l25562">sum </span><span class="pp-class-113 pa t25557 l25563">of </span><span class="pp-class-113 pa t25557 l25564">prepayments </span><span class="pp-class-113 pa t25557 l25565">from </span><span class="pp-class-113 pa t25557 l25566">customers, </span><span class="pp-class-113 pa t25567 l25518">trade </span><span class="pp-class-113 pa t25567 l25568">payables </span><span class="pp-class-113 pa t25567 l25569">and </span><span class="pp-class-113 pa t25567 l25570">other </span><span class="pp-class-113 pa t25567 l25571">liabilities</span></p></td></tr></table></div></div><div class="pp-class-7" id="pp-id-3427" xmlns="http://www.w3.org/1999/xhtml"><div class="w15596 h25572 pa t2 l3 wtro4 xx16559 tro6 xx16560"><p class="pp-class-107 pp-area-text"><span class="pp-class-119 pa t16561 l3 ls448">Ratios</span></p><table><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t25573 l3">Ratio</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t25573 l25574">Calculation </span><span class="pp-class-113 pa t25573 l25575">formula</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t25576 l3">Gross </span><span class="pp-class-114 pa t25576 l1564">margin</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t25576 l25577">Gross </span><span class="pp-class-113 pa t25576 l25578">profit </span><span class="pp-class-113 pa t25576 l25579">* </span><span class="pp-class-113 pa t25576 l25580">100</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t25581 l25582">Revenue</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t25583 l3">Adjusted </span><span class="pp-class-114 pa t25583 l25517">EBITDA </span><span class="pp-class-114 pa t25583 l25584">margin</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t25583 l25585">Adjusted </span><span class="pp-class-113 pa t25583 l25586">EBITDA </span><span class="pp-class-113 pa t25583 l25587">* </span><span class="pp-class-113 pa t25583 l25588">100</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t25589 l25582">Revenue</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t25590 l3">Adjusted </span><span class="pp-class-114 pa t25590 l25517">EBITA </span><span class="pp-class-114 pa t25590 l25591">margin</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t25590 l25592">Adjusted </span><span class="pp-class-113 pa t25590 l25593">EBITA </span><span class="pp-class-113 pa t25590 l25594">* </span><span class="pp-class-113 pa t25590 l25595">100</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t25596 l25582">Revenue</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t25597 l3">Adjusted </span><span class="pp-class-114 pa t25597 l25517">EBIT </span><span class="pp-class-114 pa t25597 l13082">margin</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t25597 l25598">Adjusted </span><span class="pp-class-113 pa t25597 l25599">EBIT </span><span class="pp-class-113 pa t25597 l25600">* </span><span class="pp-class-113 pa t25597 l25601">100</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t25602 l25582">Revenue</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t25603 l3">EBIT </span><span class="pp-class-114 pa t25603 l25604">margin</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t25603 l25605">EBIT </span><span class="pp-class-113 pa t25603 l25606">* </span><span class="pp-class-113 pa t25603 l21644">100</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t25607 l25582">Revenue</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t25608 l3">Solvency </span><span class="pp-class-114 pa t25608 l25609">ratio</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t25608 l8048">Equity </span><span class="pp-class-113 pa t25608 l25610">* </span><span class="pp-class-113 pa t25608 l25611">100</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t25612 l25613">Balance </span><span class="pp-class-113 pa t25612 l25614">sheet </span><span class="pp-class-113 pa t25612 l25615">total</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t25616 l3">Leverage </span><span class="pp-class-114 pa t25616 l25617">ratio</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t25616 l25618">Net </span><span class="pp-class-113 pa t25616 l25619">interest-bearing </span><span class="pp-class-113 pa t25616 l25620">debt </span><span class="pp-class-113 pa t25616 l25621">excluding </span><span class="pp-class-113 pa t25622 l25623">tax </span><span class="pp-class-113 pa t25622 l25624">liabilities</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t25625 l25626">12 </span><span class="pp-class-113 pa t25625 l25627">months’ </span><span class="pp-class-113 pa t25625 l25628">adjusted </span><span class="pp-class-113 pa t25625 l25629">EBITDA</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t25630 l3">NWC </span><span class="pp-class-114 pa t25630 l25631">ratio </span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t25630 l25632">Net </span><span class="pp-class-113 pa t25630 l25633">working </span><span class="pp-class-113 pa t25630 l25634">capital </span><span class="pp-class-113 pa t25630 l25635">* </span><span class="pp-class-113 pa t25630 l25636">100</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t25637 l25638">12 </span><span class="pp-class-113 pa t25637 l25639">months’ </span><span class="pp-class-113 pa t25637 l25640">revenue</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t25641 l3">CapEx </span><span class="pp-class-114 pa t25641 l25642">ratio </span><span class="pp-class-114 pa t25641 l25643">excl. </span><span class="pp-class-114 pa t25641 l25644">acquisitions</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t25641 l25518">Investments </span><span class="pp-class-113 pa t25641 l25645">in </span><span class="pp-class-113 pa t25641 l25646">property, </span><span class="pp-class-113 pa t25641 l25647">plant </span><span class="pp-class-113 pa t25641 l25648">and </span><span class="pp-class-113 pa t25641 l25649">equipment </span><span class="pp-class-113 pa t25641 l25650">(CapEx) </span><span class="pp-class-113 pa t25641 l25651">divided </span><span class="pp-class-113 pa t25641 l25652">by </span><span class="pp-class-113 pa t25641 l25653">revenue. </span><span class="pp-class-113 pa t25654 l25518">CapEx </span><span class="pp-class-113 pa t25654 l25655">excludes </span><span class="pp-class-113 pa t25654 l25656">investments </span><span class="pp-class-113 pa t25654 l25657">in </span><span class="pp-class-113 pa t25654 l25658">connection </span><span class="pp-class-113 pa t25654 l25659">with </span><span class="pp-class-113 pa t25654 l25660">acquisitions.</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t25661 l3">Cash </span><span class="pp-class-114 pa t25661 l16228">conversion </span><span class="pp-class-114 pa t25661 l25662">ratio</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t25661 l25518 ls22537">Adjusted </span><span class="pp-class-113 pa t25661 l25663 ls663">EBITDA </span><span class="pp-class-113 pa t25661 l25664 ls626">less </span><span class="pp-class-113 pa t25661 l25665 ls639">the </span><span class="pp-class-113 pa t25661 l25647 ls663">change </span><span class="pp-class-113 pa t25661 l25666 ls22534">in </span><span class="pp-class-113 pa t25661 l25667 ls7182">net </span><span class="pp-class-113 pa t25661 l25668 ls2618">working </span><span class="pp-class-113 pa t25661 l25669 ls2618">capital </span><span class="pp-class-113 pa t25661 l25670">and </span><span class="pp-class-113 pa t25661 l25671">CapEx </span><span class="pp-class-113 pa t25672 l25518">excluding </span><span class="pp-class-113 pa t25672 l25673">acquisitions </span><span class="pp-class-113 pa t25672 l25674">divided </span><span class="pp-class-113 pa t25672 l25675">by </span><span class="pp-class-113 pa t25672 l25676">adjusted </span><span class="pp-class-113 pa t25672 l25677">EBITDA. </span><span class="pp-class-113 pa t25672 l25678">The </span><span class="pp-class-113 pa t25672 l25679">ratio </span><span class="pp-class-113 pa t25672 l25680">is </span><span class="pp-class-113 pa t25672 l25681">for </span><span class="pp-class-113 pa t25672 l25682">the </span><span class="pp-class-113 pa t25672 l25683">last </span><span class="pp-class-113 pa t25684 l25518">12 </span><span class="pp-class-113 pa t25684 l25685">months.</span></p></td></tr></table><p class="pp-class-107 pp-area-text"><span class="pp-class-118 pa t20438 l3">The </span><span class="pp-class-118 pa t20438 l550">definition </span><span class="pp-class-118 pa t20438 l4738">and </span><span class="pp-class-118 pa t20438 l25686">calculation </span><span class="pp-class-118 pa t20438 l12018">formula </span><span class="pp-class-118 pa t20438 l25687">for </span><span class="pp-class-118 pa t20438 l25688">earnings </span><span class="pp-class-118 pa t20438 l25689">per </span><span class="pp-class-118 pa t20438 l25690">share </span><span class="pp-class-118 pa t20438 l25691">before </span><span class="pp-class-118 pa t20438 l25692">and </span><span class="pp-class-118 pa t20438 l25693">after </span><span class="pp-class-118 pa t20438 l25694 ls786">dilution </span><span class="pp-class-118 pa t20438 l25695">can </span><span class="pp-class-118 pa t20438 l25696 ls786">be </span><span class="pp-class-118 pa t20438 l25697 ls786">found </span><span class="pp-class-118 pa t20438 l25698 ls786">in </span><span class="pp-class-118 pa t20438 l25699">note </span><span class="pp-class-118 pa t20438 l25700">21 </span><span class="pp-class-118 pa t20438 l25701 ls786">to </span><span class="pp-class-118 pa t20438 l25702 ls786">the </span><span class="pp-class-118 pa t19209 l3">consolidated </span><span class="pp-class-118 pa t19209 l16741">financial </span><span class="pp-class-118 pa t19209 l16742">statements. </span></p></div></div> <p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-120 pa t16569 l3 ls5310">Principles </span><span class="pp-class-120 pa t16569 l16570 ls15165">applied </span><span class="pp-class-120 pa t16569 l8701 ls458">in </span><span class="pp-class-120 pa t16569 l16571 ls2759">the </span><span class="pp-class-120 pa t16569 l16572 ls1866">preparation </span><span class="pp-class-120 pa t16569 l16573 ls458">of </span><span class="pp-class-120 pa t16569 l16574 ls2554">the </span><span class="pp-class-120 pa t16575 l3 ls7519">consolidated </span><span class="pp-class-120 pa t16575 l16576 ls16577">financial </span><span class="pp-class-120 pa t16575 l6185 ls1072">statements</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-118 pa t16578 l3">The </span><span class="pp-class-118 pa t16578 l550">consolidated </span><span class="pp-class-118 pa t16578 l16579">financial </span><span class="pp-class-118 pa t16578 l16580">statements </span><span class="pp-class-118 pa t16578 l11596">are </span><span class="pp-class-118 pa t16578 l16581">presented </span><span class="pp-class-118 pa t16578 l16582">in </span><span class="pp-class-118 pa t16583 l3">accordance </span><span class="pp-class-118 pa t16583 l16584">with </span><span class="pp-class-118 pa t16583 l16585">IFRS </span><span class="pp-class-118 pa t16583 l16586">accounting </span><span class="pp-class-118 pa t16583 l16587">standards </span><span class="pp-class-118 pa t16583 l16588">as </span><span class="pp-class-118 pa t16583 l16589">adopted </span><span class="pp-class-118 pa t16590 l3">by </span><span class="pp-class-118 pa t16590 l7708">the </span><span class="pp-class-118 pa t16590 l7709">EU </span><span class="pp-class-118 pa t16590 l5973">and </span><span class="pp-class-118 pa t16590 l16591">additional </span><span class="pp-class-118 pa t16590 l16592">requirements </span><span class="pp-class-118 pa t16590 l5960">of </span><span class="pp-class-118 pa t16590 l11796">the </span><span class="pp-class-118 pa t16590 l14914">Danish </span><span class="pp-class-118 pa t16593 l3">Financial </span><span class="pp-class-118 pa t16593 l2830">Statements </span><span class="pp-class-118 pa t16593 l2123">Act.</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-118 pa t16594 l3 ls617">The </span><span class="pp-class-118 pa t16594 l7402 ls636">accounting </span><span class="pp-class-118 pa t16594 l16595 ls620">policies </span><span class="pp-class-118 pa t16594 l16596 ls617">are </span><span class="pp-class-118 pa t16594 l16597 ls620">unchanged </span><span class="pp-class-118 pa t16594 l6700 ls620">compared </span><span class="pp-class-118 pa t16594 l16598 ls7837">with </span><span class="pp-class-118 pa t16599 l3 ls639">last </span><span class="pp-class-118 pa t16599 l16600 ls639">year.</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-120 pa t16851 l3 ls6169">General </span><span class="pp-class-120 pa t16851 l16852 ls1144">principles</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-118 pa t16853 l3">Assets </span><span class="pp-class-118 pa t16853 l588">and </span><span class="pp-class-118 pa t16853 l10262">liabilities </span><span class="pp-class-118 pa t16853 l16854">are </span><span class="pp-class-118 pa t16853 l11132">recognised </span><span class="pp-class-118 pa t16853 l16855">at </span><span class="pp-class-118 pa t16853 l9939">historic </span><span class="pp-class-118 pa t16853 l16856">acquisi-</span><span class="pp-class-118 pa t16857 l3">tion </span><span class="pp-class-118 pa t16857 l11323">cost, </span><span class="pp-class-118 pa t16857 l16858">except </span><span class="pp-class-118 pa t16857 l16859">for </span><span class="pp-class-118 pa t16857 l2592">certain </span><span class="pp-class-118 pa t16857 l16860">financial </span><span class="pp-class-118 pa t16857 l8702">assets </span><span class="pp-class-118 pa t16857 l16861">and </span><span class="pp-class-118 pa t16857 l16862">liabili-</span><span class="pp-class-118 pa t16863 l3">ties </span><span class="pp-class-118 pa t16863 l16864">and </span><span class="pp-class-118 pa t16863 l16865">non-current </span><span class="pp-class-118 pa t16863 l4638">assets </span><span class="pp-class-118 pa t16863 l16866">held </span><span class="pp-class-118 pa t16863 l2577">for </span><span class="pp-class-118 pa t16863 l16867">sale. </span><span class="pp-class-118 pa t16863 l16868">Financial </span><span class="pp-class-118 pa t16869 l3">assets </span><span class="pp-class-118 pa t16869 l16870">and </span><span class="pp-class-118 pa t16869 l16871">liabilities </span><span class="pp-class-118 pa t16869 l16872">measured </span><span class="pp-class-118 pa t16869 l16873">at </span><span class="pp-class-118 pa t16869 l7212">fair </span><span class="pp-class-118 pa t16869 l6653">value </span><span class="pp-class-118 pa t16869 l16874">comprise </span><span class="pp-class-118 pa t16875 l3">derivative </span><span class="pp-class-118 pa t16875 l12656">instruments. </span><span class="pp-class-118 pa t16875 l16876">Non-current </span><span class="pp-class-118 pa t16875 l16877">assets </span><span class="pp-class-118 pa t16875 l16878">held </span><span class="pp-class-118 pa t16875 l16879">for </span><span class="pp-class-118 pa t16875 l16880">sale </span><span class="pp-class-118 pa t16881 l3">are </span><span class="pp-class-118 pa t16881 l2545">recognised </span><span class="pp-class-118 pa t16881 l16882">at </span><span class="pp-class-118 pa t16881 l15392">the </span><span class="pp-class-118 pa t16881 l16883">lower </span><span class="pp-class-118 pa t16881 l1719">of </span><span class="pp-class-118 pa t16881 l16884">the </span><span class="pp-class-118 pa t16881 l16885">carrying </span><span class="pp-class-118 pa t16881 l14672">amount </span><span class="pp-class-118 pa t16881 l8727">and </span><span class="pp-class-118 pa t16886 l3">fair </span><span class="pp-class-118 pa t16886 l6806">value, </span><span class="pp-class-118 pa t16886 l6807">less </span><span class="pp-class-118 pa t16886 l16887">selling </span><span class="pp-class-118 pa t16886 l5968">expenses.</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-118 pa t16888 l3" xmlns="http://www.w3.org/1999/xhtml">The </span><span class="pp-class-118 pa t16888 l550" xmlns="http://www.w3.org/1999/xhtml">parent </span><span class="pp-class-118 pa t16888 l16889" xmlns="http://www.w3.org/1999/xhtml">company’s </span><span class="pp-class-118 pa t16888 l16890" xmlns="http://www.w3.org/1999/xhtml">functional </span><span class="pp-class-118 pa t16888 l16891" xmlns="http://www.w3.org/1999/xhtml">currency </span><span class="pp-class-118 pa t16888 l16892" xmlns="http://www.w3.org/1999/xhtml">is </span><span class="pp-class-118 pa t16888 l16893" xmlns="http://www.w3.org/1999/xhtml">the </span><span class="pp-class-118 pa t16888 l16894" xmlns="http://www.w3.org/1999/xhtml">Danish </span><span class="pp-class-118 pa t16895 l3" xmlns="http://www.w3.org/1999/xhtml">krone </span><span class="pp-class-118 pa t16895 l16896" xmlns="http://www.w3.org/1999/xhtml">(DKK), </span><span class="pp-class-118 pa t16895 l16897" xmlns="http://www.w3.org/1999/xhtml">which </span><span class="pp-class-118 pa t16895 l6409" xmlns="http://www.w3.org/1999/xhtml">is </span><span class="pp-class-118 pa t16895 l9482" xmlns="http://www.w3.org/1999/xhtml">also </span><span class="pp-class-118 pa t16895 l16898" xmlns="http://www.w3.org/1999/xhtml">the </span><span class="pp-class-118 pa t16895 l16899" xmlns="http://www.w3.org/1999/xhtml">presentation </span><span class="pp-class-118 pa t16895 l16900" xmlns="http://www.w3.org/1999/xhtml">currency </span><span class="pp-class-118 pa t16895 l16901" xmlns="http://www.w3.org/1999/xhtml">for </span><span class="pp-class-118 pa t16902 l3" xmlns="http://www.w3.org/1999/xhtml">the </span><span class="pp-class-118 pa t16902 l1444" xmlns="http://www.w3.org/1999/xhtml">parent </span><span class="pp-class-118 pa t16902 l889" xmlns="http://www.w3.org/1999/xhtml">company </span><span class="pp-class-118 pa t16902 l16903" xmlns="http://www.w3.org/1999/xhtml">and </span><span class="pp-class-118 pa t16902 l16904" xmlns="http://www.w3.org/1999/xhtml">the </span><span class="pp-class-118 pa t16902 l16905" xmlns="http://www.w3.org/1999/xhtml">Group. </span><span class="pp-class-118 pa t16902 l16906" xmlns="http://www.w3.org/1999/xhtml">Accordingly, </span><span class="pp-class-118 pa t16902 l16907" xmlns="http://www.w3.org/1999/xhtml">the </span><span class="pp-class-118 pa t16908 l3" xmlns="http://www.w3.org/1999/xhtml">consolidated </span><span class="pp-class-118 pa t16908 l16741" xmlns="http://www.w3.org/1999/xhtml">financial </span><span class="pp-class-118 pa t16908 l16742" xmlns="http://www.w3.org/1999/xhtml">statements </span><span class="pp-class-118 pa t16908 l16909" xmlns="http://www.w3.org/1999/xhtml">are </span><span class="pp-class-118 pa t16908 l16910" xmlns="http://www.w3.org/1999/xhtml">presented </span><span class="pp-class-118 pa t16908 l16911" xmlns="http://www.w3.org/1999/xhtml">in </span><span class="pp-class-118 pa t16908 l8727" xmlns="http://www.w3.org/1999/xhtml">DKK. </span><span class="pp-class-118 pa t16912 l3" xmlns="http://www.w3.org/1999/xhtml">All </span><span class="pp-class-118 pa t16912 l2483" xmlns="http://www.w3.org/1999/xhtml">amounts </span><span class="pp-class-118 pa t16912 l16913" xmlns="http://www.w3.org/1999/xhtml">are </span><span class="pp-class-118 pa t16912 l16914" xmlns="http://www.w3.org/1999/xhtml">stated </span><span class="pp-class-118 pa t16912 l16915" xmlns="http://www.w3.org/1999/xhtml">in </span><span class="pp-class-118 pa t16912 l16916" xmlns="http://www.w3.org/1999/xhtml">DKK </span><span class="pp-class-118 pa t16912 l16917" xmlns="http://www.w3.org/1999/xhtml">thousand, </span><span class="pp-class-118 pa t16912 l3224" xmlns="http://www.w3.org/1999/xhtml">unless </span><span class="pp-class-118 pa t16912 l16918" xmlns="http://www.w3.org/1999/xhtml">indi-</span><span class="pp-class-118 pa t16919 l3" xmlns="http://www.w3.org/1999/xhtml">cated </span><span class="pp-class-118 pa t16919 l16920" xmlns="http://www.w3.org/1999/xhtml">otherwise.</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-120 pa t17005 l3 ls17006">Classification, </span><span class="pp-class-120 pa t17005 l17007 ls1497">etc.</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-118 pa t17008 l3">Non-current </span><span class="pp-class-118 pa t17008 l17009">assets </span><span class="pp-class-118 pa t17008 l17010">essentially </span><span class="pp-class-118 pa t17008 l17011">comprise </span><span class="pp-class-118 pa t17008 l17012">amounts </span><span class="pp-class-118 pa t17008 l17013">that </span><span class="pp-class-118 pa t17014 l3">are </span><span class="pp-class-118 pa t17014 l2545">expected </span><span class="pp-class-118 pa t17014 l17015">to </span><span class="pp-class-118 pa t17014 l9395">be </span><span class="pp-class-118 pa t17014 l17016">recovered </span><span class="pp-class-118 pa t17014 l12027">more </span><span class="pp-class-118 pa t17014 l17017">than </span><span class="pp-class-118 pa t17014 l17018">12 </span><span class="pp-class-118 pa t17014 l17019">months </span><span class="pp-class-118 pa t17014 l17020">after </span><span class="pp-class-118 pa t17021 l3">the </span><span class="pp-class-118 pa t17021 l1444">balance </span><span class="pp-class-118 pa t17021 l17022">sheet </span><span class="pp-class-118 pa t17021 l17023">date. </span><span class="pp-class-118 pa t17021 l11487">Current </span><span class="pp-class-118 pa t17021 l17024">assets </span><span class="pp-class-118 pa t17021 l17025">essentially </span><span class="pp-class-118 pa t17021 l17026">com-</span><span class="pp-class-118 pa t17027 l3">prise </span><span class="pp-class-118 pa t17027 l17028">amounts </span><span class="pp-class-118 pa t17027 l17029">that </span><span class="pp-class-118 pa t17027 l17030">are </span><span class="pp-class-118 pa t17027 l17031">expected </span><span class="pp-class-118 pa t17027 l17032">to </span><span class="pp-class-118 pa t17027 l17033">be </span><span class="pp-class-118 pa t17027 l17034">recovered </span><span class="pp-class-118 pa t17027 l17035">within </span><span class="pp-class-118 pa t17036 l3">12 </span><span class="pp-class-118 pa t17036 l17037">months </span><span class="pp-class-118 pa t17036 l17038">of </span><span class="pp-class-118 pa t17036 l2517">the </span><span class="pp-class-118 pa t17036 l11389">balance </span><span class="pp-class-118 pa t17036 l17039">sheet </span><span class="pp-class-118 pa t17036 l17040">date. </span><span class="pp-class-118 pa t17036 l17041">Non-current </span><span class="pp-class-118 pa t17036 l10066">liabil-</span><span class="pp-class-118 pa t17042 l3">ities </span><span class="pp-class-118 pa t17042 l17043">comprise </span><span class="pp-class-118 pa t17042 l17044">amounts </span><span class="pp-class-118 pa t17042 l17045">that </span><span class="pp-class-118 pa t17042 l14151">TCM </span><span class="pp-class-118 pa t17042 l17046">Group </span><span class="pp-class-118 pa t17042 l836">has </span><span class="pp-class-118 pa t17042 l17047">an </span><span class="pp-class-118 pa t17042 l17048">uncon-</span><span class="pp-class-118 pa t17049 l3">ditional </span><span class="pp-class-118 pa t17049 l12855">right </span><span class="pp-class-118 pa t17049 l17050">to </span><span class="pp-class-118 pa t17049 l9571">pay </span><span class="pp-class-118 pa t17049 l1472">more </span><span class="pp-class-118 pa t17049 l17051">than </span><span class="pp-class-118 pa t17049 l13833">12 </span><span class="pp-class-118 pa t17049 l17052">months </span><span class="pp-class-118 pa t17049 l7705">after </span><span class="pp-class-118 pa t17049 l17053">the </span><span class="pp-class-118 pa t17049 l17054">bal-</span><span class="pp-class-118 pa t17055 l3">ance </span><span class="pp-class-118 pa t17055 l17056">sheet </span><span class="pp-class-118 pa t17055 l4244">date. </span><span class="pp-class-118 pa t17055 l9748">Other </span><span class="pp-class-118 pa t17055 l17057">liabilities </span><span class="pp-class-118 pa t17055 l17058">comprise </span><span class="pp-class-118 pa t17055 l17059">current </span><span class="pp-class-118 pa t17060 l3">liabilities.</span></p> <p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-120 pa t16569 l3 ls5310">Principles </span><span class="pp-class-120 pa t16569 l16570 ls15165">applied </span><span class="pp-class-120 pa t16569 l8701 ls458">in </span><span class="pp-class-120 pa t16569 l16571 ls2759">the </span><span class="pp-class-120 pa t16569 l16572 ls1866">preparation </span><span class="pp-class-120 pa t16569 l16573 ls458">of </span><span class="pp-class-120 pa t16569 l16574 ls2554">the </span><span class="pp-class-120 pa t16575 l3 ls7519">consolidated </span><span class="pp-class-120 pa t16575 l16576 ls16577">financial </span><span class="pp-class-120 pa t16575 l6185 ls1072">statements</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-118 pa t16578 l3">The </span><span class="pp-class-118 pa t16578 l550">consolidated </span><span class="pp-class-118 pa t16578 l16579">financial </span><span class="pp-class-118 pa t16578 l16580">statements </span><span class="pp-class-118 pa t16578 l11596">are </span><span class="pp-class-118 pa t16578 l16581">presented </span><span class="pp-class-118 pa t16578 l16582">in </span><span class="pp-class-118 pa t16583 l3">accordance </span><span class="pp-class-118 pa t16583 l16584">with </span><span class="pp-class-118 pa t16583 l16585">IFRS </span><span class="pp-class-118 pa t16583 l16586">accounting </span><span class="pp-class-118 pa t16583 l16587">standards </span><span class="pp-class-118 pa t16583 l16588">as </span><span class="pp-class-118 pa t16583 l16589">adopted </span><span class="pp-class-118 pa t16590 l3">by </span><span class="pp-class-118 pa t16590 l7708">the </span><span class="pp-class-118 pa t16590 l7709">EU </span><span class="pp-class-118 pa t16590 l5973">and </span><span class="pp-class-118 pa t16590 l16591">additional </span><span class="pp-class-118 pa t16590 l16592">requirements </span><span class="pp-class-118 pa t16590 l5960">of </span><span class="pp-class-118 pa t16590 l11796">the </span><span class="pp-class-118 pa t16590 l14914">Danish </span><span class="pp-class-118 pa t16593 l3">Financial </span><span class="pp-class-118 pa t16593 l2830">Statements </span><span class="pp-class-118 pa t16593 l2123">Act.</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-118 pa t16594 l3 ls617">The </span><span class="pp-class-118 pa t16594 l7402 ls636">accounting </span><span class="pp-class-118 pa t16594 l16595 ls620">policies </span><span class="pp-class-118 pa t16594 l16596 ls617">are </span><span class="pp-class-118 pa t16594 l16597 ls620">unchanged </span><span class="pp-class-118 pa t16594 l6700 ls620">compared </span><span class="pp-class-118 pa t16594 l16598 ls7837">with </span><span class="pp-class-118 pa t16599 l3 ls639">last </span><span class="pp-class-118 pa t16599 l16600 ls639">year.</span></p> <p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-118 pa t16594 l3 ls617">The </span><span class="pp-class-118 pa t16594 l7402 ls636">accounting </span><span class="pp-class-118 pa t16594 l16595 ls620">policies </span><span class="pp-class-118 pa t16594 l16596 ls617">are </span><span class="pp-class-118 pa t16594 l16597 ls620">unchanged </span><span class="pp-class-118 pa t16594 l6700 ls620">compared </span><span class="pp-class-118 pa t16594 l16598 ls7837">with </span><span class="pp-class-118 pa t16599 l3 ls639">last </span><span class="pp-class-118 pa t16599 l16600 ls639">year.</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-121 pa t16601 l3">Implementation </span><span class="pp-class-121 pa t16601 l16602">of </span><span class="pp-class-121 pa t16601 l16603">new </span><span class="pp-class-121 pa t16601 l16604">standards, </span><span class="pp-class-121 pa t16601 l3481">amendments </span><span class="pp-class-121 pa t16601 l16605">and </span><span class="pp-class-121 pa t16606 l3">interpretations</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-118 pa t16607 l3">TCM </span><span class="pp-class-118 pa t16607 l1586">Group </span><span class="pp-class-118 pa t16607 l1587">has </span><span class="pp-class-118 pa t16607 l1996">assessed </span><span class="pp-class-118 pa t16607 l16608">the </span><span class="pp-class-118 pa t16607 l16609">effect </span><span class="pp-class-118 pa t16607 l16610">of </span><span class="pp-class-118 pa t16607 l11426">the </span><span class="pp-class-118 pa t16607 l16611">new </span><span class="pp-class-118 pa t16607 l16612">standards, </span><span class="pp-class-118 pa t16613 l3">amendments </span><span class="pp-class-118 pa t16613 l8742">and </span><span class="pp-class-118 pa t16613 l16614">interpretations. </span><span class="pp-class-118 pa t16613 l16615">TCM </span><span class="pp-class-118 pa t16613 l16616">Group </span><span class="pp-class-118 pa t16613 l11704">has </span><span class="pp-class-118 pa t16613 l16617">con-</span><span class="pp-class-118 pa t16618 l3">cluded </span><span class="pp-class-118 pa t16618 l16619">that </span><span class="pp-class-118 pa t16618 l16620">all </span><span class="pp-class-118 pa t16618 l3423">standards, </span><span class="pp-class-118 pa t16618 l16621">amendments </span><span class="pp-class-118 pa t16618 l16622">and </span><span class="pp-class-118 pa t16618 l16623">interpreta-</span><span class="pp-class-118 pa t16624 l3">tions </span><span class="pp-class-118 pa t16624 l16625">effective </span><span class="pp-class-118 pa t16624 l16626">for </span><span class="pp-class-118 pa t16624 l16627">financial </span><span class="pp-class-118 pa t16624 l16628">years </span><span class="pp-class-118 pa t16624 l16629">beginning </span><span class="pp-class-118 pa t16624 l16630">on </span><span class="pp-class-118 pa t16624 l16631">or </span><span class="pp-class-118 pa t16624 l16632">after </span><span class="pp-class-118 pa t16624 l16633">1 </span><span class="pp-class-118 pa t16634 l3">January </span><span class="pp-class-118 pa t16634 l16635">2025 </span><span class="pp-class-118 pa t16634 l11790">are </span><span class="pp-class-118 pa t16634 l16636">either </span><span class="pp-class-118 pa t16634 l607">not </span><span class="pp-class-118 pa t16634 l16637">relevant </span><span class="pp-class-118 pa t16634 l16638">to </span><span class="pp-class-118 pa t16634 l16639">the </span><span class="pp-class-118 pa t16634 l10494">Group </span><span class="pp-class-118 pa t16634 l16640">or </span><span class="pp-class-118 pa t16641 l3">have </span><span class="pp-class-118 pa t16641 l7104">no </span><span class="pp-class-118 pa t16641 l16642">significant </span><span class="pp-class-118 pa t16641 l16643">effect </span><span class="pp-class-118 pa t16641 l7146">on </span><span class="pp-class-118 pa t16641 l16644">the </span><span class="pp-class-118 pa t16641 l16645">consolidated </span><span class="pp-class-118 pa t16641 l16646">financial </span><span class="pp-class-118 pa t16647 l3">statements.</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-121 pa t16648 l3">Change </span><span class="pp-class-121 pa t16648 l16649">in </span><span class="pp-class-121 pa t16648 l1913">estimates </span><span class="pp-class-121 pa t16648 l12032">of </span><span class="pp-class-121 pa t16648 l16650">depreciation </span><span class="pp-class-121 pa t16648 l8391">periods </span><span class="pp-class-121 pa t16648 l6251">for </span><span class="pp-class-121 pa t16651 l3">machinery </span><span class="pp-class-121 pa t16651 l16652">and </span><span class="pp-class-121 pa t16651 l16653">other </span><span class="pp-class-121 pa t16651 l16654">technical </span><span class="pp-class-121 pa t16651 l16655">equipment</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-118 pa t16656 l3">In </span><span class="pp-class-118 pa t16656 l669">2025, </span><span class="pp-class-118 pa t16656 l916">TCM </span><span class="pp-class-118 pa t16656 l6207">Group </span><span class="pp-class-118 pa t16656 l6208">reassessed </span><span class="pp-class-118 pa t16656 l16657">the </span><span class="pp-class-118 pa t16656 l11605">estimated </span><span class="pp-class-118 pa t16656 l16658">useful </span><span class="pp-class-118 pa t16659 l3">lives </span><span class="pp-class-118 pa t16659 l16660">of </span><span class="pp-class-118 pa t16659 l12655">certain </span><span class="pp-class-118 pa t16659 l16661">machinery </span><span class="pp-class-118 pa t16659 l16662">and </span><span class="pp-class-118 pa t16659 l16663">other </span><span class="pp-class-118 pa t16659 l16664">technical </span><span class="pp-class-118 pa t16659 l16665">equip-</span><span class="pp-class-118 pa t16666 l3">ment. </span><span class="pp-class-118 pa t16666 l16667">Machinery </span><span class="pp-class-118 pa t16666 l16668">and </span><span class="pp-class-118 pa t16666 l877">other </span><span class="pp-class-118 pa t16666 l16669">technical </span><span class="pp-class-118 pa t16666 l584">equipment </span><span class="pp-class-118 pa t16666 l16670">was </span><span class="pp-class-118 pa t16671 l3">previously </span><span class="pp-class-118 pa t16671 l16672">depreciated </span><span class="pp-class-118 pa t16671 l14362">over </span><span class="pp-class-118 pa t16671 l16673">3–10 </span><span class="pp-class-118 pa t16671 l16674">years; </span><span class="pp-class-118 pa t16671 l16675">this </span><span class="pp-class-118 pa t16671 l16676">has </span><span class="pp-class-118 pa t16671 l16677">been </span><span class="pp-class-118 pa t16678 l3">changed </span><span class="pp-class-118 pa t16678 l16679">to </span><span class="pp-class-118 pa t16678 l16680">5–12 </span><span class="pp-class-118 pa t16678 l16681">years. </span><span class="pp-class-118 pa t16678 l885">As </span><span class="pp-class-118 pa t16678 l16682">a </span><span class="pp-class-118 pa t16678 l16683">result, </span><span class="pp-class-118 pa t16678 l16684">depreciation </span><span class="pp-class-118 pa t16678 l12885">expense </span><span class="pp-class-118 pa t16685 l3">in </span><span class="pp-class-118 pa t16685 l1343">2025 </span><span class="pp-class-118 pa t16685 l16686">is </span><span class="pp-class-118 pa t16685 l16687">DKK </span><span class="pp-class-118 pa t16685 l16688">4.2 </span><span class="pp-class-118 pa t16685 l1969">million </span><span class="pp-class-118 pa t16685 l8351">lower, </span><span class="pp-class-118 pa t16685 l16689">which </span><span class="pp-class-118 pa t16685 l16690">will </span><span class="pp-class-118 pa t16685 l16691">be </span><span class="pp-class-118 pa t16685 l16692">offset </span><span class="pp-class-118 pa t16693 l3">over </span><span class="pp-class-118 pa t16693 l16694">the </span><span class="pp-class-118 pa t16693 l16695">coming </span><span class="pp-class-118 pa t16693 l16696">years. </span></p> <p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-118 pa t16594 l3 ls617">The </span><span class="pp-class-118 pa t16594 l7402 ls636">accounting </span><span class="pp-class-118 pa t16594 l16595 ls620">policies </span><span class="pp-class-118 pa t16594 l16596 ls617">are </span><span class="pp-class-118 pa t16594 l16597 ls620">unchanged </span><span class="pp-class-118 pa t16594 l6700 ls620">compared </span><span class="pp-class-118 pa t16594 l16598 ls7837">with </span><span class="pp-class-118 pa t16599 l3 ls639">last </span><span class="pp-class-118 pa t16599 l16600 ls639">year.</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-121 pa t16601 l3">Implementation </span><span class="pp-class-121 pa t16601 l16602">of </span><span class="pp-class-121 pa t16601 l16603">new </span><span class="pp-class-121 pa t16601 l16604">standards, </span><span class="pp-class-121 pa t16601 l3481">amendments </span><span class="pp-class-121 pa t16601 l16605">and </span><span class="pp-class-121 pa t16606 l3">interpretations</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-118 pa t16607 l3">TCM </span><span class="pp-class-118 pa t16607 l1586">Group </span><span class="pp-class-118 pa t16607 l1587">has </span><span class="pp-class-118 pa t16607 l1996">assessed </span><span class="pp-class-118 pa t16607 l16608">the </span><span class="pp-class-118 pa t16607 l16609">effect </span><span class="pp-class-118 pa t16607 l16610">of </span><span class="pp-class-118 pa t16607 l11426">the </span><span class="pp-class-118 pa t16607 l16611">new </span><span class="pp-class-118 pa t16607 l16612">standards, </span><span class="pp-class-118 pa t16613 l3">amendments </span><span class="pp-class-118 pa t16613 l8742">and </span><span class="pp-class-118 pa t16613 l16614">interpretations. </span><span class="pp-class-118 pa t16613 l16615">TCM </span><span class="pp-class-118 pa t16613 l16616">Group </span><span class="pp-class-118 pa t16613 l11704">has </span><span class="pp-class-118 pa t16613 l16617">con-</span><span class="pp-class-118 pa t16618 l3">cluded </span><span class="pp-class-118 pa t16618 l16619">that </span><span class="pp-class-118 pa t16618 l16620">all </span><span class="pp-class-118 pa t16618 l3423">standards, </span><span class="pp-class-118 pa t16618 l16621">amendments </span><span class="pp-class-118 pa t16618 l16622">and </span><span class="pp-class-118 pa t16618 l16623">interpreta-</span><span class="pp-class-118 pa t16624 l3">tions </span><span class="pp-class-118 pa t16624 l16625">effective </span><span class="pp-class-118 pa t16624 l16626">for </span><span class="pp-class-118 pa t16624 l16627">financial </span><span class="pp-class-118 pa t16624 l16628">years </span><span class="pp-class-118 pa t16624 l16629">beginning </span><span class="pp-class-118 pa t16624 l16630">on </span><span class="pp-class-118 pa t16624 l16631">or </span><span class="pp-class-118 pa t16624 l16632">after </span><span class="pp-class-118 pa t16624 l16633">1 </span><span class="pp-class-118 pa t16634 l3">January </span><span class="pp-class-118 pa t16634 l16635">2025 </span><span class="pp-class-118 pa t16634 l11790">are </span><span class="pp-class-118 pa t16634 l16636">either </span><span class="pp-class-118 pa t16634 l607">not </span><span class="pp-class-118 pa t16634 l16637">relevant </span><span class="pp-class-118 pa t16634 l16638">to </span><span class="pp-class-118 pa t16634 l16639">the </span><span class="pp-class-118 pa t16634 l10494">Group </span><span class="pp-class-118 pa t16634 l16640">or </span><span class="pp-class-118 pa t16641 l3">have </span><span class="pp-class-118 pa t16641 l7104">no </span><span class="pp-class-118 pa t16641 l16642">significant </span><span class="pp-class-118 pa t16641 l16643">effect </span><span class="pp-class-118 pa t16641 l7146">on </span><span class="pp-class-118 pa t16641 l16644">the </span><span class="pp-class-118 pa t16641 l16645">consolidated </span><span class="pp-class-118 pa t16641 l16646">financial </span><span class="pp-class-118 pa t16647 l3">statements.</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-121 pa t16648 l3">Change </span><span class="pp-class-121 pa t16648 l16649">in </span><span class="pp-class-121 pa t16648 l1913">estimates </span><span class="pp-class-121 pa t16648 l12032">of </span><span class="pp-class-121 pa t16648 l16650">depreciation </span><span class="pp-class-121 pa t16648 l8391">periods </span><span class="pp-class-121 pa t16648 l6251">for </span><span class="pp-class-121 pa t16651 l3">machinery </span><span class="pp-class-121 pa t16651 l16652">and </span><span class="pp-class-121 pa t16651 l16653">other </span><span class="pp-class-121 pa t16651 l16654">technical </span><span class="pp-class-121 pa t16651 l16655">equipment</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-118 pa t16656 l3">In </span><span class="pp-class-118 pa t16656 l669">2025, </span><span class="pp-class-118 pa t16656 l916">TCM </span><span class="pp-class-118 pa t16656 l6207">Group </span><span class="pp-class-118 pa t16656 l6208">reassessed </span><span class="pp-class-118 pa t16656 l16657">the </span><span class="pp-class-118 pa t16656 l11605">estimated </span><span class="pp-class-118 pa t16656 l16658">useful </span><span class="pp-class-118 pa t16659 l3">lives </span><span class="pp-class-118 pa t16659 l16660">of </span><span class="pp-class-118 pa t16659 l12655">certain </span><span class="pp-class-118 pa t16659 l16661">machinery </span><span class="pp-class-118 pa t16659 l16662">and </span><span class="pp-class-118 pa t16659 l16663">other </span><span class="pp-class-118 pa t16659 l16664">technical </span><span class="pp-class-118 pa t16659 l16665">equip-</span><span class="pp-class-118 pa t16666 l3">ment. </span><span class="pp-class-118 pa t16666 l16667">Machinery </span><span class="pp-class-118 pa t16666 l16668">and </span><span class="pp-class-118 pa t16666 l877">other </span><span class="pp-class-118 pa t16666 l16669">technical </span><span class="pp-class-118 pa t16666 l584">equipment </span><span class="pp-class-118 pa t16666 l16670">was </span><span class="pp-class-118 pa t16671 l3">previously </span><span class="pp-class-118 pa t16671 l16672">depreciated </span><span class="pp-class-118 pa t16671 l14362">over </span><span class="pp-class-118 pa t16671 l16673">3–10 </span><span class="pp-class-118 pa t16671 l16674">years; </span><span class="pp-class-118 pa t16671 l16675">this </span><span class="pp-class-118 pa t16671 l16676">has </span><span class="pp-class-118 pa t16671 l16677">been </span><span class="pp-class-118 pa t16678 l3">changed </span><span class="pp-class-118 pa t16678 l16679">to </span><span class="pp-class-118 pa t16678 l16680">5–12 </span><span class="pp-class-118 pa t16678 l16681">years. </span><span class="pp-class-118 pa t16678 l885">As </span><span class="pp-class-118 pa t16678 l16682">a </span><span class="pp-class-118 pa t16678 l16683">result, </span><span class="pp-class-118 pa t16678 l16684">depreciation </span><span class="pp-class-118 pa t16678 l12885">expense </span><span class="pp-class-118 pa t16685 l3">in </span><span class="pp-class-118 pa t16685 l1343">2025 </span><span class="pp-class-118 pa t16685 l16686">is </span><span class="pp-class-118 pa t16685 l16687">DKK </span><span class="pp-class-118 pa t16685 l16688">4.2 </span><span class="pp-class-118 pa t16685 l1969">million </span><span class="pp-class-118 pa t16685 l8351">lower, </span><span class="pp-class-118 pa t16685 l16689">which </span><span class="pp-class-118 pa t16685 l16690">will </span><span class="pp-class-118 pa t16685 l16691">be </span><span class="pp-class-118 pa t16685 l16692">offset </span><span class="pp-class-118 pa t16693 l3">over </span><span class="pp-class-118 pa t16693 l16694">the </span><span class="pp-class-118 pa t16693 l16695">coming </span><span class="pp-class-118 pa t16693 l16696">years. </span></p> <p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-120 pa t16697 l3 ls1144">Reporting </span><span class="pp-class-120 pa t16697 l16698 ls176">under </span><span class="pp-class-120 pa t16697 l16699 ls2759">the </span><span class="pp-class-120 pa t16697 l16700 ls15162">ESEF </span><span class="pp-class-120 pa t16697 l16701 ls1345">Regulation</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-118 pa t16702 l3">The </span><span class="pp-class-118 pa t16702 l550">Commission </span><span class="pp-class-118 pa t16702 l11217">Delegated </span><span class="pp-class-118 pa t16702 l16703">Regulation </span><span class="pp-class-118 pa t16702 l16704">(EU) </span><span class="pp-class-118 pa t16702 l16705">2019/815 </span><span class="pp-class-118 pa t16702 l16706">on </span><span class="pp-class-118 pa t16707 l3">the </span><span class="pp-class-118 pa t16707 l1444">European </span><span class="pp-class-118 pa t16707 l1336">Single </span><span class="pp-class-118 pa t16707 l16708">Electronic </span><span class="pp-class-118 pa t16707 l16709">Format </span><span class="pp-class-118 pa t16707 l9347">(ESEF </span><span class="pp-class-118 pa t16707 l10449">Regula-</span><span class="pp-class-118 pa t16710 l3">tion) </span><span class="pp-class-118 pa t16710 l16711">requires </span><span class="pp-class-118 pa t16710 l16712">listed </span><span class="pp-class-118 pa t16710 l1035">companies </span><span class="pp-class-118 pa t16710 l16713">in </span><span class="pp-class-118 pa t16710 l9134">the </span><span class="pp-class-118 pa t16710 l16714">EU </span><span class="pp-class-118 pa t16710 l16715">to </span><span class="pp-class-118 pa t16710 l16716">use </span><span class="pp-class-118 pa t16710 l16717">a </span><span class="pp-class-118 pa t16710 l16718">par-</span><span class="pp-class-118 pa t16719 l3">ticular </span><span class="pp-class-118 pa t16719 l16720">electronic </span><span class="pp-class-118 pa t16719 l11836">reporting </span><span class="pp-class-118 pa t16719 l16721">format </span><span class="pp-class-118 pa t16719 l16722">for </span><span class="pp-class-118 pa t16719 l16723">their </span><span class="pp-class-118 pa t16719 l16724">annual </span><span class="pp-class-118 pa t16725 l3">reports. </span><span class="pp-class-118 pa t16725 l16726">More </span><span class="pp-class-118 pa t16725 l14330">specifically, </span><span class="pp-class-118 pa t16725 l16727">the </span><span class="pp-class-118 pa t16725 l16728">annual </span><span class="pp-class-118 pa t16725 l16729">report </span><span class="pp-class-118 pa t16725 l16730">must </span><span class="pp-class-118 pa t16725 l16731">be </span><span class="pp-class-118 pa t16732 l3">prepared </span><span class="pp-class-118 pa t16732 l1192">in </span><span class="pp-class-118 pa t16732 l16733">XHTML </span><span class="pp-class-118 pa t16732 l16734">format </span><span class="pp-class-118 pa t16732 l16735">with </span><span class="pp-class-118 pa t16732 l16736">iXBRL </span><span class="pp-class-118 pa t16732 l16737">tagging </span><span class="pp-class-118 pa t16732 l16738">of </span><span class="pp-class-118 pa t16732 l16739">the </span><span class="pp-class-118 pa t16740 l3">consolidated </span><span class="pp-class-118 pa t16740 l16741">financial </span><span class="pp-class-118 pa t16740 l16742">statements, </span><span class="pp-class-118 pa t16740 l16743">including </span><span class="pp-class-118 pa t16740 l16744">notes.</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-118 pa t16745 l3">TCM </span><span class="pp-class-118 pa t16745 l1586">Group’s </span><span class="pp-class-118 pa t16745 l3202">iXBRL </span><span class="pp-class-118 pa t16745 l2084">tagging </span><span class="pp-class-118 pa t16745 l16746">follows </span><span class="pp-class-118 pa t16745 l16747">the </span><span class="pp-class-118 pa t16745 l16748">ESEF </span><span class="pp-class-118 pa t16745 l16749">taxonomy </span><span class="pp-class-118 pa t16750 l3">disclosed </span><span class="pp-class-118 pa t16750 l510">in </span><span class="pp-class-118 pa t16750 l12029">the </span><span class="pp-class-118 pa t16750 l16751">annexes </span><span class="pp-class-118 pa t16750 l13084">to </span><span class="pp-class-118 pa t16750 l11550">the </span><span class="pp-class-118 pa t16750 l11703">ESEF </span><span class="pp-class-118 pa t16750 l16752">Regulation </span><span class="pp-class-118 pa t16750 l16753">and </span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-118 pa t16755 l3">developed </span><span class="pp-class-118 pa t16755 l8364">based </span><span class="pp-class-118 pa t16755 l16756">on </span><span class="pp-class-118 pa t16755 l6389">the </span><span class="pp-class-118 pa t16755 l8355">IFRS </span><span class="pp-class-118 pa t16755 l8639">taxonomy </span><span class="pp-class-118 pa t16755 l12389">published </span><span class="pp-class-118 pa t16755 l10835">by </span><span class="pp-class-118 pa t16755 l14803">the </span><span class="pp-class-118 pa t16757 l3">IFRS </span><span class="pp-class-118 pa t16757 l16758">Foundation.</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-118 pa t16759 l3">The </span><span class="pp-class-118 pa t16759 l550">line </span><span class="pp-class-118 pa t16759 l16760">items </span><span class="pp-class-118 pa t16759 l16761">in </span><span class="pp-class-118 pa t16759 l16762">the </span><span class="pp-class-118 pa t16759 l16763">consolidated </span><span class="pp-class-118 pa t16759 l16764">financial </span><span class="pp-class-118 pa t16759 l16765">statements </span><span class="pp-class-118 pa t16766 l3">are </span><span class="pp-class-118 pa t16766 l2545">XBRL-tagged </span><span class="pp-class-118 pa t16766 l16767">to </span><span class="pp-class-118 pa t16766 l16768">the </span><span class="pp-class-118 pa t16766 l16769">elements </span><span class="pp-class-118 pa t16766 l16770">of </span><span class="pp-class-118 pa t16766 l16771">the </span><span class="pp-class-118 pa t16766 l16772">ESEF </span><span class="pp-class-118 pa t16766 l1203">taxonomy </span><span class="pp-class-118 pa t16773 l3">that </span><span class="pp-class-118 pa t16773 l2107">are </span><span class="pp-class-118 pa t16773 l16774">considered </span><span class="pp-class-118 pa t16773 l6037">to </span><span class="pp-class-118 pa t16773 l16775">match </span><span class="pp-class-118 pa t16773 l16776">the </span><span class="pp-class-118 pa t16773 l16777">content </span><span class="pp-class-118 pa t16773 l11544">of </span><span class="pp-class-118 pa t16773 l16778">those </span><span class="pp-class-118 pa t16773 l16779">line </span><span class="pp-class-118 pa t16780 l3">items. </span><span class="pp-class-118 pa t16780 l1050">For </span><span class="pp-class-118 pa t16780 l15314">line </span><span class="pp-class-118 pa t16780 l16781">items </span><span class="pp-class-118 pa t16780 l16782">not </span><span class="pp-class-118 pa t16780 l16783">considered </span><span class="pp-class-118 pa t16780 l7229">to </span><span class="pp-class-118 pa t16780 l16784">be </span><span class="pp-class-118 pa t16780 l16785">covered </span><span class="pp-class-118 pa t16780 l16786">by </span><span class="pp-class-118 pa t16780 l16787">line </span><span class="pp-class-118 pa t16788 l3">items </span><span class="pp-class-118 pa t16788 l16789">defined </span><span class="pp-class-118 pa t16788 l16790">in </span><span class="pp-class-118 pa t16788 l16791">the </span><span class="pp-class-118 pa t16788 l16792">taxonomy, </span><span class="pp-class-118 pa t16788 l16793">entity-specific </span><span class="pp-class-118 pa t16788 l8682">exten-</span><span class="pp-class-118 pa t16794 l3">sions </span><span class="pp-class-118 pa t16794 l16795">to </span><span class="pp-class-118 pa t16794 l16796">the </span><span class="pp-class-118 pa t16794 l3025">taxonomy </span><span class="pp-class-118 pa t16794 l16797">have </span><span class="pp-class-118 pa t16794 l16798">been </span><span class="pp-class-118 pa t16794 l16799">incorporated. </span><span class="pp-class-118 pa t16794 l16800">Except </span><span class="pp-class-118 pa t16801 l3">for </span><span class="pp-class-118 pa t16801 l2129">subtotals, </span><span class="pp-class-118 pa t16801 l16802">these </span><span class="pp-class-118 pa t16801 l10496">extensions </span><span class="pp-class-118 pa t16801 l16803">are </span><span class="pp-class-118 pa t16801 l16804">anchored </span><span class="pp-class-118 pa t16801 l14013">to </span><span class="pp-class-118 pa t16801 l16805">standard </span><span class="pp-class-118 pa t16806 l3">elements </span><span class="pp-class-118 pa t16806 l16807">of </span><span class="pp-class-118 pa t16806 l2734">the </span><span class="pp-class-118 pa t16806 l16808">ESEF </span><span class="pp-class-118 pa t16806 l16809">taxonomy.</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-118 pa t16810 l3">In </span><span class="pp-class-118 pa t16810 l669">compliance </span><span class="pp-class-118 pa t16810 l16811">with </span><span class="pp-class-118 pa t16810 l16812">the </span><span class="pp-class-118 pa t16810 l16813">requirements </span><span class="pp-class-118 pa t16810 l16814">of </span><span class="pp-class-118 pa t16810 l16815">the </span><span class="pp-class-118 pa t16810 l1288">ESEF </span><span class="pp-class-118 pa t16810 l16816">Regu-</span><span class="pp-class-118 pa t16817 l3">lation, </span><span class="pp-class-118 pa t16817 l16818">the </span><span class="pp-class-118 pa t16817 l16819">annual </span><span class="pp-class-118 pa t16817 l16820">report </span><span class="pp-class-118 pa t16817 l16821">approved </span><span class="pp-class-118 pa t16817 l16822">by </span><span class="pp-class-118 pa t16817 l16823">Management </span><span class="pp-class-118 pa t16824 l3">comprises </span><span class="pp-class-118 pa t16824 l10421">a </span><span class="pp-class-118 pa t16824 l16825">ZIP </span><span class="pp-class-118 pa t16824 l16826">file, </span><span class="pp-class-118 pa t16824 l16827">tcm-group-2025-12-31-en.zip, </span><span class="pp-class-118 pa t16828 l3">which </span><span class="pp-class-118 pa t16828 l6980">includes </span><span class="pp-class-118 pa t16828 l16829">an </span><span class="pp-class-118 pa t16828 l16830">XHTML </span><span class="pp-class-118 pa t16828 l16831">file </span><span class="pp-class-118 pa t16828 l16832">that </span><span class="pp-class-118 pa t16828 l16833">can </span><span class="pp-class-118 pa t16828 l3293">be </span><span class="pp-class-118 pa t16828 l16834">opened </span><span class="pp-class-118 pa t16828 l16835">using </span><span class="pp-class-118 pa t16836 l3">standard </span><span class="pp-class-118 pa t16836 l10907">web </span><span class="pp-class-118 pa t16836 l8536">browsers, </span><span class="pp-class-118 pa t16836 l16837">and </span><span class="pp-class-118 pa t16836 l16838">a </span><span class="pp-class-118 pa t16836 l16839">number </span><span class="pp-class-118 pa t16836 l16840">of </span><span class="pp-class-118 pa t16836 l16841">technical </span><span class="pp-class-118 pa t16836 l16842">XBRL </span><span class="pp-class-118 pa t16843 l3">files </span><span class="pp-class-118 pa t16843 l16844">enabling </span><span class="pp-class-118 pa t16843 l16845">mechanical </span><span class="pp-class-118 pa t16843 l12033">retrieval </span><span class="pp-class-118 pa t16843 l16846">of </span><span class="pp-class-118 pa t16843 l16847">the </span><span class="pp-class-118 pa t16843 l16848">XBRL </span><span class="pp-class-118 pa t16843 l16849">data </span><span class="pp-class-118 pa t16850 l3">incorporated.</span></p> <span class="pp-class-118 pa t16888 l3" xmlns="http://www.w3.org/1999/xhtml">The </span><span class="pp-class-118 pa t16888 l550" xmlns="http://www.w3.org/1999/xhtml">parent </span><span class="pp-class-118 pa t16888 l16889" xmlns="http://www.w3.org/1999/xhtml">company’s </span><span class="pp-class-118 pa t16888 l16890" xmlns="http://www.w3.org/1999/xhtml">functional </span><span class="pp-class-118 pa t16888 l16891" xmlns="http://www.w3.org/1999/xhtml">currency </span><span class="pp-class-118 pa t16888 l16892" xmlns="http://www.w3.org/1999/xhtml">is </span><span class="pp-class-118 pa t16888 l16893" xmlns="http://www.w3.org/1999/xhtml">the </span><span class="pp-class-118 pa t16888 l16894" xmlns="http://www.w3.org/1999/xhtml">Danish </span><span class="pp-class-118 pa t16895 l3" xmlns="http://www.w3.org/1999/xhtml">krone </span><span class="pp-class-118 pa t16895 l16896" xmlns="http://www.w3.org/1999/xhtml">(DKK), </span><span class="pp-class-118 pa t16895 l16897" xmlns="http://www.w3.org/1999/xhtml">which </span><span class="pp-class-118 pa t16895 l6409" xmlns="http://www.w3.org/1999/xhtml">is </span><span class="pp-class-118 pa t16895 l9482" xmlns="http://www.w3.org/1999/xhtml">also </span><span class="pp-class-118 pa t16895 l16898" xmlns="http://www.w3.org/1999/xhtml">the </span><span class="pp-class-118 pa t16895 l16899" xmlns="http://www.w3.org/1999/xhtml">presentation </span><span class="pp-class-118 pa t16895 l16900" xmlns="http://www.w3.org/1999/xhtml">currency </span><span class="pp-class-118 pa t16895 l16901" xmlns="http://www.w3.org/1999/xhtml">for </span><span class="pp-class-118 pa t16902 l3" xmlns="http://www.w3.org/1999/xhtml">the </span><span class="pp-class-118 pa t16902 l1444" xmlns="http://www.w3.org/1999/xhtml">parent </span><span class="pp-class-118 pa t16902 l889" xmlns="http://www.w3.org/1999/xhtml">company </span><span class="pp-class-118 pa t16902 l16903" xmlns="http://www.w3.org/1999/xhtml">and </span><span class="pp-class-118 pa t16902 l16904" xmlns="http://www.w3.org/1999/xhtml">the </span><span class="pp-class-118 pa t16902 l16905" xmlns="http://www.w3.org/1999/xhtml">Group. </span><span class="pp-class-118 pa t16902 l16906" xmlns="http://www.w3.org/1999/xhtml">Accordingly, </span><span class="pp-class-118 pa t16902 l16907" xmlns="http://www.w3.org/1999/xhtml">the </span><span class="pp-class-118 pa t16908 l3" xmlns="http://www.w3.org/1999/xhtml">consolidated </span><span class="pp-class-118 pa t16908 l16741" xmlns="http://www.w3.org/1999/xhtml">financial </span><span class="pp-class-118 pa t16908 l16742" xmlns="http://www.w3.org/1999/xhtml">statements </span><span class="pp-class-118 pa t16908 l16909" xmlns="http://www.w3.org/1999/xhtml">are </span><span class="pp-class-118 pa t16908 l16910" xmlns="http://www.w3.org/1999/xhtml">presented </span><span class="pp-class-118 pa t16908 l16911" xmlns="http://www.w3.org/1999/xhtml">in </span><span class="pp-class-118 pa t16908 l8727" xmlns="http://www.w3.org/1999/xhtml">DKK. </span><span class="pp-class-118 pa t16912 l3" xmlns="http://www.w3.org/1999/xhtml">All </span><span class="pp-class-118 pa t16912 l2483" xmlns="http://www.w3.org/1999/xhtml">amounts </span><span class="pp-class-118 pa t16912 l16913" xmlns="http://www.w3.org/1999/xhtml">are </span><span class="pp-class-118 pa t16912 l16914" xmlns="http://www.w3.org/1999/xhtml">stated </span><span class="pp-class-118 pa t16912 l16915" xmlns="http://www.w3.org/1999/xhtml">in </span><span class="pp-class-118 pa t16912 l16916" xmlns="http://www.w3.org/1999/xhtml">DKK </span><span class="pp-class-118 pa t16912 l16917" xmlns="http://www.w3.org/1999/xhtml">thousand, </span><span class="pp-class-118 pa t16912 l3224" xmlns="http://www.w3.org/1999/xhtml">unless </span><span class="pp-class-118 pa t16912 l16918" xmlns="http://www.w3.org/1999/xhtml">indi-</span><span class="pp-class-118 pa t16919 l3" xmlns="http://www.w3.org/1999/xhtml">cated </span><span class="pp-class-118 pa t16919 l16920" xmlns="http://www.w3.org/1999/xhtml">otherwise.</span> <p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-120 pa t16921 l3 ls161">New </span><span class="pp-class-120 pa t16921 l16922 ls14110">IFRS </span><span class="pp-class-120 pa t16921 l16923 ls1866">standards </span><span class="pp-class-120 pa t16921 l16924 ls8819">that </span><span class="pp-class-120 pa t16921 l16925 ls16926">have </span><span class="pp-class-120 pa t16921 l16927 ls1215">not </span><span class="pp-class-120 pa t16921 l16928 ls161">yet </span><span class="pp-class-120 pa t16921 l16929 ls9542">been </span><span class="pp-class-120 pa t16921 l16930 ls1845">applied</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-118 pa t16931 l3">A </span><span class="pp-class-118 pa t16931 l851">number </span><span class="pp-class-118 pa t16931 l16932">of </span><span class="pp-class-118 pa t16931 l16933">new </span><span class="pp-class-118 pa t16931 l16934">or </span><span class="pp-class-118 pa t16931 l16935">amended </span><span class="pp-class-118 pa t16931 l16936">IFRS </span><span class="pp-class-118 pa t16931 l16937">standards </span><span class="pp-class-118 pa t16931 l16938">will </span><span class="pp-class-118 pa t16931 l16939">come </span><span class="pp-class-118 pa t16940 l3">into </span><span class="pp-class-118 pa t16940 l11323">effect </span><span class="pp-class-118 pa t16940 l7380">in </span><span class="pp-class-118 pa t16940 l16941">future </span><span class="pp-class-118 pa t16940 l16942">financial </span><span class="pp-class-118 pa t16940 l16943">years, </span><span class="pp-class-118 pa t16940 l7408">but </span><span class="pp-class-118 pa t16940 l16944">have </span><span class="pp-class-118 pa t16940 l16945">not </span><span class="pp-class-118 pa t16940 l16946">been </span><span class="pp-class-118 pa t16947 l3">applied </span><span class="pp-class-118 pa t16947 l11239">in </span><span class="pp-class-118 pa t16947 l7004">advance </span><span class="pp-class-118 pa t16947 l5988">when </span><span class="pp-class-118 pa t16947 l16948">preparing </span><span class="pp-class-118 pa t16947 l16949">these </span><span class="pp-class-118 pa t16947 l16950">consolidated </span><span class="pp-class-118 pa t16951 l3">financial </span><span class="pp-class-118 pa t16951 l1386">statements.</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-118 pa t16953 l3">The </span><span class="pp-class-118 pa t16953 l550">Group </span><span class="pp-class-118 pa t16953 l6239">has </span><span class="pp-class-118 pa t16953 l16954">assessed </span><span class="pp-class-118 pa t16953 l16955">these </span><span class="pp-class-118 pa t16953 l16956">standards </span><span class="pp-class-118 pa t16953 l9464">and </span><span class="pp-class-118 pa t16953 l16957">interpreta-</span><span class="pp-class-118 pa t16958 l3">tions </span><span class="pp-class-118 pa t16958 l16625">and </span><span class="pp-class-118 pa t16958 l16959">concluded </span><span class="pp-class-118 pa t16958 l16960">that </span><span class="pp-class-118 pa t16958 l12914">they </span><span class="pp-class-118 pa t16958 l16961">are </span><span class="pp-class-118 pa t16958 l10253">not </span><span class="pp-class-118 pa t16958 l16962">expected </span><span class="pp-class-118 pa t16958 l577">to </span><span class="pp-class-118 pa t16958 l10457">have </span><span class="pp-class-118 pa t16958 l16963">a </span><span class="pp-class-118 pa t16964 l3">material </span><span class="pp-class-118 pa t16964 l4668">impact </span><span class="pp-class-118 pa t16964 l4669">on </span><span class="pp-class-118 pa t16964 l4670">the </span><span class="pp-class-118 pa t16964 l4671">Group’s </span><span class="pp-class-118 pa t16964 l16965">financial </span><span class="pp-class-118 pa t16964 l12028">statements, </span><span class="pp-class-118 pa t16966 l3">except </span><span class="pp-class-118 pa t16966 l16967">for </span><span class="pp-class-118 pa t16966 l7105">IFRS </span><span class="pp-class-118 pa t16966 l16968">18.</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-118 pa t16969 l3">IFRS </span><span class="pp-class-118 pa t16969 l16758">18 </span><span class="pp-class-118 pa t16969 l11599">Presentation </span><span class="pp-class-118 pa t16969 l8672">and </span><span class="pp-class-118 pa t16969 l16970">Disclosure </span><span class="pp-class-118 pa t16969 l16971">in </span><span class="pp-class-118 pa t16969 l16972">Financial </span><span class="pp-class-118 pa t16969 l9250">State-</span><span class="pp-class-118 pa t16973 l3">ments: </span><span class="pp-class-118 pa t16973 l16974">This </span><span class="pp-class-118 pa t16973 l16825">introduces </span><span class="pp-class-118 pa t16973 l16975">new </span><span class="pp-class-118 pa t16973 l16976">requirements </span><span class="pp-class-118 pa t16973 l16977">that </span><span class="pp-class-118 pa t16973 l16978">will </span><span class="pp-class-118 pa t16973 l16979">help </span><span class="pp-class-118 pa t16980 l3">to </span><span class="pp-class-118 pa t16980 l2249">achieve </span><span class="pp-class-118 pa t16980 l6036">comparability </span><span class="pp-class-118 pa t16980 l16981">of </span><span class="pp-class-118 pa t16980 l1028">the </span><span class="pp-class-118 pa t16980 l16982">financial </span><span class="pp-class-118 pa t16980 l16983">performance </span><span class="pp-class-118 pa t16980 l16984">of </span><span class="pp-class-118 pa t16985 l3">similar </span><span class="pp-class-118 pa t16985 l16986">entities </span><span class="pp-class-118 pa t16985 l16987">and </span><span class="pp-class-118 pa t16985 l16988">provide </span><span class="pp-class-118 pa t16985 l7794">more </span><span class="pp-class-118 pa t16985 l16989">relevant </span><span class="pp-class-118 pa t16985 l16990">information </span><span class="pp-class-118 pa t16991 l3">and </span><span class="pp-class-118 pa t16991 l1110">transparency. </span><span class="pp-class-118 pa t16991 l11118">The </span><span class="pp-class-118 pa t16991 l16992">main </span><span class="pp-class-118 pa t16991 l12383">expected </span><span class="pp-class-118 pa t16991 l16993">change </span><span class="pp-class-118 pa t16991 l16994">is </span><span class="pp-class-118 pa t16991 l16995">that </span><span class="pp-class-118 pa t16996 l3">operating </span><span class="pp-class-118 pa t16996 l11398">profit </span><span class="pp-class-118 pa t16996 l4713">will </span><span class="pp-class-118 pa t16996 l9487">include </span><span class="pp-class-118 pa t16996 l16997">foreign </span><span class="pp-class-118 pa t16996 l16998">exchange </span><span class="pp-class-118 pa t16996 l16999">gains/</span><span class="pp-class-118 pa t17000 l3">losses </span><span class="pp-class-118 pa t17000 l17001">and </span><span class="pp-class-118 pa t17000 l17002">loss </span><span class="pp-class-118 pa t17000 l14139">on </span><span class="pp-class-118 pa t17000 l17003">monetary </span><span class="pp-class-118 pa t17000 l17004">items.</span></p> <p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-120 pa t17061 l3 ls2759">Consolidation </span><span class="pp-class-120 pa t17061 l4279 ls5310">principles </span><span class="pp-class-120 pa t17061 l17062 ls2759">and </span><span class="pp-class-120 pa t17061 l17063 ls15160">business </span><span class="pp-class-120 pa t17064 l3 ls1731">combinations</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-121 pa t17065 l3">Subsidiaries</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-118 pa t17066 l3">Subsidiaries </span><span class="pp-class-118 pa t17066 l14023">are </span><span class="pp-class-118 pa t17066 l17067">companies </span><span class="pp-class-118 pa t17066 l17068">where </span><span class="pp-class-118 pa t17066 l17069">TCM </span><span class="pp-class-118 pa t17066 l8719">Group </span><span class="pp-class-118 pa t17066 l17070">has </span><span class="pp-class-118 pa t17066 l17071">con-</span><span class="pp-class-118 pa t17072 l3">trol. </span><span class="pp-class-118 pa t17072 l17073">Control </span><span class="pp-class-118 pa t17072 l17074">entails </span><span class="pp-class-118 pa t17072 l17075">the </span><span class="pp-class-118 pa t17072 l17076">direct </span><span class="pp-class-118 pa t17072 l17077">or </span><span class="pp-class-118 pa t17072 l17078">indirect </span><span class="pp-class-118 pa t17072 l17079">right </span><span class="pp-class-118 pa t17072 l3438">to </span><span class="pp-class-118 pa t17072 l17080">shape </span><span class="pp-class-118 pa t17072 l17081">a </span><span class="pp-class-118 pa t17082 l3">company’s </span><span class="pp-class-118 pa t17082 l17083">financial </span><span class="pp-class-118 pa t17082 l6881">or </span><span class="pp-class-118 pa t17082 l17084">operational </span><span class="pp-class-118 pa t17082 l17085">strategies </span><span class="pp-class-118 pa t17082 l17086">in </span><span class="pp-class-118 pa t17082 l17087">a </span><span class="pp-class-118 pa t17082 l17088">bid </span><span class="pp-class-118 pa t17082 l17089">to </span><span class="pp-class-118 pa t17090 l3">receive </span><span class="pp-class-118 pa t17090 l17091">financial </span><span class="pp-class-118 pa t17090 l17092">benefits. </span><span class="pp-class-118 pa t17090 l4177">When </span><span class="pp-class-118 pa t17090 l10316">assessing </span><span class="pp-class-118 pa t17090 l17093">whether </span><span class="pp-class-118 pa t17090 l17094">con-</span><span class="pp-class-118 pa t17095 l3">trol </span><span class="pp-class-118 pa t17095 l17096">exists, </span><span class="pp-class-118 pa t17095 l14088">potential </span><span class="pp-class-118 pa t17095 l17097">voting </span><span class="pp-class-118 pa t17095 l17098">shares </span><span class="pp-class-118 pa t17095 l17099">that </span><span class="pp-class-118 pa t17095 l17100">can </span><span class="pp-class-118 pa t17095 l17101">be </span><span class="pp-class-118 pa t17095 l17102">immedi-</span><span class="pp-class-118 pa t17103 l3">ately </span><span class="pp-class-118 pa t17103 l17104">utilised </span><span class="pp-class-118 pa t17103 l17105">or </span><span class="pp-class-118 pa t17103 l17106">converted </span><span class="pp-class-118 pa t17103 l17107">must </span><span class="pp-class-118 pa t17103 l17108">be </span><span class="pp-class-118 pa t17103 l4154">taken </span><span class="pp-class-118 pa t17103 l8392">into </span><span class="pp-class-118 pa t17103 l17109">account.</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-118 pa t17110 l3">The </span><span class="pp-class-118 pa t17110 l550">financial </span><span class="pp-class-118 pa t17110 l1530">statements </span><span class="pp-class-118 pa t17110 l17111">of </span><span class="pp-class-118 pa t17110 l2209">subsidiaries </span><span class="pp-class-118 pa t17110 l17112">are </span><span class="pp-class-118 pa t17110 l11086">included </span><span class="pp-class-118 pa t17110 l17113">in </span><span class="pp-class-118 pa t17114 l3">the </span><span class="pp-class-118 pa t17114 l1444">consolidated </span><span class="pp-class-118 pa t17114 l7395">financial </span><span class="pp-class-118 pa t17114 l17115">statements </span><span class="pp-class-118 pa t17114 l17116">from </span><span class="pp-class-118 pa t17114 l17117">the </span><span class="pp-class-118 pa t17114 l17118">date </span><span class="pp-class-118 pa t17114 l17119">that </span><span class="pp-class-118 pa t17120 l3">the </span><span class="pp-class-118 pa t17120 l1444">controlling </span><span class="pp-class-118 pa t17120 l17121">interest </span><span class="pp-class-118 pa t17120 l17122">arises </span><span class="pp-class-118 pa t17120 l17123">and </span><span class="pp-class-118 pa t17120 l17124">until </span><span class="pp-class-118 pa t17120 l11205">the </span><span class="pp-class-118 pa t17120 l17125">date </span><span class="pp-class-118 pa t17120 l17126">on </span><span class="pp-class-118 pa t17127 l3">which </span><span class="pp-class-118 pa t17127 l6980">the </span><span class="pp-class-118 pa t17127 l1905">controlling </span><span class="pp-class-118 pa t17127 l17128">interest </span><span class="pp-class-118 pa t17127 l17129">ceases.</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-118 pa t17130 l3">If </span><span class="pp-class-118 pa t17130 l17131">ownership </span><span class="pp-class-118 pa t17130 l17132">is </span><span class="pp-class-118 pa t17130 l6305">reduced </span><span class="pp-class-118 pa t17130 l17133">to </span><span class="pp-class-118 pa t17130 l16662">such </span><span class="pp-class-118 pa t17130 l10483">an </span><span class="pp-class-118 pa t17130 l17134">extent </span><span class="pp-class-118 pa t17130 l17135">that </span><span class="pp-class-118 pa t17130 l17136">the </span><span class="pp-class-118 pa t17130 l15391">con-</span><span class="pp-class-118 pa t17137 l3">trolling </span><span class="pp-class-118 pa t17137 l17138">interest </span><span class="pp-class-118 pa t17137 l9748">is </span><span class="pp-class-118 pa t17137 l17139">lost, </span><span class="pp-class-118 pa t17137 l17140">any </span><span class="pp-class-118 pa t17137 l9187">remaining </span><span class="pp-class-118 pa t17137 l17141">holdings </span><span class="pp-class-118 pa t17137 l17142">are </span><span class="pp-class-118 pa t17137 l17143">rec-</span><span class="pp-class-118 pa t17144 l3">ognised </span><span class="pp-class-118 pa t17144 l10501">at </span><span class="pp-class-118 pa t17144 l17145">fair </span><span class="pp-class-118 pa t17144 l17146">value </span><span class="pp-class-118 pa t17144 l17147">and </span><span class="pp-class-118 pa t17144 l17148">the </span><span class="pp-class-118 pa t17144 l17149">change </span><span class="pp-class-118 pa t17144 l17150">in </span><span class="pp-class-118 pa t17144 l9520">value </span><span class="pp-class-118 pa t17144 l17151">is </span><span class="pp-class-118 pa t17144 l17152">recog-</span><span class="pp-class-118 pa t17153 l3">nised </span><span class="pp-class-118 pa t17153 l17154">in </span><span class="pp-class-118 pa t17153 l17155">the </span><span class="pp-class-118 pa t17153 l17156">income </span><span class="pp-class-118 pa t17153 l17157">statement.</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-121 pa t16953 l3 ls663">Transactions </span><span class="pp-class-121 pa t16953 l17158 ls639">that </span><span class="pp-class-121 pa t16953 l17159 ls617">are </span><span class="pp-class-121 pa t16953 l17160 ls636">eliminated </span><span class="pp-class-121 pa t16953 l1402 ls623">through </span><span class="pp-class-121 pa t16953 l17161 ls663">consolidation</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-118 pa t16958 l3">Intra-group </span><span class="pp-class-118 pa t16958 l17162">receivables </span><span class="pp-class-118 pa t16958 l17163">and </span><span class="pp-class-118 pa t16958 l17164">liabilities, </span><span class="pp-class-118 pa t16958 l17165">income </span><span class="pp-class-118 pa t16958 l1638">and </span><span class="pp-class-118 pa t16964 l3">expenses, </span><span class="pp-class-118 pa t16964 l17166">and </span><span class="pp-class-118 pa t16964 l12577">unrealised </span><span class="pp-class-118 pa t16964 l17167">gains </span><span class="pp-class-118 pa t16964 l17168">or </span><span class="pp-class-118 pa t16964 l3410">losses </span><span class="pp-class-118 pa t16964 l17169">that </span><span class="pp-class-118 pa t16964 l17170">arise </span><span class="pp-class-118 pa t16964 l17171">from </span><span class="pp-class-118 pa t16966 l3">transactions </span><span class="pp-class-118 pa t16966 l8399">between </span><span class="pp-class-118 pa t16966 l12347">Group </span><span class="pp-class-118 pa t16966 l17172">companies </span><span class="pp-class-118 pa t16966 l17173">are </span><span class="pp-class-118 pa t16966 l10779">eliminated </span><span class="pp-class-118 pa t17174 l3">fully </span><span class="pp-class-118 pa t17174 l11156">in </span><span class="pp-class-118 pa t17174 l14875">the </span><span class="pp-class-118 pa t17174 l14876">preparation </span><span class="pp-class-118 pa t17174 l9488">of </span><span class="pp-class-118 pa t17174 l17175">the </span><span class="pp-class-118 pa t17174 l17176">consolidated </span><span class="pp-class-118 pa t17174 l17177">financial </span><span class="pp-class-118 pa t16969 l3">statements.</span></p> <p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-121 pa t17065 l3">Subsidiaries</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-118 pa t17066 l3">Subsidiaries </span><span class="pp-class-118 pa t17066 l14023">are </span><span class="pp-class-118 pa t17066 l17067">companies </span><span class="pp-class-118 pa t17066 l17068">where </span><span class="pp-class-118 pa t17066 l17069">TCM </span><span class="pp-class-118 pa t17066 l8719">Group </span><span class="pp-class-118 pa t17066 l17070">has </span><span class="pp-class-118 pa t17066 l17071">con-</span><span class="pp-class-118 pa t17072 l3">trol. </span><span class="pp-class-118 pa t17072 l17073">Control </span><span class="pp-class-118 pa t17072 l17074">entails </span><span class="pp-class-118 pa t17072 l17075">the </span><span class="pp-class-118 pa t17072 l17076">direct </span><span class="pp-class-118 pa t17072 l17077">or </span><span class="pp-class-118 pa t17072 l17078">indirect </span><span class="pp-class-118 pa t17072 l17079">right </span><span class="pp-class-118 pa t17072 l3438">to </span><span class="pp-class-118 pa t17072 l17080">shape </span><span class="pp-class-118 pa t17072 l17081">a </span><span class="pp-class-118 pa t17082 l3">company’s </span><span class="pp-class-118 pa t17082 l17083">financial </span><span class="pp-class-118 pa t17082 l6881">or </span><span class="pp-class-118 pa t17082 l17084">operational </span><span class="pp-class-118 pa t17082 l17085">strategies </span><span class="pp-class-118 pa t17082 l17086">in </span><span class="pp-class-118 pa t17082 l17087">a </span><span class="pp-class-118 pa t17082 l17088">bid </span><span class="pp-class-118 pa t17082 l17089">to </span><span class="pp-class-118 pa t17090 l3">receive </span><span class="pp-class-118 pa t17090 l17091">financial </span><span class="pp-class-118 pa t17090 l17092">benefits. </span><span class="pp-class-118 pa t17090 l4177">When </span><span class="pp-class-118 pa t17090 l10316">assessing </span><span class="pp-class-118 pa t17090 l17093">whether </span><span class="pp-class-118 pa t17090 l17094">con-</span><span class="pp-class-118 pa t17095 l3">trol </span><span class="pp-class-118 pa t17095 l17096">exists, </span><span class="pp-class-118 pa t17095 l14088">potential </span><span class="pp-class-118 pa t17095 l17097">voting </span><span class="pp-class-118 pa t17095 l17098">shares </span><span class="pp-class-118 pa t17095 l17099">that </span><span class="pp-class-118 pa t17095 l17100">can </span><span class="pp-class-118 pa t17095 l17101">be </span><span class="pp-class-118 pa t17095 l17102">immedi-</span><span class="pp-class-118 pa t17103 l3">ately </span><span class="pp-class-118 pa t17103 l17104">utilised </span><span class="pp-class-118 pa t17103 l17105">or </span><span class="pp-class-118 pa t17103 l17106">converted </span><span class="pp-class-118 pa t17103 l17107">must </span><span class="pp-class-118 pa t17103 l17108">be </span><span class="pp-class-118 pa t17103 l4154">taken </span><span class="pp-class-118 pa t17103 l8392">into </span><span class="pp-class-118 pa t17103 l17109">account.</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-118 pa t17110 l3">The </span><span class="pp-class-118 pa t17110 l550">financial </span><span class="pp-class-118 pa t17110 l1530">statements </span><span class="pp-class-118 pa t17110 l17111">of </span><span class="pp-class-118 pa t17110 l2209">subsidiaries </span><span class="pp-class-118 pa t17110 l17112">are </span><span class="pp-class-118 pa t17110 l11086">included </span><span class="pp-class-118 pa t17110 l17113">in </span><span class="pp-class-118 pa t17114 l3">the </span><span class="pp-class-118 pa t17114 l1444">consolidated </span><span class="pp-class-118 pa t17114 l7395">financial </span><span class="pp-class-118 pa t17114 l17115">statements </span><span class="pp-class-118 pa t17114 l17116">from </span><span class="pp-class-118 pa t17114 l17117">the </span><span class="pp-class-118 pa t17114 l17118">date </span><span class="pp-class-118 pa t17114 l17119">that </span><span class="pp-class-118 pa t17120 l3">the </span><span class="pp-class-118 pa t17120 l1444">controlling </span><span class="pp-class-118 pa t17120 l17121">interest </span><span class="pp-class-118 pa t17120 l17122">arises </span><span class="pp-class-118 pa t17120 l17123">and </span><span class="pp-class-118 pa t17120 l17124">until </span><span class="pp-class-118 pa t17120 l11205">the </span><span class="pp-class-118 pa t17120 l17125">date </span><span class="pp-class-118 pa t17120 l17126">on </span><span class="pp-class-118 pa t17127 l3">which </span><span class="pp-class-118 pa t17127 l6980">the </span><span class="pp-class-118 pa t17127 l1905">controlling </span><span class="pp-class-118 pa t17127 l17128">interest </span><span class="pp-class-118 pa t17127 l17129">ceases.</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-118 pa t17130 l3">If </span><span class="pp-class-118 pa t17130 l17131">ownership </span><span class="pp-class-118 pa t17130 l17132">is </span><span class="pp-class-118 pa t17130 l6305">reduced </span><span class="pp-class-118 pa t17130 l17133">to </span><span class="pp-class-118 pa t17130 l16662">such </span><span class="pp-class-118 pa t17130 l10483">an </span><span class="pp-class-118 pa t17130 l17134">extent </span><span class="pp-class-118 pa t17130 l17135">that </span><span class="pp-class-118 pa t17130 l17136">the </span><span class="pp-class-118 pa t17130 l15391">con-</span><span class="pp-class-118 pa t17137 l3">trolling </span><span class="pp-class-118 pa t17137 l17138">interest </span><span class="pp-class-118 pa t17137 l9748">is </span><span class="pp-class-118 pa t17137 l17139">lost, </span><span class="pp-class-118 pa t17137 l17140">any </span><span class="pp-class-118 pa t17137 l9187">remaining </span><span class="pp-class-118 pa t17137 l17141">holdings </span><span class="pp-class-118 pa t17137 l17142">are </span><span class="pp-class-118 pa t17137 l17143">rec-</span><span class="pp-class-118 pa t17144 l3">ognised </span><span class="pp-class-118 pa t17144 l10501">at </span><span class="pp-class-118 pa t17144 l17145">fair </span><span class="pp-class-118 pa t17144 l17146">value </span><span class="pp-class-118 pa t17144 l17147">and </span><span class="pp-class-118 pa t17144 l17148">the </span><span class="pp-class-118 pa t17144 l17149">change </span><span class="pp-class-118 pa t17144 l17150">in </span><span class="pp-class-118 pa t17144 l9520">value </span><span class="pp-class-118 pa t17144 l17151">is </span><span class="pp-class-118 pa t17144 l17152">recog-</span><span class="pp-class-118 pa t17153 l3">nised </span><span class="pp-class-118 pa t17153 l17154">in </span><span class="pp-class-118 pa t17153 l17155">the </span><span class="pp-class-118 pa t17153 l17156">income </span><span class="pp-class-118 pa t17153 l17157">statement.</span></p> <p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-121 pa t16953 l3 ls663">Transactions </span><span class="pp-class-121 pa t16953 l17158 ls639">that </span><span class="pp-class-121 pa t16953 l17159 ls617">are </span><span class="pp-class-121 pa t16953 l17160 ls636">eliminated </span><span class="pp-class-121 pa t16953 l1402 ls623">through </span><span class="pp-class-121 pa t16953 l17161 ls663">consolidation</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-118 pa t16958 l3">Intra-group </span><span class="pp-class-118 pa t16958 l17162">receivables </span><span class="pp-class-118 pa t16958 l17163">and </span><span class="pp-class-118 pa t16958 l17164">liabilities, </span><span class="pp-class-118 pa t16958 l17165">income </span><span class="pp-class-118 pa t16958 l1638">and </span><span class="pp-class-118 pa t16964 l3">expenses, </span><span class="pp-class-118 pa t16964 l17166">and </span><span class="pp-class-118 pa t16964 l12577">unrealised </span><span class="pp-class-118 pa t16964 l17167">gains </span><span class="pp-class-118 pa t16964 l17168">or </span><span class="pp-class-118 pa t16964 l3410">losses </span><span class="pp-class-118 pa t16964 l17169">that </span><span class="pp-class-118 pa t16964 l17170">arise </span><span class="pp-class-118 pa t16964 l17171">from </span><span class="pp-class-118 pa t16966 l3">transactions </span><span class="pp-class-118 pa t16966 l8399">between </span><span class="pp-class-118 pa t16966 l12347">Group </span><span class="pp-class-118 pa t16966 l17172">companies </span><span class="pp-class-118 pa t16966 l17173">are </span><span class="pp-class-118 pa t16966 l10779">eliminated </span><span class="pp-class-118 pa t17174 l3">fully </span><span class="pp-class-118 pa t17174 l11156">in </span><span class="pp-class-118 pa t17174 l14875">the </span><span class="pp-class-118 pa t17174 l14876">preparation </span><span class="pp-class-118 pa t17174 l9488">of </span><span class="pp-class-118 pa t17174 l17175">the </span><span class="pp-class-118 pa t17174 l17176">consolidated </span><span class="pp-class-118 pa t17174 l17177">financial </span><span class="pp-class-118 pa t16969 l3">statements.</span></p> <p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-121 pa t16980 l3">Business </span><span class="pp-class-121 pa t16980 l17178">combinations</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-118 pa t16985 l3 ls7271">Business </span><span class="pp-class-118 pa t16985 l11232 ls2718">combinations </span><span class="pp-class-118 pa t16985 l17179 ls683">are </span><span class="pp-class-118 pa t16985 l17180 ls4643">recognised </span><span class="pp-class-118 pa t16985 l17181 ls2711">in </span><span class="pp-class-118 pa t16985 l17182 ls4643">accordance </span><span class="pp-class-118 pa t16985 l17183 ls5925">with </span><span class="pp-class-118 pa t16991 l3 ls683">the </span><span class="pp-class-118 pa t16991 l7278 ls4640">acquisition </span><span class="pp-class-118 pa t16991 l17184 ls7275">method. </span><span class="pp-class-118 pa t16991 l17185 ls2713">This </span><span class="pp-class-118 pa t16991 l17186 ls2716">means </span><span class="pp-class-118 pa t16991 l17187 ls683">the </span><span class="pp-class-118 pa t16991 l17188 ls7271">acquired </span><span class="pp-class-118 pa t16991 l17189 ls7271">identifi-</span><span class="pp-class-118 pa t16996 l3 ls2713">able </span><span class="pp-class-118 pa t16996 l17190 ls2721">assets </span><span class="pp-class-118 pa t16996 l1355 ls683">and </span><span class="pp-class-118 pa t16996 l17191 ls7275">assumed </span><span class="pp-class-118 pa t16996 l17192 ls4640">liabilities </span><span class="pp-class-118 pa t16996 l17193 ls4645">and </span><span class="pp-class-118 pa t16996 l17194 ls4643">contingent </span><span class="pp-class-118 pa t16996 l17195 ls7275">liabili-</span><span class="pp-class-118 pa t17000 l3 ls2713">ties </span><span class="pp-class-118 pa t17000 l17196 ls4645">are </span><span class="pp-class-118 pa t17000 l17197 ls4643">recognised </span><span class="pp-class-118 pa t17000 l2170 ls2711">at </span><span class="pp-class-118 pa t17000 l17198 ls683">the </span><span class="pp-class-118 pa t17000 l17199 ls2713">fair </span><span class="pp-class-118 pa t17000 l17200 ls2716">value </span><span class="pp-class-118 pa t17000 l17201 ls2711">on </span><span class="pp-class-118 pa t17000 l17202 ls683">the </span><span class="pp-class-118 pa t17000 l17203 ls2716">acquisition </span><span class="pp-class-118 pa t17204 l3 ls2716">date. </span><span class="pp-class-118 pa t17204 l17205 ls683">The </span><span class="pp-class-118 pa t17204 l17206 ls14078">consideration </span><span class="pp-class-118 pa t17204 l17207 ls2711">is </span><span class="pp-class-118 pa t17204 l17208 ls7271">measured </span><span class="pp-class-118 pa t17204 l17209 ls2711">at </span><span class="pp-class-118 pa t17204 l17210 ls683">the </span><span class="pp-class-118 pa t17204 l2164 ls2713">fair </span><span class="pp-class-118 pa t17204 l17211 ls2716">value </span><span class="pp-class-118 pa t17204 l17212 ls615">of </span><span class="pp-class-118 pa t17213 l3 ls683">the </span><span class="pp-class-118 pa t17213 l7278 ls14078">consideration </span><span class="pp-class-118 pa t17213 l4075 ls4640">transferred </span><span class="pp-class-118 pa t17213 l17214 ls2711">to </span><span class="pp-class-118 pa t17213 l12302 ls683">the </span><span class="pp-class-118 pa t17213 l17215 ls2721">former </span><span class="pp-class-118 pa t17213 l12843 ls2716">owner </span><span class="pp-class-118 pa t17213 l13802 ls2711">of </span><span class="pp-class-118 pa t17213 l17216 ls7287">the </span><span class="pp-class-118 pa t17008 l3 ls692">acquiree. </span><span class="pp-class-118 pa t17008 l2792 ls692">Acquisition-related </span><span class="pp-class-118 pa t17008 l17217 ls2716">costs </span><span class="pp-class-118 pa t17008 l17218 ls4645">are </span><span class="pp-class-118 pa t17008 l17219 ls4643">recognised </span><span class="pp-class-118 pa t17008 l17220 ls615">as </span><span class="pp-class-118 pa t17014 l3 ls2721">non-recurring </span><span class="pp-class-118 pa t17014 l566 ls2716">items </span><span class="pp-class-118 pa t17014 l2935 ls2711">in </span><span class="pp-class-118 pa t17014 l13840 ls683">the </span><span class="pp-class-118 pa t17014 l17221 ls2721">income </span><span class="pp-class-118 pa t17014 l17222 ls692">statement </span><span class="pp-class-118 pa t17014 l17223 ls2711">as </span><span class="pp-class-118 pa t17014 l17224 ls7271">incurred.</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-118 pa t17027 l3">Goodwill </span><span class="pp-class-118 pa t17027 l17225">arising </span><span class="pp-class-118 pa t17027 l17226">from </span><span class="pp-class-118 pa t17027 l17227">business </span><span class="pp-class-118 pa t17027 l17228">combinations </span><span class="pp-class-118 pa t17027 l17229">is </span><span class="pp-class-118 pa t17027 l17230">calcu-</span><span class="pp-class-118 pa t17036 l3">lated </span><span class="pp-class-118 pa t17036 l17231">as </span><span class="pp-class-118 pa t17036 l17232">the </span><span class="pp-class-118 pa t17036 l776">total </span><span class="pp-class-118 pa t17036 l9367">of </span><span class="pp-class-118 pa t17036 l17233">the </span><span class="pp-class-118 pa t17036 l17234">consideration </span><span class="pp-class-118 pa t17036 l17235">transferred, </span><span class="pp-class-118 pa t17036 l15354">any </span><span class="pp-class-118 pa t17042 l3">non-controlling </span><span class="pp-class-118 pa t17042 l17236">interests </span><span class="pp-class-118 pa t17042 l17237">and </span><span class="pp-class-118 pa t17042 l9777">the </span><span class="pp-class-118 pa t17042 l17238">fair </span><span class="pp-class-118 pa t17042 l17239">value </span><span class="pp-class-118 pa t17042 l17240">of </span><span class="pp-class-118 pa t17042 l17241">previ-</span><span class="pp-class-118 pa t17049 l3">ously </span><span class="pp-class-118 pa t17049 l1282">held </span><span class="pp-class-118 pa t17049 l11472">interests </span><span class="pp-class-118 pa t17049 l17242">(for </span><span class="pp-class-118 pa t17049 l17243">step </span><span class="pp-class-118 pa t17049 l17244">acquisitions) </span><span class="pp-class-118 pa t17049 l17245">less </span><span class="pp-class-118 pa t17049 l17246">the </span><span class="pp-class-118 pa t17049 l17247">fair </span><span class="pp-class-118 pa t17055 l3">value </span><span class="pp-class-118 pa t17055 l1282">of </span><span class="pp-class-118 pa t17055 l9893">the </span><span class="pp-class-118 pa t17055 l1446">subsidiary’s </span><span class="pp-class-118 pa t17055 l17248">identifiable </span><span class="pp-class-118 pa t17055 l17249">assets </span><span class="pp-class-118 pa t17055 l17250">and </span><span class="pp-class-118 pa t17055 l17251">assumed </span><span class="pp-class-118 pa t17060 l3">liabilities. </span><span class="pp-class-118 pa t17060 l17252">If </span><span class="pp-class-118 pa t17060 l17253">the </span><span class="pp-class-118 pa t17060 l11977">difference </span><span class="pp-class-118 pa t17060 l17254">is </span><span class="pp-class-118 pa t17060 l17255">negative, </span><span class="pp-class-118 pa t17060 l17256">it </span><span class="pp-class-118 pa t17060 l17257">is </span><span class="pp-class-118 pa t17060 l17258">recognised </span><span class="pp-class-118 pa t17259 l3">directly </span><span class="pp-class-118 pa t17259 l8368">in </span><span class="pp-class-118 pa t17259 l17260">net </span><span class="pp-class-118 pa t17259 l17261">profit </span><span class="pp-class-118 pa t17259 l12906">for </span><span class="pp-class-118 pa t17259 l17262">the </span><span class="pp-class-118 pa t17259 l9406">year.</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-118 pa t17263 l3">Contingent </span><span class="pp-class-118 pa t17263 l7208">consideration </span><span class="pp-class-118 pa t17263 l17264">in </span><span class="pp-class-118 pa t17263 l1589">acquisitions </span><span class="pp-class-118 pa t17263 l17265">is </span><span class="pp-class-118 pa t17263 l17266">measured </span><span class="pp-class-118 pa t17263 l17267">at </span><span class="pp-class-118 pa t17065 l3">fair </span><span class="pp-class-118 pa t17065 l6806">value </span><span class="pp-class-118 pa t17065 l17268">on </span><span class="pp-class-118 pa t17065 l17269">both </span><span class="pp-class-118 pa t17065 l13777">the </span><span class="pp-class-118 pa t17065 l17270">acquisition </span><span class="pp-class-118 pa t17065 l17271">date </span><span class="pp-class-118 pa t17065 l17272">and </span><span class="pp-class-118 pa t17065 l17273">continuously </span><span class="pp-class-118 pa t17066 l3">thereafter, </span><span class="pp-class-118 pa t17066 l10935">with </span><span class="pp-class-118 pa t17066 l17274">changes </span><span class="pp-class-118 pa t17066 l17275">in </span><span class="pp-class-118 pa t17066 l17276">value </span><span class="pp-class-118 pa t17066 l1338">recognised </span><span class="pp-class-118 pa t17066 l1333">in </span><span class="pp-class-118 pa t17066 l17277">the </span><span class="pp-class-118 pa t17072 l3">income </span><span class="pp-class-118 pa t17072 l6781">statement.</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-118 pa t17090 l3">For </span><span class="pp-class-118 pa t17090 l1476">acquisitions </span><span class="pp-class-118 pa t17090 l17278">of </span><span class="pp-class-118 pa t17090 l13168">subsidiaries </span><span class="pp-class-118 pa t17090 l17279">involving </span><span class="pp-class-118 pa t17090 l17280">non- </span><span class="pp-class-118 pa t17095 l3">controlling </span><span class="pp-class-118 pa t17095 l10272">interests, </span><span class="pp-class-118 pa t17095 l17281">the </span><span class="pp-class-118 pa t17095 l17282">Group </span><span class="pp-class-118 pa t17095 l17283">recognises </span><span class="pp-class-118 pa t17095 l17284">net </span><span class="pp-class-118 pa t17095 l17285">assets </span><span class="pp-class-118 pa t17103 l3">attributable </span><span class="pp-class-118 pa t17103 l17286">to </span><span class="pp-class-118 pa t17103 l17287">non-controlling </span><span class="pp-class-118 pa t17103 l17288">interests </span><span class="pp-class-118 pa t17103 l17289">at </span><span class="pp-class-118 pa t17103 l17290">the </span><span class="pp-class-118 pa t17103 l17291 ls5925">fair </span><span class="pp-class-118 pa t17103 l17292 ls679">value </span><span class="pp-class-118 pa t17293 l3 ls679">of </span><span class="pp-class-118 pa t17293 l17294 ls681">all </span><span class="pp-class-118 pa t17293 l17295 ls681">the </span><span class="pp-class-118 pa t17293 l17296 ls681">net </span><span class="pp-class-118 pa t17293 l9456 ls688">assets </span><span class="pp-class-118 pa t17293 l17297 ls688">either </span><span class="pp-class-118 pa t17293 l17298 ls677">excluding </span><span class="pp-class-118 pa t17293 l11924 ls679">or </span><span class="pp-class-118 pa t17293 l17299 ls677">including </span><span class="pp-class-118 pa t17293 l6411 ls6896">goodwill. </span><span class="pp-class-118 pa t17110 l3 ls681">The </span><span class="pp-class-118 pa t17110 l6733 ls677">principle </span><span class="pp-class-118 pa t17110 l17300 ls679">is </span><span class="pp-class-118 pa t17110 l17301 ls6903">decided </span><span class="pp-class-118 pa t17110 l14694 ls11968">individually </span><span class="pp-class-118 pa t17110 l17085 ls681">for </span><span class="pp-class-118 pa t17110 l11152 ls6896">each </span><span class="pp-class-118 pa t17110 l17302 ls11966">acquisition.</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-118 pa t17120 l3">When </span><span class="pp-class-118 pa t17120 l17303">a </span><span class="pp-class-118 pa t17120 l17304">business </span><span class="pp-class-118 pa t17120 l17305">combination </span><span class="pp-class-118 pa t17120 l8562">is </span><span class="pp-class-118 pa t17120 l17306">achieved </span><span class="pp-class-118 pa t17120 l17307">in </span><span class="pp-class-118 pa t17120 l17308">stages, </span><span class="pp-class-118 pa t17120 l17309">the </span><span class="pp-class-118 pa t17127 l3">Group’s </span><span class="pp-class-118 pa t17127 l4222">previously </span><span class="pp-class-118 pa t17127 l9162">held </span><span class="pp-class-118 pa t17127 l17310">interests </span><span class="pp-class-118 pa t17127 l1409">in </span><span class="pp-class-118 pa t17127 l17311">the </span><span class="pp-class-118 pa t17127 l17312">acquired </span><span class="pp-class-118 pa t17127 l17313">entity </span><span class="pp-class-118 pa t17314 l3">are </span><span class="pp-class-118 pa t17314 l2545">remeasured </span><span class="pp-class-118 pa t17314 l17315">to </span><span class="pp-class-118 pa t17314 l17316">its </span><span class="pp-class-118 pa t17314 l17317">acquisition-date </span><span class="pp-class-118 pa t17314 l17318">fair </span><span class="pp-class-118 pa t17314 l17319">value, </span><span class="pp-class-118 pa t17314 l17320">and </span><span class="pp-class-118 pa t17130 l3">the </span><span class="pp-class-118 pa t17130 l1444">resulting </span><span class="pp-class-118 pa t17130 l17321">gain </span><span class="pp-class-118 pa t17130 l8685">or </span><span class="pp-class-118 pa t17130 l2683">loss, </span><span class="pp-class-118 pa t17130 l17322">if </span><span class="pp-class-118 pa t17130 l17323">any, </span><span class="pp-class-118 pa t17130 l17324">is </span><span class="pp-class-118 pa t17130 l17325">recognised </span><span class="pp-class-118 pa t17130 l17326">in </span><span class="pp-class-118 pa t17130 l12721">the </span><span class="pp-class-118 pa t17137 l3">income </span><span class="pp-class-118 pa t17137 l6781">statement.</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-118 pa t17153 l3">When </span><span class="pp-class-118 pa t17153 l17303">a </span><span class="pp-class-118 pa t17153 l17304">controlling </span><span class="pp-class-118 pa t17153 l17327">interest </span><span class="pp-class-118 pa t17153 l2209">is </span><span class="pp-class-118 pa t17153 l12846">achieved, </span><span class="pp-class-118 pa t17153 l17328">changes </span><span class="pp-class-118 pa t17153 l17329">in </span><span class="pp-class-118 pa t17330 l3">ownership </span><span class="pp-class-118 pa t17330 l17331">are </span><span class="pp-class-118 pa t17330 l17332 ls786">recognised </span><span class="pp-class-118 pa t17330 l17333">as </span><span class="pp-class-118 pa t17330 l17334">a </span><span class="pp-class-118 pa t17330 l17335">reallocation </span><span class="pp-class-118 pa t17330 l17336">of </span><span class="pp-class-118 pa t17330 l17337">sharehold-</span><span class="pp-class-118 pa t17338 l3">ers’ </span><span class="pp-class-118 pa t17338 l17339">equity </span><span class="pp-class-118 pa t17338 l1693">between </span><span class="pp-class-118 pa t17338 l17340">the </span><span class="pp-class-118 pa t17338 l17341">parent </span><span class="pp-class-118 pa t17338 l17342">company’s </span><span class="pp-class-118 pa t17338 l17343">owners </span><span class="pp-class-118 pa t17338 l17344">and </span></p><div class="pp-class-7" id="pp-id-3315" xmlns="http://www.w3.org/1999/xhtml"><div class="w485 h16558 pa t2 l3 wtro4 xx16559 tro6 xx16560"><p class="pp-class-107 pp-area-text"><span class="pp-class-119 pa t16561 l3 ls361">1. </span><span class="pp-class-119 pa t16561 l16562 ls16563">Accounting </span><span class="pp-class-119 pa t16561 l16564 ls17345">policies </span><span class="pp-class-119 pa t16561 l17346 ls17347">(continued)</span></p></div></div><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-118 pa t17349 l3">non-controlling </span><span class="pp-class-118 pa t17349 l17236">interests, </span><span class="pp-class-118 pa t17349 l10877">without </span><span class="pp-class-118 pa t17349 l17350">any </span><span class="pp-class-118 pa t17349 l17351">remeasurement </span><span class="pp-class-118 pa t17352 l3">of </span><span class="pp-class-118 pa t17352 l557">the </span><span class="pp-class-118 pa t17352 l3322">subsidiary’s </span><span class="pp-class-118 pa t17352 l11453">net </span><span class="pp-class-118 pa t17352 l17353">assets.</span></p> <p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-121 pa t16980 l3">Business </span><span class="pp-class-121 pa t16980 l17178">combinations</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-118 pa t16985 l3 ls7271">Business </span><span class="pp-class-118 pa t16985 l11232 ls2718">combinations </span><span class="pp-class-118 pa t16985 l17179 ls683">are </span><span class="pp-class-118 pa t16985 l17180 ls4643">recognised </span><span class="pp-class-118 pa t16985 l17181 ls2711">in </span><span class="pp-class-118 pa t16985 l17182 ls4643">accordance </span><span class="pp-class-118 pa t16985 l17183 ls5925">with </span><span class="pp-class-118 pa t16991 l3 ls683">the </span><span class="pp-class-118 pa t16991 l7278 ls4640">acquisition </span><span class="pp-class-118 pa t16991 l17184 ls7275">method. </span><span class="pp-class-118 pa t16991 l17185 ls2713">This </span><span class="pp-class-118 pa t16991 l17186 ls2716">means </span><span class="pp-class-118 pa t16991 l17187 ls683">the </span><span class="pp-class-118 pa t16991 l17188 ls7271">acquired </span><span class="pp-class-118 pa t16991 l17189 ls7271">identifi-</span><span class="pp-class-118 pa t16996 l3 ls2713">able </span><span class="pp-class-118 pa t16996 l17190 ls2721">assets </span><span class="pp-class-118 pa t16996 l1355 ls683">and </span><span class="pp-class-118 pa t16996 l17191 ls7275">assumed </span><span class="pp-class-118 pa t16996 l17192 ls4640">liabilities </span><span class="pp-class-118 pa t16996 l17193 ls4645">and </span><span class="pp-class-118 pa t16996 l17194 ls4643">contingent </span><span class="pp-class-118 pa t16996 l17195 ls7275">liabili-</span><span class="pp-class-118 pa t17000 l3 ls2713">ties </span><span class="pp-class-118 pa t17000 l17196 ls4645">are </span><span class="pp-class-118 pa t17000 l17197 ls4643">recognised </span><span class="pp-class-118 pa t17000 l2170 ls2711">at </span><span class="pp-class-118 pa t17000 l17198 ls683">the </span><span class="pp-class-118 pa t17000 l17199 ls2713">fair </span><span class="pp-class-118 pa t17000 l17200 ls2716">value </span><span class="pp-class-118 pa t17000 l17201 ls2711">on </span><span class="pp-class-118 pa t17000 l17202 ls683">the </span><span class="pp-class-118 pa t17000 l17203 ls2716">acquisition </span><span class="pp-class-118 pa t17204 l3 ls2716">date. </span><span class="pp-class-118 pa t17204 l17205 ls683">The </span><span class="pp-class-118 pa t17204 l17206 ls14078">consideration </span><span class="pp-class-118 pa t17204 l17207 ls2711">is </span><span class="pp-class-118 pa t17204 l17208 ls7271">measured </span><span class="pp-class-118 pa t17204 l17209 ls2711">at </span><span class="pp-class-118 pa t17204 l17210 ls683">the </span><span class="pp-class-118 pa t17204 l2164 ls2713">fair </span><span class="pp-class-118 pa t17204 l17211 ls2716">value </span><span class="pp-class-118 pa t17204 l17212 ls615">of </span><span class="pp-class-118 pa t17213 l3 ls683">the </span><span class="pp-class-118 pa t17213 l7278 ls14078">consideration </span><span class="pp-class-118 pa t17213 l4075 ls4640">transferred </span><span class="pp-class-118 pa t17213 l17214 ls2711">to </span><span class="pp-class-118 pa t17213 l12302 ls683">the </span><span class="pp-class-118 pa t17213 l17215 ls2721">former </span><span class="pp-class-118 pa t17213 l12843 ls2716">owner </span><span class="pp-class-118 pa t17213 l13802 ls2711">of </span><span class="pp-class-118 pa t17213 l17216 ls7287">the </span><span class="pp-class-118 pa t17008 l3 ls692">acquiree. </span><span class="pp-class-118 pa t17008 l2792 ls692">Acquisition-related </span><span class="pp-class-118 pa t17008 l17217 ls2716">costs </span><span class="pp-class-118 pa t17008 l17218 ls4645">are </span><span class="pp-class-118 pa t17008 l17219 ls4643">recognised </span><span class="pp-class-118 pa t17008 l17220 ls615">as </span><span class="pp-class-118 pa t17014 l3 ls2721">non-recurring </span><span class="pp-class-118 pa t17014 l566 ls2716">items </span><span class="pp-class-118 pa t17014 l2935 ls2711">in </span><span class="pp-class-118 pa t17014 l13840 ls683">the </span><span class="pp-class-118 pa t17014 l17221 ls2721">income </span><span class="pp-class-118 pa t17014 l17222 ls692">statement </span><span class="pp-class-118 pa t17014 l17223 ls2711">as </span><span class="pp-class-118 pa t17014 l17224 ls7271">incurred.</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-118 pa t17027 l3">Goodwill </span><span class="pp-class-118 pa t17027 l17225">arising </span><span class="pp-class-118 pa t17027 l17226">from </span><span class="pp-class-118 pa t17027 l17227">business </span><span class="pp-class-118 pa t17027 l17228">combinations </span><span class="pp-class-118 pa t17027 l17229">is </span><span class="pp-class-118 pa t17027 l17230">calcu-</span><span class="pp-class-118 pa t17036 l3">lated </span><span class="pp-class-118 pa t17036 l17231">as </span><span class="pp-class-118 pa t17036 l17232">the </span><span class="pp-class-118 pa t17036 l776">total </span><span class="pp-class-118 pa t17036 l9367">of </span><span class="pp-class-118 pa t17036 l17233">the </span><span class="pp-class-118 pa t17036 l17234">consideration </span><span class="pp-class-118 pa t17036 l17235">transferred, </span><span class="pp-class-118 pa t17036 l15354">any </span><span class="pp-class-118 pa t17042 l3">non-controlling </span><span class="pp-class-118 pa t17042 l17236">interests </span><span class="pp-class-118 pa t17042 l17237">and </span><span class="pp-class-118 pa t17042 l9777">the </span><span class="pp-class-118 pa t17042 l17238">fair </span><span class="pp-class-118 pa t17042 l17239">value </span><span class="pp-class-118 pa t17042 l17240">of </span><span class="pp-class-118 pa t17042 l17241">previ-</span><span class="pp-class-118 pa t17049 l3">ously </span><span class="pp-class-118 pa t17049 l1282">held </span><span class="pp-class-118 pa t17049 l11472">interests </span><span class="pp-class-118 pa t17049 l17242">(for </span><span class="pp-class-118 pa t17049 l17243">step </span><span class="pp-class-118 pa t17049 l17244">acquisitions) </span><span class="pp-class-118 pa t17049 l17245">less </span><span class="pp-class-118 pa t17049 l17246">the </span><span class="pp-class-118 pa t17049 l17247">fair </span><span class="pp-class-118 pa t17055 l3">value </span><span class="pp-class-118 pa t17055 l1282">of </span><span class="pp-class-118 pa t17055 l9893">the </span><span class="pp-class-118 pa t17055 l1446">subsidiary’s </span><span class="pp-class-118 pa t17055 l17248">identifiable </span><span class="pp-class-118 pa t17055 l17249">assets </span><span class="pp-class-118 pa t17055 l17250">and </span><span class="pp-class-118 pa t17055 l17251">assumed </span><span class="pp-class-118 pa t17060 l3">liabilities. </span><span class="pp-class-118 pa t17060 l17252">If </span><span class="pp-class-118 pa t17060 l17253">the </span><span class="pp-class-118 pa t17060 l11977">difference </span><span class="pp-class-118 pa t17060 l17254">is </span><span class="pp-class-118 pa t17060 l17255">negative, </span><span class="pp-class-118 pa t17060 l17256">it </span><span class="pp-class-118 pa t17060 l17257">is </span><span class="pp-class-118 pa t17060 l17258">recognised </span><span class="pp-class-118 pa t17259 l3">directly </span><span class="pp-class-118 pa t17259 l8368">in </span><span class="pp-class-118 pa t17259 l17260">net </span><span class="pp-class-118 pa t17259 l17261">profit </span><span class="pp-class-118 pa t17259 l12906">for </span><span class="pp-class-118 pa t17259 l17262">the </span><span class="pp-class-118 pa t17259 l9406">year.</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-118 pa t17263 l3">Contingent </span><span class="pp-class-118 pa t17263 l7208">consideration </span><span class="pp-class-118 pa t17263 l17264">in </span><span class="pp-class-118 pa t17263 l1589">acquisitions </span><span class="pp-class-118 pa t17263 l17265">is </span><span class="pp-class-118 pa t17263 l17266">measured </span><span class="pp-class-118 pa t17263 l17267">at </span><span class="pp-class-118 pa t17065 l3">fair </span><span class="pp-class-118 pa t17065 l6806">value </span><span class="pp-class-118 pa t17065 l17268">on </span><span class="pp-class-118 pa t17065 l17269">both </span><span class="pp-class-118 pa t17065 l13777">the </span><span class="pp-class-118 pa t17065 l17270">acquisition </span><span class="pp-class-118 pa t17065 l17271">date </span><span class="pp-class-118 pa t17065 l17272">and </span><span class="pp-class-118 pa t17065 l17273">continuously </span><span class="pp-class-118 pa t17066 l3">thereafter, </span><span class="pp-class-118 pa t17066 l10935">with </span><span class="pp-class-118 pa t17066 l17274">changes </span><span class="pp-class-118 pa t17066 l17275">in </span><span class="pp-class-118 pa t17066 l17276">value </span><span class="pp-class-118 pa t17066 l1338">recognised </span><span class="pp-class-118 pa t17066 l1333">in </span><span class="pp-class-118 pa t17066 l17277">the </span><span class="pp-class-118 pa t17072 l3">income </span><span class="pp-class-118 pa t17072 l6781">statement.</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-118 pa t17090 l3">For </span><span class="pp-class-118 pa t17090 l1476">acquisitions </span><span class="pp-class-118 pa t17090 l17278">of </span><span class="pp-class-118 pa t17090 l13168">subsidiaries </span><span class="pp-class-118 pa t17090 l17279">involving </span><span class="pp-class-118 pa t17090 l17280">non- </span><span class="pp-class-118 pa t17095 l3">controlling </span><span class="pp-class-118 pa t17095 l10272">interests, </span><span class="pp-class-118 pa t17095 l17281">the </span><span class="pp-class-118 pa t17095 l17282">Group </span><span class="pp-class-118 pa t17095 l17283">recognises </span><span class="pp-class-118 pa t17095 l17284">net </span><span class="pp-class-118 pa t17095 l17285">assets </span><span class="pp-class-118 pa t17103 l3">attributable </span><span class="pp-class-118 pa t17103 l17286">to </span><span class="pp-class-118 pa t17103 l17287">non-controlling </span><span class="pp-class-118 pa t17103 l17288">interests </span><span class="pp-class-118 pa t17103 l17289">at </span><span class="pp-class-118 pa t17103 l17290">the </span><span class="pp-class-118 pa t17103 l17291 ls5925">fair </span><span class="pp-class-118 pa t17103 l17292 ls679">value </span><span class="pp-class-118 pa t17293 l3 ls679">of </span><span class="pp-class-118 pa t17293 l17294 ls681">all </span><span class="pp-class-118 pa t17293 l17295 ls681">the </span><span class="pp-class-118 pa t17293 l17296 ls681">net </span><span class="pp-class-118 pa t17293 l9456 ls688">assets </span><span class="pp-class-118 pa t17293 l17297 ls688">either </span><span class="pp-class-118 pa t17293 l17298 ls677">excluding </span><span class="pp-class-118 pa t17293 l11924 ls679">or </span><span class="pp-class-118 pa t17293 l17299 ls677">including </span><span class="pp-class-118 pa t17293 l6411 ls6896">goodwill. </span><span class="pp-class-118 pa t17110 l3 ls681">The </span><span class="pp-class-118 pa t17110 l6733 ls677">principle </span><span class="pp-class-118 pa t17110 l17300 ls679">is </span><span class="pp-class-118 pa t17110 l17301 ls6903">decided </span><span class="pp-class-118 pa t17110 l14694 ls11968">individually </span><span class="pp-class-118 pa t17110 l17085 ls681">for </span><span class="pp-class-118 pa t17110 l11152 ls6896">each </span><span class="pp-class-118 pa t17110 l17302 ls11966">acquisition.</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-118 pa t17120 l3">When </span><span class="pp-class-118 pa t17120 l17303">a </span><span class="pp-class-118 pa t17120 l17304">business </span><span class="pp-class-118 pa t17120 l17305">combination </span><span class="pp-class-118 pa t17120 l8562">is </span><span class="pp-class-118 pa t17120 l17306">achieved </span><span class="pp-class-118 pa t17120 l17307">in </span><span class="pp-class-118 pa t17120 l17308">stages, </span><span class="pp-class-118 pa t17120 l17309">the </span><span class="pp-class-118 pa t17127 l3">Group’s </span><span class="pp-class-118 pa t17127 l4222">previously </span><span class="pp-class-118 pa t17127 l9162">held </span><span class="pp-class-118 pa t17127 l17310">interests </span><span class="pp-class-118 pa t17127 l1409">in </span><span class="pp-class-118 pa t17127 l17311">the </span><span class="pp-class-118 pa t17127 l17312">acquired </span><span class="pp-class-118 pa t17127 l17313">entity </span><span class="pp-class-118 pa t17314 l3">are </span><span class="pp-class-118 pa t17314 l2545">remeasured </span><span class="pp-class-118 pa t17314 l17315">to </span><span class="pp-class-118 pa t17314 l17316">its </span><span class="pp-class-118 pa t17314 l17317">acquisition-date </span><span class="pp-class-118 pa t17314 l17318">fair </span><span class="pp-class-118 pa t17314 l17319">value, </span><span class="pp-class-118 pa t17314 l17320">and </span><span class="pp-class-118 pa t17130 l3">the </span><span class="pp-class-118 pa t17130 l1444">resulting </span><span class="pp-class-118 pa t17130 l17321">gain </span><span class="pp-class-118 pa t17130 l8685">or </span><span class="pp-class-118 pa t17130 l2683">loss, </span><span class="pp-class-118 pa t17130 l17322">if </span><span class="pp-class-118 pa t17130 l17323">any, </span><span class="pp-class-118 pa t17130 l17324">is </span><span class="pp-class-118 pa t17130 l17325">recognised </span><span class="pp-class-118 pa t17130 l17326">in </span><span class="pp-class-118 pa t17130 l12721">the </span><span class="pp-class-118 pa t17137 l3">income </span><span class="pp-class-118 pa t17137 l6781">statement.</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-118 pa t17153 l3">When </span><span class="pp-class-118 pa t17153 l17303">a </span><span class="pp-class-118 pa t17153 l17304">controlling </span><span class="pp-class-118 pa t17153 l17327">interest </span><span class="pp-class-118 pa t17153 l2209">is </span><span class="pp-class-118 pa t17153 l12846">achieved, </span><span class="pp-class-118 pa t17153 l17328">changes </span><span class="pp-class-118 pa t17153 l17329">in </span><span class="pp-class-118 pa t17330 l3">ownership </span><span class="pp-class-118 pa t17330 l17331">are </span><span class="pp-class-118 pa t17330 l17332 ls786">recognised </span><span class="pp-class-118 pa t17330 l17333">as </span><span class="pp-class-118 pa t17330 l17334">a </span><span class="pp-class-118 pa t17330 l17335">reallocation </span><span class="pp-class-118 pa t17330 l17336">of </span><span class="pp-class-118 pa t17330 l17337">sharehold-</span><span class="pp-class-118 pa t17338 l3">ers’ </span><span class="pp-class-118 pa t17338 l17339">equity </span><span class="pp-class-118 pa t17338 l1693">between </span><span class="pp-class-118 pa t17338 l17340">the </span><span class="pp-class-118 pa t17338 l17341">parent </span><span class="pp-class-118 pa t17338 l17342">company’s </span><span class="pp-class-118 pa t17338 l17343">owners </span><span class="pp-class-118 pa t17338 l17344">and </span></p><div class="pp-class-7" id="pp-id-3315" xmlns="http://www.w3.org/1999/xhtml"><div class="w485 h16558 pa t2 l3 wtro4 xx16559 tro6 xx16560"><p class="pp-class-107 pp-area-text"><span class="pp-class-119 pa t16561 l3 ls361">1. </span><span class="pp-class-119 pa t16561 l16562 ls16563">Accounting </span><span class="pp-class-119 pa t16561 l16564 ls17345">policies </span><span class="pp-class-119 pa t16561 l17346 ls17347">(continued)</span></p></div></div><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-118 pa t17349 l3">non-controlling </span><span class="pp-class-118 pa t17349 l17236">interests, </span><span class="pp-class-118 pa t17349 l10877">without </span><span class="pp-class-118 pa t17349 l17350">any </span><span class="pp-class-118 pa t17349 l17351">remeasurement </span><span class="pp-class-118 pa t17352 l3">of </span><span class="pp-class-118 pa t17352 l557">the </span><span class="pp-class-118 pa t17352 l3322">subsidiary’s </span><span class="pp-class-118 pa t17352 l11453">net </span><span class="pp-class-118 pa t17352 l17353">assets.</span></p> <p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-120 pa t17354 l3 ls6169">Segment </span><span class="pp-class-120 pa t17354 l17355 ls15027">reporting</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-118 pa t17356 l3">An </span><span class="pp-class-118 pa t17356 l17357">operating </span><span class="pp-class-118 pa t17356 l17358">segment </span><span class="pp-class-118 pa t17356 l17359">is </span><span class="pp-class-118 pa t17356 l17360">a </span><span class="pp-class-118 pa t17356 l17361">part </span><span class="pp-class-118 pa t17356 l17362">of </span><span class="pp-class-118 pa t17356 l17363">the </span><span class="pp-class-118 pa t17356 l11919">Group </span><span class="pp-class-118 pa t17356 l17364">that </span><span class="pp-class-118 pa t17356 l17365">con-</span><span class="pp-class-118 pa t17366 l3">ducts </span><span class="pp-class-118 pa t17366 l17367">business </span><span class="pp-class-118 pa t17366 l17368">activities </span><span class="pp-class-118 pa t17366 l17369">from </span><span class="pp-class-118 pa t17366 l17370">which </span><span class="pp-class-118 pa t17366 l17371">it </span><span class="pp-class-118 pa t17366 l17372">earns </span><span class="pp-class-118 pa t17366 l17373">revenue </span><span class="pp-class-118 pa t17374 l3">and </span><span class="pp-class-118 pa t17374 l1110">incurs </span><span class="pp-class-118 pa t17374 l17375">expenses </span><span class="pp-class-118 pa t17374 l1633">and </span><span class="pp-class-118 pa t17374 l8779">for </span><span class="pp-class-118 pa t17374 l17376">which </span><span class="pp-class-118 pa t17374 l17377">independent </span><span class="pp-class-118 pa t17374 l17378">finan-</span><span class="pp-class-118 pa t17379 l3">cial </span><span class="pp-class-118 pa t17379 l17380">information </span><span class="pp-class-118 pa t17379 l17381">is </span><span class="pp-class-118 pa t17379 l17382">available. </span><span class="pp-class-118 pa t17379 l17383">Furthermore, </span><span class="pp-class-118 pa t17379 l17384">the </span><span class="pp-class-118 pa t17379 l17385">results </span><span class="pp-class-118 pa t17379 l17386">of </span><span class="pp-class-118 pa t17387 l3">an </span><span class="pp-class-118 pa t17387 l8451">operating </span><span class="pp-class-118 pa t17387 l9486">segment </span><span class="pp-class-118 pa t17387 l17388">are </span><span class="pp-class-118 pa t17387 l871">monitored </span><span class="pp-class-118 pa t17387 l17389">by </span><span class="pp-class-118 pa t17387 l17390">the </span><span class="pp-class-118 pa t17387 l17391">company’s </span><span class="pp-class-118 pa t17392 l3">chief </span><span class="pp-class-118 pa t17392 l17393">operating </span><span class="pp-class-118 pa t17392 l17394">decision </span><span class="pp-class-118 pa t17392 l17395">maker </span><span class="pp-class-118 pa t17392 l17396">to </span><span class="pp-class-118 pa t17392 l17397">evaluate </span><span class="pp-class-118 pa t17392 l17398">them </span><span class="pp-class-118 pa t17392 l1559">and </span><span class="pp-class-118 pa t17392 l17399">to </span><span class="pp-class-118 pa t17400 l3">allocate </span><span class="pp-class-118 pa t17400 l14636">resources </span><span class="pp-class-118 pa t17400 l17401">to </span><span class="pp-class-118 pa t17400 l17402">the </span><span class="pp-class-118 pa t17400 l17403">operating </span><span class="pp-class-118 pa t17400 l17404">segment. </span><span class="pp-class-118 pa t17400 l17405">TCM </span><span class="pp-class-118 pa t17400 l17406">Group </span><span class="pp-class-118 pa t17407 l3">has </span><span class="pp-class-118 pa t17407 l14274">only </span><span class="pp-class-118 pa t17407 l17408">one </span><span class="pp-class-118 pa t17407 l17409">operating </span><span class="pp-class-118 pa t17407 l14332">segment, </span><span class="pp-class-118 pa t17407 l542">which </span><span class="pp-class-118 pa t17407 l7230">is </span><span class="pp-class-118 pa t17407 l17410">producing </span><span class="pp-class-118 pa t17407 l17411">and </span><span class="pp-class-118 pa t17412 l3">selling </span><span class="pp-class-118 pa t17412 l1596">kitchens, </span><span class="pp-class-118 pa t17412 l16859">bathrooms </span><span class="pp-class-118 pa t17412 l17413">and </span><span class="pp-class-118 pa t17412 l17414">storage.</span></p> <p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-120 pa t17415 l3 ls15165">Revenue </span><span class="pp-class-120 pa t17415 l17416 ls8076">recognition</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-118 pa t17417 l3">The </span><span class="pp-class-118 pa t17417 l550">Group </span><span class="pp-class-118 pa t17417 l6239">sells </span><span class="pp-class-118 pa t17417 l17418">kitchen </span><span class="pp-class-118 pa t17417 l17419">products </span><span class="pp-class-118 pa t17417 l17420">through </span><span class="pp-class-118 pa t17417 l6950">a </span><span class="pp-class-118 pa t17417 l11959">number </span><span class="pp-class-118 pa t17417 l17421">of </span><span class="pp-class-118 pa t17422 l3">independent </span><span class="pp-class-118 pa t17422 l12760">stores, </span><span class="pp-class-118 pa t17422 l16792">DIY </span><span class="pp-class-118 pa t17422 l7367">chains </span><span class="pp-class-118 pa t17422 l17423">and </span><span class="pp-class-118 pa t17422 l17424">other </span><span class="pp-class-118 pa t17422 l17425">retailers. </span><span class="pp-class-118 pa t17422 l17426">Rev-</span><span class="pp-class-118 pa t17427 l3">enue </span><span class="pp-class-118 pa t17427 l17428">is </span><span class="pp-class-118 pa t17427 l17429">recognised </span><span class="pp-class-118 pa t17427 l17430">in </span><span class="pp-class-118 pa t17427 l17431">the </span><span class="pp-class-118 pa t17427 l17432">income </span><span class="pp-class-118 pa t17427 l8738">statement </span><span class="pp-class-118 pa t17427 l17433">when </span><span class="pp-class-118 pa t17427 l7362">con-</span><span class="pp-class-118 pa t17434 l3">trol </span><span class="pp-class-118 pa t17434 l17096">of </span><span class="pp-class-118 pa t17434 l7709">the </span><span class="pp-class-118 pa t17434 l17435">products </span><span class="pp-class-118 pa t17434 l13021">has </span><span class="pp-class-118 pa t17434 l17436">been </span><span class="pp-class-118 pa t17434 l17437">transferred </span><span class="pp-class-118 pa t17434 l17438">to </span><span class="pp-class-118 pa t17434 l13086">the </span><span class="pp-class-118 pa t17434 l13466">cus-</span><span class="pp-class-118 pa t17439 l3">tomer. </span><span class="pp-class-118 pa t17439 l17440">Control </span><span class="pp-class-118 pa t17439 l17441">is </span><span class="pp-class-118 pa t17439 l17442">transferred </span><span class="pp-class-118 pa t17439 l17443">when </span><span class="pp-class-118 pa t17439 l7846">the </span><span class="pp-class-118 pa t17439 l17444">products </span><span class="pp-class-118 pa t17439 l11546">are </span><span class="pp-class-118 pa t17445 l3">delivered, </span><span class="pp-class-118 pa t17445 l10480">which </span><span class="pp-class-118 pa t17445 l11845">occurs </span><span class="pp-class-118 pa t17445 l17446">when </span><span class="pp-class-118 pa t17445 l17447">the </span><span class="pp-class-118 pa t17445 l17448">Group </span><span class="pp-class-118 pa t17445 l17449">has </span><span class="pp-class-118 pa t17445 l17450">objective </span><span class="pp-class-118 pa t17451 l3">evidence </span><span class="pp-class-118 pa t17451 l17452">that </span><span class="pp-class-118 pa t17451 l17453">all </span><span class="pp-class-118 pa t17451 l17454">criteria </span><span class="pp-class-118 pa t17451 l17455">for </span><span class="pp-class-118 pa t17451 l17456">transfer </span><span class="pp-class-118 pa t17451 l17457">of </span><span class="pp-class-118 pa t17451 l11958">risk </span><span class="pp-class-118 pa t17451 l17458">have </span><span class="pp-class-118 pa t17451 l17459">been </span><span class="pp-class-118 pa t17460 l3">satisfied. </span><span class="pp-class-118 pa t17460 l1192">Revenue </span><span class="pp-class-118 pa t17460 l17461">is </span><span class="pp-class-118 pa t17460 l17462">only </span><span class="pp-class-118 pa t17460 l17463">recognised </span><span class="pp-class-118 pa t17460 l17464">to </span><span class="pp-class-118 pa t17460 l17465">the </span><span class="pp-class-118 pa t17460 l17466">extent </span><span class="pp-class-118 pa t17460 l17467">that </span><span class="pp-class-118 pa t17460 l17468">it </span><span class="pp-class-118 pa t17469 l3">is </span><span class="pp-class-118 pa t17469 l4125">highly </span><span class="pp-class-118 pa t17469 l10082">probable </span><span class="pp-class-118 pa t17469 l17470">that </span><span class="pp-class-118 pa t17469 l17471">a </span><span class="pp-class-118 pa t17469 l17472">significant </span><span class="pp-class-118 pa t17469 l17473">reversal </span><span class="pp-class-118 pa t17469 l17474">will </span><span class="pp-class-118 pa t17469 l17475">not </span><span class="pp-class-118 pa t17476 l3">occur. </span><span class="pp-class-118 pa t17476 l17477">Products </span><span class="pp-class-118 pa t17476 l17478">are </span><span class="pp-class-118 pa t17476 l17479">often </span><span class="pp-class-118 pa t17476 l17480">sold </span><span class="pp-class-118 pa t17476 l17481">with </span><span class="pp-class-118 pa t17476 l17482">retrospective </span><span class="pp-class-118 pa t17476 l17483">volume </span><span class="pp-class-118 pa t17484 l3">discounts. </span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-118 pa t17485 l3">The </span><span class="pp-class-118 pa t17485 l550">Group </span><span class="pp-class-118 pa t17485 l6239">owns </span><span class="pp-class-118 pa t17485 l17486">a </span><span class="pp-class-118 pa t17485 l16830">few </span><span class="pp-class-118 pa t17485 l17487">retailers, </span><span class="pp-class-118 pa t17485 l17283">which </span><span class="pp-class-118 pa t17485 l9385">provide </span><span class="pp-class-118 pa t17485 l17488">installa-</span><span class="pp-class-118 pa t17489 l3">tion </span><span class="pp-class-118 pa t17489 l11323">services. </span><span class="pp-class-118 pa t17489 l17490">When </span><span class="pp-class-118 pa t17489 l17491">the </span><span class="pp-class-118 pa t17489 l13234">Group </span><span class="pp-class-118 pa t17489 l17492">provides </span><span class="pp-class-118 pa t17489 l17493">installation </span><span class="pp-class-118 pa t17489 l17494">ser-</span><span class="pp-class-118 pa t17495 l3">vices, </span><span class="pp-class-118 pa t17495 l17496">revenue </span><span class="pp-class-118 pa t17495 l17497">is </span><span class="pp-class-118 pa t17495 l12333">recognised </span><span class="pp-class-118 pa t17495 l1330">as </span><span class="pp-class-118 pa t17495 l17498">a </span><span class="pp-class-118 pa t17495 l17499">performance </span><span class="pp-class-118 pa t17495 l17500">obligation </span><span class="pp-class-118 pa t17501 l3">satisfied </span><span class="pp-class-118 pa t17501 l12615">over </span><span class="pp-class-118 pa t17501 l17502">time. </span><span class="pp-class-118 pa t17501 l17503">Revenue </span><span class="pp-class-118 pa t17501 l17504">is </span><span class="pp-class-118 pa t17501 l17505">recognised </span><span class="pp-class-118 pa t17501 l17506">for </span><span class="pp-class-118 pa t17501 l17507">these </span><span class="pp-class-118 pa t17508 l3">installation </span><span class="pp-class-118 pa t17508 l17509">services </span><span class="pp-class-118 pa t17508 l9745">based </span><span class="pp-class-118 pa t17508 l17510">on </span><span class="pp-class-118 pa t17508 l17511">the </span><span class="pp-class-118 pa t17508 l6753">percentage </span><span class="pp-class-118 pa t17508 l17512">of </span><span class="pp-class-118 pa t17508 l17513">comple-</span><span class="pp-class-118 pa t17514 l3">tion </span><span class="pp-class-118 pa t17514 l11323">of </span><span class="pp-class-118 pa t17514 l17515">the </span><span class="pp-class-118 pa t17514 l17516">contract.</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-118 pa t17517 l3">When </span><span class="pp-class-118 pa t17517 l17303">using </span><span class="pp-class-118 pa t17517 l17518">the </span><span class="pp-class-118 pa t17517 l17519">percentage-of-completion </span><span class="pp-class-118 pa t17517 l17520">method, </span><span class="pp-class-118 pa t17521 l3">revenue </span><span class="pp-class-118 pa t17521 l728">is </span><span class="pp-class-118 pa t17521 l7299">recognised </span><span class="pp-class-118 pa t17521 l17522">at </span><span class="pp-class-118 pa t17521 l17523">the </span><span class="pp-class-118 pa t17521 l17524">amount </span><span class="pp-class-118 pa t17521 l14769">that </span><span class="pp-class-118 pa t17521 l16848">corresponds </span><span class="pp-class-118 pa t17521 l17525">to </span><span class="pp-class-118 pa t17526 l3">the </span><span class="pp-class-118 pa t17526 l1444">selling </span><span class="pp-class-118 pa t17526 l17527">price </span><span class="pp-class-118 pa t17526 l10947">of </span><span class="pp-class-118 pa t17526 l17528">the </span><span class="pp-class-118 pa t17526 l17529">work </span><span class="pp-class-118 pa t17526 l17530">performed </span><span class="pp-class-118 pa t17526 l17531">during </span><span class="pp-class-118 pa t17526 l17532">the </span><span class="pp-class-118 pa t17533 l3">financial </span><span class="pp-class-118 pa t17533 l1386">year. </span><span class="pp-class-118 pa t17533 l17534">The </span><span class="pp-class-118 pa t17533 l17535">stage </span><span class="pp-class-118 pa t17533 l17536">of </span><span class="pp-class-118 pa t17533 l2888">completion </span><span class="pp-class-118 pa t17533 l17537">is </span><span class="pp-class-118 pa t17533 l17538">measured </span><span class="pp-class-118 pa t17539 l3">based </span><span class="pp-class-118 pa t17539 l2837">on </span><span class="pp-class-118 pa t17539 l9654">the </span><span class="pp-class-118 pa t17539 l17540">ratio </span><span class="pp-class-118 pa t17539 l17541">between </span><span class="pp-class-118 pa t17539 l17542">the </span><span class="pp-class-118 pa t17539 l17543">expenses </span><span class="pp-class-118 pa t17539 l17544">incurred </span><span class="pp-class-118 pa t17539 l7362">and </span><span class="pp-class-118 pa t17545 l3">the </span><span class="pp-class-118 pa t17545 l1444">total </span><span class="pp-class-118 pa t17545 l17546">expenses </span><span class="pp-class-118 pa t17545 l17547">expected </span><span class="pp-class-118 pa t17545 l10758">for </span><span class="pp-class-118 pa t17545 l8587">the </span><span class="pp-class-118 pa t17545 l17548">contracts. </span><span class="pp-class-118 pa t17545 l17549">In </span><span class="pp-class-118 pa t17545 l17550">situa-</span><span class="pp-class-118 pa t17551 l3">tions </span><span class="pp-class-118 pa t17551 l16625">where </span><span class="pp-class-118 pa t17551 l17552">it </span><span class="pp-class-118 pa t17551 l17553">is </span><span class="pp-class-118 pa t17551 l17554">probable </span><span class="pp-class-118 pa t17551 l17555">that </span><span class="pp-class-118 pa t17551 l17556">total </span><span class="pp-class-118 pa t17551 l17557">contract </span><span class="pp-class-118 pa t17551 l13862">expenses </span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-118 pa t17559 l3">will </span><span class="pp-class-118 pa t17559 l17560">exceed </span><span class="pp-class-118 pa t17559 l17561">total </span><span class="pp-class-118 pa t17559 l17562 ls786">revenue </span><span class="pp-class-118 pa t17559 l17563">from </span><span class="pp-class-118 pa t17559 l3708">the </span><span class="pp-class-118 pa t17559 l17564 ls786">contract, </span><span class="pp-class-118 pa t17559 l17565">the </span><span class="pp-class-118 pa t17559 l17566">expected </span><span class="pp-class-118 pa t17567 l3">loss </span><span class="pp-class-118 pa t17567 l17568">is </span><span class="pp-class-118 pa t17567 l4420">recognised </span><span class="pp-class-118 pa t17567 l17569">as </span><span class="pp-class-118 pa t17567 l17570">an </span><span class="pp-class-118 pa t17567 l17571">expense </span><span class="pp-class-118 pa t17567 l13768">in </span><span class="pp-class-118 pa t17567 l6215">the </span><span class="pp-class-118 pa t17567 l17572">income </span><span class="pp-class-118 pa t17573 l3">statement.</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-118 pa t17574 l3">Net </span><span class="pp-class-118 pa t17574 l2845">revenue </span><span class="pp-class-118 pa t17574 l17575">is </span><span class="pp-class-118 pa t17574 l17576">recognised </span><span class="pp-class-118 pa t17574 l2973">at </span><span class="pp-class-118 pa t17574 l17577">the </span><span class="pp-class-118 pa t17574 l17578">fair </span><span class="pp-class-118 pa t17574 l12823">value </span><span class="pp-class-118 pa t17574 l17579">of </span><span class="pp-class-118 pa t17574 l17580">the </span><span class="pp-class-118 pa t17574 l17581">consid-</span><span class="pp-class-118 pa t17582 l3">eration </span><span class="pp-class-118 pa t17582 l1416">agreed, </span><span class="pp-class-118 pa t17582 l17583">excluding </span><span class="pp-class-118 pa t17582 l17584">VAT, </span><span class="pp-class-118 pa t17582 l17585">duties </span><span class="pp-class-118 pa t17582 l1061">and </span><span class="pp-class-118 pa t17582 l17586">discounts </span><span class="pp-class-118 pa t17582 l17587">in </span><span class="pp-class-118 pa t17588 l3">relation </span><span class="pp-class-118 pa t17588 l11851">to </span><span class="pp-class-118 pa t17588 l6594">the </span><span class="pp-class-118 pa t17588 l11852">sale.</span></p> <p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-120 pa t17589 l3 ls16079">Cost </span><span class="pp-class-120 pa t17589 l17590 ls458">of </span><span class="pp-class-120 pa t17589 l17591 ls176">goods </span><span class="pp-class-120 pa t17589 l17592 ls2759">sold</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-118 pa t17593 l3">Cost </span><span class="pp-class-118 pa t17593 l17594">of </span><span class="pp-class-118 pa t17593 l17595">goods </span><span class="pp-class-118 pa t17593 l17596">sold </span><span class="pp-class-118 pa t17593 l802">includes </span><span class="pp-class-118 pa t17593 l17597">the </span><span class="pp-class-118 pa t17593 l17598">manufacturing </span><span class="pp-class-118 pa t17593 l17599">costs </span><span class="pp-class-118 pa t17600 l3">incurred </span><span class="pp-class-118 pa t17600 l17601">to </span><span class="pp-class-118 pa t17600 l17602">achieve </span><span class="pp-class-118 pa t17600 l13993">the </span><span class="pp-class-118 pa t17600 l17603">revenue </span><span class="pp-class-118 pa t17600 l12908">for </span><span class="pp-class-118 pa t17600 l4147">the </span><span class="pp-class-118 pa t17600 l17604">year. </span><span class="pp-class-118 pa t17600 l17605">These </span><span class="pp-class-118 pa t17600 l5908">con-</span><span class="pp-class-118 pa t17606 l3">sist </span><span class="pp-class-118 pa t17606 l17607">of </span><span class="pp-class-118 pa t17606 l17608">raw </span><span class="pp-class-118 pa t17606 l17609">materials, </span><span class="pp-class-118 pa t17606 l17610">direct </span><span class="pp-class-118 pa t17606 l17611">labour </span><span class="pp-class-118 pa t17606 l17612">costs, </span><span class="pp-class-118 pa t17606 l9726">in- </span><span class="pp-class-118 pa t17606 l6879">and </span><span class="pp-class-118 pa t17606 l17613">out-</span><span class="pp-class-118 pa t17614 l3">bound </span><span class="pp-class-118 pa t17614 l17615">transportation </span><span class="pp-class-118 pa t17614 l17616">costs, </span><span class="pp-class-118 pa t17614 l8723">and </span><span class="pp-class-118 pa t17614 l14011">indirect </span><span class="pp-class-118 pa t17614 l17617">costs </span><span class="pp-class-118 pa t17614 l17618">related </span><span class="pp-class-118 pa t17614 l17619">to </span><span class="pp-class-118 pa t17620 l3">manufacturing, </span><span class="pp-class-118 pa t17620 l17621">such </span><span class="pp-class-118 pa t17620 l17622">as </span><span class="pp-class-118 pa t17620 l17623">salaries, </span><span class="pp-class-118 pa t17620 l17624">energy </span><span class="pp-class-118 pa t17620 l17625">and </span><span class="pp-class-118 pa t17620 l673">mainte-</span><span class="pp-class-118 pa t17626 l3">nance </span><span class="pp-class-118 pa t17626 l17627">costs, </span><span class="pp-class-118 pa t17626 l13966">as </span><span class="pp-class-118 pa t17626 l17628">well </span><span class="pp-class-118 pa t17626 l1592">as </span><span class="pp-class-118 pa t17626 l17629">depreciation </span><span class="pp-class-118 pa t17626 l17630">of </span><span class="pp-class-118 pa t17626 l17631">production </span><span class="pp-class-118 pa t17626 l17632">facil-</span><span class="pp-class-118 pa t17633 l3">ities </span><span class="pp-class-118 pa t17633 l17043">and </span><span class="pp-class-118 pa t17633 l10730">equipment.</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-120 pa t17679 l3 ls1345">Operating </span><span class="pp-class-120 pa t17679 l17680 ls15027">expenses </span><span class="pp-class-120 pa t17679 l17681 ls17682">(selling </span><span class="pp-class-120 pa t17679 l17683 ls2759">and </span><span class="pp-class-120 pa t17679 l17684 ls17685">administrative </span><span class="pp-class-120 pa t17686 l3 ls11035">expenses)</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-118 pa t17687 l3 ls620">Operating </span><span class="pp-class-118 pa t17687 l17688 ls620">expenses </span><span class="pp-class-118 pa t17687 l17689 ls636">primarily </span><span class="pp-class-118 pa t17687 l17690 ls620">comprise </span><span class="pp-class-118 pa t17687 l17691 ls623">selling </span><span class="pp-class-118 pa t17687 l17692 ls630">and </span><span class="pp-class-118 pa t17693 l3 ls2618">administrative </span><span class="pp-class-118 pa t17693 l17694 ls620">expenses. </span><span class="pp-class-118 pa t17693 l17695 ls623">Selling </span><span class="pp-class-118 pa t17693 l9494 ls620">expenses </span><span class="pp-class-118 pa t17693 l17696 ls623">include </span><span class="pp-class-118 pa t17693 l17697 ls615">staff </span><span class="pp-class-118 pa t17698 l3 ls626">costs, </span><span class="pp-class-118 pa t17698 l17699 ls620">marketing </span><span class="pp-class-118 pa t17698 l10784 ls626">costs, </span><span class="pp-class-118 pa t17698 l17700 ls626">losses </span><span class="pp-class-118 pa t17698 l17701 ls626">(incl. </span><span class="pp-class-118 pa t17698 l17702 ls636">provisions </span><span class="pp-class-118 pa t17698 l17703 ls617">for </span><span class="pp-class-118 pa t17698 l17704 ls617">losses) </span><span class="pp-class-118 pa t17705 l3 ls615">on </span><span class="pp-class-118 pa t17705 l9872 ls628">trade </span><span class="pp-class-118 pa t17705 l17706 ls663">receivables, </span><span class="pp-class-118 pa t17705 l4513 ls617">and </span><span class="pp-class-118 pa t17705 l7465 ls628">other </span><span class="pp-class-118 pa t17705 l11923 ls628">costs </span><span class="pp-class-118 pa t17705 l7445 ls623">related </span><span class="pp-class-118 pa t17705 l17707 ls615">to </span><span class="pp-class-118 pa t17705 l17708 ls628">sales </span><span class="pp-class-118 pa t17705 l17709 ls7807">and </span><span class="pp-class-118 pa t17710 l3 ls620">marketing </span><span class="pp-class-118 pa t17710 l17711 ls663">activities. </span><span class="pp-class-118 pa t17710 l1718 ls2618">Administrative </span><span class="pp-class-118 pa t17710 l17712 ls620">expenses </span><span class="pp-class-118 pa t17710 l17713 ls617">include </span><span class="pp-class-118 pa t17714 l3 ls628">staff </span><span class="pp-class-118 pa t17714 l17715 ls628">costs </span><span class="pp-class-118 pa t17714 l15986 ls617">and </span><span class="pp-class-118 pa t17714 l17716 ls628">other </span><span class="pp-class-118 pa t17714 l17717 ls628">costs </span><span class="pp-class-118 pa t17714 l17718 ls623">related </span><span class="pp-class-118 pa t17714 l17719 ls615">to </span><span class="pp-class-118 pa t17714 l17720 ls2618">administration.</span></p> <p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-120 pa t17634 l3 ls1845">Non-recurring </span><span class="pp-class-120 pa t17634 l17635 ls9542">items</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-118 pa t17636 l3">Non-recurring </span><span class="pp-class-118 pa t17636 l6522">items </span><span class="pp-class-118 pa t17636 l6759">are </span><span class="pp-class-118 pa t17636 l17637">applied </span><span class="pp-class-118 pa t17636 l17638">in </span><span class="pp-class-118 pa t17636 l6079">connection </span><span class="pp-class-118 pa t17636 l15121">with </span><span class="pp-class-118 pa t17636 l17639">the </span><span class="pp-class-118 pa t17640 l3">presentation </span><span class="pp-class-118 pa t17640 l17641">of </span><span class="pp-class-118 pa t17640 l13436">the </span><span class="pp-class-118 pa t17640 l17642">profit </span><span class="pp-class-118 pa t17640 l17643">or </span><span class="pp-class-118 pa t17640 l17644">loss </span><span class="pp-class-118 pa t17640 l17645">for </span><span class="pp-class-118 pa t17640 l17646">the </span><span class="pp-class-118 pa t17640 l17647">year </span><span class="pp-class-118 pa t17640 l17648">to </span><span class="pp-class-118 pa t17640 l17053">distin-</span><span class="pp-class-118 pa t17649 l3">guish </span><span class="pp-class-118 pa t17649 l17650">income </span><span class="pp-class-118 pa t17649 l17651">and </span><span class="pp-class-118 pa t17649 l17652">expenses </span><span class="pp-class-118 pa t17649 l17653">that </span><span class="pp-class-118 pa t17649 l17654">are </span><span class="pp-class-118 pa t17649 l17655">special </span><span class="pp-class-118 pa t17649 l17656">and </span><span class="pp-class-118 pa t17649 l17657">of </span><span class="pp-class-118 pa t17649 l17658">a </span><span class="pp-class-118 pa t17659 l3">non-recurring </span><span class="pp-class-118 pa t17659 l17660">nature </span><span class="pp-class-118 pa t17659 l13437">from </span><span class="pp-class-118 pa t17659 l17661">the </span><span class="pp-class-118 pa t17659 l17662">consolidated </span><span class="pp-class-118 pa t17659 l17663">operating </span><span class="pp-class-118 pa t17664 l3">profit </span><span class="pp-class-118 pa t17664 l17665">for </span><span class="pp-class-118 pa t17664 l17666">the </span><span class="pp-class-118 pa t17664 l17105">year. </span><span class="pp-class-118 pa t17664 l2170">Non-recurring </span><span class="pp-class-118 pa t17664 l17667">items </span><span class="pp-class-118 pa t17664 l17668">are </span><span class="pp-class-118 pa t17664 l9785">assessed </span><span class="pp-class-118 pa t17669 l3">item </span><span class="pp-class-118 pa t17669 l2038">by </span><span class="pp-class-118 pa t17669 l2067">item </span><span class="pp-class-118 pa t17669 l13007">and </span><span class="pp-class-118 pa t17669 l17670">comprise </span><span class="pp-class-118 pa t17669 l17671">transaction </span><span class="pp-class-118 pa t17669 l13693">costs </span><span class="pp-class-118 pa t17669 l17672">related </span><span class="pp-class-118 pa t17669 l16880">to </span><span class="pp-class-118 pa t17673 l3">business </span><span class="pp-class-118 pa t17673 l1707">combinations, </span><span class="pp-class-118 pa t17673 l17674">as </span><span class="pp-class-118 pa t17673 l9132">well </span><span class="pp-class-118 pa t17673 l665">as </span><span class="pp-class-118 pa t17673 l9134">gains </span><span class="pp-class-118 pa t17673 l17675">or </span><span class="pp-class-118 pa t17673 l14431">losses </span><span class="pp-class-118 pa t17673 l17676">on </span><span class="pp-class-118 pa t17677 l3">major </span><span class="pp-class-118 pa t17677 l17678">disposals.</span></p> <p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-120 pa t17721 l3 ls176">Share </span><span class="pp-class-120 pa t17721 l17722 ls458">of </span><span class="pp-class-120 pa t17721 l17723 ls17724">profit/loss </span><span class="pp-class-120 pa t17721 l17725 ls458">in </span><span class="pp-class-120 pa t17721 l17726 ls17727">associates</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-118 pa t17728 l3">The </span><span class="pp-class-118 pa t17728 l550">Group’s </span><span class="pp-class-118 pa t17728 l7469">share </span><span class="pp-class-118 pa t17728 l17382">of </span><span class="pp-class-118 pa t17728 l6698">associates’ </span><span class="pp-class-118 pa t17728 l10455">results </span><span class="pp-class-118 pa t17728 l17729">after </span><span class="pp-class-118 pa t17728 l17730">tax </span><span class="pp-class-118 pa t17728 l17731">and </span><span class="pp-class-118 pa t17732 l3">elimination </span><span class="pp-class-118 pa t17732 l8421">of </span><span class="pp-class-118 pa t17732 l17733">the </span><span class="pp-class-118 pa t17732 l17734">proportionate </span><span class="pp-class-118 pa t17732 l6460">share </span><span class="pp-class-118 pa t17732 l17735">of </span><span class="pp-class-118 pa t17732 l17736">internal </span><span class="pp-class-118 pa t17732 l17737">profit/</span><span class="pp-class-118 pa t17738 l3">loss </span><span class="pp-class-118 pa t17738 l17568">is </span><span class="pp-class-118 pa t17738 l4420">recognised </span><span class="pp-class-118 pa t17738 l17569">in </span><span class="pp-class-118 pa t17738 l12529">the </span><span class="pp-class-118 pa t17738 l17739">income </span><span class="pp-class-118 pa t17738 l17740">statement.</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-120 pa t18791 l3 ls1845">Investments </span><span class="pp-class-120 pa t18791 l18792 ls458">in </span><span class="pp-class-120 pa t18791 l18793 ls17727">associates</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-118 pa t1691 l3">Investments </span><span class="pp-class-118 pa t1691 l7184">in </span><span class="pp-class-118 pa t1691 l7185">associates </span><span class="pp-class-118 pa t1691 l18794">are </span><span class="pp-class-118 pa t1691 l9351">measured </span><span class="pp-class-118 pa t1691 l17625">using </span><span class="pp-class-118 pa t1691 l11161">the </span><span class="pp-class-118 pa t1691 l18795">equity </span><span class="pp-class-118 pa t1273 l3">method, </span><span class="pp-class-118 pa t1273 l18796">whereby </span><span class="pp-class-118 pa t1273 l18797">the </span><span class="pp-class-118 pa t1273 l18798">investments </span><span class="pp-class-118 pa t1273 l18799">in </span><span class="pp-class-118 pa t1273 l18800">the </span><span class="pp-class-118 pa t1273 l18801">balance </span><span class="pp-class-118 pa t1273 l18802">sheet </span><span class="pp-class-118 pa t1281 l3">are </span><span class="pp-class-118 pa t1281 l2545">measured </span><span class="pp-class-118 pa t1281 l18803">at </span><span class="pp-class-118 pa t1281 l931">the </span><span class="pp-class-118 pa t1281 l18804">proportionate </span><span class="pp-class-118 pa t1281 l18805">share </span><span class="pp-class-118 pa t1281 l18806">of </span><span class="pp-class-118 pa t1281 l18807">the </span><span class="pp-class-118 pa t1281 l18808">compa-</span><span class="pp-class-118 pa t1291 l3">nies’ </span><span class="pp-class-118 pa t1291 l18809">net </span><span class="pp-class-118 pa t1291 l18810">asset </span><span class="pp-class-118 pa t1291 l18811">value </span><span class="pp-class-118 pa t1291 l11211">calculated </span><span class="pp-class-118 pa t1291 l11396">in </span><span class="pp-class-118 pa t1291 l18812">accordance </span><span class="pp-class-118 pa t1291 l18813">with </span><span class="pp-class-118 pa t1291 l1087">the </span><span class="pp-class-118 pa t1305 l3">Group’s </span><span class="pp-class-118 pa t1305 l4222">accounting </span><span class="pp-class-118 pa t1305 l18814">policy </span><span class="pp-class-118 pa t1305 l18815">after </span><span class="pp-class-118 pa t1305 l18816">elimination </span><span class="pp-class-118 pa t1305 l18817">of </span><span class="pp-class-118 pa t1305 l3348">the </span><span class="pp-class-118 pa t1305 l18818">pro-</span><span class="pp-class-118 pa t1313 l3">portionate </span><span class="pp-class-118 pa t1313 l18819">share </span><span class="pp-class-118 pa t1313 l18820">of </span><span class="pp-class-118 pa t1313 l18821">unrealised </span><span class="pp-class-118 pa t1313 l12272">internal </span><span class="pp-class-118 pa t1313 l8545">profit/loss </span><span class="pp-class-118 pa t1313 l18822">and </span><span class="pp-class-118 pa t1560 l3">with </span><span class="pp-class-118 pa t1560 l2056">addition </span><span class="pp-class-118 pa t1560 l18823">of </span><span class="pp-class-118 pa t1560 l8754">value </span><span class="pp-class-118 pa t1560 l10799">added </span><span class="pp-class-118 pa t1560 l18824">on </span><span class="pp-class-118 pa t1560 l11782">acquisition, </span><span class="pp-class-118 pa t1560 l18825">including </span><span class="pp-class-118 pa t1317 l3">goodwill.</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-118 pa t1335 l3">Investments </span><span class="pp-class-118 pa t1335 l7184">in </span><span class="pp-class-118 pa t1335 l7185">associates </span><span class="pp-class-118 pa t1335 l18794">are </span><span class="pp-class-118 pa t1335 l9351">tested </span><span class="pp-class-118 pa t1335 l13861">for </span><span class="pp-class-118 pa t1335 l18826">impairment </span><span class="pp-class-118 pa t1335 l18827">if </span><span class="pp-class-118 pa t1342 l3">an </span><span class="pp-class-118 pa t1342 l8451">indication </span><span class="pp-class-118 pa t1342 l10854">of </span><span class="pp-class-118 pa t1342 l18828">impairment </span><span class="pp-class-118 pa t1342 l13205">arises.</span></p> <p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-120 pa t17721 l3 ls176">Share </span><span class="pp-class-120 pa t17721 l17722 ls458">of </span><span class="pp-class-120 pa t17721 l17723 ls17724">profit/loss </span><span class="pp-class-120 pa t17721 l17725 ls458">in </span><span class="pp-class-120 pa t17721 l17726 ls17727">associates</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-118 pa t17728 l3">The </span><span class="pp-class-118 pa t17728 l550">Group’s </span><span class="pp-class-118 pa t17728 l7469">share </span><span class="pp-class-118 pa t17728 l17382">of </span><span class="pp-class-118 pa t17728 l6698">associates’ </span><span class="pp-class-118 pa t17728 l10455">results </span><span class="pp-class-118 pa t17728 l17729">after </span><span class="pp-class-118 pa t17728 l17730">tax </span><span class="pp-class-118 pa t17728 l17731">and </span><span class="pp-class-118 pa t17732 l3">elimination </span><span class="pp-class-118 pa t17732 l8421">of </span><span class="pp-class-118 pa t17732 l17733">the </span><span class="pp-class-118 pa t17732 l17734">proportionate </span><span class="pp-class-118 pa t17732 l6460">share </span><span class="pp-class-118 pa t17732 l17735">of </span><span class="pp-class-118 pa t17732 l17736">internal </span><span class="pp-class-118 pa t17732 l17737">profit/</span><span class="pp-class-118 pa t17738 l3">loss </span><span class="pp-class-118 pa t17738 l17568">is </span><span class="pp-class-118 pa t17738 l4420">recognised </span><span class="pp-class-118 pa t17738 l17569">in </span><span class="pp-class-118 pa t17738 l12529">the </span><span class="pp-class-118 pa t17738 l17739">income </span><span class="pp-class-118 pa t17738 l17740">statement.</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-120 pa t18791 l3 ls1845">Investments </span><span class="pp-class-120 pa t18791 l18792 ls458">in </span><span class="pp-class-120 pa t18791 l18793 ls17727">associates</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-118 pa t1691 l3">Investments </span><span class="pp-class-118 pa t1691 l7184">in </span><span class="pp-class-118 pa t1691 l7185">associates </span><span class="pp-class-118 pa t1691 l18794">are </span><span class="pp-class-118 pa t1691 l9351">measured </span><span class="pp-class-118 pa t1691 l17625">using </span><span class="pp-class-118 pa t1691 l11161">the </span><span class="pp-class-118 pa t1691 l18795">equity </span><span class="pp-class-118 pa t1273 l3">method, </span><span class="pp-class-118 pa t1273 l18796">whereby </span><span class="pp-class-118 pa t1273 l18797">the </span><span class="pp-class-118 pa t1273 l18798">investments </span><span class="pp-class-118 pa t1273 l18799">in </span><span class="pp-class-118 pa t1273 l18800">the </span><span class="pp-class-118 pa t1273 l18801">balance </span><span class="pp-class-118 pa t1273 l18802">sheet </span><span class="pp-class-118 pa t1281 l3">are </span><span class="pp-class-118 pa t1281 l2545">measured </span><span class="pp-class-118 pa t1281 l18803">at </span><span class="pp-class-118 pa t1281 l931">the </span><span class="pp-class-118 pa t1281 l18804">proportionate </span><span class="pp-class-118 pa t1281 l18805">share </span><span class="pp-class-118 pa t1281 l18806">of </span><span class="pp-class-118 pa t1281 l18807">the </span><span class="pp-class-118 pa t1281 l18808">compa-</span><span class="pp-class-118 pa t1291 l3">nies’ </span><span class="pp-class-118 pa t1291 l18809">net </span><span class="pp-class-118 pa t1291 l18810">asset </span><span class="pp-class-118 pa t1291 l18811">value </span><span class="pp-class-118 pa t1291 l11211">calculated </span><span class="pp-class-118 pa t1291 l11396">in </span><span class="pp-class-118 pa t1291 l18812">accordance </span><span class="pp-class-118 pa t1291 l18813">with </span><span class="pp-class-118 pa t1291 l1087">the </span><span class="pp-class-118 pa t1305 l3">Group’s </span><span class="pp-class-118 pa t1305 l4222">accounting </span><span class="pp-class-118 pa t1305 l18814">policy </span><span class="pp-class-118 pa t1305 l18815">after </span><span class="pp-class-118 pa t1305 l18816">elimination </span><span class="pp-class-118 pa t1305 l18817">of </span><span class="pp-class-118 pa t1305 l3348">the </span><span class="pp-class-118 pa t1305 l18818">pro-</span><span class="pp-class-118 pa t1313 l3">portionate </span><span class="pp-class-118 pa t1313 l18819">share </span><span class="pp-class-118 pa t1313 l18820">of </span><span class="pp-class-118 pa t1313 l18821">unrealised </span><span class="pp-class-118 pa t1313 l12272">internal </span><span class="pp-class-118 pa t1313 l8545">profit/loss </span><span class="pp-class-118 pa t1313 l18822">and </span><span class="pp-class-118 pa t1560 l3">with </span><span class="pp-class-118 pa t1560 l2056">addition </span><span class="pp-class-118 pa t1560 l18823">of </span><span class="pp-class-118 pa t1560 l8754">value </span><span class="pp-class-118 pa t1560 l10799">added </span><span class="pp-class-118 pa t1560 l18824">on </span><span class="pp-class-118 pa t1560 l11782">acquisition, </span><span class="pp-class-118 pa t1560 l18825">including </span><span class="pp-class-118 pa t1317 l3">goodwill.</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-118 pa t1335 l3">Investments </span><span class="pp-class-118 pa t1335 l7184">in </span><span class="pp-class-118 pa t1335 l7185">associates </span><span class="pp-class-118 pa t1335 l18794">are </span><span class="pp-class-118 pa t1335 l9351">tested </span><span class="pp-class-118 pa t1335 l13861">for </span><span class="pp-class-118 pa t1335 l18826">impairment </span><span class="pp-class-118 pa t1335 l18827">if </span><span class="pp-class-118 pa t1342 l3">an </span><span class="pp-class-118 pa t1342 l8451">indication </span><span class="pp-class-118 pa t1342 l10854">of </span><span class="pp-class-118 pa t1342 l18828">impairment </span><span class="pp-class-118 pa t1342 l13205">arises.</span></p> <p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-120 pa t17744 l3 ls16577">Financial </span><span class="pp-class-120 pa t17744 l17745 ls1845">income </span><span class="pp-class-120 pa t17744 l17746 ls2759">and </span><span class="pp-class-120 pa t17744 l17747 ls17748">expenses</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-118 pa t17749 l3">Financial </span><span class="pp-class-118 pa t17749 l2830">income </span><span class="pp-class-118 pa t17749 l17750">and </span><span class="pp-class-118 pa t17749 l17751">expenses </span><span class="pp-class-118 pa t17749 l12890">comprise </span><span class="pp-class-118 pa t17749 l749">interest </span><span class="pp-class-118 pa t17752 l3">income </span><span class="pp-class-118 pa t17752 l6781">on </span><span class="pp-class-118 pa t17752 l12323">bank </span><span class="pp-class-118 pa t17752 l17753">balances </span><span class="pp-class-118 pa t17752 l17754">and </span><span class="pp-class-118 pa t17752 l17755">receivables, </span><span class="pp-class-118 pa t17752 l1663">interest </span><span class="pp-class-118 pa t17756 l3">expense </span><span class="pp-class-118 pa t17756 l17757">on </span><span class="pp-class-118 pa t17756 l10075">loans, </span><span class="pp-class-118 pa t17756 l10453">gain/loss </span><span class="pp-class-118 pa t17756 l17758">on </span><span class="pp-class-118 pa t17756 l6795">interest </span><span class="pp-class-118 pa t17756 l17759">rate </span><span class="pp-class-118 pa t17756 l12594">swaps </span><span class="pp-class-118 pa t17756 l13119">as </span><span class="pp-class-118 pa t17760 l3">well </span><span class="pp-class-118 pa t17760 l17761">as </span><span class="pp-class-118 pa t17760 l13395">exchange </span><span class="pp-class-118 pa t17760 l17762">rate </span><span class="pp-class-118 pa t17760 l6423">differences </span><span class="pp-class-118 pa t17760 l10111">on </span><span class="pp-class-118 pa t17760 l2015">financial </span><span class="pp-class-118 pa t17760 l17763">items.</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-118 pa t17764 l3">Interest </span><span class="pp-class-118 pa t17764 l17765">income </span><span class="pp-class-118 pa t17764 l17766">on </span><span class="pp-class-118 pa t17764 l738">receivables </span><span class="pp-class-118 pa t17764 l17767">and </span><span class="pp-class-118 pa t17764 l17768">interest </span><span class="pp-class-118 pa t17764 l17769">expense </span><span class="pp-class-118 pa t17764 l17770">on </span><span class="pp-class-118 pa t17771 l3">liabilities </span><span class="pp-class-118 pa t17771 l17772">are </span><span class="pp-class-118 pa t17771 l17773">calculated </span><span class="pp-class-118 pa t17771 l17774">in </span><span class="pp-class-118 pa t17771 l17775">accordance </span><span class="pp-class-118 pa t17771 l17776">with </span><span class="pp-class-118 pa t17771 l10917">the </span><span class="pp-class-118 pa t17771 l17777">effective </span><span class="pp-class-118 pa t17778 l3">interest </span><span class="pp-class-118 pa t17778 l17779">rate </span><span class="pp-class-118 pa t17778 l16933">method. </span><span class="pp-class-118 pa t17778 l8358">The </span><span class="pp-class-118 pa t17778 l17780">effective </span><span class="pp-class-118 pa t17778 l14372">interest </span><span class="pp-class-118 pa t17778 l17781">rate </span><span class="pp-class-118 pa t17778 l17782">is </span><span class="pp-class-118 pa t17778 l17783">the </span><span class="pp-class-118 pa t17784 l3">interest </span><span class="pp-class-118 pa t17784 l17779">rate </span><span class="pp-class-118 pa t17784 l16933">that </span><span class="pp-class-118 pa t17784 l8505">makes </span><span class="pp-class-118 pa t17784 l17785">the </span><span class="pp-class-118 pa t17784 l8522">present </span><span class="pp-class-118 pa t17784 l17786">value </span><span class="pp-class-118 pa t17784 l17787">of </span><span class="pp-class-118 pa t17784 l17788">all </span><span class="pp-class-118 pa t17784 l9742">future </span><span class="pp-class-118 pa t17789 l3">receipts </span><span class="pp-class-118 pa t17789 l17790">and </span><span class="pp-class-118 pa t17789 l12814">disbursements </span><span class="pp-class-118 pa t17789 l17791">during </span><span class="pp-class-118 pa t17789 l17792">the </span><span class="pp-class-118 pa t17789 l17793">fixed-interest </span><span class="pp-class-118 pa t17794 l3">term </span><span class="pp-class-118 pa t17794 l13013">equal </span><span class="pp-class-118 pa t17794 l10621">to </span><span class="pp-class-118 pa t17794 l17795">the </span><span class="pp-class-118 pa t17794 l17796">carrying </span><span class="pp-class-118 pa t17794 l17797">amount </span><span class="pp-class-118 pa t17794 l17798">of </span><span class="pp-class-118 pa t17794 l17799">the </span><span class="pp-class-118 pa t17794 l9280">receivable </span><span class="pp-class-118 pa t17794 l6322">or </span><span class="pp-class-118 pa t17800 l3">liability. </span><span class="pp-class-118 pa t17800 l17801">The </span><span class="pp-class-118 pa t17800 l17802">calculation </span><span class="pp-class-118 pa t17800 l17803">includes </span><span class="pp-class-118 pa t17800 l17804">all </span><span class="pp-class-118 pa t17800 l12291">fees </span><span class="pp-class-118 pa t17800 l17805">paid </span><span class="pp-class-118 pa t17800 l17806">or </span><span class="pp-class-118 pa t17807 l3">received </span><span class="pp-class-118 pa t17807 l14135">by </span><span class="pp-class-118 pa t17807 l17808">contractual </span><span class="pp-class-118 pa t17807 l17809">parties </span><span class="pp-class-118 pa t17807 l17810">that </span><span class="pp-class-118 pa t17807 l17811">are </span><span class="pp-class-118 pa t17807 l13034">part </span><span class="pp-class-118 pa t17807 l17812">of </span><span class="pp-class-118 pa t17807 l17813">the </span><span class="pp-class-118 pa t17807 l17814">effec-</span><span class="pp-class-118 pa t17815 l3">tive </span><span class="pp-class-118 pa t17815 l17816">interest </span><span class="pp-class-118 pa t17815 l9456">rate, </span><span class="pp-class-118 pa t17815 l17817">i.e. </span><span class="pp-class-118 pa t17815 l17818">transaction </span><span class="pp-class-118 pa t17815 l17819">costs </span><span class="pp-class-118 pa t17815 l17820">and </span><span class="pp-class-118 pa t17815 l2143">surplus </span><span class="pp-class-118 pa t17815 l17821">and </span><span class="pp-class-118 pa t17822 l3">deficit </span><span class="pp-class-118 pa t17822 l11548">values.</span></p> <p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-120 pa t17744 l3 ls16577">Financial </span><span class="pp-class-120 pa t17744 l17745 ls1845">income </span><span class="pp-class-120 pa t17744 l17746 ls2759">and </span><span class="pp-class-120 pa t17744 l17747 ls17748">expenses</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-118 pa t17749 l3">Financial </span><span class="pp-class-118 pa t17749 l2830">income </span><span class="pp-class-118 pa t17749 l17750">and </span><span class="pp-class-118 pa t17749 l17751">expenses </span><span class="pp-class-118 pa t17749 l12890">comprise </span><span class="pp-class-118 pa t17749 l749">interest </span><span class="pp-class-118 pa t17752 l3">income </span><span class="pp-class-118 pa t17752 l6781">on </span><span class="pp-class-118 pa t17752 l12323">bank </span><span class="pp-class-118 pa t17752 l17753">balances </span><span class="pp-class-118 pa t17752 l17754">and </span><span class="pp-class-118 pa t17752 l17755">receivables, </span><span class="pp-class-118 pa t17752 l1663">interest </span><span class="pp-class-118 pa t17756 l3">expense </span><span class="pp-class-118 pa t17756 l17757">on </span><span class="pp-class-118 pa t17756 l10075">loans, </span><span class="pp-class-118 pa t17756 l10453">gain/loss </span><span class="pp-class-118 pa t17756 l17758">on </span><span class="pp-class-118 pa t17756 l6795">interest </span><span class="pp-class-118 pa t17756 l17759">rate </span><span class="pp-class-118 pa t17756 l12594">swaps </span><span class="pp-class-118 pa t17756 l13119">as </span><span class="pp-class-118 pa t17760 l3">well </span><span class="pp-class-118 pa t17760 l17761">as </span><span class="pp-class-118 pa t17760 l13395">exchange </span><span class="pp-class-118 pa t17760 l17762">rate </span><span class="pp-class-118 pa t17760 l6423">differences </span><span class="pp-class-118 pa t17760 l10111">on </span><span class="pp-class-118 pa t17760 l2015">financial </span><span class="pp-class-118 pa t17760 l17763">items.</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-118 pa t17764 l3">Interest </span><span class="pp-class-118 pa t17764 l17765">income </span><span class="pp-class-118 pa t17764 l17766">on </span><span class="pp-class-118 pa t17764 l738">receivables </span><span class="pp-class-118 pa t17764 l17767">and </span><span class="pp-class-118 pa t17764 l17768">interest </span><span class="pp-class-118 pa t17764 l17769">expense </span><span class="pp-class-118 pa t17764 l17770">on </span><span class="pp-class-118 pa t17771 l3">liabilities </span><span class="pp-class-118 pa t17771 l17772">are </span><span class="pp-class-118 pa t17771 l17773">calculated </span><span class="pp-class-118 pa t17771 l17774">in </span><span class="pp-class-118 pa t17771 l17775">accordance </span><span class="pp-class-118 pa t17771 l17776">with </span><span class="pp-class-118 pa t17771 l10917">the </span><span class="pp-class-118 pa t17771 l17777">effective </span><span class="pp-class-118 pa t17778 l3">interest </span><span class="pp-class-118 pa t17778 l17779">rate </span><span class="pp-class-118 pa t17778 l16933">method. </span><span class="pp-class-118 pa t17778 l8358">The </span><span class="pp-class-118 pa t17778 l17780">effective </span><span class="pp-class-118 pa t17778 l14372">interest </span><span class="pp-class-118 pa t17778 l17781">rate </span><span class="pp-class-118 pa t17778 l17782">is </span><span class="pp-class-118 pa t17778 l17783">the </span><span class="pp-class-118 pa t17784 l3">interest </span><span class="pp-class-118 pa t17784 l17779">rate </span><span class="pp-class-118 pa t17784 l16933">that </span><span class="pp-class-118 pa t17784 l8505">makes </span><span class="pp-class-118 pa t17784 l17785">the </span><span class="pp-class-118 pa t17784 l8522">present </span><span class="pp-class-118 pa t17784 l17786">value </span><span class="pp-class-118 pa t17784 l17787">of </span><span class="pp-class-118 pa t17784 l17788">all </span><span class="pp-class-118 pa t17784 l9742">future </span><span class="pp-class-118 pa t17789 l3">receipts </span><span class="pp-class-118 pa t17789 l17790">and </span><span class="pp-class-118 pa t17789 l12814">disbursements </span><span class="pp-class-118 pa t17789 l17791">during </span><span class="pp-class-118 pa t17789 l17792">the </span><span class="pp-class-118 pa t17789 l17793">fixed-interest </span><span class="pp-class-118 pa t17794 l3">term </span><span class="pp-class-118 pa t17794 l13013">equal </span><span class="pp-class-118 pa t17794 l10621">to </span><span class="pp-class-118 pa t17794 l17795">the </span><span class="pp-class-118 pa t17794 l17796">carrying </span><span class="pp-class-118 pa t17794 l17797">amount </span><span class="pp-class-118 pa t17794 l17798">of </span><span class="pp-class-118 pa t17794 l17799">the </span><span class="pp-class-118 pa t17794 l9280">receivable </span><span class="pp-class-118 pa t17794 l6322">or </span><span class="pp-class-118 pa t17800 l3">liability. </span><span class="pp-class-118 pa t17800 l17801">The </span><span class="pp-class-118 pa t17800 l17802">calculation </span><span class="pp-class-118 pa t17800 l17803">includes </span><span class="pp-class-118 pa t17800 l17804">all </span><span class="pp-class-118 pa t17800 l12291">fees </span><span class="pp-class-118 pa t17800 l17805">paid </span><span class="pp-class-118 pa t17800 l17806">or </span><span class="pp-class-118 pa t17807 l3">received </span><span class="pp-class-118 pa t17807 l14135">by </span><span class="pp-class-118 pa t17807 l17808">contractual </span><span class="pp-class-118 pa t17807 l17809">parties </span><span class="pp-class-118 pa t17807 l17810">that </span><span class="pp-class-118 pa t17807 l17811">are </span><span class="pp-class-118 pa t17807 l13034">part </span><span class="pp-class-118 pa t17807 l17812">of </span><span class="pp-class-118 pa t17807 l17813">the </span><span class="pp-class-118 pa t17807 l17814">effec-</span><span class="pp-class-118 pa t17815 l3">tive </span><span class="pp-class-118 pa t17815 l17816">interest </span><span class="pp-class-118 pa t17815 l9456">rate, </span><span class="pp-class-118 pa t17815 l17817">i.e. </span><span class="pp-class-118 pa t17815 l17818">transaction </span><span class="pp-class-118 pa t17815 l17819">costs </span><span class="pp-class-118 pa t17815 l17820">and </span><span class="pp-class-118 pa t17815 l2143">surplus </span><span class="pp-class-118 pa t17815 l17821">and </span><span class="pp-class-118 pa t17822 l3">deficit </span><span class="pp-class-118 pa t17822 l11548">values.</span></p> <p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-120 pa t17744 l3 ls16577">Financial </span><span class="pp-class-120 pa t17744 l17745 ls1845">income </span><span class="pp-class-120 pa t17744 l17746 ls2759">and </span><span class="pp-class-120 pa t17744 l17747 ls17748">expenses</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-118 pa t17749 l3">Financial </span><span class="pp-class-118 pa t17749 l2830">income </span><span class="pp-class-118 pa t17749 l17750">and </span><span class="pp-class-118 pa t17749 l17751">expenses </span><span class="pp-class-118 pa t17749 l12890">comprise </span><span class="pp-class-118 pa t17749 l749">interest </span><span class="pp-class-118 pa t17752 l3">income </span><span class="pp-class-118 pa t17752 l6781">on </span><span class="pp-class-118 pa t17752 l12323">bank </span><span class="pp-class-118 pa t17752 l17753">balances </span><span class="pp-class-118 pa t17752 l17754">and </span><span class="pp-class-118 pa t17752 l17755">receivables, </span><span class="pp-class-118 pa t17752 l1663">interest </span><span class="pp-class-118 pa t17756 l3">expense </span><span class="pp-class-118 pa t17756 l17757">on </span><span class="pp-class-118 pa t17756 l10075">loans, </span><span class="pp-class-118 pa t17756 l10453">gain/loss </span><span class="pp-class-118 pa t17756 l17758">on </span><span class="pp-class-118 pa t17756 l6795">interest </span><span class="pp-class-118 pa t17756 l17759">rate </span><span class="pp-class-118 pa t17756 l12594">swaps </span><span class="pp-class-118 pa t17756 l13119">as </span><span class="pp-class-118 pa t17760 l3">well </span><span class="pp-class-118 pa t17760 l17761">as </span><span class="pp-class-118 pa t17760 l13395">exchange </span><span class="pp-class-118 pa t17760 l17762">rate </span><span class="pp-class-118 pa t17760 l6423">differences </span><span class="pp-class-118 pa t17760 l10111">on </span><span class="pp-class-118 pa t17760 l2015">financial </span><span class="pp-class-118 pa t17760 l17763">items.</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-118 pa t17764 l3">Interest </span><span class="pp-class-118 pa t17764 l17765">income </span><span class="pp-class-118 pa t17764 l17766">on </span><span class="pp-class-118 pa t17764 l738">receivables </span><span class="pp-class-118 pa t17764 l17767">and </span><span class="pp-class-118 pa t17764 l17768">interest </span><span class="pp-class-118 pa t17764 l17769">expense </span><span class="pp-class-118 pa t17764 l17770">on </span><span class="pp-class-118 pa t17771 l3">liabilities </span><span class="pp-class-118 pa t17771 l17772">are </span><span class="pp-class-118 pa t17771 l17773">calculated </span><span class="pp-class-118 pa t17771 l17774">in </span><span class="pp-class-118 pa t17771 l17775">accordance </span><span class="pp-class-118 pa t17771 l17776">with </span><span class="pp-class-118 pa t17771 l10917">the </span><span class="pp-class-118 pa t17771 l17777">effective </span><span class="pp-class-118 pa t17778 l3">interest </span><span class="pp-class-118 pa t17778 l17779">rate </span><span class="pp-class-118 pa t17778 l16933">method. </span><span class="pp-class-118 pa t17778 l8358">The </span><span class="pp-class-118 pa t17778 l17780">effective </span><span class="pp-class-118 pa t17778 l14372">interest </span><span class="pp-class-118 pa t17778 l17781">rate </span><span class="pp-class-118 pa t17778 l17782">is </span><span class="pp-class-118 pa t17778 l17783">the </span><span class="pp-class-118 pa t17784 l3">interest </span><span class="pp-class-118 pa t17784 l17779">rate </span><span class="pp-class-118 pa t17784 l16933">that </span><span class="pp-class-118 pa t17784 l8505">makes </span><span class="pp-class-118 pa t17784 l17785">the </span><span class="pp-class-118 pa t17784 l8522">present </span><span class="pp-class-118 pa t17784 l17786">value </span><span class="pp-class-118 pa t17784 l17787">of </span><span class="pp-class-118 pa t17784 l17788">all </span><span class="pp-class-118 pa t17784 l9742">future </span><span class="pp-class-118 pa t17789 l3">receipts </span><span class="pp-class-118 pa t17789 l17790">and </span><span class="pp-class-118 pa t17789 l12814">disbursements </span><span class="pp-class-118 pa t17789 l17791">during </span><span class="pp-class-118 pa t17789 l17792">the </span><span class="pp-class-118 pa t17789 l17793">fixed-interest </span><span class="pp-class-118 pa t17794 l3">term </span><span class="pp-class-118 pa t17794 l13013">equal </span><span class="pp-class-118 pa t17794 l10621">to </span><span class="pp-class-118 pa t17794 l17795">the </span><span class="pp-class-118 pa t17794 l17796">carrying </span><span class="pp-class-118 pa t17794 l17797">amount </span><span class="pp-class-118 pa t17794 l17798">of </span><span class="pp-class-118 pa t17794 l17799">the </span><span class="pp-class-118 pa t17794 l9280">receivable </span><span class="pp-class-118 pa t17794 l6322">or </span><span class="pp-class-118 pa t17800 l3">liability. </span><span class="pp-class-118 pa t17800 l17801">The </span><span class="pp-class-118 pa t17800 l17802">calculation </span><span class="pp-class-118 pa t17800 l17803">includes </span><span class="pp-class-118 pa t17800 l17804">all </span><span class="pp-class-118 pa t17800 l12291">fees </span><span class="pp-class-118 pa t17800 l17805">paid </span><span class="pp-class-118 pa t17800 l17806">or </span><span class="pp-class-118 pa t17807 l3">received </span><span class="pp-class-118 pa t17807 l14135">by </span><span class="pp-class-118 pa t17807 l17808">contractual </span><span class="pp-class-118 pa t17807 l17809">parties </span><span class="pp-class-118 pa t17807 l17810">that </span><span class="pp-class-118 pa t17807 l17811">are </span><span class="pp-class-118 pa t17807 l13034">part </span><span class="pp-class-118 pa t17807 l17812">of </span><span class="pp-class-118 pa t17807 l17813">the </span><span class="pp-class-118 pa t17807 l17814">effec-</span><span class="pp-class-118 pa t17815 l3">tive </span><span class="pp-class-118 pa t17815 l17816">interest </span><span class="pp-class-118 pa t17815 l9456">rate, </span><span class="pp-class-118 pa t17815 l17817">i.e. </span><span class="pp-class-118 pa t17815 l17818">transaction </span><span class="pp-class-118 pa t17815 l17819">costs </span><span class="pp-class-118 pa t17815 l17820">and </span><span class="pp-class-118 pa t17815 l2143">surplus </span><span class="pp-class-118 pa t17815 l17821">and </span><span class="pp-class-118 pa t17822 l3">deficit </span><span class="pp-class-118 pa t17822 l11548">values.</span></p> <p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-120 pa t17823 l3 ls17824">Tax</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-118 pa t17825 l3">Tax </span><span class="pp-class-118 pa t17825 l17826">costs </span><span class="pp-class-118 pa t17825 l705">for </span><span class="pp-class-118 pa t17825 l17827">the </span><span class="pp-class-118 pa t17825 l17828">year </span><span class="pp-class-118 pa t17825 l17829">comprise </span><span class="pp-class-118 pa t17825 l17830">current </span><span class="pp-class-118 pa t17825 l17831">tax </span><span class="pp-class-118 pa t17825 l17832">and </span><span class="pp-class-118 pa t17825 l17833">deferred </span><span class="pp-class-118 pa t17834 l3">tax. </span><span class="pp-class-118 pa t17834 l17835">Income </span><span class="pp-class-118 pa t17834 l2533">taxes </span><span class="pp-class-118 pa t17834 l17836">are </span><span class="pp-class-118 pa t17834 l9051">recognised </span><span class="pp-class-118 pa t17834 l17837">in </span><span class="pp-class-118 pa t17834 l9751">the </span><span class="pp-class-118 pa t17834 l1960">income </span><span class="pp-class-118 pa t17834 l7441">state-</span><span class="pp-class-118 pa t17838 l3">ment </span><span class="pp-class-118 pa t17838 l17839">except </span><span class="pp-class-118 pa t17838 l17840">when </span><span class="pp-class-118 pa t17838 l17841">the </span><span class="pp-class-118 pa t17838 l17842">underlying </span><span class="pp-class-118 pa t17838 l12623">transaction </span><span class="pp-class-118 pa t17838 l17843">is </span><span class="pp-class-118 pa t17838 l17844">recog-</span><span class="pp-class-118 pa t17845 l3">nised </span><span class="pp-class-118 pa t17845 l17154">in </span><span class="pp-class-118 pa t17845 l17155">other </span><span class="pp-class-118 pa t17845 l17846">comprehensive </span><span class="pp-class-118 pa t17845 l17847">income </span><span class="pp-class-118 pa t17845 l17848">or </span><span class="pp-class-118 pa t17845 l13830">in </span><span class="pp-class-118 pa t17845 l17849">sharehold-</span><span class="pp-class-118 pa t17850 l3">ers’ </span><span class="pp-class-118 pa t17850 l17339">equity, </span><span class="pp-class-118 pa t17850 l17851">in </span><span class="pp-class-118 pa t17850 l17846">which </span><span class="pp-class-118 pa t17850 l17852">case </span><span class="pp-class-118 pa t17850 l17853">the </span><span class="pp-class-118 pa t17850 l17854">associated </span><span class="pp-class-118 pa t17850 l10868">tax </span><span class="pp-class-118 pa t17850 l17855">effects </span><span class="pp-class-118 pa t17850 l17856">are </span><span class="pp-class-118 pa t17857 l3">recognised </span><span class="pp-class-118 pa t17857 l4260">directly </span><span class="pp-class-118 pa t17857 l17858">in </span><span class="pp-class-118 pa t17857 l5968">other </span><span class="pp-class-118 pa t17857 l13077">comprehensive </span><span class="pp-class-118 pa t17857 l12594">income </span><span class="pp-class-118 pa t17857 l17859">or </span><span class="pp-class-118 pa t17857 l17860">in </span><span class="pp-class-118 pa t17861 l3">shareholders’ </span><span class="pp-class-118 pa t17861 l17862">equity.</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-118 pa t17863 l3">Current </span><span class="pp-class-118 pa t17863 l17864">tax </span><span class="pp-class-118 pa t17863 l2573">is </span><span class="pp-class-118 pa t17863 l17865">tax </span><span class="pp-class-118 pa t17863 l15171">that </span><span class="pp-class-118 pa t17863 l7300">is </span><span class="pp-class-118 pa t17863 l13593">to </span><span class="pp-class-118 pa t17863 l17866">be </span><span class="pp-class-118 pa t17863 l17867">paid </span><span class="pp-class-118 pa t17863 l17868">or </span><span class="pp-class-118 pa t17863 l11337">received </span><span class="pp-class-118 pa t17863 l17869">regarding </span><span class="pp-class-118 pa t17870 l3">the </span><span class="pp-class-118 pa t17870 l1444">current </span><span class="pp-class-118 pa t17870 l17871">year, </span><span class="pp-class-118 pa t17870 l17872">calculated </span><span class="pp-class-118 pa t17870 l1618">using </span><span class="pp-class-118 pa t17870 l17873">the </span><span class="pp-class-118 pa t17870 l17874">tax </span><span class="pp-class-118 pa t17870 l17875">rates </span><span class="pp-class-118 pa t17870 l17876">set </span><span class="pp-class-118 pa t17870 l17877">or </span><span class="pp-class-118 pa t17870 l17878">set </span><span class="pp-class-118 pa t17879 l3">in </span><span class="pp-class-118 pa t17879 l1343">principle </span><span class="pp-class-118 pa t17879 l17880">on </span><span class="pp-class-118 pa t17879 l7316">the </span><span class="pp-class-118 pa t17879 l17881">balance </span><span class="pp-class-118 pa t17879 l17882">sheet </span><span class="pp-class-118 pa t17879 l17883">date. </span><span class="pp-class-118 pa t17879 l17884">This </span><span class="pp-class-118 pa t17879 l17885">item </span><span class="pp-class-118 pa t17879 l17886">also </span><span class="pp-class-118 pa t17887 l3">includes </span><span class="pp-class-118 pa t17887 l7314">adjustments </span><span class="pp-class-118 pa t17887 l17888">to </span><span class="pp-class-118 pa t17887 l12356">current </span><span class="pp-class-118 pa t17887 l15074">tax </span><span class="pp-class-118 pa t17887 l17889">attributable </span><span class="pp-class-118 pa t17887 l17890">to </span><span class="pp-class-118 pa t17887 l17891">pre-</span><span class="pp-class-118 pa t17892 l3">vious </span><span class="pp-class-118 pa t17892 l17893">periods.</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-118 pa t17894 l3 ls620">Deferred </span><span class="pp-class-118 pa t17894 l2168 ls617">tax </span><span class="pp-class-118 pa t17894 l17895 ls615">is </span><span class="pp-class-118 pa t17894 l17896 ls636">calculated </span><span class="pp-class-118 pa t17894 l17897 ls620">according </span><span class="pp-class-118 pa t17894 l17898 ls615">to </span><span class="pp-class-118 pa t17894 l17899 ls617">the </span><span class="pp-class-118 pa t17894 l17900 ls623">balance </span><span class="pp-class-118 pa t17894 l17901 ls615">sheet </span><span class="pp-class-118 pa t17902 l3 ls626">method </span><span class="pp-class-118 pa t17902 l17903 ls615">on </span><span class="pp-class-118 pa t17902 l17904 ls617">all </span><span class="pp-class-118 pa t17902 l17905 ls620">temporary </span><span class="pp-class-118 pa t17902 l11311 ls663">differences </span><span class="pp-class-118 pa t17902 l17906 ls623">arising </span><span class="pp-class-118 pa t17902 l17907 ls623">between </span><span class="pp-class-118 pa t17902 l17908 ls630">the </span><span class="pp-class-118 pa t17909 l3 ls620">carrying </span><span class="pp-class-118 pa t17909 l2610 ls626">amount </span><span class="pp-class-118 pa t17909 l17910 ls617">and </span><span class="pp-class-118 pa t17909 l11142 ls617">tax </span><span class="pp-class-118 pa t17909 l17911 ls639">base </span><span class="pp-class-118 pa t17909 l17912 ls615">of </span><span class="pp-class-118 pa t17909 l17913 ls626">assets </span><span class="pp-class-118 pa t17909 l17914 ls617">and </span><span class="pp-class-118 pa t17909 l17915 ls663">liabilities.</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-118 pa t17916 l3">The </span><span class="pp-class-118 pa t17916 l550">tax </span><span class="pp-class-118 pa t17916 l17917">effect </span><span class="pp-class-118 pa t17916 l17918">attributable </span><span class="pp-class-118 pa t17916 l17919">to </span><span class="pp-class-118 pa t17916 l11113">tax </span><span class="pp-class-118 pa t17916 l17920">loss </span><span class="pp-class-118 pa t17916 l17921">carryforwards </span><span class="pp-class-118 pa t17916 l17922">that </span><span class="pp-class-118 pa t17923 l3">could </span><span class="pp-class-118 pa t17923 l17924">be </span><span class="pp-class-118 pa t17923 l14353">utilised </span><span class="pp-class-118 pa t17923 l17925">against </span><span class="pp-class-118 pa t17923 l17926">future </span><span class="pp-class-118 pa t17923 l17927">profits </span><span class="pp-class-118 pa t17923 l17928">is </span><span class="pp-class-118 pa t17923 l17929">capitalised </span><span class="pp-class-118 pa t17923 l17930">as </span><span class="pp-class-118 pa t17923 l17931">a </span><span class="pp-class-118 pa t17932 l3">deferred </span><span class="pp-class-118 pa t17932 l1927">tax </span><span class="pp-class-118 pa t17932 l17933">asset. </span><span class="pp-class-118 pa t17932 l6351">This </span><span class="pp-class-118 pa t17932 l17934">applies </span><span class="pp-class-118 pa t17932 l15084">to </span><span class="pp-class-118 pa t17932 l17935">both </span><span class="pp-class-118 pa t17932 l17936">accumulated </span><span class="pp-class-118 pa t17932 l17937">loss </span><span class="pp-class-118 pa t17938 l3">carryforwards </span><span class="pp-class-118 pa t17938 l17939">at </span><span class="pp-class-118 pa t17938 l13463">the </span><span class="pp-class-118 pa t17938 l17940">acquisition </span><span class="pp-class-118 pa t17938 l17941">date </span><span class="pp-class-118 pa t17938 l17942">and </span><span class="pp-class-118 pa t17938 l17943">losses </span><span class="pp-class-118 pa t17938 l17944">arising </span><span class="pp-class-118 pa t17945 l3">subsequently.</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-118 pa t17946 l3">Deferred </span><span class="pp-class-118 pa t17946 l7485">tax </span><span class="pp-class-118 pa t17946 l17947">is </span><span class="pp-class-118 pa t17946 l11233">measured </span><span class="pp-class-118 pa t17946 l17948">at </span><span class="pp-class-118 pa t17946 l17949">the </span><span class="pp-class-118 pa t17946 l17950">tax </span><span class="pp-class-118 pa t17946 l17951">rates </span><span class="pp-class-118 pa t17946 l17952">that </span><span class="pp-class-118 pa t17946 l17953">are </span><span class="pp-class-118 pa t17954 l3">expected </span><span class="pp-class-118 pa t17954 l17225">to </span><span class="pp-class-118 pa t17954 l17955">apply </span><span class="pp-class-118 pa t17954 l17956">to </span><span class="pp-class-118 pa t17954 l13778">the </span><span class="pp-class-118 pa t17954 l17957">period </span><span class="pp-class-118 pa t17954 l17958">when </span><span class="pp-class-118 pa t17954 l17959">the </span><span class="pp-class-118 pa t17954 l9448">asset </span><span class="pp-class-118 pa t17954 l17960">is </span><span class="pp-class-118 pa t17954 l17961">realised </span><span class="pp-class-118 pa t17962 l3">or </span><span class="pp-class-118 pa t17962 l8418">the </span><span class="pp-class-118 pa t17962 l17963">liability </span><span class="pp-class-118 pa t17962 l17964">is </span><span class="pp-class-118 pa t17962 l4261">settled. </span><span class="pp-class-118 pa t17962 l3325">Deferred </span><span class="pp-class-118 pa t17962 l17965">tax </span><span class="pp-class-118 pa t17962 l13703">is </span><span class="pp-class-118 pa t17962 l14190">recognised </span><span class="pp-class-118 pa t17962 l17966">in </span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-118 pa t17967 l3">the </span><span class="pp-class-118 pa t17967 l1444">balance </span><span class="pp-class-118 pa t17967 l17022">sheet </span><span class="pp-class-118 pa t17967 l17023">as </span><span class="pp-class-118 pa t17967 l17968">a </span><span class="pp-class-118 pa t17967 l17969">non-current </span><span class="pp-class-118 pa t17967 l17970">asset </span><span class="pp-class-118 pa t17967 l17971">or </span><span class="pp-class-118 pa t17967 l17972">liability. </span><span class="pp-class-118 pa t17967 l17973">The </span><span class="pp-class-118 pa t17749 l3">income </span><span class="pp-class-118 pa t17749 l6781">tax </span><span class="pp-class-118 pa t17749 l17974">liability </span><span class="pp-class-118 pa t17749 l10496">is </span><span class="pp-class-118 pa t17749 l17975">recognised </span><span class="pp-class-118 pa t17749 l17976">as </span><span class="pp-class-118 pa t17749 l10832">a </span><span class="pp-class-118 pa t17749 l10833">current </span><span class="pp-class-118 pa t17749 l17977">receivable </span><span class="pp-class-118 pa t17752 l3">or </span><span class="pp-class-118 pa t17752 l8418">current </span><span class="pp-class-118 pa t17752 l6807">liability.</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-118 pa t17760 l3">If </span><span class="pp-class-118 pa t17760 l17131">the </span><span class="pp-class-118 pa t17760 l17978">actual </span><span class="pp-class-118 pa t17760 l17979">outcome </span><span class="pp-class-118 pa t17760 l17980">differs </span><span class="pp-class-118 pa t17760 l6289">from </span><span class="pp-class-118 pa t17760 l8312">the </span><span class="pp-class-118 pa t17760 l17981">amounts </span><span class="pp-class-118 pa t17760 l11821">initially </span><span class="pp-class-118 pa t17982 l3">recognised, </span><span class="pp-class-118 pa t17982 l17983">the </span><span class="pp-class-118 pa t17982 l17984">differences </span><span class="pp-class-118 pa t17982 l17985">will </span><span class="pp-class-118 pa t17982 l17288">affect </span><span class="pp-class-118 pa t17982 l17986">current </span><span class="pp-class-118 pa t17982 l17500">tax </span><span class="pp-class-118 pa t17982 l17987">and </span><span class="pp-class-118 pa t17764 l3">deferred </span><span class="pp-class-118 pa t17764 l1927">tax </span><span class="pp-class-118 pa t17764 l17933">in </span><span class="pp-class-118 pa t17764 l17988">the </span><span class="pp-class-118 pa t17764 l17989">period </span><span class="pp-class-118 pa t17764 l17990">in </span><span class="pp-class-118 pa t17764 l17991">which </span><span class="pp-class-118 pa t17764 l17992">these </span><span class="pp-class-118 pa t17764 l17993">calculations </span><span class="pp-class-118 pa t17764 l17994">are </span><span class="pp-class-118 pa t17771 l3">made.</span></p> <p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-120 pa t17823 l3 ls17824">Tax</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-118 pa t17825 l3">Tax </span><span class="pp-class-118 pa t17825 l17826">costs </span><span class="pp-class-118 pa t17825 l705">for </span><span class="pp-class-118 pa t17825 l17827">the </span><span class="pp-class-118 pa t17825 l17828">year </span><span class="pp-class-118 pa t17825 l17829">comprise </span><span class="pp-class-118 pa t17825 l17830">current </span><span class="pp-class-118 pa t17825 l17831">tax </span><span class="pp-class-118 pa t17825 l17832">and </span><span class="pp-class-118 pa t17825 l17833">deferred </span><span class="pp-class-118 pa t17834 l3">tax. </span><span class="pp-class-118 pa t17834 l17835">Income </span><span class="pp-class-118 pa t17834 l2533">taxes </span><span class="pp-class-118 pa t17834 l17836">are </span><span class="pp-class-118 pa t17834 l9051">recognised </span><span class="pp-class-118 pa t17834 l17837">in </span><span class="pp-class-118 pa t17834 l9751">the </span><span class="pp-class-118 pa t17834 l1960">income </span><span class="pp-class-118 pa t17834 l7441">state-</span><span class="pp-class-118 pa t17838 l3">ment </span><span class="pp-class-118 pa t17838 l17839">except </span><span class="pp-class-118 pa t17838 l17840">when </span><span class="pp-class-118 pa t17838 l17841">the </span><span class="pp-class-118 pa t17838 l17842">underlying </span><span class="pp-class-118 pa t17838 l12623">transaction </span><span class="pp-class-118 pa t17838 l17843">is </span><span class="pp-class-118 pa t17838 l17844">recog-</span><span class="pp-class-118 pa t17845 l3">nised </span><span class="pp-class-118 pa t17845 l17154">in </span><span class="pp-class-118 pa t17845 l17155">other </span><span class="pp-class-118 pa t17845 l17846">comprehensive </span><span class="pp-class-118 pa t17845 l17847">income </span><span class="pp-class-118 pa t17845 l17848">or </span><span class="pp-class-118 pa t17845 l13830">in </span><span class="pp-class-118 pa t17845 l17849">sharehold-</span><span class="pp-class-118 pa t17850 l3">ers’ </span><span class="pp-class-118 pa t17850 l17339">equity, </span><span class="pp-class-118 pa t17850 l17851">in </span><span class="pp-class-118 pa t17850 l17846">which </span><span class="pp-class-118 pa t17850 l17852">case </span><span class="pp-class-118 pa t17850 l17853">the </span><span class="pp-class-118 pa t17850 l17854">associated </span><span class="pp-class-118 pa t17850 l10868">tax </span><span class="pp-class-118 pa t17850 l17855">effects </span><span class="pp-class-118 pa t17850 l17856">are </span><span class="pp-class-118 pa t17857 l3">recognised </span><span class="pp-class-118 pa t17857 l4260">directly </span><span class="pp-class-118 pa t17857 l17858">in </span><span class="pp-class-118 pa t17857 l5968">other </span><span class="pp-class-118 pa t17857 l13077">comprehensive </span><span class="pp-class-118 pa t17857 l12594">income </span><span class="pp-class-118 pa t17857 l17859">or </span><span class="pp-class-118 pa t17857 l17860">in </span><span class="pp-class-118 pa t17861 l3">shareholders’ </span><span class="pp-class-118 pa t17861 l17862">equity.</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-118 pa t17863 l3">Current </span><span class="pp-class-118 pa t17863 l17864">tax </span><span class="pp-class-118 pa t17863 l2573">is </span><span class="pp-class-118 pa t17863 l17865">tax </span><span class="pp-class-118 pa t17863 l15171">that </span><span class="pp-class-118 pa t17863 l7300">is </span><span class="pp-class-118 pa t17863 l13593">to </span><span class="pp-class-118 pa t17863 l17866">be </span><span class="pp-class-118 pa t17863 l17867">paid </span><span class="pp-class-118 pa t17863 l17868">or </span><span class="pp-class-118 pa t17863 l11337">received </span><span class="pp-class-118 pa t17863 l17869">regarding </span><span class="pp-class-118 pa t17870 l3">the </span><span class="pp-class-118 pa t17870 l1444">current </span><span class="pp-class-118 pa t17870 l17871">year, </span><span class="pp-class-118 pa t17870 l17872">calculated </span><span class="pp-class-118 pa t17870 l1618">using </span><span class="pp-class-118 pa t17870 l17873">the </span><span class="pp-class-118 pa t17870 l17874">tax </span><span class="pp-class-118 pa t17870 l17875">rates </span><span class="pp-class-118 pa t17870 l17876">set </span><span class="pp-class-118 pa t17870 l17877">or </span><span class="pp-class-118 pa t17870 l17878">set </span><span class="pp-class-118 pa t17879 l3">in </span><span class="pp-class-118 pa t17879 l1343">principle </span><span class="pp-class-118 pa t17879 l17880">on </span><span class="pp-class-118 pa t17879 l7316">the </span><span class="pp-class-118 pa t17879 l17881">balance </span><span class="pp-class-118 pa t17879 l17882">sheet </span><span class="pp-class-118 pa t17879 l17883">date. </span><span class="pp-class-118 pa t17879 l17884">This </span><span class="pp-class-118 pa t17879 l17885">item </span><span class="pp-class-118 pa t17879 l17886">also </span><span class="pp-class-118 pa t17887 l3">includes </span><span class="pp-class-118 pa t17887 l7314">adjustments </span><span class="pp-class-118 pa t17887 l17888">to </span><span class="pp-class-118 pa t17887 l12356">current </span><span class="pp-class-118 pa t17887 l15074">tax </span><span class="pp-class-118 pa t17887 l17889">attributable </span><span class="pp-class-118 pa t17887 l17890">to </span><span class="pp-class-118 pa t17887 l17891">pre-</span><span class="pp-class-118 pa t17892 l3">vious </span><span class="pp-class-118 pa t17892 l17893">periods.</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-118 pa t17894 l3 ls620">Deferred </span><span class="pp-class-118 pa t17894 l2168 ls617">tax </span><span class="pp-class-118 pa t17894 l17895 ls615">is </span><span class="pp-class-118 pa t17894 l17896 ls636">calculated </span><span class="pp-class-118 pa t17894 l17897 ls620">according </span><span class="pp-class-118 pa t17894 l17898 ls615">to </span><span class="pp-class-118 pa t17894 l17899 ls617">the </span><span class="pp-class-118 pa t17894 l17900 ls623">balance </span><span class="pp-class-118 pa t17894 l17901 ls615">sheet </span><span class="pp-class-118 pa t17902 l3 ls626">method </span><span class="pp-class-118 pa t17902 l17903 ls615">on </span><span class="pp-class-118 pa t17902 l17904 ls617">all </span><span class="pp-class-118 pa t17902 l17905 ls620">temporary </span><span class="pp-class-118 pa t17902 l11311 ls663">differences </span><span class="pp-class-118 pa t17902 l17906 ls623">arising </span><span class="pp-class-118 pa t17902 l17907 ls623">between </span><span class="pp-class-118 pa t17902 l17908 ls630">the </span><span class="pp-class-118 pa t17909 l3 ls620">carrying </span><span class="pp-class-118 pa t17909 l2610 ls626">amount </span><span class="pp-class-118 pa t17909 l17910 ls617">and </span><span class="pp-class-118 pa t17909 l11142 ls617">tax </span><span class="pp-class-118 pa t17909 l17911 ls639">base </span><span class="pp-class-118 pa t17909 l17912 ls615">of </span><span class="pp-class-118 pa t17909 l17913 ls626">assets </span><span class="pp-class-118 pa t17909 l17914 ls617">and </span><span class="pp-class-118 pa t17909 l17915 ls663">liabilities.</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-118 pa t17916 l3">The </span><span class="pp-class-118 pa t17916 l550">tax </span><span class="pp-class-118 pa t17916 l17917">effect </span><span class="pp-class-118 pa t17916 l17918">attributable </span><span class="pp-class-118 pa t17916 l17919">to </span><span class="pp-class-118 pa t17916 l11113">tax </span><span class="pp-class-118 pa t17916 l17920">loss </span><span class="pp-class-118 pa t17916 l17921">carryforwards </span><span class="pp-class-118 pa t17916 l17922">that </span><span class="pp-class-118 pa t17923 l3">could </span><span class="pp-class-118 pa t17923 l17924">be </span><span class="pp-class-118 pa t17923 l14353">utilised </span><span class="pp-class-118 pa t17923 l17925">against </span><span class="pp-class-118 pa t17923 l17926">future </span><span class="pp-class-118 pa t17923 l17927">profits </span><span class="pp-class-118 pa t17923 l17928">is </span><span class="pp-class-118 pa t17923 l17929">capitalised </span><span class="pp-class-118 pa t17923 l17930">as </span><span class="pp-class-118 pa t17923 l17931">a </span><span class="pp-class-118 pa t17932 l3">deferred </span><span class="pp-class-118 pa t17932 l1927">tax </span><span class="pp-class-118 pa t17932 l17933">asset. </span><span class="pp-class-118 pa t17932 l6351">This </span><span class="pp-class-118 pa t17932 l17934">applies </span><span class="pp-class-118 pa t17932 l15084">to </span><span class="pp-class-118 pa t17932 l17935">both </span><span class="pp-class-118 pa t17932 l17936">accumulated </span><span class="pp-class-118 pa t17932 l17937">loss </span><span class="pp-class-118 pa t17938 l3">carryforwards </span><span class="pp-class-118 pa t17938 l17939">at </span><span class="pp-class-118 pa t17938 l13463">the </span><span class="pp-class-118 pa t17938 l17940">acquisition </span><span class="pp-class-118 pa t17938 l17941">date </span><span class="pp-class-118 pa t17938 l17942">and </span><span class="pp-class-118 pa t17938 l17943">losses </span><span class="pp-class-118 pa t17938 l17944">arising </span><span class="pp-class-118 pa t17945 l3">subsequently.</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-118 pa t17946 l3">Deferred </span><span class="pp-class-118 pa t17946 l7485">tax </span><span class="pp-class-118 pa t17946 l17947">is </span><span class="pp-class-118 pa t17946 l11233">measured </span><span class="pp-class-118 pa t17946 l17948">at </span><span class="pp-class-118 pa t17946 l17949">the </span><span class="pp-class-118 pa t17946 l17950">tax </span><span class="pp-class-118 pa t17946 l17951">rates </span><span class="pp-class-118 pa t17946 l17952">that </span><span class="pp-class-118 pa t17946 l17953">are </span><span class="pp-class-118 pa t17954 l3">expected </span><span class="pp-class-118 pa t17954 l17225">to </span><span class="pp-class-118 pa t17954 l17955">apply </span><span class="pp-class-118 pa t17954 l17956">to </span><span class="pp-class-118 pa t17954 l13778">the </span><span class="pp-class-118 pa t17954 l17957">period </span><span class="pp-class-118 pa t17954 l17958">when </span><span class="pp-class-118 pa t17954 l17959">the </span><span class="pp-class-118 pa t17954 l9448">asset </span><span class="pp-class-118 pa t17954 l17960">is </span><span class="pp-class-118 pa t17954 l17961">realised </span><span class="pp-class-118 pa t17962 l3">or </span><span class="pp-class-118 pa t17962 l8418">the </span><span class="pp-class-118 pa t17962 l17963">liability </span><span class="pp-class-118 pa t17962 l17964">is </span><span class="pp-class-118 pa t17962 l4261">settled. </span><span class="pp-class-118 pa t17962 l3325">Deferred </span><span class="pp-class-118 pa t17962 l17965">tax </span><span class="pp-class-118 pa t17962 l13703">is </span><span class="pp-class-118 pa t17962 l14190">recognised </span><span class="pp-class-118 pa t17962 l17966">in </span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-118 pa t17967 l3">the </span><span class="pp-class-118 pa t17967 l1444">balance </span><span class="pp-class-118 pa t17967 l17022">sheet </span><span class="pp-class-118 pa t17967 l17023">as </span><span class="pp-class-118 pa t17967 l17968">a </span><span class="pp-class-118 pa t17967 l17969">non-current </span><span class="pp-class-118 pa t17967 l17970">asset </span><span class="pp-class-118 pa t17967 l17971">or </span><span class="pp-class-118 pa t17967 l17972">liability. </span><span class="pp-class-118 pa t17967 l17973">The </span><span class="pp-class-118 pa t17749 l3">income </span><span class="pp-class-118 pa t17749 l6781">tax </span><span class="pp-class-118 pa t17749 l17974">liability </span><span class="pp-class-118 pa t17749 l10496">is </span><span class="pp-class-118 pa t17749 l17975">recognised </span><span class="pp-class-118 pa t17749 l17976">as </span><span class="pp-class-118 pa t17749 l10832">a </span><span class="pp-class-118 pa t17749 l10833">current </span><span class="pp-class-118 pa t17749 l17977">receivable </span><span class="pp-class-118 pa t17752 l3">or </span><span class="pp-class-118 pa t17752 l8418">current </span><span class="pp-class-118 pa t17752 l6807">liability.</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-118 pa t17760 l3">If </span><span class="pp-class-118 pa t17760 l17131">the </span><span class="pp-class-118 pa t17760 l17978">actual </span><span class="pp-class-118 pa t17760 l17979">outcome </span><span class="pp-class-118 pa t17760 l17980">differs </span><span class="pp-class-118 pa t17760 l6289">from </span><span class="pp-class-118 pa t17760 l8312">the </span><span class="pp-class-118 pa t17760 l17981">amounts </span><span class="pp-class-118 pa t17760 l11821">initially </span><span class="pp-class-118 pa t17982 l3">recognised, </span><span class="pp-class-118 pa t17982 l17983">the </span><span class="pp-class-118 pa t17982 l17984">differences </span><span class="pp-class-118 pa t17982 l17985">will </span><span class="pp-class-118 pa t17982 l17288">affect </span><span class="pp-class-118 pa t17982 l17986">current </span><span class="pp-class-118 pa t17982 l17500">tax </span><span class="pp-class-118 pa t17982 l17987">and </span><span class="pp-class-118 pa t17764 l3">deferred </span><span class="pp-class-118 pa t17764 l1927">tax </span><span class="pp-class-118 pa t17764 l17933">in </span><span class="pp-class-118 pa t17764 l17988">the </span><span class="pp-class-118 pa t17764 l17989">period </span><span class="pp-class-118 pa t17764 l17990">in </span><span class="pp-class-118 pa t17764 l17991">which </span><span class="pp-class-118 pa t17764 l17992">these </span><span class="pp-class-118 pa t17764 l17993">calculations </span><span class="pp-class-118 pa t17764 l17994">are </span><span class="pp-class-118 pa t17771 l3">made.</span></p> <p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-120 pa t17995 l3 ls1219">Intangible </span><span class="pp-class-120 pa t17995 l17996 ls2759">assets</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-118 pa t17789 l3">Goodwill </span><span class="pp-class-118 pa t17789 l17225">comprises </span><span class="pp-class-118 pa t17789 l1035">the </span><span class="pp-class-118 pa t17789 l17997">amount </span><span class="pp-class-118 pa t17789 l10316">by </span><span class="pp-class-118 pa t17789 l17998">which </span><span class="pp-class-118 pa t17789 l17999">the </span><span class="pp-class-118 pa t17789 l18000">cost </span><span class="pp-class-118 pa t17789 l18001">of </span><span class="pp-class-118 pa t17789 l18002">the </span><span class="pp-class-118 pa t17794 l3">acquired </span><span class="pp-class-118 pa t17794 l18003">entity </span><span class="pp-class-118 pa t17794 l18004">exceeds </span><span class="pp-class-118 pa t17794 l18005">the </span><span class="pp-class-118 pa t17794 l9986">established </span><span class="pp-class-118 pa t17794 l18006">fair </span><span class="pp-class-118 pa t17794 l18007">value </span><span class="pp-class-118 pa t17794 l18008">of </span><span class="pp-class-118 pa t17800 l3">identifiable </span><span class="pp-class-118 pa t17800 l18009">net </span><span class="pp-class-118 pa t17800 l18010">assets, </span><span class="pp-class-118 pa t17800 l18011">as </span><span class="pp-class-118 pa t17800 l18012">recognised </span><span class="pp-class-118 pa t17800 l18013">in </span><span class="pp-class-118 pa t17800 l18014">the </span><span class="pp-class-118 pa t17800 l18015">acquisition </span><span class="pp-class-118 pa t17807 l3">analysis. </span><span class="pp-class-118 pa t17807 l18003">In </span><span class="pp-class-118 pa t17807 l9544">connection </span><span class="pp-class-118 pa t17807 l18016">with </span><span class="pp-class-118 pa t17807 l17004">the </span><span class="pp-class-118 pa t17807 l18017">acquisition </span><span class="pp-class-118 pa t17807 l18018">of </span><span class="pp-class-118 pa t17807 l18019">entities, </span><span class="pp-class-118 pa t17815 l3">goodwill </span><span class="pp-class-118 pa t17815 l18020">is </span><span class="pp-class-118 pa t17815 l18021">allocated </span><span class="pp-class-118 pa t17815 l18022">to </span><span class="pp-class-118 pa t17815 l18023">cash-generating </span><span class="pp-class-118 pa t17815 l18024">units </span><span class="pp-class-118 pa t17815 l6509">and </span><span class="pp-class-118 pa t17815 l6580">the </span><span class="pp-class-118 pa t17822 l3">fair </span><span class="pp-class-118 pa t17822 l6806">value </span><span class="pp-class-118 pa t17822 l17268">of </span><span class="pp-class-118 pa t17822 l18025">each </span><span class="pp-class-118 pa t17822 l18026">brand </span><span class="pp-class-118 pa t17822 l18027">is </span><span class="pp-class-118 pa t17822 l18028">measured. </span><span class="pp-class-118 pa t17822 l18029">Since </span><span class="pp-class-118 pa t17822 l18030">goodwill </span><span class="pp-class-118 pa t17822 l18031">and </span><span class="pp-class-118 pa t18032 l3">the </span><span class="pp-class-118 pa t18032 l1444">Svane </span><span class="pp-class-118 pa t18032 l18033">Køkkenet </span><span class="pp-class-118 pa t18032 l12904">brand </span><span class="pp-class-118 pa t18032 l18034">have </span><span class="pp-class-118 pa t18032 l18035">an </span><span class="pp-class-118 pa t18032 l18036">indefinite </span><span class="pp-class-118 pa t18032 l18037">useful </span><span class="pp-class-118 pa t18032 l18038">life, </span><span class="pp-class-118 pa t18039 l3">they </span><span class="pp-class-118 pa t18039 l18040">are </span><span class="pp-class-118 pa t18039 l16760">not </span><span class="pp-class-118 pa t18039 l18041">amortised. </span><span class="pp-class-118 pa t18039 l11978">The </span><span class="pp-class-118 pa t18039 l12367">indefinite </span><span class="pp-class-118 pa t18039 l18042">useful </span><span class="pp-class-118 pa t18039 l18043">life </span><span class="pp-class-118 pa t18039 l18044">is </span><span class="pp-class-118 pa t18039 l18045">justi-</span><span class="pp-class-118 pa t17825 l3">fied </span><span class="pp-class-118 pa t17825 l18046">by </span><span class="pp-class-118 pa t17825 l7177">the </span><span class="pp-class-118 pa t17825 l18047">long </span><span class="pp-class-118 pa t17825 l18048">life </span><span class="pp-class-118 pa t17825 l12278">of </span><span class="pp-class-118 pa t17825 l18049">the </span><span class="pp-class-118 pa t17825 l18050">brand, </span><span class="pp-class-118 pa t17825 l12065">as </span><span class="pp-class-118 pa t17825 l18051">there </span><span class="pp-class-118 pa t17825 l9378">is </span><span class="pp-class-118 pa t17825 l18052">no </span><span class="pp-class-118 pa t17825 l18053">intention </span><span class="pp-class-118 pa t17834 l3">of </span><span class="pp-class-118 pa t17834 l557">changing </span><span class="pp-class-118 pa t17834 l17518">the </span><span class="pp-class-118 pa t17834 l18054">brand </span><span class="pp-class-118 pa t17834 l18055">set-up. </span><span class="pp-class-118 pa t17834 l18056">Thus, </span><span class="pp-class-118 pa t17834 l18057">it </span><span class="pp-class-118 pa t17834 l9939">is </span><span class="pp-class-118 pa t17834 l18058">not </span><span class="pp-class-118 pa t17834 l18059">possible </span><span class="pp-class-118 pa t17834 l18060">to </span><span class="pp-class-118 pa t17838 l3">determine </span><span class="pp-class-118 pa t17838 l18061">a </span><span class="pp-class-118 pa t17838 l18062">useful </span><span class="pp-class-118 pa t17838 l18063">life. </span><span class="pp-class-118 pa t17838 l18064">Instead, </span><span class="pp-class-118 pa t17838 l1909">goodwill </span><span class="pp-class-118 pa t17838 l11392">and </span><span class="pp-class-118 pa t17838 l18065">the </span><span class="pp-class-118 pa t17838 l18066">Svane </span><span class="pp-class-118 pa t17845 l3">Køkkenet </span><span class="pp-class-118 pa t17845 l18067">brand </span><span class="pp-class-118 pa t17845 l18068">are </span><span class="pp-class-118 pa t17845 l18069">subject </span><span class="pp-class-118 pa t17845 l18070">to </span><span class="pp-class-118 pa t17845 l18071">impairment </span><span class="pp-class-118 pa t17845 l18072">testing </span><span class="pp-class-118 pa t17845 l9209">annu-</span><span class="pp-class-118 pa t17850 l3">ally </span><span class="pp-class-118 pa t17850 l18073">or </span><span class="pp-class-118 pa t17850 l18074">if </span><span class="pp-class-118 pa t17850 l18075">an </span><span class="pp-class-118 pa t17850 l18076">indication </span><span class="pp-class-118 pa t17850 l18077">of </span><span class="pp-class-118 pa t17850 l18078">impairment </span><span class="pp-class-118 pa t17850 l18079">arises. </span><span class="pp-class-118 pa t17850 l18080">The </span><span class="pp-class-118 pa t17850 l18081">carry-</span><span class="pp-class-118 pa t17857 l3">ing </span><span class="pp-class-118 pa t17857 l18082">amount </span><span class="pp-class-118 pa t17857 l10495">comprises </span><span class="pp-class-118 pa t17857 l9794">the </span><span class="pp-class-118 pa t17857 l18083">cost </span><span class="pp-class-118 pa t17857 l18084">less </span><span class="pp-class-118 pa t17857 l18085">any </span><span class="pp-class-118 pa t17857 l18086">accumulated </span><span class="pp-class-118 pa t17861 l3">impairment </span><span class="pp-class-118 pa t17861 l18087">losses. </span><span class="pp-class-118 pa t17861 l17503">A </span><span class="pp-class-118 pa t17861 l18088">description </span><span class="pp-class-118 pa t17861 l18089">of </span><span class="pp-class-118 pa t17861 l7384">the </span><span class="pp-class-118 pa t17861 l8719">method </span><span class="pp-class-118 pa t17861 l18090">and </span><span class="pp-class-118 pa t18091 l3">assumptions </span><span class="pp-class-118 pa t18091 l18092">applied </span><span class="pp-class-118 pa t18091 l7651">when </span><span class="pp-class-118 pa t18091 l18093">conducting </span><span class="pp-class-118 pa t18091 l8675">impairment </span><span class="pp-class-118 pa t18091 l18094">tests </span><span class="pp-class-118 pa t17863 l3">is </span><span class="pp-class-118 pa t17863 l4125">found </span><span class="pp-class-118 pa t17863 l18095">in </span><span class="pp-class-118 pa t17863 l18096">note </span><span class="pp-class-118 pa t17863 l6736">12 </span><span class="pp-class-118 pa t17863 l9918">Intangible </span><span class="pp-class-118 pa t17863 l18097">assets.</span></p> <p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-120 pa t17995 l3 ls1219">Intangible </span><span class="pp-class-120 pa t17995 l17996 ls2759">assets</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-118 pa t17789 l3">Goodwill </span><span class="pp-class-118 pa t17789 l17225">comprises </span><span class="pp-class-118 pa t17789 l1035">the </span><span class="pp-class-118 pa t17789 l17997">amount </span><span class="pp-class-118 pa t17789 l10316">by </span><span class="pp-class-118 pa t17789 l17998">which </span><span class="pp-class-118 pa t17789 l17999">the </span><span class="pp-class-118 pa t17789 l18000">cost </span><span class="pp-class-118 pa t17789 l18001">of </span><span class="pp-class-118 pa t17789 l18002">the </span><span class="pp-class-118 pa t17794 l3">acquired </span><span class="pp-class-118 pa t17794 l18003">entity </span><span class="pp-class-118 pa t17794 l18004">exceeds </span><span class="pp-class-118 pa t17794 l18005">the </span><span class="pp-class-118 pa t17794 l9986">established </span><span class="pp-class-118 pa t17794 l18006">fair </span><span class="pp-class-118 pa t17794 l18007">value </span><span class="pp-class-118 pa t17794 l18008">of </span><span class="pp-class-118 pa t17800 l3">identifiable </span><span class="pp-class-118 pa t17800 l18009">net </span><span class="pp-class-118 pa t17800 l18010">assets, </span><span class="pp-class-118 pa t17800 l18011">as </span><span class="pp-class-118 pa t17800 l18012">recognised </span><span class="pp-class-118 pa t17800 l18013">in </span><span class="pp-class-118 pa t17800 l18014">the </span><span class="pp-class-118 pa t17800 l18015">acquisition </span><span class="pp-class-118 pa t17807 l3">analysis. </span><span class="pp-class-118 pa t17807 l18003">In </span><span class="pp-class-118 pa t17807 l9544">connection </span><span class="pp-class-118 pa t17807 l18016">with </span><span class="pp-class-118 pa t17807 l17004">the </span><span class="pp-class-118 pa t17807 l18017">acquisition </span><span class="pp-class-118 pa t17807 l18018">of </span><span class="pp-class-118 pa t17807 l18019">entities, </span><span class="pp-class-118 pa t17815 l3">goodwill </span><span class="pp-class-118 pa t17815 l18020">is </span><span class="pp-class-118 pa t17815 l18021">allocated </span><span class="pp-class-118 pa t17815 l18022">to </span><span class="pp-class-118 pa t17815 l18023">cash-generating </span><span class="pp-class-118 pa t17815 l18024">units </span><span class="pp-class-118 pa t17815 l6509">and </span><span class="pp-class-118 pa t17815 l6580">the </span><span class="pp-class-118 pa t17822 l3">fair </span><span class="pp-class-118 pa t17822 l6806">value </span><span class="pp-class-118 pa t17822 l17268">of </span><span class="pp-class-118 pa t17822 l18025">each </span><span class="pp-class-118 pa t17822 l18026">brand </span><span class="pp-class-118 pa t17822 l18027">is </span><span class="pp-class-118 pa t17822 l18028">measured. </span><span class="pp-class-118 pa t17822 l18029">Since </span><span class="pp-class-118 pa t17822 l18030">goodwill </span><span class="pp-class-118 pa t17822 l18031">and </span><span class="pp-class-118 pa t18032 l3">the </span><span class="pp-class-118 pa t18032 l1444">Svane </span><span class="pp-class-118 pa t18032 l18033">Køkkenet </span><span class="pp-class-118 pa t18032 l12904">brand </span><span class="pp-class-118 pa t18032 l18034">have </span><span class="pp-class-118 pa t18032 l18035">an </span><span class="pp-class-118 pa t18032 l18036">indefinite </span><span class="pp-class-118 pa t18032 l18037">useful </span><span class="pp-class-118 pa t18032 l18038">life, </span><span class="pp-class-118 pa t18039 l3">they </span><span class="pp-class-118 pa t18039 l18040">are </span><span class="pp-class-118 pa t18039 l16760">not </span><span class="pp-class-118 pa t18039 l18041">amortised. </span><span class="pp-class-118 pa t18039 l11978">The </span><span class="pp-class-118 pa t18039 l12367">indefinite </span><span class="pp-class-118 pa t18039 l18042">useful </span><span class="pp-class-118 pa t18039 l18043">life </span><span class="pp-class-118 pa t18039 l18044">is </span><span class="pp-class-118 pa t18039 l18045">justi-</span><span class="pp-class-118 pa t17825 l3">fied </span><span class="pp-class-118 pa t17825 l18046">by </span><span class="pp-class-118 pa t17825 l7177">the </span><span class="pp-class-118 pa t17825 l18047">long </span><span class="pp-class-118 pa t17825 l18048">life </span><span class="pp-class-118 pa t17825 l12278">of </span><span class="pp-class-118 pa t17825 l18049">the </span><span class="pp-class-118 pa t17825 l18050">brand, </span><span class="pp-class-118 pa t17825 l12065">as </span><span class="pp-class-118 pa t17825 l18051">there </span><span class="pp-class-118 pa t17825 l9378">is </span><span class="pp-class-118 pa t17825 l18052">no </span><span class="pp-class-118 pa t17825 l18053">intention </span><span class="pp-class-118 pa t17834 l3">of </span><span class="pp-class-118 pa t17834 l557">changing </span><span class="pp-class-118 pa t17834 l17518">the </span><span class="pp-class-118 pa t17834 l18054">brand </span><span class="pp-class-118 pa t17834 l18055">set-up. </span><span class="pp-class-118 pa t17834 l18056">Thus, </span><span class="pp-class-118 pa t17834 l18057">it </span><span class="pp-class-118 pa t17834 l9939">is </span><span class="pp-class-118 pa t17834 l18058">not </span><span class="pp-class-118 pa t17834 l18059">possible </span><span class="pp-class-118 pa t17834 l18060">to </span><span class="pp-class-118 pa t17838 l3">determine </span><span class="pp-class-118 pa t17838 l18061">a </span><span class="pp-class-118 pa t17838 l18062">useful </span><span class="pp-class-118 pa t17838 l18063">life. </span><span class="pp-class-118 pa t17838 l18064">Instead, </span><span class="pp-class-118 pa t17838 l1909">goodwill </span><span class="pp-class-118 pa t17838 l11392">and </span><span class="pp-class-118 pa t17838 l18065">the </span><span class="pp-class-118 pa t17838 l18066">Svane </span><span class="pp-class-118 pa t17845 l3">Køkkenet </span><span class="pp-class-118 pa t17845 l18067">brand </span><span class="pp-class-118 pa t17845 l18068">are </span><span class="pp-class-118 pa t17845 l18069">subject </span><span class="pp-class-118 pa t17845 l18070">to </span><span class="pp-class-118 pa t17845 l18071">impairment </span><span class="pp-class-118 pa t17845 l18072">testing </span><span class="pp-class-118 pa t17845 l9209">annu-</span><span class="pp-class-118 pa t17850 l3">ally </span><span class="pp-class-118 pa t17850 l18073">or </span><span class="pp-class-118 pa t17850 l18074">if </span><span class="pp-class-118 pa t17850 l18075">an </span><span class="pp-class-118 pa t17850 l18076">indication </span><span class="pp-class-118 pa t17850 l18077">of </span><span class="pp-class-118 pa t17850 l18078">impairment </span><span class="pp-class-118 pa t17850 l18079">arises. </span><span class="pp-class-118 pa t17850 l18080">The </span><span class="pp-class-118 pa t17850 l18081">carry-</span><span class="pp-class-118 pa t17857 l3">ing </span><span class="pp-class-118 pa t17857 l18082">amount </span><span class="pp-class-118 pa t17857 l10495">comprises </span><span class="pp-class-118 pa t17857 l9794">the </span><span class="pp-class-118 pa t17857 l18083">cost </span><span class="pp-class-118 pa t17857 l18084">less </span><span class="pp-class-118 pa t17857 l18085">any </span><span class="pp-class-118 pa t17857 l18086">accumulated </span><span class="pp-class-118 pa t17861 l3">impairment </span><span class="pp-class-118 pa t17861 l18087">losses. </span><span class="pp-class-118 pa t17861 l17503">A </span><span class="pp-class-118 pa t17861 l18088">description </span><span class="pp-class-118 pa t17861 l18089">of </span><span class="pp-class-118 pa t17861 l7384">the </span><span class="pp-class-118 pa t17861 l8719">method </span><span class="pp-class-118 pa t17861 l18090">and </span><span class="pp-class-118 pa t18091 l3">assumptions </span><span class="pp-class-118 pa t18091 l18092">applied </span><span class="pp-class-118 pa t18091 l7651">when </span><span class="pp-class-118 pa t18091 l18093">conducting </span><span class="pp-class-118 pa t18091 l8675">impairment </span><span class="pp-class-118 pa t18091 l18094">tests </span><span class="pp-class-118 pa t17863 l3">is </span><span class="pp-class-118 pa t17863 l4125">found </span><span class="pp-class-118 pa t17863 l18095">in </span><span class="pp-class-118 pa t17863 l18096">note </span><span class="pp-class-118 pa t17863 l6736">12 </span><span class="pp-class-118 pa t17863 l9918">Intangible </span><span class="pp-class-118 pa t17863 l18097">assets.</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-118 pa t17879 l3" xmlns="http://www.w3.org/1999/xhtml">Other </span><span class="pp-class-118 pa t17879 l6573" xmlns="http://www.w3.org/1999/xhtml">intangible </span><span class="pp-class-118 pa t17879 l18098" xmlns="http://www.w3.org/1999/xhtml">assets </span><span class="pp-class-118 pa t17879 l18099" xmlns="http://www.w3.org/1999/xhtml">with </span><span class="pp-class-118 pa t17879 l16997" xmlns="http://www.w3.org/1999/xhtml">definite </span><span class="pp-class-118 pa t17879 l18100" xmlns="http://www.w3.org/1999/xhtml">useful </span><span class="pp-class-118 pa t17879 l18101" xmlns="http://www.w3.org/1999/xhtml">life, </span><span class="pp-class-118 pa t17879 l9720" xmlns="http://www.w3.org/1999/xhtml">includ-</span><span class="pp-class-118 pa t17887 l3" xmlns="http://www.w3.org/1999/xhtml">ing </span><span class="pp-class-118 pa t17887 l18082" xmlns="http://www.w3.org/1999/xhtml">the </span><span class="pp-class-118 pa t17887 l18102" xmlns="http://www.w3.org/1999/xhtml">AUBO </span><span class="pp-class-118 pa t17887 l1430" xmlns="http://www.w3.org/1999/xhtml">brand </span><span class="pp-class-118 pa t17887 l18103" xmlns="http://www.w3.org/1999/xhtml">and </span><span class="pp-class-118 pa t17887 l18104" xmlns="http://www.w3.org/1999/xhtml">the </span><span class="pp-class-118 pa t17887 l18105" xmlns="http://www.w3.org/1999/xhtml">Celebert </span><span class="pp-class-118 pa t17887 l18106" xmlns="http://www.w3.org/1999/xhtml">brand/domain, </span><span class="pp-class-118 pa t17887 l18107" xmlns="http://www.w3.org/1999/xhtml">are </span><span class="pp-class-118 pa t17892 l3" xmlns="http://www.w3.org/1999/xhtml">recognised </span><span class="pp-class-118 pa t17892 l4260" xmlns="http://www.w3.org/1999/xhtml">at </span><span class="pp-class-118 pa t17892 l4253" xmlns="http://www.w3.org/1999/xhtml">cost </span><span class="pp-class-118 pa t17892 l17016" xmlns="http://www.w3.org/1999/xhtml">less </span><span class="pp-class-118 pa t17892 l18108" xmlns="http://www.w3.org/1999/xhtml">accumulated </span><span class="pp-class-118 pa t17892 l18109" xmlns="http://www.w3.org/1999/xhtml">amortisation </span><span class="pp-class-118 pa t17892 l18110" xmlns="http://www.w3.org/1999/xhtml">and </span><span class="pp-class-118 pa t18111 l3" xmlns="http://www.w3.org/1999/xhtml">any </span><span class="pp-class-118 pa t18111 l18112" xmlns="http://www.w3.org/1999/xhtml">impairment. </span><span class="pp-class-118 pa t18111 l18113" xmlns="http://www.w3.org/1999/xhtml">This </span><span class="pp-class-118 pa t18111 l18114" xmlns="http://www.w3.org/1999/xhtml">also </span><span class="pp-class-118 pa t18111 l18115" xmlns="http://www.w3.org/1999/xhtml">includes </span><span class="pp-class-118 pa t18111 l18116" xmlns="http://www.w3.org/1999/xhtml">capitalised </span><span class="pp-class-118 pa t18111 l18117" xmlns="http://www.w3.org/1999/xhtml">costs </span><span class="pp-class-118 pa t18111 l18118" xmlns="http://www.w3.org/1999/xhtml">for </span><span class="pp-class-118 pa t17894 l3" xmlns="http://www.w3.org/1999/xhtml">purchases, </span><span class="pp-class-118 pa t17894 l18119" xmlns="http://www.w3.org/1999/xhtml">and </span><span class="pp-class-118 pa t17894 l18120" xmlns="http://www.w3.org/1999/xhtml">internal </span><span class="pp-class-118 pa t17894 l18121" xmlns="http://www.w3.org/1999/xhtml">and </span><span class="pp-class-118 pa t17894 l18122" xmlns="http://www.w3.org/1999/xhtml">external </span><span class="pp-class-118 pa t17894 l18123" xmlns="http://www.w3.org/1999/xhtml">costs </span><span class="pp-class-118 pa t17894 l18124" xmlns="http://www.w3.org/1999/xhtml">for </span><span class="pp-class-118 pa t17894 l18125" xmlns="http://www.w3.org/1999/xhtml">the </span><span class="pp-class-118 pa t17894 l18126" xmlns="http://www.w3.org/1999/xhtml">devel-</span><span class="pp-class-118 pa t17902 l3" xmlns="http://www.w3.org/1999/xhtml">opment </span><span class="pp-class-118 pa t17902 l16796" xmlns="http://www.w3.org/1999/xhtml">of </span><span class="pp-class-118 pa t17902 l18127" xmlns="http://www.w3.org/1999/xhtml">software </span><span class="pp-class-118 pa t17902 l12784" xmlns="http://www.w3.org/1999/xhtml">for </span><span class="pp-class-118 pa t17902 l18128" xmlns="http://www.w3.org/1999/xhtml">the </span><span class="pp-class-118 pa t17902 l13049" xmlns="http://www.w3.org/1999/xhtml">Group’s </span><span class="pp-class-118 pa t17902 l18129" xmlns="http://www.w3.org/1999/xhtml">IT </span><span class="pp-class-118 pa t17902 l7450" xmlns="http://www.w3.org/1999/xhtml">operations, </span><span class="pp-class-118 pa t17902 l11770" xmlns="http://www.w3.org/1999/xhtml">pat-</span><span class="pp-class-118 pa t17909 l3" xmlns="http://www.w3.org/1999/xhtml">ents </span><span class="pp-class-118 pa t17909 l6940" xmlns="http://www.w3.org/1999/xhtml">and </span><span class="pp-class-118 pa t17909 l2927" xmlns="http://www.w3.org/1999/xhtml">licences. </span><span class="pp-class-118 pa t17909 l18130" xmlns="http://www.w3.org/1999/xhtml">Amortisation </span><span class="pp-class-118 pa t17909 l18131" xmlns="http://www.w3.org/1999/xhtml">is </span><span class="pp-class-118 pa t17909 l18132" xmlns="http://www.w3.org/1999/xhtml">calculated </span><span class="pp-class-118 pa t17909 l18133" xmlns="http://www.w3.org/1999/xhtml">according </span><span class="pp-class-118 pa t18134 l3" xmlns="http://www.w3.org/1999/xhtml">to </span><span class="pp-class-118 pa t18134 l2249" xmlns="http://www.w3.org/1999/xhtml">the </span><span class="pp-class-118 pa t18134 l13031" xmlns="http://www.w3.org/1999/xhtml">straight-line </span><span class="pp-class-118 pa t18134 l18135" xmlns="http://www.w3.org/1999/xhtml">method </span><span class="pp-class-118 pa t18134 l18136" xmlns="http://www.w3.org/1999/xhtml">based </span><span class="pp-class-118 pa t18134 l18137" xmlns="http://www.w3.org/1999/xhtml">on </span><span class="pp-class-118 pa t18134 l6902" xmlns="http://www.w3.org/1999/xhtml">the </span><span class="pp-class-118 pa t18134 l17203" xmlns="http://www.w3.org/1999/xhtml">estimated </span><span class="pp-class-118 pa t18134 l18138" xmlns="http://www.w3.org/1999/xhtml">use-</span><span class="pp-class-118 pa t17916 l3" xmlns="http://www.w3.org/1999/xhtml">ful </span><span class="pp-class-118 pa t17916 l18139" xmlns="http://www.w3.org/1999/xhtml">life </span><span class="pp-class-118 pa t17916 l18140" xmlns="http://www.w3.org/1999/xhtml">of </span><span class="pp-class-118 pa t17916 l18141" xmlns="http://www.w3.org/1999/xhtml">the </span><span class="pp-class-118 pa t17916 l18142" xmlns="http://www.w3.org/1999/xhtml">asset </span><span class="pp-class-118 pa t17916 l9390" xmlns="http://www.w3.org/1999/xhtml">(3-10 </span><span class="pp-class-118 pa t17916 l18143" xmlns="http://www.w3.org/1999/xhtml">years).</span></p> <span class="pp-class-118 pa t17879 l3" xmlns="http://www.w3.org/1999/xhtml">Other </span><span class="pp-class-118 pa t17879 l6573" xmlns="http://www.w3.org/1999/xhtml">intangible </span><span class="pp-class-118 pa t17879 l18098" xmlns="http://www.w3.org/1999/xhtml">assets </span><span class="pp-class-118 pa t17879 l18099" xmlns="http://www.w3.org/1999/xhtml">with </span><span class="pp-class-118 pa t17879 l16997" xmlns="http://www.w3.org/1999/xhtml">definite </span><span class="pp-class-118 pa t17879 l18100" xmlns="http://www.w3.org/1999/xhtml">useful </span><span class="pp-class-118 pa t17879 l18101" xmlns="http://www.w3.org/1999/xhtml">life, </span><span class="pp-class-118 pa t17879 l9720" xmlns="http://www.w3.org/1999/xhtml">includ-</span><span class="pp-class-118 pa t17887 l3" xmlns="http://www.w3.org/1999/xhtml">ing </span><span class="pp-class-118 pa t17887 l18082" xmlns="http://www.w3.org/1999/xhtml">the </span><span class="pp-class-118 pa t17887 l18102" xmlns="http://www.w3.org/1999/xhtml">AUBO </span><span class="pp-class-118 pa t17887 l1430" xmlns="http://www.w3.org/1999/xhtml">brand </span><span class="pp-class-118 pa t17887 l18103" xmlns="http://www.w3.org/1999/xhtml">and </span><span class="pp-class-118 pa t17887 l18104" xmlns="http://www.w3.org/1999/xhtml">the </span><span class="pp-class-118 pa t17887 l18105" xmlns="http://www.w3.org/1999/xhtml">Celebert </span><span class="pp-class-118 pa t17887 l18106" xmlns="http://www.w3.org/1999/xhtml">brand/domain, </span><span class="pp-class-118 pa t17887 l18107" xmlns="http://www.w3.org/1999/xhtml">are </span><span class="pp-class-118 pa t17892 l3" xmlns="http://www.w3.org/1999/xhtml">recognised </span><span class="pp-class-118 pa t17892 l4260" xmlns="http://www.w3.org/1999/xhtml">at </span><span class="pp-class-118 pa t17892 l4253" xmlns="http://www.w3.org/1999/xhtml">cost </span><span class="pp-class-118 pa t17892 l17016" xmlns="http://www.w3.org/1999/xhtml">less </span><span class="pp-class-118 pa t17892 l18108" xmlns="http://www.w3.org/1999/xhtml">accumulated </span><span class="pp-class-118 pa t17892 l18109" xmlns="http://www.w3.org/1999/xhtml">amortisation </span><span class="pp-class-118 pa t17892 l18110" xmlns="http://www.w3.org/1999/xhtml">and </span><span class="pp-class-118 pa t18111 l3" xmlns="http://www.w3.org/1999/xhtml">any </span><span class="pp-class-118 pa t18111 l18112" xmlns="http://www.w3.org/1999/xhtml">impairment. </span><span class="pp-class-118 pa t18111 l18113" xmlns="http://www.w3.org/1999/xhtml">This </span><span class="pp-class-118 pa t18111 l18114" xmlns="http://www.w3.org/1999/xhtml">also </span><span class="pp-class-118 pa t18111 l18115" xmlns="http://www.w3.org/1999/xhtml">includes </span><span class="pp-class-118 pa t18111 l18116" xmlns="http://www.w3.org/1999/xhtml">capitalised </span><span class="pp-class-118 pa t18111 l18117" xmlns="http://www.w3.org/1999/xhtml">costs </span><span class="pp-class-118 pa t18111 l18118" xmlns="http://www.w3.org/1999/xhtml">for </span><span class="pp-class-118 pa t17894 l3" xmlns="http://www.w3.org/1999/xhtml">purchases, </span><span class="pp-class-118 pa t17894 l18119" xmlns="http://www.w3.org/1999/xhtml">and </span><span class="pp-class-118 pa t17894 l18120" xmlns="http://www.w3.org/1999/xhtml">internal </span><span class="pp-class-118 pa t17894 l18121" xmlns="http://www.w3.org/1999/xhtml">and </span><span class="pp-class-118 pa t17894 l18122" xmlns="http://www.w3.org/1999/xhtml">external </span><span class="pp-class-118 pa t17894 l18123" xmlns="http://www.w3.org/1999/xhtml">costs </span><span class="pp-class-118 pa t17894 l18124" xmlns="http://www.w3.org/1999/xhtml">for </span><span class="pp-class-118 pa t17894 l18125" xmlns="http://www.w3.org/1999/xhtml">the </span><span class="pp-class-118 pa t17894 l18126" xmlns="http://www.w3.org/1999/xhtml">devel-</span><span class="pp-class-118 pa t17902 l3" xmlns="http://www.w3.org/1999/xhtml">opment </span><span class="pp-class-118 pa t17902 l16796" xmlns="http://www.w3.org/1999/xhtml">of </span><span class="pp-class-118 pa t17902 l18127" xmlns="http://www.w3.org/1999/xhtml">software </span><span class="pp-class-118 pa t17902 l12784" xmlns="http://www.w3.org/1999/xhtml">for </span><span class="pp-class-118 pa t17902 l18128" xmlns="http://www.w3.org/1999/xhtml">the </span><span class="pp-class-118 pa t17902 l13049" xmlns="http://www.w3.org/1999/xhtml">Group’s </span><span class="pp-class-118 pa t17902 l18129" xmlns="http://www.w3.org/1999/xhtml">IT </span><span class="pp-class-118 pa t17902 l7450" xmlns="http://www.w3.org/1999/xhtml">operations, </span><span class="pp-class-118 pa t17902 l11770" xmlns="http://www.w3.org/1999/xhtml">pat-</span><span class="pp-class-118 pa t17909 l3" xmlns="http://www.w3.org/1999/xhtml">ents </span><span class="pp-class-118 pa t17909 l6940" xmlns="http://www.w3.org/1999/xhtml">and </span><span class="pp-class-118 pa t17909 l2927" xmlns="http://www.w3.org/1999/xhtml">licences. </span><span class="pp-class-118 pa t17909 l18130" xmlns="http://www.w3.org/1999/xhtml">Amortisation </span><span class="pp-class-118 pa t17909 l18131" xmlns="http://www.w3.org/1999/xhtml">is </span><span class="pp-class-118 pa t17909 l18132" xmlns="http://www.w3.org/1999/xhtml">calculated </span><span class="pp-class-118 pa t17909 l18133" xmlns="http://www.w3.org/1999/xhtml">according </span><span class="pp-class-118 pa t18134 l3" xmlns="http://www.w3.org/1999/xhtml">to </span><span class="pp-class-118 pa t18134 l2249" xmlns="http://www.w3.org/1999/xhtml">the </span><span class="pp-class-118 pa t18134 l13031" xmlns="http://www.w3.org/1999/xhtml">straight-line </span><span class="pp-class-118 pa t18134 l18135" xmlns="http://www.w3.org/1999/xhtml">method </span><span class="pp-class-118 pa t18134 l18136" xmlns="http://www.w3.org/1999/xhtml">based </span><span class="pp-class-118 pa t18134 l18137" xmlns="http://www.w3.org/1999/xhtml">on </span><span class="pp-class-118 pa t18134 l6902" xmlns="http://www.w3.org/1999/xhtml">the </span><span class="pp-class-118 pa t18134 l17203" xmlns="http://www.w3.org/1999/xhtml">estimated </span><span class="pp-class-118 pa t18134 l18138" xmlns="http://www.w3.org/1999/xhtml">use-</span><span class="pp-class-118 pa t17916 l3" xmlns="http://www.w3.org/1999/xhtml">ful </span><span class="pp-class-118 pa t17916 l18139" xmlns="http://www.w3.org/1999/xhtml">life </span><span class="pp-class-118 pa t17916 l18140" xmlns="http://www.w3.org/1999/xhtml">of </span><span class="pp-class-118 pa t17916 l18141" xmlns="http://www.w3.org/1999/xhtml">the </span><span class="pp-class-118 pa t17916 l18142" xmlns="http://www.w3.org/1999/xhtml">asset </span><span class="pp-class-118 pa t17916 l9390" xmlns="http://www.w3.org/1999/xhtml">(3-10 </span><span class="pp-class-118 pa t17916 l18143" xmlns="http://www.w3.org/1999/xhtml">years).</span> <p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-120 pa t18144 l3 ls18145">Property, </span><span class="pp-class-120 pa t18144 l18146 ls2759">plant </span><span class="pp-class-120 pa t18144 l18147 ls2759">and </span><span class="pp-class-120 pa t18144 l18148 ls176">equipment</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-118 pa t17938 l3">Property, </span><span class="pp-class-118 pa t17938 l18149">plant </span><span class="pp-class-118 pa t17938 l18150">and </span><span class="pp-class-118 pa t17938 l18151">equipment </span><span class="pp-class-118 pa t17938 l18152">are </span><span class="pp-class-118 pa t17938 l18153">recognised </span><span class="pp-class-118 pa t17938 l18154">at </span><span class="pp-class-118 pa t17938 l18155">cost </span><span class="pp-class-118 pa t17945 l3">with </span><span class="pp-class-118 pa t17945 l2056">deductions </span><span class="pp-class-118 pa t17945 l10289">for </span><span class="pp-class-118 pa t17945 l6783">depreciation </span><span class="pp-class-118 pa t17945 l18156">and </span><span class="pp-class-118 pa t17945 l18157">any </span><span class="pp-class-118 pa t17945 l18158">impairment. </span><span class="pp-class-118 pa t18159 l3">Cost </span><span class="pp-class-118 pa t18159 l17594">includes </span><span class="pp-class-118 pa t18159 l18160">expenses </span><span class="pp-class-118 pa t18159 l8632">that </span><span class="pp-class-118 pa t18159 l18161">can </span><span class="pp-class-118 pa t18159 l18162">be </span><span class="pp-class-118 pa t18159 l18163">directly </span><span class="pp-class-118 pa t18159 l18164">attributed </span><span class="pp-class-118 pa t18159 l18165">to </span><span class="pp-class-118 pa t17946 l3">the </span><span class="pp-class-118 pa t17946 l1444">acquisition. </span><span class="pp-class-118 pa t17946 l18166">Costs </span><span class="pp-class-118 pa t17946 l18167">for </span><span class="pp-class-118 pa t17946 l18168">repairs </span><span class="pp-class-118 pa t17946 l18169">and </span><span class="pp-class-118 pa t17946 l17464">maintenance </span><span class="pp-class-118 pa t17946 l1953">are </span><span class="pp-class-118 pa t17954 l3">recognised </span><span class="pp-class-118 pa t17954 l4260">as </span><span class="pp-class-118 pa t17954 l18170">costs </span><span class="pp-class-118 pa t17954 l11648">in </span><span class="pp-class-118 pa t17954 l18171">the </span><span class="pp-class-118 pa t17954 l46">income </span><span class="pp-class-118 pa t17954 l18172">statement </span><span class="pp-class-118 pa t17954 l18173">in </span><span class="pp-class-118 pa t17954 l18174">the </span><span class="pp-class-118 pa t17962 l3">period </span><span class="pp-class-118 pa t17962 l18175">in </span><span class="pp-class-118 pa t17962 l18176">which </span><span class="pp-class-118 pa t17962 l18177">they </span><span class="pp-class-118 pa t17962 l10069">arise.</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-118 pa t18182 l3">If </span><span class="pp-class-118 pa t18182 l17131">an </span><span class="pp-class-118 pa t18182 l18183">asset’s </span><span class="pp-class-118 pa t18182 l18184">carrying </span><span class="pp-class-118 pa t18182 l18185">amount </span><span class="pp-class-118 pa t18182 l12002">exceeds </span><span class="pp-class-118 pa t18182 l18186">its </span><span class="pp-class-118 pa t18182 l18187">estimated </span><span class="pp-class-118 pa t18188 l3">recoverable </span><span class="pp-class-118 pa t18188 l12402">amount, </span><span class="pp-class-118 pa t18188 l18189">the </span><span class="pp-class-118 pa t18188 l17911">asset </span><span class="pp-class-118 pa t18188 l12018">is </span><span class="pp-class-118 pa t18188 l18190">written </span><span class="pp-class-118 pa t18188 l6701">down </span><span class="pp-class-118 pa t18188 l17532">to </span><span class="pp-class-118 pa t18188 l4123">the </span><span class="pp-class-118 pa t18191 l3">recoverable </span><span class="pp-class-118 pa t18191 l12402">amount, </span><span class="pp-class-118 pa t18191 l18189">and </span><span class="pp-class-118 pa t18191 l18192">the </span><span class="pp-class-118 pa t18191 l18193">write-down </span><span class="pp-class-118 pa t18191 l18194">is </span><span class="pp-class-118 pa t18191 l6290">recognised </span><span class="pp-class-118 pa t18195 l3">in </span><span class="pp-class-118 pa t18195 l1343">the </span><span class="pp-class-118 pa t18195 l12867">income </span><span class="pp-class-118 pa t18195 l18196">statement.</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-118 pa t18197 l3">In </span><span class="pp-class-118 pa t18197 l669">the </span><span class="pp-class-118 pa t18197 l4712">income </span><span class="pp-class-118 pa t18197 l18198">statement, </span><span class="pp-class-118 pa t18197 l18199">operating </span><span class="pp-class-118 pa t18197 l4666">profit </span><span class="pp-class-118 pa t18197 l1608">is </span><span class="pp-class-118 pa t18197 l18200">reduced </span><span class="pp-class-118 pa t18197 l18201">by </span><span class="pp-class-118 pa t18202 l3">straight-line </span><span class="pp-class-118 pa t18202 l7654">depreciation, </span><span class="pp-class-118 pa t18202 l18203">which </span><span class="pp-class-118 pa t18202 l18204">is </span><span class="pp-class-118 pa t18202 l18205">calculated </span><span class="pp-class-118 pa t18202 l18206">on </span><span class="pp-class-118 pa t18202 l11598">the </span><span class="pp-class-118 pa t18207 l3">original </span><span class="pp-class-118 pa t18207 l18208">cost </span><span class="pp-class-118 pa t18207 l18209">less </span><span class="pp-class-118 pa t18207 l9829">estimated </span><span class="pp-class-118 pa t18207 l18210">residual </span><span class="pp-class-118 pa t18207 l18211">value </span><span class="pp-class-118 pa t18207 l18212">after </span><span class="pp-class-118 pa t18207 l6871">useful </span><span class="pp-class-118 pa t18213 l3">life </span><span class="pp-class-118 pa t18213 l18214">and </span><span class="pp-class-118 pa t18213 l18215">is </span><span class="pp-class-118 pa t18213 l18216">based </span><span class="pp-class-118 pa t18213 l18217">on </span><span class="pp-class-118 pa t18213 l9481">the </span><span class="pp-class-118 pa t18213 l18218">estimated </span><span class="pp-class-118 pa t18213 l18219">useful </span><span class="pp-class-118 pa t18213 l18220">life </span><span class="pp-class-118 pa t18213 l18221">of </span><span class="pp-class-118 pa t18213 l13976">the </span><span class="pp-class-118 pa t18213 l11770">assets </span><span class="pp-class-118 pa t18222 l3">as </span><span class="pp-class-118 pa t18222 l604">follows:</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-118 pa t18223 l3">Buildings </span><span class="pp-class-118 pa t18223 l18224">40 </span><span class="pp-class-118 pa t18223 l18225">years</span><span class="pp-class-118 pa t18226 l3">Machinery </span><span class="pp-class-118 pa t18226 l17904">and </span><span class="pp-class-118 pa t18226 l18227">other </span><span class="pp-class-118 pa t18226 l18228">technical </span><span class="pp-class-118 pa t18226 l18229">equipment</span><span class="pp-class-118 pa t18226 l18230">5-12 </span><span class="pp-class-118 pa t18226 l18225">years</span><span class="pp-class-118 pa t18231 l3">Equipment, </span><span class="pp-class-118 pa t18231 l9894">tools, </span><span class="pp-class-118 pa t18231 l706">fixtures </span><span class="pp-class-118 pa t18231 l18232">and </span><span class="pp-class-118 pa t18231 l11691">fittings</span><span class="pp-class-118 pa t18231 l18233">3-5 </span><span class="pp-class-118 pa t18231 l18225">years</span><span class="pp-class-118 pa t18234 l3">Land </span><span class="pp-class-118 pa t18234 l18235">is </span><span class="pp-class-118 pa t18234 l18236">not </span><span class="pp-class-118 pa t18234 l18237">depreciated.</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-118 pa t18238 l3">Expected </span><span class="pp-class-118 pa t18238 l18239">useful </span><span class="pp-class-118 pa t18238 l17274">life </span><span class="pp-class-118 pa t18238 l18240">and </span><span class="pp-class-118 pa t18238 l8561">residual </span><span class="pp-class-118 pa t18238 l18241">value </span><span class="pp-class-118 pa t18238 l18242">are </span><span class="pp-class-118 pa t18238 l7351">reviewed </span><span class="pp-class-118 pa t18243 l3">annually.</span></p> <p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-118 pa t18197 l3">In </span><span class="pp-class-118 pa t18197 l669">the </span><span class="pp-class-118 pa t18197 l4712">income </span><span class="pp-class-118 pa t18197 l18198">statement, </span><span class="pp-class-118 pa t18197 l18199">operating </span><span class="pp-class-118 pa t18197 l4666">profit </span><span class="pp-class-118 pa t18197 l1608">is </span><span class="pp-class-118 pa t18197 l18200">reduced </span><span class="pp-class-118 pa t18197 l18201">by </span><span class="pp-class-118 pa t18202 l3">straight-line </span><span class="pp-class-118 pa t18202 l7654">depreciation, </span><span class="pp-class-118 pa t18202 l18203">which </span><span class="pp-class-118 pa t18202 l18204">is </span><span class="pp-class-118 pa t18202 l18205">calculated </span><span class="pp-class-118 pa t18202 l18206">on </span><span class="pp-class-118 pa t18202 l11598">the </span><span class="pp-class-118 pa t18207 l3">original </span><span class="pp-class-118 pa t18207 l18208">cost </span><span class="pp-class-118 pa t18207 l18209">less </span><span class="pp-class-118 pa t18207 l9829">estimated </span><span class="pp-class-118 pa t18207 l18210">residual </span><span class="pp-class-118 pa t18207 l18211">value </span><span class="pp-class-118 pa t18207 l18212">after </span><span class="pp-class-118 pa t18207 l6871">useful </span><span class="pp-class-118 pa t18213 l3">life </span><span class="pp-class-118 pa t18213 l18214">and </span><span class="pp-class-118 pa t18213 l18215">is </span><span class="pp-class-118 pa t18213 l18216">based </span><span class="pp-class-118 pa t18213 l18217">on </span><span class="pp-class-118 pa t18213 l9481">the </span><span class="pp-class-118 pa t18213 l18218">estimated </span><span class="pp-class-118 pa t18213 l18219">useful </span><span class="pp-class-118 pa t18213 l18220">life </span><span class="pp-class-118 pa t18213 l18221">of </span><span class="pp-class-118 pa t18213 l13976">the </span><span class="pp-class-118 pa t18213 l11770">assets </span><span class="pp-class-118 pa t18222 l3">as </span><span class="pp-class-118 pa t18222 l604">follows:</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-118 pa t18223 l3">Buildings </span><span class="pp-class-118 pa t18223 l18224">40 </span><span class="pp-class-118 pa t18223 l18225">years</span><span class="pp-class-118 pa t18226 l3">Machinery </span><span class="pp-class-118 pa t18226 l17904">and </span><span class="pp-class-118 pa t18226 l18227">other </span><span class="pp-class-118 pa t18226 l18228">technical </span><span class="pp-class-118 pa t18226 l18229">equipment</span><span class="pp-class-118 pa t18226 l18230">5-12 </span><span class="pp-class-118 pa t18226 l18225">years</span><span class="pp-class-118 pa t18231 l3">Equipment, </span><span class="pp-class-118 pa t18231 l9894">tools, </span><span class="pp-class-118 pa t18231 l706">fixtures </span><span class="pp-class-118 pa t18231 l18232">and </span><span class="pp-class-118 pa t18231 l11691">fittings</span><span class="pp-class-118 pa t18231 l18233">3-5 </span><span class="pp-class-118 pa t18231 l18225">years</span><span class="pp-class-118 pa t18234 l3">Land </span><span class="pp-class-118 pa t18234 l18235">is </span><span class="pp-class-118 pa t18234 l18236">not </span><span class="pp-class-118 pa t18234 l18237">depreciated.</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-118 pa t18238 l3">Expected </span><span class="pp-class-118 pa t18238 l18239">useful </span><span class="pp-class-118 pa t18238 l17274">life </span><span class="pp-class-118 pa t18238 l18240">and </span><span class="pp-class-118 pa t18238 l8561">residual </span><span class="pp-class-118 pa t18238 l18241">value </span><span class="pp-class-118 pa t18238 l18242">are </span><span class="pp-class-118 pa t18238 l7351">reviewed </span><span class="pp-class-118 pa t18243 l3">annually.</span></p> <p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-120 pa t18244 l3 ls4484">Research </span><span class="pp-class-120 pa t18244 l18245 ls2759">and </span><span class="pp-class-120 pa t18244 l18246 ls2759">product </span><span class="pp-class-120 pa t18244 l18247 ls4751">development</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-118 pa t18248 l3">Costs </span><span class="pp-class-118 pa t18248 l18249">for </span><span class="pp-class-118 pa t18248 l8321">product </span><span class="pp-class-118 pa t18248 l7439">development </span><span class="pp-class-118 pa t18248 l18250">are </span><span class="pp-class-118 pa t18248 l18251">expensed </span><span class="pp-class-118 pa t18248 l18252">immedi-</span><span class="pp-class-118 pa t18253 l3">ately </span><span class="pp-class-118 pa t18253 l17104">as </span><span class="pp-class-118 pa t18253 l18254">and </span><span class="pp-class-118 pa t18253 l18255">when </span><span class="pp-class-118 pa t18253 l18256">they </span><span class="pp-class-118 pa t18253 l18257">arise </span><span class="pp-class-118 pa t18253 l18258">and </span><span class="pp-class-118 pa t18253 l10278">are </span><span class="pp-class-118 pa t18253 l18259">presented </span><span class="pp-class-118 pa t18253 l18260">in </span><span class="pp-class-118 pa t18261 l3">administrative </span><span class="pp-class-118 pa t18261 l18262">expenses.</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-118 pa t18263 l3">Product </span><span class="pp-class-118 pa t18263 l9893">development </span><span class="pp-class-118 pa t18263 l18264">within </span><span class="pp-class-118 pa t18263 l18265">the </span><span class="pp-class-118 pa t18263 l18266">Group </span><span class="pp-class-118 pa t18263 l6591">is </span><span class="pp-class-118 pa t18263 l18267">mainly </span><span class="pp-class-118 pa t18263 l18268">in </span><span class="pp-class-118 pa t18263 l6022">the </span><span class="pp-class-118 pa t18269 l3">form </span><span class="pp-class-118 pa t18269 l4101">of </span><span class="pp-class-118 pa t18269 l18270">design </span><span class="pp-class-118 pa t18269 l18271">development </span><span class="pp-class-118 pa t18269 l12285">and </span><span class="pp-class-118 pa t18269 l18272">is </span><span class="pp-class-118 pa t18269 l9633">conducted </span><span class="pp-class-118 pa t18269 l18273">continu-</span><span class="pp-class-118 pa t18274 l3">ously </span><span class="pp-class-118 pa t18274 l1282">to </span><span class="pp-class-118 pa t18274 l18275">adapt </span><span class="pp-class-118 pa t18274 l18276">to </span><span class="pp-class-118 pa t18274 l18277">current </span><span class="pp-class-118 pa t18274 l18278">style </span><span class="pp-class-118 pa t18274 l9908">trends. </span><span class="pp-class-118 pa t18274 l8570">To </span><span class="pp-class-118 pa t18274 l18279">a </span><span class="pp-class-118 pa t18274 l18280">large </span><span class="pp-class-118 pa t18274 l18281">extent, </span><span class="pp-class-118 pa t18282 l3">product </span><span class="pp-class-118 pa t18282 l1964">development </span><span class="pp-class-118 pa t18282 l7422">is </span><span class="pp-class-118 pa t18282 l4440">based </span><span class="pp-class-118 pa t18282 l18283">on </span><span class="pp-class-118 pa t18282 l18284">the </span><span class="pp-class-118 pa t18282 l18285">further </span><span class="pp-class-118 pa t18282 l18286">develop-</span><span class="pp-class-118 pa t18287 l3">ment </span><span class="pp-class-118 pa t18287 l17839">of </span><span class="pp-class-118 pa t18287 l18288">existing </span><span class="pp-class-118 pa t18287 l15376">materials </span><span class="pp-class-118 pa t18287 l18289">and </span><span class="pp-class-118 pa t18287 l18290">designs, </span><span class="pp-class-118 pa t18287 l9344">which </span><span class="pp-class-118 pa t18287 l18291">is </span><span class="pp-class-118 pa t18287 l18292">why </span><span class="pp-class-118 pa t18287 l18293">no </span><span class="pp-class-118 pa t18294 l3">portion </span><span class="pp-class-118 pa t18294 l18295">of </span><span class="pp-class-118 pa t18294 l18296">the </span><span class="pp-class-118 pa t18294 l18297">costs </span><span class="pp-class-118 pa t18294 l9391">for </span><span class="pp-class-118 pa t18294 l18298">product </span><span class="pp-class-118 pa t18294 l2210">development </span><span class="pp-class-118 pa t18294 l15052">is </span><span class="pp-class-118 pa t18294 l9478">recog-</span><span class="pp-class-118 pa t18299 l3">nised </span><span class="pp-class-118 pa t18299 l17154">as </span><span class="pp-class-118 pa t18299 l18300">an </span><span class="pp-class-118 pa t18299 l17083">intangible </span><span class="pp-class-118 pa t18299 l827">asset. </span><span class="pp-class-118 pa t18299 l18301">The </span><span class="pp-class-118 pa t18299 l18302">Group </span><span class="pp-class-118 pa t18299 l18303">does </span><span class="pp-class-118 pa t18299 l18304">not </span><span class="pp-class-118 pa t18299 l18305">carry </span><span class="pp-class-118 pa t18306 l3">out </span><span class="pp-class-118 pa t18306 l18307">research </span><span class="pp-class-118 pa t18306 l9846">and </span><span class="pp-class-118 pa t18306 l18308">development </span><span class="pp-class-118 pa t18306 l18309">in </span><span class="pp-class-118 pa t18306 l13941">the </span><span class="pp-class-118 pa t18306 l18310">true </span><span class="pp-class-118 pa t18306 l18311">sense, </span><span class="pp-class-118 pa t18306 l18312">or </span><span class="pp-class-118 pa t18306 l18313">to </span><span class="pp-class-118 pa t18314 l3">any </span><span class="pp-class-118 pa t18314 l18112">significant </span><span class="pp-class-118 pa t18314 l18315">extent.</span></p> <p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-120 pa t18316 l3 ls1731">Leases</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-118 pa t18317 l3">When </span><span class="pp-class-118 pa t18317 l18318 ls786">entering </span><span class="pp-class-118 pa t18317 l18319">into </span><span class="pp-class-118 pa t18317 l18320">an </span><span class="pp-class-118 pa t18317 l18321">agreement, </span><span class="pp-class-118 pa t18317 l18322">the </span><span class="pp-class-118 pa t18317 l18323">company </span><span class="pp-class-118 pa t18317 l18324">assesses </span><span class="pp-class-118 pa t18325 l3">whether </span><span class="pp-class-118 pa t18325 l18326">an </span><span class="pp-class-118 pa t18325 l18327">agreement </span><span class="pp-class-118 pa t18325 l18328">is </span><span class="pp-class-118 pa t18325 l6584">a </span><span class="pp-class-118 pa t18325 l18329">lease </span><span class="pp-class-118 pa t18325 l18330">agreement </span><span class="pp-class-118 pa t18325 l18331">or </span><span class="pp-class-118 pa t18325 l18332">contains </span><span class="pp-class-118 pa t18325 l18333">a </span><span class="pp-class-118 pa t18334 l3">lease </span><span class="pp-class-118 pa t18334 l18335">element. </span><span class="pp-class-118 pa t18334 l18336">A </span><span class="pp-class-118 pa t18334 l10767">lease </span><span class="pp-class-118 pa t18334 l2095">is </span><span class="pp-class-118 pa t18334 l11279">an </span><span class="pp-class-118 pa t18334 l18337">agreement </span><span class="pp-class-118 pa t18334 l18338">that </span><span class="pp-class-118 pa t18334 l18339">transfers </span><span class="pp-class-118 pa t18334 l18340">the </span><span class="pp-class-118 pa t18341 l3">right </span><span class="pp-class-118 pa t18341 l18342">to </span><span class="pp-class-118 pa t18341 l18343">control </span><span class="pp-class-118 pa t18341 l18344">the </span><span class="pp-class-118 pa t18341 l7306">use </span><span class="pp-class-118 pa t18341 l18345">of </span><span class="pp-class-118 pa t18341 l18346">an </span><span class="pp-class-118 pa t18341 l10269">identifiable </span><span class="pp-class-118 pa t18341 l12697">asset </span><span class="pp-class-118 pa t18341 l18347">for </span><span class="pp-class-118 pa t18341 l18348">a </span><span class="pp-class-118 pa t18349 l3">period </span><span class="pp-class-118 pa t18349 l18175">against </span><span class="pp-class-118 pa t18349 l18350">payment. </span><span class="pp-class-118 pa t18349 l11689">In </span><span class="pp-class-118 pa t18349 l18351">assessing </span><span class="pp-class-118 pa t18349 l18352">whether </span><span class="pp-class-118 pa t18349 l18353">an </span><span class="pp-class-118 pa t18349 l18354">agree-</span><span class="pp-class-118 pa t18355 l3">ment </span><span class="pp-class-118 pa t18355 l17839">contains </span><span class="pp-class-118 pa t18355 l18356">a </span><span class="pp-class-118 pa t18355 l18357">lease </span><span class="pp-class-118 pa t18355 l18358">item </span><span class="pp-class-118 pa t18355 l4687">that </span><span class="pp-class-118 pa t18355 l12302">has </span><span class="pp-class-118 pa t18355 l18359">been </span><span class="pp-class-118 pa t18355 l18360">transferred </span><span class="pp-class-118 pa t18355 l18361">to </span></p><div class="pp-class-7" id="pp-id-3312" xmlns="http://www.w3.org/1999/xhtml"><div class="w485 h16754 pa t2 l3 wtro4 xx30 tro6 xx31"><p class="pp-class-107 pp-area-text"><span class="pp-class-118 pa t16755 l3">the </span><span class="pp-class-118 pa t16755 l1444">lessee, </span><span class="pp-class-118 pa t16755 l2578">it </span><span class="pp-class-118 pa t16755 l18362">is </span><span class="pp-class-118 pa t16755 l18363">necessary </span><span class="pp-class-118 pa t16755 l18364">to </span><span class="pp-class-118 pa t16755 l18365">consider </span><span class="pp-class-118 pa t16755 l18366">whether </span><span class="pp-class-118 pa t16755 l18367">the </span><span class="pp-class-118 pa t16755 l18368">lessee </span><span class="pp-class-118 pa t16757 l3">has </span><span class="pp-class-118 pa t16757 l14274">the </span><span class="pp-class-118 pa t16757 l18369">right, </span><span class="pp-class-118 pa t16757 l18370">during </span><span class="pp-class-118 pa t16757 l14286">the </span><span class="pp-class-118 pa t16757 l18371">useful </span><span class="pp-class-118 pa t16757 l18372">life, </span><span class="pp-class-118 pa t16757 l18373">to </span><span class="pp-class-118 pa t16757 l18374">obtain </span><span class="pp-class-118 pa t16757 l18375">virtually </span><span class="pp-class-118 pa t18376 l3">all </span><span class="pp-class-118 pa t18376 l12254">the </span><span class="pp-class-118 pa t18376 l8954">economic </span><span class="pp-class-118 pa t18376 l18377">benefits </span><span class="pp-class-118 pa t18376 l18378">from </span><span class="pp-class-118 pa t18376 l18379">the </span><span class="pp-class-118 pa t18376 l18380">use </span><span class="pp-class-118 pa t18376 l11829">of </span><span class="pp-class-118 pa t18376 l9529">the </span><span class="pp-class-118 pa t18376 l16945">identifiable </span><span class="pp-class-118 pa t16759 l3">asset </span><span class="pp-class-118 pa t16759 l18381">and </span><span class="pp-class-118 pa t16759 l18382">the </span><span class="pp-class-118 pa t16759 l10045">right </span><span class="pp-class-118 pa t16759 l9954">to </span><span class="pp-class-118 pa t16759 l18383">decide </span><span class="pp-class-118 pa t16759 l18384">on </span><span class="pp-class-118 pa t16759 l18385">the </span><span class="pp-class-118 pa t16759 l18386">use </span><span class="pp-class-118 pa t16759 l18387">of </span><span class="pp-class-118 pa t16759 l18388">the </span><span class="pp-class-118 pa t16759 l18389">identifi- </span><span class="pp-class-118 pa t16766 l3">able </span><span class="pp-class-118 pa t16766 l18390">asset.</span></p><p class="pp-class-107 pp-area-text"><span class="pp-class-118 pa t16780 l3">The </span><span class="pp-class-118 pa t16780 l550">company </span><span class="pp-class-118 pa t16780 l18391">recognises </span><span class="pp-class-118 pa t16780 l18392">a </span><span class="pp-class-118 pa t16780 l18393">right </span><span class="pp-class-118 pa t16780 l18394">of </span><span class="pp-class-118 pa t16780 l17612">use </span><span class="pp-class-118 pa t16780 l18395">(the </span><span class="pp-class-118 pa t16780 l18396">asset) </span><span class="pp-class-118 pa t16780 l18397">and </span><span class="pp-class-118 pa t16780 l18398">a </span><span class="pp-class-118 pa t16788 l3">lease </span><span class="pp-class-118 pa t16788 l18335">obligation </span><span class="pp-class-118 pa t16788 l18399">at </span><span class="pp-class-118 pa t16788 l6488">the </span><span class="pp-class-118 pa t16788 l18400">start </span><span class="pp-class-118 pa t16788 l18401">of </span><span class="pp-class-118 pa t16788 l18402">the </span><span class="pp-class-118 pa t16788 l18403">lease </span><span class="pp-class-118 pa t16788 l18404">period.</span></p><p class="pp-class-107 pp-area-text"><span class="pp-class-118 pa t16801 l3">The </span><span class="pp-class-118 pa t16801 l550">right-of-use </span><span class="pp-class-118 pa t16801 l18405">asset </span><span class="pp-class-118 pa t16801 l18345">is </span><span class="pp-class-118 pa t16801 l18406">measured </span><span class="pp-class-118 pa t16801 l18407">at </span><span class="pp-class-118 pa t16801 l18408">cost, </span><span class="pp-class-118 pa t16801 l18409">which </span><span class="pp-class-118 pa t16801 l18410">is </span><span class="pp-class-118 pa t16801 l18411">cal-</span><span class="pp-class-118 pa t16806 l3">culated </span><span class="pp-class-118 pa t16806 l11599">as </span><span class="pp-class-118 pa t16806 l6843">the </span><span class="pp-class-118 pa t16806 l18412">present </span><span class="pp-class-118 pa t16806 l18413">value </span><span class="pp-class-118 pa t16806 l6469">of </span><span class="pp-class-118 pa t16806 l18414">the </span><span class="pp-class-118 pa t16806 l18415">lease </span><span class="pp-class-118 pa t16806 l13514">obligation </span><span class="pp-class-118 pa t16806 l18416">plus </span><span class="pp-class-118 pa t18417 l3">any </span><span class="pp-class-118 pa t18417 l18112">direct </span><span class="pp-class-118 pa t18417 l18418">costs </span><span class="pp-class-118 pa t18417 l1205">associated </span><span class="pp-class-118 pa t18417 l18419">with </span><span class="pp-class-118 pa t18417 l18420">entering </span><span class="pp-class-118 pa t18417 l18421">into </span><span class="pp-class-118 pa t18417 l18422">the </span><span class="pp-class-118 pa t18417 l18423">lease, </span><span class="pp-class-118 pa t16810 l3">any </span><span class="pp-class-118 pa t16810 l18112">costs </span><span class="pp-class-118 pa t16810 l5945">for </span><span class="pp-class-118 pa t16810 l419">demolition </span><span class="pp-class-118 pa t16810 l12252">and </span><span class="pp-class-118 pa t16810 l18424">disposal </span><span class="pp-class-118 pa t16810 l18425">of </span><span class="pp-class-118 pa t16810 l18426">the </span><span class="pp-class-118 pa t16810 l18427">asset </span><span class="pp-class-118 pa t16810 l16632">at </span><span class="pp-class-118 pa t16810 l18428">the </span><span class="pp-class-118 pa t16817 l3">end </span><span class="pp-class-118 pa t16817 l6733">of </span><span class="pp-class-118 pa t16817 l6734">the </span><span class="pp-class-118 pa t16817 l6735">lease </span><span class="pp-class-118 pa t16817 l18429">period </span><span class="pp-class-118 pa t16817 l9886">that </span><span class="pp-class-118 pa t16817 l18430">the </span><span class="pp-class-118 pa t16817 l18431">lessee </span><span class="pp-class-118 pa t16817 l18432">is </span><span class="pp-class-118 pa t16817 l18433">obliged </span><span class="pp-class-118 pa t16817 l18434">to </span><span class="pp-class-118 pa t16817 l2018">pay, </span><span class="pp-class-118 pa t16824 l3">and </span><span class="pp-class-118 pa t16824 l1110">prepaid </span><span class="pp-class-118 pa t16824 l18435">lease </span><span class="pp-class-118 pa t16824 l2117">payments.</span></p><p class="pp-class-107 pp-area-text"><span class="pp-class-118 pa t16836 l3">The </span><span class="pp-class-118 pa t16836 l550">right-of-use </span><span class="pp-class-118 pa t16836 l18405">asset </span><span class="pp-class-118 pa t16836 l18345">is </span><span class="pp-class-118 pa t16836 l18406">depreciated </span><span class="pp-class-118 pa t16836 l18436">on </span><span class="pp-class-118 pa t16836 l18437">a </span><span class="pp-class-118 pa t16836 l8377">straight-line </span><span class="pp-class-118 pa t16843 l3">basis </span><span class="pp-class-118 pa t16843 l9951">over </span><span class="pp-class-118 pa t16843 l15366">the </span><span class="pp-class-118 pa t16843 l1521">shorter </span><span class="pp-class-118 pa t16843 l18438">of </span><span class="pp-class-118 pa t16843 l18439">the </span><span class="pp-class-118 pa t16843 l18440">lease </span><span class="pp-class-118 pa t16843 l18441">term </span><span class="pp-class-118 pa t16843 l18442">and </span><span class="pp-class-118 pa t16843 l18443">the </span><span class="pp-class-118 pa t16843 l18444">useful </span><span class="pp-class-118 pa t16850 l3">life </span><span class="pp-class-118 pa t16850 l18214">of </span><span class="pp-class-118 pa t16850 l18445">the </span><span class="pp-class-118 pa t16850 l11892">asset. </span><span class="pp-class-118 pa t16850 l18446">If </span><span class="pp-class-118 pa t16850 l14753">the </span><span class="pp-class-118 pa t16850 l18447">lease </span><span class="pp-class-118 pa t16850 l13909">agreement </span><span class="pp-class-118 pa t16850 l11815">contains </span><span class="pp-class-118 pa t16850 l18448">a </span><span class="pp-class-118 pa t16850 l18449">pur-</span><span class="pp-class-118 pa t18450 l3">chase </span><span class="pp-class-118 pa t18450 l18451">option </span><span class="pp-class-118 pa t18450 l18452">that </span><span class="pp-class-118 pa t18450 l18453">the </span><span class="pp-class-118 pa t18450 l18454">company </span><span class="pp-class-118 pa t18450 l13885">expects </span><span class="pp-class-118 pa t18450 l18455">to </span><span class="pp-class-118 pa t18450 l18456">exercise, </span><span class="pp-class-118 pa t18450 l18457">the </span><span class="pp-class-118 pa t18458 l3">right-of-use </span><span class="pp-class-118 pa t18458 l18459">asset </span><span class="pp-class-118 pa t18458 l18460 ls786">is </span><span class="pp-class-118 pa t18458 l18461">depreciated </span><span class="pp-class-118 pa t18458 l18462">on </span><span class="pp-class-118 pa t18458 l18463">a </span><span class="pp-class-118 pa t18458 l18464 ls786">straight-line </span><span class="pp-class-118 pa t18458 l18465">basis </span><span class="pp-class-118 pa t16853 l3">over </span><span class="pp-class-118 pa t16853 l16694">the </span><span class="pp-class-118 pa t16853 l16695">total </span><span class="pp-class-118 pa t16853 l12605">expected </span><span class="pp-class-118 pa t16853 l18466">useful </span><span class="pp-class-118 pa t16853 l18467">life </span><span class="pp-class-118 pa t16853 l18468">of </span><span class="pp-class-118 pa t16853 l18469">the </span><span class="pp-class-118 pa t16853 l18470">asset.</span></p><p class="pp-class-107 pp-area-text"><span class="pp-class-118 pa t16863 l3">The </span><span class="pp-class-118 pa t16863 l550">company’s </span><span class="pp-class-118 pa t16863 l18471">vehicle </span><span class="pp-class-118 pa t16863 l18472">leases </span><span class="pp-class-118 pa t16863 l18473">include </span><span class="pp-class-118 pa t16863 l18474">a </span><span class="pp-class-118 pa t16863 l18475">service </span><span class="pp-class-118 pa t16863 l18476">element </span><span class="pp-class-118 pa t16869 l3">in </span><span class="pp-class-118 pa t16869 l1343">the </span><span class="pp-class-118 pa t16869 l12867">payments </span><span class="pp-class-118 pa t16869 l18477">to </span><span class="pp-class-118 pa t16869 l18478">the </span><span class="pp-class-118 pa t16869 l18479">lessor. </span><span class="pp-class-118 pa t16869 l18480">This </span><span class="pp-class-118 pa t16869 l18481">service </span><span class="pp-class-118 pa t16869 l18482">element </span><span class="pp-class-118 pa t16869 l59">is </span><span class="pp-class-118 pa t16875 l3">deducted </span><span class="pp-class-118 pa t16875 l18483">from </span><span class="pp-class-118 pa t16875 l18484">the </span><span class="pp-class-118 pa t16875 l18485">lease </span><span class="pp-class-118 pa t16875 l15411">payment </span><span class="pp-class-118 pa t16875 l740">when </span><span class="pp-class-118 pa t16875 l18486">measuring </span><span class="pp-class-118 pa t16875 l18487">the </span><span class="pp-class-118 pa t16881 l3">lease </span><span class="pp-class-118 pa t16881 l18335">obligation. </span><span class="pp-class-118 pa t16881 l13691">Where </span><span class="pp-class-118 pa t16881 l18488">the </span><span class="pp-class-118 pa t16881 l18489">company </span><span class="pp-class-118 pa t16881 l18490">cannot </span><span class="pp-class-118 pa t16881 l18491">reliably </span><span class="pp-class-118 pa t16886 l3">separate </span><span class="pp-class-118 pa t16886 l18492">lease </span><span class="pp-class-118 pa t16886 l18493">and </span><span class="pp-class-118 pa t16886 l854">non-lease </span><span class="pp-class-118 pa t16886 l13552">items, </span><span class="pp-class-118 pa t16886 l18494">it </span><span class="pp-class-118 pa t16886 l9810">is </span><span class="pp-class-118 pa t16886 l1062">considered </span><span class="pp-class-118 pa t16886 l18031">a </span><span class="pp-class-118 pa t18495 l3">single </span><span class="pp-class-118 pa t18495 l18496">lease </span><span class="pp-class-118 pa t18495 l14624">payment.</span></p><p class="pp-class-107 pp-area-text"><span class="pp-class-118 pa t16895 l3">Short </span><span class="pp-class-118 pa t16895 l18497">leases </span><span class="pp-class-118 pa t16895 l18498">of </span><span class="pp-class-118 pa t16895 l18499">less </span><span class="pp-class-118 pa t16895 l4665">than </span><span class="pp-class-118 pa t16895 l18500">12 </span><span class="pp-class-118 pa t16895 l18501">months </span><span class="pp-class-118 pa t16895 l18502">and </span><span class="pp-class-118 pa t16895 l18503">leases </span><span class="pp-class-118 pa t16895 l18504">where </span><span class="pp-class-118 pa t16895 l14803">the </span><span class="pp-class-118 pa t16902 l3">underlying </span><span class="pp-class-118 pa t16902 l16680">asset </span><span class="pp-class-118 pa t16902 l18505">has </span><span class="pp-class-118 pa t16902 l18506">a </span><span class="pp-class-118 pa t16902 l18507">low </span><span class="pp-class-118 pa t16902 l18508">value </span><span class="pp-class-118 pa t16902 l8673">are </span><span class="pp-class-118 pa t16902 l18509">not </span><span class="pp-class-118 pa t16902 l11109">recognised </span><span class="pp-class-118 pa t16902 l18510">in </span><span class="pp-class-118 pa t16908 l3">the </span><span class="pp-class-118 pa t16908 l1444">balance </span><span class="pp-class-118 pa t16908 l17022">sheet.</span></p><p class="pp-class-107 pp-area-text"><span class="pp-class-118 pa t16919 l3">The </span><span class="pp-class-118 pa t16919 l550">lease </span><span class="pp-class-118 pa t16919 l18511">obligation, </span><span class="pp-class-118 pa t16919 l18512">which </span><span class="pp-class-118 pa t16919 l18513">is </span><span class="pp-class-118 pa t16919 l18514">recognised </span><span class="pp-class-118 pa t16919 l18515">under </span><span class="pp-class-118 pa t16919 l18516">lease </span><span class="pp-class-118 pa t18517 l3">liabilities, </span><span class="pp-class-118 pa t18517 l18518">is </span><span class="pp-class-118 pa t18517 l18519">measured </span><span class="pp-class-118 pa t18517 l18520">at </span><span class="pp-class-118 pa t18517 l18521">the </span><span class="pp-class-118 pa t18517 l18522">present </span><span class="pp-class-118 pa t18517 l18523">value </span><span class="pp-class-118 pa t18517 l18524">of </span><span class="pp-class-118 pa t18517 l11499">the </span><span class="pp-class-118 pa t18525 l3">remaining </span><span class="pp-class-118 pa t18525 l18526">lease </span><span class="pp-class-118 pa t18525 l18527">payments, </span><span class="pp-class-118 pa t18525 l18528">discounted </span><span class="pp-class-118 pa t18525 l18529">by </span><span class="pp-class-118 pa t18525 l18530">the </span><span class="pp-class-118 pa t18525 l18531">company’s </span><span class="pp-class-118 pa t16931 l3">incremental </span><span class="pp-class-118 pa t16931 l18532">loan </span><span class="pp-class-118 pa t16931 l18533">interest </span><span class="pp-class-118 pa t16931 l18534">rate </span><span class="pp-class-118 pa t16931 l18535">if </span><span class="pp-class-118 pa t16931 l18536">the </span><span class="pp-class-118 pa t16931 l18537">implicit </span><span class="pp-class-118 pa t16931 l18538">interest </span><span class="pp-class-118 pa t16931 l18539">rate </span><span class="pp-class-118 pa t16940 l3">is </span><span class="pp-class-118 pa t16940 l4125">not </span><span class="pp-class-118 pa t16940 l18540">stated </span><span class="pp-class-118 pa t16940 l1981">in </span><span class="pp-class-118 pa t16940 l18541">the </span><span class="pp-class-118 pa t16940 l18542">lease </span><span class="pp-class-118 pa t16940 l18543">agreement </span><span class="pp-class-118 pa t16940 l7408">or </span><span class="pp-class-118 pa t16940 l13202">cannot </span><span class="pp-class-118 pa t16940 l18544">reason- </span><span class="pp-class-118 pa t16947 l3">ably </span><span class="pp-class-118 pa t16947 l18545">be </span><span class="pp-class-118 pa t16947 l18546">determined. </span><span class="pp-class-118 pa t16947 l18547">The </span><span class="pp-class-118 pa t16947 l14827">lease </span><span class="pp-class-118 pa t16947 l12548">payment </span><span class="pp-class-118 pa t16947 l18548">consists </span><span class="pp-class-118 pa t16947 l12060">of </span><span class="pp-class-118 pa t16947 l18549">fixed </span><span class="pp-class-118 pa t16951 l3">and </span><span class="pp-class-118 pa t16951 l1110">variable </span><span class="pp-class-118 pa t16951 l680">lease </span><span class="pp-class-118 pa t16951 l18550">payments </span><span class="pp-class-118 pa t16951 l18551">that </span><span class="pp-class-118 pa t16951 l18552">are </span><span class="pp-class-118 pa t16951 l12777">regulated </span><span class="pp-class-118 pa t16951 l18553">by </span><span class="pp-class-118 pa t16951 l18554">index </span></p></div></div><div class="pp-class-7" id="pp-id-3321" xmlns="http://www.w3.org/1999/xhtml"><div class="w485 h18555 pa t2 l3 wtro4 xx30 tro6 xx31"><p class="pp-class-107 pp-area-text"><span class="pp-class-118 pa t1025 l3">or </span><span class="pp-class-118 pa t1025 l8418">interest </span><span class="pp-class-118 pa t1025 l18556">rate, </span><span class="pp-class-118 pa t1025 l18557">guaranteed </span><span class="pp-class-118 pa t1025 l18558">residual </span><span class="pp-class-118 pa t1025 l13212">values, </span><span class="pp-class-118 pa t1025 l18559">the </span><span class="pp-class-118 pa t1025 l18560">exercise </span><span class="pp-class-118 pa t1032 l3">of </span><span class="pp-class-118 pa t1032 l557">purchase </span><span class="pp-class-118 pa t1032 l18561">options </span><span class="pp-class-118 pa t1032 l18562">and </span><span class="pp-class-118 pa t1032 l18563">the </span><span class="pp-class-118 pa t1032 l18564">cost </span><span class="pp-class-118 pa t1032 l18565">of </span><span class="pp-class-118 pa t1032 l4723">cancelling </span><span class="pp-class-118 pa t1032 l18566">the </span><span class="pp-class-118 pa t1032 l10942">lease. </span><span class="pp-class-118 pa t1038 l3">The </span><span class="pp-class-118 pa t1038 l550">lease </span><span class="pp-class-118 pa t1038 l18511">obligation </span><span class="pp-class-118 pa t1038 l9745">is </span><span class="pp-class-118 pa t1038 l18567">subsequently </span><span class="pp-class-118 pa t1038 l13102">adjusted </span><span class="pp-class-118 pa t1038 l18568">if:</span></p><p class="pp-class-107 pp-area-text"><span class="pp-class-118 pa t1049 l2299">The </span><span class="pp-class-118 pa t1049 l2301">value </span><span class="pp-class-118 pa t1049 l18569">of </span><span class="pp-class-118 pa t1049 l18570">the </span><span class="pp-class-118 pa t1049 l18571">index </span><span class="pp-class-118 pa t1049 l18572">or </span><span class="pp-class-118 pa t1049 l18573">interest </span><span class="pp-class-118 pa t1049 l18574">rate </span><span class="pp-class-118 pa t1049 l18575">on </span><span class="pp-class-118 pa t1049 l13311">which </span><span class="pp-class-118 pa t1049 l18576">the </span><span class="pp-class-118 pa t1056 l2299">lease </span><span class="pp-class-118 pa t1056 l18577">payments </span><span class="pp-class-118 pa t1056 l18578">are </span><span class="pp-class-118 pa t1056 l3146">based </span><span class="pp-class-118 pa t1056 l18579">changes.</span></p><p class="pp-class-107 pp-area-text"><span class="pp-class-118 pa t1064 l2299">There </span><span class="pp-class-118 pa t1064 l18580">is </span><span class="pp-class-118 pa t1064 l18581">a </span><span class="pp-class-118 pa t1064 l18582">change </span><span class="pp-class-118 pa t1064 l18583">in </span><span class="pp-class-118 pa t1064 l18584">the </span><span class="pp-class-118 pa t1064 l18585">exercise </span><span class="pp-class-118 pa t1064 l18586">of </span><span class="pp-class-118 pa t1064 l18587">options </span><span class="pp-class-118 pa t1064 l18588">to </span><span class="pp-class-118 pa t1064 l18589">extend </span><span class="pp-class-118 pa t1109 l2299">or </span><span class="pp-class-118 pa t1109 l18590">shorten </span><span class="pp-class-118 pa t1109 l18591">the </span><span class="pp-class-118 pa t1109 l18592">lease </span><span class="pp-class-118 pa t1109 l18593">period </span><span class="pp-class-118 pa t1109 l18594">due </span><span class="pp-class-118 pa t1109 l18595">to </span><span class="pp-class-118 pa t1109 l18596">a </span><span class="pp-class-118 pa t1109 l18597">material </span><span class="pp-class-118 pa t1109 l18598">event </span><span class="pp-class-118 pa t1109 l18599">or </span><span class="pp-class-118 pa t1475 l2299">material </span><span class="pp-class-118 pa t1475 l18600">change </span><span class="pp-class-118 pa t1475 l18601">in </span><span class="pp-class-118 pa t1475 l18602">circumstances </span><span class="pp-class-118 pa t1475 l18603">that </span><span class="pp-class-118 pa t1475 l18604">are </span><span class="pp-class-118 pa t1475 l18605">within </span><span class="pp-class-118 pa t1475 l18606">the </span><span class="pp-class-118 pa t1484 l2299">control </span><span class="pp-class-118 pa t1484 l18607">of </span><span class="pp-class-118 pa t1484 l18608">the </span><span class="pp-class-118 pa t1484 l18609">lessee.</span></p><p class="pp-class-107 pp-area-text"><span class="pp-class-118 pa t1221 l2299">The </span><span class="pp-class-118 pa t1221 l2301">lease </span><span class="pp-class-118 pa t1221 l18610">term </span><span class="pp-class-118 pa t1221 l18611">is </span><span class="pp-class-118 pa t1221 l18612">changed </span><span class="pp-class-118 pa t1221 l18613">as </span><span class="pp-class-118 pa t1221 l18614">a </span><span class="pp-class-118 pa t1221 l18615">result </span><span class="pp-class-118 pa t1221 l18616">of </span><span class="pp-class-118 pa t1221 l18617">exercising </span><span class="pp-class-118 pa t1221 l18618">an </span><span class="pp-class-118 pa t1228 l2299">option </span><span class="pp-class-118 pa t1228 l18619">to </span><span class="pp-class-118 pa t1228 l18620">extend </span><span class="pp-class-118 pa t1228 l18621">or </span><span class="pp-class-118 pa t1228 l18622">shorten </span><span class="pp-class-118 pa t1228 l18623">the </span><span class="pp-class-118 pa t1228 l18624">lease </span><span class="pp-class-118 pa t1228 l18625">term.</span></p><p class="pp-class-107 pp-area-text"><span class="pp-class-118 pa t1236 l2299">The </span><span class="pp-class-118 pa t1236 l2301">estimate </span><span class="pp-class-118 pa t1236 l18626">of </span><span class="pp-class-118 pa t1236 l18627">a </span><span class="pp-class-118 pa t1236 l18628">residual </span><span class="pp-class-118 pa t1236 l18629">value </span><span class="pp-class-118 pa t1236 l18630">guarantee </span><span class="pp-class-118 pa t1236 l18631">is </span><span class="pp-class-118 pa t1241 l2299">changed.</span></p><p class="pp-class-107 pp-area-text"><span class="pp-class-118 pa t1246 l2299">The </span><span class="pp-class-118 pa t1246 l2301">contract </span><span class="pp-class-118 pa t1246 l18632">is </span><span class="pp-class-118 pa t1246 l18633">renegotiated </span><span class="pp-class-118 pa t1246 l18634">or </span><span class="pp-class-118 pa t1246 l18635">modified.</span></p><p class="pp-class-107 pp-area-text"><span class="pp-class-118 pa t1260 l3">Subsequent </span><span class="pp-class-118 pa t1260 l18636">adjustment </span><span class="pp-class-118 pa t1260 l18637">of </span><span class="pp-class-118 pa t1260 l18638">the </span><span class="pp-class-118 pa t1260 l16917">lease </span><span class="pp-class-118 pa t1260 l18639">obligation </span><span class="pp-class-118 pa t1260 l17960">is </span><span class="pp-class-118 pa t1260 l17961">recog-</span><span class="pp-class-118 pa t1266 l3">nised </span><span class="pp-class-118 pa t1266 l17154">as </span><span class="pp-class-118 pa t1266 l18300">a </span><span class="pp-class-118 pa t1266 l1477">correction </span><span class="pp-class-118 pa t1266 l18640">to </span><span class="pp-class-118 pa t1266 l12794">the </span><span class="pp-class-118 pa t1266 l12305">right-of-use </span><span class="pp-class-118 pa t1266 l18641">asset. </span><span class="pp-class-118 pa t1266 l18642">However, </span><span class="pp-class-118 pa t1525 l3">if </span><span class="pp-class-118 pa t1525 l18643">the </span><span class="pp-class-118 pa t1525 l18644">right-of-use </span><span class="pp-class-118 pa t1525 l9990">asset </span><span class="pp-class-118 pa t1525 l18645">has </span><span class="pp-class-118 pa t1525 l864">a </span><span class="pp-class-118 pa t1525 l18646">value </span><span class="pp-class-118 pa t1525 l18647">of </span><span class="pp-class-118 pa t1525 l18648">DKK </span><span class="pp-class-118 pa t1525 l13132">0, </span><span class="pp-class-118 pa t1525 l17869">a </span><span class="pp-class-118 pa t1525 l18649">negative </span><span class="pp-class-118 pa t1691 l3">reassessment </span><span class="pp-class-118 pa t1691 l18196">of </span><span class="pp-class-118 pa t1691 l18650">the </span><span class="pp-class-118 pa t1691 l14465">right-of-use </span><span class="pp-class-118 pa t1691 l18651">asset </span><span class="pp-class-118 pa t1691 l18652">is </span><span class="pp-class-118 pa t1691 l18653">recognised </span><span class="pp-class-118 pa t1691 l18654">in </span><span class="pp-class-118 pa t1273 l3">the </span><span class="pp-class-118 pa t1273 l1444">income </span><span class="pp-class-118 pa t1273 l10272">statement.</span></p><p class="pp-class-107 pp-area-text"><span class="pp-class-122 pa t1291 l3">Lease </span><span class="pp-class-122 pa t1291 l18655">period</span><span class="pp-class-118 pa t1305 l3">The </span><span class="pp-class-118 pa t1305 l550">company </span><span class="pp-class-118 pa t1305 l18391">recognises </span><span class="pp-class-118 pa t1305 l18392">the </span><span class="pp-class-118 pa t1305 l18656">lease </span><span class="pp-class-118 pa t1305 l18657">obligations </span><span class="pp-class-118 pa t1305 l18658">on </span><span class="pp-class-118 pa t1305 l18659">the </span><span class="pp-class-118 pa t1313 l3">basis </span><span class="pp-class-118 pa t1313 l9951">of </span><span class="pp-class-118 pa t1313 l18660">the </span><span class="pp-class-118 pa t1313 l18661">future </span><span class="pp-class-118 pa t1313 l18662">payments </span><span class="pp-class-118 pa t1313 l18663">during </span><span class="pp-class-118 pa t1313 l18664">the </span><span class="pp-class-118 pa t1313 l18665">lease </span><span class="pp-class-118 pa t1313 l15356">period. </span><span class="pp-class-118 pa t1560 l3">The </span><span class="pp-class-118 pa t1560 l550">lease </span><span class="pp-class-118 pa t1560 l18511">period </span><span class="pp-class-118 pa t1560 l17925">consists </span><span class="pp-class-118 pa t1560 l13679">of </span><span class="pp-class-118 pa t1560 l18666">the </span><span class="pp-class-118 pa t1560 l18667">non-cancellable </span><span class="pp-class-118 pa t1560 l18668">period </span><span class="pp-class-118 pa t1317 l3">and </span><span class="pp-class-118 pa t1317 l1110">periods </span><span class="pp-class-118 pa t1317 l18669">covered </span><span class="pp-class-118 pa t1317 l18670">by </span><span class="pp-class-118 pa t1317 l6689">extension </span><span class="pp-class-118 pa t1317 l18671">and </span><span class="pp-class-118 pa t1317 l18672">termination </span><span class="pp-class-118 pa t1326 l3">options.</span></p><p class="pp-class-107 pp-area-text"><span class="pp-class-118 pa t1342 l3">The </span><span class="pp-class-118 pa t1342 l550">company </span><span class="pp-class-118 pa t1342 l18391">rents </span><span class="pp-class-118 pa t1342 l18673">properties </span><span class="pp-class-118 pa t1342 l18674">for </span><span class="pp-class-118 pa t1342 l1558">production </span><span class="pp-class-118 pa t1342 l18675">and </span><span class="pp-class-118 pa t1342 l18676">for </span><span class="pp-class-118 pa t2408 l3">retail </span><span class="pp-class-118 pa t2408 l3418">leases. </span><span class="pp-class-118 pa t2408 l18677">Often </span><span class="pp-class-118 pa t2408 l1183">leases </span><span class="pp-class-118 pa t2408 l18678">do </span><span class="pp-class-118 pa t2408 l18679">not </span><span class="pp-class-118 pa t2408 l18680">have </span><span class="pp-class-118 pa t2408 l18681">a </span><span class="pp-class-118 pa t2408 l8325">fixed </span><span class="pp-class-118 pa t2408 l18682">expiry </span><span class="pp-class-118 pa t2408 l18683">date, </span><span class="pp-class-118 pa t1575 l3">but </span><span class="pp-class-118 pa t1575 l4142">continue </span><span class="pp-class-118 pa t1575 l18684">after </span><span class="pp-class-118 pa t1575 l18685">the </span><span class="pp-class-118 pa t1575 l6038">non-cancellable </span><span class="pp-class-118 pa t1575 l18686">period </span><span class="pp-class-118 pa t1575 l18687">until </span><span class="pp-class-118 pa t1575 l18688">the </span><span class="pp-class-118 pa t1352 l3">lessee </span><span class="pp-class-118 pa t1352 l15973">terminates </span><span class="pp-class-118 pa t1352 l2087">the </span><span class="pp-class-118 pa t1352 l18689">contract. </span><span class="pp-class-118 pa t1352 l18690">When </span><span class="pp-class-118 pa t1352 l18691">determining </span><span class="pp-class-118 pa t1352 l18692">the </span><span class="pp-class-118 pa t1361 l3">lease </span><span class="pp-class-118 pa t1361 l18335">term, </span><span class="pp-class-118 pa t1361 l18693">the </span><span class="pp-class-118 pa t1361 l18694">company </span><span class="pp-class-118 pa t1361 l11603">therefore </span><span class="pp-class-118 pa t1361 l9891">assesses </span><span class="pp-class-118 pa t1361 l2691">whether </span><span class="pp-class-118 pa t1361 l18695">it </span><span class="pp-class-118 pa t1361 l18696">is </span><span class="pp-class-118 pa t1368 l3">reasonably </span><span class="pp-class-118 pa t1368 l18697">certain </span><span class="pp-class-118 pa t1368 l18698">of </span><span class="pp-class-118 pa t1368 l18699">exercising </span><span class="pp-class-118 pa t1368 l13401">or </span><span class="pp-class-118 pa t1368 l18700">not </span><span class="pp-class-118 pa t1368 l18701">exercising </span><span class="pp-class-118 pa t1368 l18702">exten-</span><span class="pp-class-118 pa t1375 l3">sion </span><span class="pp-class-118 pa t1375 l7144">options.</span></p><p class="pp-class-107 pp-area-text"><span class="pp-class-118 pa t1391 l3">Retail </span><span class="pp-class-118 pa t1391 l8803">leases </span><span class="pp-class-118 pa t1391 l18703">are </span><span class="pp-class-118 pa t1391 l9998">in </span><span class="pp-class-118 pa t1391 l18704">all </span><span class="pp-class-118 pa t1391 l18705">cases </span><span class="pp-class-118 pa t1391 l18706">subleased </span><span class="pp-class-118 pa t1391 l18707">to </span><span class="pp-class-118 pa t1391 l18708">franchisees </span><span class="pp-class-118 pa t1391 l18709">on </span><span class="pp-class-118 pa t1396 l3">the </span><span class="pp-class-118 pa t1396 l1444">same </span><span class="pp-class-118 pa t1396 l9805">terms, </span><span class="pp-class-118 pa t1396 l18710">for </span><span class="pp-class-118 pa t1396 l18711">which </span><span class="pp-class-118 pa t1396 l14989">reason </span><span class="pp-class-118 pa t1396 l18712">the </span><span class="pp-class-118 pa t1396 l18713">lease </span><span class="pp-class-118 pa t1396 l18714">term </span><span class="pp-class-118 pa t1396 l18715">is </span><span class="pp-class-118 pa t1396 l18716">esti-</span><span class="pp-class-118 pa t1405 l3">mated </span><span class="pp-class-118 pa t1405 l9315">to </span><span class="pp-class-118 pa t1405 l1671">be </span><span class="pp-class-118 pa t1405 l7843">the </span><span class="pp-class-118 pa t1405 l18717">same </span><span class="pp-class-118 pa t1405 l18689">period. </span><span class="pp-class-118 pa t1405 l18718">The </span><span class="pp-class-118 pa t1405 l18719">right-of-use </span><span class="pp-class-118 pa t1405 l18720">asset </span><span class="pp-class-118 pa t1405 l18721">is </span><span class="pp-class-118 pa t1415 l3">therefore </span><span class="pp-class-118 pa t1415 l6557">recognised </span><span class="pp-class-118 pa t1415 l18722">under </span><span class="pp-class-118 pa t1415 l18723">lease </span><span class="pp-class-118 pa t1415 l18724">receivables </span><span class="pp-class-118 pa t1415 l17648">in </span><span class="pp-class-118 pa t1415 l9843">the </span><span class="pp-class-118 pa t1415 l18725">bal-</span><span class="pp-class-118 pa t1423 l3">ance </span><span class="pp-class-118 pa t1423 l17056">sheet.</span></p><p class="pp-class-107 pp-area-text"><span class="pp-class-122 pa t6823 l3">Incremental </span><span class="pp-class-122 pa t6823 l18726">borrowing </span><span class="pp-class-122 pa t6823 l12606">rate</span><span class="pp-class-118 pa t6831 l3">The </span><span class="pp-class-118 pa t6831 l550">company </span><span class="pp-class-118 pa t6831 l18391">has </span><span class="pp-class-118 pa t6831 l18130">chosen </span><span class="pp-class-118 pa t6831 l18727">to </span><span class="pp-class-118 pa t6831 l18728">subdivide </span><span class="pp-class-118 pa t6831 l18729">its </span><span class="pp-class-118 pa t6831 l13051">leases </span><span class="pp-class-118 pa t6831 l18730">into </span><span class="pp-class-118 pa t6831 l18731">the </span><span class="pp-class-118 pa t18732 l3">following </span><span class="pp-class-118 pa t18732 l18733">categories:</span></p></div></div><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-118 pa t1025 l2299">Rental </span><span class="pp-class-118 pa t1025 l18735">contracts </span><span class="pp-class-118 pa t1025 l18736">for </span><span class="pp-class-118 pa t1025 l18737">premises</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-118 pa t1032 l2299">Vehicles</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-118 pa t1043 l3">The </span><span class="pp-class-118 pa t1043 l550">borrowing </span><span class="pp-class-118 pa t1043 l18738">rate </span><span class="pp-class-118 pa t1043 l18739">is </span><span class="pp-class-118 pa t1043 l18740">set </span><span class="pp-class-118 pa t1043 l18741">on </span><span class="pp-class-118 pa t1043 l10715">initial </span><span class="pp-class-118 pa t1043 l18742">recognition. </span><span class="pp-class-118 pa t1043 l9471">If </span><span class="pp-class-118 pa t1043 l18743">the </span><span class="pp-class-118 pa t1049 l3">company </span><span class="pp-class-118 pa t1049 l18744">considers </span><span class="pp-class-118 pa t1049 l18745">there </span><span class="pp-class-118 pa t1049 l18746">is </span><span class="pp-class-118 pa t1049 l18747">a </span><span class="pp-class-118 pa t1049 l18748">change </span><span class="pp-class-118 pa t1049 l18749">in </span><span class="pp-class-118 pa t1049 l18750">the </span><span class="pp-class-118 pa t1049 l18751">residual </span><span class="pp-class-118 pa t1056 l3">value </span><span class="pp-class-118 pa t1056 l1282">guarantee, </span><span class="pp-class-118 pa t1056 l18752">termination </span><span class="pp-class-118 pa t1056 l18753">or </span><span class="pp-class-118 pa t1056 l18754">renewal </span><span class="pp-class-118 pa t1056 l18755">options, </span><span class="pp-class-118 pa t1056 l18756">the </span><span class="pp-class-118 pa t1064 l3">incremental </span><span class="pp-class-118 pa t1064 l14023">borrowing </span><span class="pp-class-118 pa t1064 l18757">rate </span><span class="pp-class-118 pa t1064 l17456">is </span><span class="pp-class-118 pa t1064 l18758">revised.</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-118 pa t1475 l3">For </span><span class="pp-class-118 pa t1475 l1476">the </span><span class="pp-class-118 pa t1475 l15305">company’s </span><span class="pp-class-118 pa t1475 l18063">vehicles, </span><span class="pp-class-118 pa t1475 l18759">the </span><span class="pp-class-118 pa t1475 l18760">incremental </span><span class="pp-class-118 pa t1475 l18761">borrowing </span><span class="pp-class-118 pa t1484 l3">rate </span><span class="pp-class-118 pa t1484 l18762">is </span><span class="pp-class-118 pa t1484 l18763">calculated </span><span class="pp-class-118 pa t1484 l18764">based </span><span class="pp-class-118 pa t1484 l18765">on </span><span class="pp-class-118 pa t1484 l17180">the </span><span class="pp-class-118 pa t1484 l18766">company’s </span><span class="pp-class-118 pa t1484 l18767">borrowing </span><span class="pp-class-118 pa t1221 l3">rate. </span><span class="pp-class-118 pa t1221 l18768">This </span><span class="pp-class-118 pa t1221 l18769">interest </span><span class="pp-class-118 pa t1221 l18770">rate </span><span class="pp-class-118 pa t1221 l18771">takes </span><span class="pp-class-118 pa t1221 l1589">into </span><span class="pp-class-118 pa t1221 l18772">account </span><span class="pp-class-118 pa t1221 l18773">credit </span><span class="pp-class-118 pa t1221 l18774">assess-</span><span class="pp-class-118 pa t1228 l3">ments, </span><span class="pp-class-118 pa t1228 l18775">collateral, </span><span class="pp-class-118 pa t1228 l14798">leasing </span><span class="pp-class-118 pa t1228 l5891">periods, </span><span class="pp-class-118 pa t1228 l18776">etc.</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-118 pa t1241 l3">For </span><span class="pp-class-118 pa t1241 l1476">rental </span><span class="pp-class-118 pa t1241 l6498">contracts </span><span class="pp-class-118 pa t1241 l18777">for </span><span class="pp-class-118 pa t1241 l18778">premises, </span><span class="pp-class-118 pa t1241 l18779">the </span><span class="pp-class-118 pa t1241 l9158">possibility </span><span class="pp-class-118 pa t1241 l18780">of </span><span class="pp-class-118 pa t1246 l3">using </span><span class="pp-class-118 pa t1246 l8481">mortgage </span><span class="pp-class-118 pa t1246 l18781">financing </span><span class="pp-class-118 pa t1246 l655">of </span><span class="pp-class-118 pa t1246 l18782">real </span><span class="pp-class-118 pa t1246 l18783">estate </span><span class="pp-class-118 pa t1246 l18784">has </span><span class="pp-class-118 pa t1246 l18785">been </span><span class="pp-class-118 pa t1246 l18786">taken </span><span class="pp-class-118 pa t1254 l3">into </span><span class="pp-class-118 pa t1254 l11323">account </span><span class="pp-class-118 pa t1254 l6499">when </span><span class="pp-class-118 pa t1254 l18787">calculating </span><span class="pp-class-118 pa t1254 l18788">the </span><span class="pp-class-118 pa t1254 l18789">incremental </span><span class="pp-class-118 pa t1254 l18790">borrow-</span><span class="pp-class-118 pa t1260 l3">ing </span><span class="pp-class-118 pa t1260 l18082">rate.</span></p> <p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-120 pa t18829 l3 ls4751">Inventories</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-118 pa t1352 l3">Inventories </span><span class="pp-class-118 pa t1352 l2546">comprise </span><span class="pp-class-118 pa t1352 l18830">finished </span><span class="pp-class-118 pa t1352 l18831">and </span><span class="pp-class-118 pa t1352 l6746">semi-finished </span><span class="pp-class-118 pa t1352 l18832">prod-</span><span class="pp-class-118 pa t1361 l3">ucts </span><span class="pp-class-118 pa t1361 l18833">and </span><span class="pp-class-118 pa t1361 l18834">raw </span><span class="pp-class-118 pa t1361 l18835">materials. </span><span class="pp-class-118 pa t1361 l9235">Inventories </span><span class="pp-class-118 pa t1361 l18836">are </span><span class="pp-class-118 pa t1361 l18837">valued </span><span class="pp-class-118 pa t1361 l18838">according </span><span class="pp-class-118 pa t1368 l3">to </span><span class="pp-class-118 pa t1368 l2249">the </span><span class="pp-class-118 pa t1368 l13031">first-in, </span><span class="pp-class-118 pa t1368 l2251">first-out </span><span class="pp-class-118 pa t1368 l18839">(FIFO) </span><span class="pp-class-118 pa t1368 l18840">principle, </span><span class="pp-class-118 pa t1368 l18841">at </span><span class="pp-class-118 pa t1368 l2053">the </span><span class="pp-class-118 pa t1368 l18842">lower </span><span class="pp-class-118 pa t1368 l18843">of </span><span class="pp-class-118 pa t1375 l3">cost </span><span class="pp-class-118 pa t1375 l18844">and </span><span class="pp-class-118 pa t1375 l18845">net </span><span class="pp-class-118 pa t1375 l2484">realisable </span><span class="pp-class-118 pa t1375 l18846">value </span><span class="pp-class-118 pa t1375 l18847">on </span><span class="pp-class-118 pa t1375 l886">the </span><span class="pp-class-118 pa t1375 l16949">balance </span><span class="pp-class-118 pa t1375 l13571">sheet </span><span class="pp-class-118 pa t1375 l10002">date. </span><span class="pp-class-118 pa t1384 l3">The </span><span class="pp-class-118 pa t1384 l550">realisable </span><span class="pp-class-118 pa t1384 l9933">value </span><span class="pp-class-118 pa t1384 l18848">comprises </span><span class="pp-class-118 pa t1384 l18849">the </span><span class="pp-class-118 pa t1384 l18850">estimated </span><span class="pp-class-118 pa t1384 l18851">sales </span><span class="pp-class-118 pa t1384 l18852">price </span><span class="pp-class-118 pa t1391 l3">in </span><span class="pp-class-118 pa t1391 l1343">the </span><span class="pp-class-118 pa t1391 l12867">ongoing </span><span class="pp-class-118 pa t1391 l18853">operations </span><span class="pp-class-118 pa t1391 l18854">less </span><span class="pp-class-118 pa t1391 l12018">selling </span><span class="pp-class-118 pa t1391 l18855">expenses. </span><span class="pp-class-118 pa t1391 l18856">Cost </span><span class="pp-class-118 pa t1391 l18857">of </span><span class="pp-class-118 pa t1396 l3">finished </span><span class="pp-class-118 pa t1396 l14674">and </span><span class="pp-class-118 pa t1396 l18858">semi-finished </span><span class="pp-class-118 pa t1396 l18859">products </span><span class="pp-class-118 pa t1396 l18860">is </span><span class="pp-class-118 pa t1396 l18861">measured </span><span class="pp-class-118 pa t1396 l17987">at </span><span class="pp-class-118 pa t1405 l3">manufacturing </span><span class="pp-class-118 pa t1405 l1632">cost </span><span class="pp-class-118 pa t1405 l18862">including </span><span class="pp-class-118 pa t1405 l18863">raw </span><span class="pp-class-118 pa t1405 l18864">materials, </span><span class="pp-class-118 pa t1405 l18865">direct </span><span class="pp-class-118 pa t1415 l3">labour, </span><span class="pp-class-118 pa t1415 l1175">other </span><span class="pp-class-118 pa t1415 l18866">direct </span><span class="pp-class-118 pa t1415 l10709">expenses </span><span class="pp-class-118 pa t1415 l18867">and </span><span class="pp-class-118 pa t1415 l18868">production-related </span><span class="pp-class-118 pa t1423 l3">overheads </span><span class="pp-class-118 pa t1423 l18869">based </span><span class="pp-class-118 pa t1423 l8316">on </span><span class="pp-class-118 pa t1423 l18870">normal </span><span class="pp-class-118 pa t1423 l18871">production </span><span class="pp-class-118 pa t1423 l18872">capacity.</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-118 pa t6823 l3">Intra-group </span><span class="pp-class-118 pa t6823 l17162">profits </span><span class="pp-class-118 pa t6823 l18873">on </span><span class="pp-class-118 pa t6823 l18874">inventories </span><span class="pp-class-118 pa t6823 l18875">are </span><span class="pp-class-118 pa t6823 l18876">eliminated </span><span class="pp-class-118 pa t6823 l18877">in </span><span class="pp-class-118 pa t6823 l18878">the </span><span class="pp-class-118 pa t6831 l3">consolidated </span><span class="pp-class-118 pa t6831 l16741">financial </span><span class="pp-class-118 pa t6831 l16742">statements.</span></p> <div class="pp-class-7" id="pp-id-3327" xmlns="http://www.w3.org/1999/xhtml"><div class="w485 h18879 pa t2 l3 wtro4 xx18880 tro6 xx18881"><p class="pp-class-107 pp-area-text"><span class="pp-class-120 pa t18882 l3 ls16577">Financial </span><span class="pp-class-120 pa t18882 l17745 ls1845">instruments</span></p><p class="pp-class-107 pp-area-text"><span class="pp-class-118 pa t16757 l3">Financial </span><span class="pp-class-118 pa t16757 l2830">instruments </span><span class="pp-class-118 pa t16757 l18883">recognised </span><span class="pp-class-118 pa t16757 l13107">in </span><span class="pp-class-118 pa t16757 l841">the </span><span class="pp-class-118 pa t16757 l18884">balance </span><span class="pp-class-118 pa t16757 l10665">sheet </span><span class="pp-class-118 pa t18376 l3">include </span><span class="pp-class-118 pa t18376 l15357">cash </span><span class="pp-class-118 pa t18376 l18885">and </span><span class="pp-class-118 pa t18376 l10313">cash </span><span class="pp-class-118 pa t18376 l18886">equivalents, </span><span class="pp-class-118 pa t18376 l18887">loans, </span><span class="pp-class-118 pa t18376 l18888">trade </span><span class="pp-class-118 pa t18376 l18889">receiv-</span><span class="pp-class-118 pa t16759 l3">ables </span><span class="pp-class-118 pa t16759 l18890">and </span><span class="pp-class-118 pa t16759 l18891">derivative </span><span class="pp-class-118 pa t16759 l2887">instruments </span><span class="pp-class-118 pa t16759 l18892">on </span><span class="pp-class-118 pa t16759 l18893">the </span><span class="pp-class-118 pa t16759 l18894">asset </span><span class="pp-class-118 pa t16759 l18895">side. </span><span class="pp-class-118 pa t16759 l18896">On </span><span class="pp-class-118 pa t16766 l3">the </span><span class="pp-class-118 pa t16766 l1444">liability </span><span class="pp-class-118 pa t16766 l18897">side, </span><span class="pp-class-118 pa t16766 l18898">there </span><span class="pp-class-118 pa t16766 l18899">are </span><span class="pp-class-118 pa t16766 l18900">trade </span><span class="pp-class-118 pa t16766 l18901">payables, </span><span class="pp-class-118 pa t16766 l18902">loan </span><span class="pp-class-118 pa t16766 l18903">liabilities </span><span class="pp-class-118 pa t16773 l3">and </span><span class="pp-class-118 pa t16773 l1110">derivative </span><span class="pp-class-118 pa t16773 l9115">instruments.</span></p><p class="pp-class-107 pp-area-text"><span class="pp-class-121 pa t16788 l3 ls11966">Recognition </span><span class="pp-class-121 pa t16788 l12814 ls679">in </span><span class="pp-class-121 pa t16788 l18904 ls681">and </span><span class="pp-class-121 pa t16788 l18905 ls685">derecognition </span><span class="pp-class-121 pa t16788 l9715 ls6896">from </span><span class="pp-class-121 pa t16788 l18906 ls681">the </span><span class="pp-class-121 pa t16788 l18907 ls6903">balance </span><span class="pp-class-121 pa t16788 l18908 ls6896">sheet</span></p><p class="pp-class-107 pp-area-text"><span class="pp-class-118 pa t16794 l3">A </span><span class="pp-class-118 pa t16794 l851">financial </span><span class="pp-class-118 pa t16794 l18909">asset </span><span class="pp-class-118 pa t16794 l13699">or </span><span class="pp-class-118 pa t16794 l18910">a </span><span class="pp-class-118 pa t16794 l13575">financial </span><span class="pp-class-118 pa t16794 l18911">liability </span><span class="pp-class-118 pa t16794 l6256">is </span><span class="pp-class-118 pa t16794 l18912">entered </span><span class="pp-class-118 pa t16794 l18913">in </span><span class="pp-class-118 pa t16794 l18914">the </span><span class="pp-class-118 pa t16801 l3">balance </span><span class="pp-class-118 pa t16801 l800">sheet </span><span class="pp-class-118 pa t16801 l18915">when </span><span class="pp-class-118 pa t16801 l17010">the </span><span class="pp-class-118 pa t16801 l18916">company </span><span class="pp-class-118 pa t16801 l4138">becomes </span><span class="pp-class-118 pa t16801 l18917">a </span><span class="pp-class-118 pa t16801 l18918">party </span><span class="pp-class-118 pa t16801 l18919">in </span><span class="pp-class-118 pa t16806 l3">accordance </span><span class="pp-class-118 pa t16806 l16584">with </span><span class="pp-class-118 pa t16806 l16585">the </span><span class="pp-class-118 pa t16806 l6836">contractual </span><span class="pp-class-118 pa t16806 l10831">terms </span><span class="pp-class-118 pa t16806 l18920">of </span><span class="pp-class-118 pa t16806 l18921">the </span><span class="pp-class-118 pa t16806 l18922">instru-</span><span class="pp-class-118 pa t18417 l3">ment. </span><span class="pp-class-118 pa t18417 l16667">A </span><span class="pp-class-118 pa t18417 l18923">receivable </span><span class="pp-class-118 pa t18417 l18924">is </span><span class="pp-class-118 pa t18417 l14807">recognised </span><span class="pp-class-118 pa t18417 l18925">when </span><span class="pp-class-118 pa t18417 l15361">the </span><span class="pp-class-118 pa t18417 l18926">company </span><span class="pp-class-118 pa t18417 l2638">has </span><span class="pp-class-118 pa t16810 l3">performed </span><span class="pp-class-118 pa t16810 l18927">a </span><span class="pp-class-118 pa t16810 l18928">service </span><span class="pp-class-118 pa t16810 l18777">and </span><span class="pp-class-118 pa t16810 l18929">a </span><span class="pp-class-118 pa t16810 l18930">contractual </span><span class="pp-class-118 pa t16810 l13876">payment </span><span class="pp-class-118 pa t16810 l18931">obliga-</span><span class="pp-class-118 pa t16817 l3">tion </span><span class="pp-class-118 pa t16817 l11323">arises </span><span class="pp-class-118 pa t16817 l832">for </span><span class="pp-class-118 pa t16817 l18932">the </span><span class="pp-class-118 pa t16817 l1755">counterparty, </span><span class="pp-class-118 pa t16817 l18933">even </span><span class="pp-class-118 pa t16817 l18934">if </span><span class="pp-class-118 pa t16817 l18935">no </span><span class="pp-class-118 pa t16817 l18936">invoice </span><span class="pp-class-118 pa t16817 l18937">has </span><span class="pp-class-118 pa t16824 l3">been </span><span class="pp-class-118 pa t16824 l18938">issued. </span><span class="pp-class-118 pa t16824 l18939">Trade </span><span class="pp-class-118 pa t16824 l7780">receivables </span><span class="pp-class-118 pa t16824 l18940">are </span><span class="pp-class-118 pa t16824 l18941">recognised </span><span class="pp-class-118 pa t16824 l18942">in </span><span class="pp-class-118 pa t16824 l6050">the </span><span class="pp-class-118 pa t16824 l18943">bal-</span><span class="pp-class-118 pa t16828 l3">ance </span><span class="pp-class-118 pa t16828 l17056">sheet </span><span class="pp-class-118 pa t16828 l4244">when </span><span class="pp-class-118 pa t16828 l18944">revenue </span><span class="pp-class-118 pa t16828 l18945">is </span><span class="pp-class-118 pa t16828 l17661">recognised </span><span class="pp-class-118 pa t16828 l11925">and </span><span class="pp-class-118 pa t16828 l5965">an </span><span class="pp-class-118 pa t16828 l18946">invoice </span><span class="pp-class-118 pa t16836 l3">has </span><span class="pp-class-118 pa t16836 l14274">been </span><span class="pp-class-118 pa t16836 l7136">issued. </span><span class="pp-class-118 pa t16836 l10767">A </span><span class="pp-class-118 pa t16836 l8571">liability </span><span class="pp-class-118 pa t16836 l18947">is </span><span class="pp-class-118 pa t16836 l2023">recognised </span><span class="pp-class-118 pa t16836 l9987">when </span><span class="pp-class-118 pa t16836 l17326">the </span><span class="pp-class-118 pa t16836 l18948">coun-</span><span class="pp-class-118 pa t16843 l3">terparty </span><span class="pp-class-118 pa t16843 l18949">has </span><span class="pp-class-118 pa t16843 l18950">performed </span><span class="pp-class-118 pa t16843 l1337">a </span><span class="pp-class-118 pa t16843 l18951">service </span><span class="pp-class-118 pa t16843 l2577">and </span><span class="pp-class-118 pa t16843 l18952">a </span><span class="pp-class-118 pa t16843 l18953">contractual </span><span class="pp-class-118 pa t16843 l18954">pay-</span><span class="pp-class-118 pa t16850 l3">ment </span><span class="pp-class-118 pa t16850 l17839">obligation </span><span class="pp-class-118 pa t16850 l1198">arises, </span><span class="pp-class-118 pa t16850 l18955">even </span><span class="pp-class-118 pa t16850 l11137">if </span><span class="pp-class-118 pa t16850 l18956">an </span><span class="pp-class-118 pa t16850 l18957">invoice </span><span class="pp-class-118 pa t16850 l18958">has </span><span class="pp-class-118 pa t16850 l18959">not </span><span class="pp-class-118 pa t16850 l9238">been </span><span class="pp-class-118 pa t18450 l3">received. </span><span class="pp-class-118 pa t18450 l7336">Accounts </span><span class="pp-class-118 pa t18450 l18960">payable </span><span class="pp-class-118 pa t18450 l18961">are </span><span class="pp-class-118 pa t18450 l18962">recognised </span><span class="pp-class-118 pa t18450 l15063">when </span><span class="pp-class-118 pa t18450 l9465">a </span><span class="pp-class-118 pa t18450 l18963">ser-</span><span class="pp-class-118 pa t18458 l3">vice </span><span class="pp-class-118 pa t18458 l18964">or </span><span class="pp-class-118 pa t18458 l18965">product </span><span class="pp-class-118 pa t18458 l11292">has </span><span class="pp-class-118 pa t18458 l6087">been </span><span class="pp-class-118 pa t18458 l12822">received.</span></p><p class="pp-class-107 pp-area-text"><span class="pp-class-118 pa t16857 l3">A </span><span class="pp-class-118 pa t16857 l851">financial </span><span class="pp-class-118 pa t16857 l18909">asset </span><span class="pp-class-118 pa t16857 l13699">is </span><span class="pp-class-118 pa t16857 l3286">derecognised </span><span class="pp-class-118 pa t16857 l18966">from </span><span class="pp-class-118 pa t16857 l18967">the </span><span class="pp-class-118 pa t16857 l18968">balance </span><span class="pp-class-118 pa t16857 l18822">sheet </span><span class="pp-class-118 pa t16863 l3">when </span><span class="pp-class-118 pa t16863 l1306">the </span><span class="pp-class-118 pa t16863 l18969">rights </span><span class="pp-class-118 pa t16863 l18970">resulting </span><span class="pp-class-118 pa t16863 l8786">from </span><span class="pp-class-118 pa t16863 l18971">the </span><span class="pp-class-118 pa t16863 l18972">agreement </span><span class="pp-class-118 pa t16863 l15299">have </span><span class="pp-class-118 pa t16863 l18973">been </span><span class="pp-class-118 pa t16869 l3">realised, </span><span class="pp-class-118 pa t16869 l6420">expire </span><span class="pp-class-118 pa t16869 l18974">or </span><span class="pp-class-118 pa t16869 l18975">the </span><span class="pp-class-118 pa t16869 l4176">company </span><span class="pp-class-118 pa t16869 l18976">loses </span><span class="pp-class-118 pa t16869 l18977">control </span><span class="pp-class-118 pa t16869 l17512">over </span><span class="pp-class-118 pa t16869 l18978">them. </span><span class="pp-class-118 pa t16875 l3">The </span><span class="pp-class-118 pa t16875 l550">same </span><span class="pp-class-118 pa t16875 l11209">applies </span><span class="pp-class-118 pa t16875 l18979">to </span><span class="pp-class-118 pa t16875 l13511">a </span><span class="pp-class-118 pa t16875 l18980">part </span><span class="pp-class-118 pa t16875 l17919">of </span><span class="pp-class-118 pa t16875 l18981">a </span><span class="pp-class-118 pa t16875 l18982">financial </span><span class="pp-class-118 pa t16875 l18983">asset. </span><span class="pp-class-118 pa t16875 l18984">A </span><span class="pp-class-118 pa t16875 l18985">finan-</span><span class="pp-class-118 pa t16881 l3">cial </span><span class="pp-class-118 pa t16881 l17380">liability </span><span class="pp-class-118 pa t16881 l18986">is </span><span class="pp-class-118 pa t16881 l12426">derecognised </span><span class="pp-class-118 pa t16881 l18987">from </span><span class="pp-class-118 pa t16881 l18988">the </span><span class="pp-class-118 pa t16881 l4630">balance </span><span class="pp-class-118 pa t16881 l9949">sheet </span><span class="pp-class-118 pa t16886 l3">when </span><span class="pp-class-118 pa t16886 l1306">the </span><span class="pp-class-118 pa t16886 l18969">obligation </span><span class="pp-class-118 pa t16886 l18989">resulting </span><span class="pp-class-118 pa t16886 l18990">from </span><span class="pp-class-118 pa t16886 l18991">the </span><span class="pp-class-118 pa t16886 l18992">agreement </span><span class="pp-class-118 pa t16886 l9962">has </span><span class="pp-class-118 pa t18495 l3">been </span><span class="pp-class-118 pa t18495 l18938">realised </span><span class="pp-class-118 pa t18495 l18993">or </span><span class="pp-class-118 pa t18495 l18994">is </span><span class="pp-class-118 pa t18495 l17401">extinguished </span><span class="pp-class-118 pa t18495 l748">in </span><span class="pp-class-118 pa t18495 l4235">some </span><span class="pp-class-118 pa t18495 l18995">other </span><span class="pp-class-118 pa t18495 l3363">manner. </span><span class="pp-class-118 pa t16888 l3">The </span><span class="pp-class-118 pa t16888 l550">same </span><span class="pp-class-118 pa t16888 l11209">applies </span><span class="pp-class-118 pa t16888 l18979">to </span><span class="pp-class-118 pa t16888 l13511">a </span><span class="pp-class-118 pa t16888 l18980">part </span><span class="pp-class-118 pa t16888 l17919">of </span><span class="pp-class-118 pa t16888 l18981">a </span><span class="pp-class-118 pa t16888 l18982">financial </span><span class="pp-class-118 pa t16888 l18983">liability.</span></p><p class="pp-class-107 pp-area-text"><span class="pp-class-118 pa t16902 l3">A </span><span class="pp-class-118 pa t16902 l851">financial </span><span class="pp-class-118 pa t16902 l18909">asset </span><span class="pp-class-118 pa t16902 l13699">and </span><span class="pp-class-118 pa t16902 l8455">a </span><span class="pp-class-118 pa t16902 l18996">financial </span><span class="pp-class-118 pa t16902 l18997">liability </span><span class="pp-class-118 pa t16902 l3405">may </span><span class="pp-class-118 pa t16902 l18998">only </span><span class="pp-class-118 pa t16902 l18999">be </span><span class="pp-class-118 pa t16908 l3">offset </span><span class="pp-class-118 pa t16908 l19000">against </span><span class="pp-class-118 pa t16908 l19001">each </span><span class="pp-class-118 pa t16908 l19002">other </span><span class="pp-class-118 pa t16908 l19003">and </span><span class="pp-class-118 pa t16908 l19004">recognised </span><span class="pp-class-118 pa t16908 l19005">net </span><span class="pp-class-118 pa t16908 l19006">in </span><span class="pp-class-118 pa t16908 l17285">the </span><span class="pp-class-118 pa t16908 l19007">bal-</span><span class="pp-class-118 pa t16912 l3">ance </span><span class="pp-class-118 pa t16912 l17056">sheet </span><span class="pp-class-118 pa t16912 l4244">if </span><span class="pp-class-118 pa t16912 l19008">there </span><span class="pp-class-118 pa t16912 l17881">is </span><span class="pp-class-118 pa t16912 l19009">a </span><span class="pp-class-118 pa t16912 l19010">legal </span><span class="pp-class-118 pa t16912 l19011">right </span><span class="pp-class-118 pa t16912 l19012">to </span><span class="pp-class-118 pa t16912 l19013">offset </span><span class="pp-class-118 pa t16912 l19014">the </span><span class="pp-class-118 pa t16912 l19015">amounts </span><span class="pp-class-118 pa t16919 l3">and </span><span class="pp-class-118 pa t16919 l1110">the </span><span class="pp-class-118 pa t16919 l2067">intention </span><span class="pp-class-118 pa t16919 l19016">is </span><span class="pp-class-118 pa t16919 l18873">to </span><span class="pp-class-118 pa t16919 l1998">settle </span><span class="pp-class-118 pa t16919 l7108">the </span><span class="pp-class-118 pa t16919 l19017">items </span><span class="pp-class-118 pa t16919 l19018">in </span><span class="pp-class-118 pa t16919 l19019">a </span><span class="pp-class-118 pa t16919 l19020">net </span><span class="pp-class-118 pa t16919 l18019">amount </span><span class="pp-class-118 pa t18517 l3">or </span><span class="pp-class-118 pa t18517 l8418">to </span><span class="pp-class-118 pa t18517 l19021">simultaneously </span><span class="pp-class-118 pa t18517 l4495">sell </span><span class="pp-class-118 pa t18517 l19022">the </span><span class="pp-class-118 pa t18517 l19023">asset </span><span class="pp-class-118 pa t18517 l19024">and </span><span class="pp-class-118 pa t18517 l19025">settle </span><span class="pp-class-118 pa t18517 l19026">the </span><span class="pp-class-118 pa t18517 l19027">debt.</span></p><p class="pp-class-107 pp-area-text"><span class="pp-class-118 pa t16931 l3">The </span><span class="pp-class-118 pa t16931 l550">acquisition </span><span class="pp-class-118 pa t16931 l14895">or </span><span class="pp-class-118 pa t16931 l19028">divestment </span><span class="pp-class-118 pa t16931 l9777">of </span><span class="pp-class-118 pa t16931 l19029">financial </span><span class="pp-class-118 pa t16931 l19030">assets </span><span class="pp-class-118 pa t16931 l19031">is </span><span class="pp-class-118 pa t16931 l19032">rec-</span><span class="pp-class-118 pa t16940 l3">ognised </span><span class="pp-class-118 pa t16940 l10501">on </span><span class="pp-class-118 pa t16940 l19033">the </span><span class="pp-class-118 pa t16940 l19034">transaction </span><span class="pp-class-118 pa t16940 l19035">date </span><span class="pp-class-118 pa t16940 l6590">for </span><span class="pp-class-118 pa t16940 l14645">on-demand </span><span class="pp-class-118 pa t16940 l19036">transac-</span><span class="pp-class-118 pa t16947 l3">tions, </span><span class="pp-class-118 pa t16947 l19037">which </span><span class="pp-class-118 pa t16947 l10860">is </span><span class="pp-class-118 pa t16947 l19038">the </span><span class="pp-class-118 pa t16947 l19039">date </span><span class="pp-class-118 pa t16947 l19040">when </span><span class="pp-class-118 pa t16947 l7238">the </span><span class="pp-class-118 pa t16947 l19041">company </span><span class="pp-class-118 pa t16947 l17885">undertakes </span><span class="pp-class-118 pa t16951 l3">to </span><span class="pp-class-118 pa t16951 l2249">acquire </span><span class="pp-class-118 pa t16951 l19042">or </span><span class="pp-class-118 pa t16951 l19043">sell </span><span class="pp-class-118 pa t16951 l19044">the </span><span class="pp-class-118 pa t16951 l19045">asset.</span></p></div></div><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-121 pa t19047 l3">Measurement</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-118 pa t19048 l3">Financial </span><span class="pp-class-118 pa t19048 l2830">instruments </span><span class="pp-class-118 pa t19048 l18883">that </span><span class="pp-class-118 pa t19048 l17542">are </span><span class="pp-class-118 pa t19048 l19049">not </span><span class="pp-class-118 pa t19048 l19050">derivative </span><span class="pp-class-118 pa t19048 l19051">instru-</span><span class="pp-class-118 pa t19052 l3">ments </span><span class="pp-class-118 pa t19052 l19053">are </span><span class="pp-class-118 pa t19052 l19054">initially </span><span class="pp-class-118 pa t19052 l19055">recognised </span><span class="pp-class-118 pa t19052 l19056">at </span><span class="pp-class-118 pa t19052 l19057">cost </span><span class="pp-class-118 pa t19052 l12562">corresponding </span><span class="pp-class-118 pa t19052 l19058">to </span><span class="pp-class-118 pa t19059 l3">the </span><span class="pp-class-118 pa t19059 l1444">instrument’s </span><span class="pp-class-118 pa t19059 l19060">fair </span><span class="pp-class-118 pa t19059 l19061">value </span><span class="pp-class-118 pa t19059 l18961">plus </span><span class="pp-class-118 pa t19059 l1869">transaction </span><span class="pp-class-118 pa t19059 l19062">costs. </span><span class="pp-class-118 pa t19063 l3">Transaction </span><span class="pp-class-118 pa t19063 l7024">costs </span><span class="pp-class-118 pa t19063 l7025">for </span><span class="pp-class-118 pa t19063 l19064">derivative </span><span class="pp-class-118 pa t19063 l17740">instruments </span><span class="pp-class-118 pa t19063 l19065">are </span><span class="pp-class-118 pa t19063 l19066">imme-</span><span class="pp-class-118 pa t19067 l3">diately </span><span class="pp-class-118 pa t19067 l19068">expensed. </span><span class="pp-class-118 pa t19067 l3344">On </span><span class="pp-class-118 pa t19067 l19069">initial </span><span class="pp-class-118 pa t19067 l19070">recognition, </span><span class="pp-class-118 pa t19067 l19071">a </span><span class="pp-class-118 pa t19067 l19072">financial </span><span class="pp-class-118 pa t19073 l3">instrument </span><span class="pp-class-118 pa t19073 l19074">is </span><span class="pp-class-118 pa t19073 l18803">classified </span><span class="pp-class-118 pa t19073 l11101">on </span><span class="pp-class-118 pa t19073 l19075">the </span><span class="pp-class-118 pa t19073 l18414">basis </span><span class="pp-class-118 pa t19073 l19076">of </span><span class="pp-class-118 pa t19073 l12567">the </span><span class="pp-class-118 pa t19073 l19077">purpose </span><span class="pp-class-118 pa t19078 l3">underlying </span><span class="pp-class-118 pa t19078 l16680">the </span><span class="pp-class-118 pa t19078 l4452">acquisition </span><span class="pp-class-118 pa t19078 l19079">of </span><span class="pp-class-118 pa t19078 l19080">the </span><span class="pp-class-118 pa t19078 l11677">instrument. </span><span class="pp-class-118 pa t19078 l19081">This </span><span class="pp-class-118 pa t19078 l19082">clas-</span><span class="pp-class-118 pa t19083 l3">sification </span><span class="pp-class-118 pa t19083 l17268">determines </span><span class="pp-class-118 pa t19083 l8350">how </span><span class="pp-class-118 pa t19083 l19084">the </span><span class="pp-class-118 pa t19083 l19085">financial </span><span class="pp-class-118 pa t19083 l10296">instrument </span><span class="pp-class-118 pa t19083 l19086">is </span><span class="pp-class-118 pa t19087 l3">measured </span><span class="pp-class-118 pa t19087 l17166">after </span><span class="pp-class-118 pa t19087 l19088">initial </span><span class="pp-class-118 pa t19087 l19089">recognition, </span><span class="pp-class-118 pa t19087 l19090">as </span><span class="pp-class-118 pa t19087 l19091">described </span><span class="pp-class-118 pa t19087 l19092">below. </span><span class="pp-class-118 pa t19093 l3">For </span><span class="pp-class-118 pa t19093 l1476">the </span><span class="pp-class-118 pa t19093 l15305">recognition </span><span class="pp-class-118 pa t19093 l13928">of </span><span class="pp-class-118 pa t19093 l19094">derivative </span><span class="pp-class-118 pa t19093 l19095">instruments, </span><span class="pp-class-118 pa t19093 l6027">refer </span><span class="pp-class-118 pa t19093 l19096">to </span><span class="pp-class-118 pa t19097 l3">cash </span><span class="pp-class-118 pa t19097 l3235">flow </span><span class="pp-class-118 pa t19097 l19098">hedges </span><span class="pp-class-118 pa t19097 l11903">below.</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-121 pa t19099 l3">Receivables </span><span class="pp-class-121 pa t19099 l10823">and </span><span class="pp-class-121 pa t19099 l19100 ls19101">liabilities </span><span class="pp-class-121 pa t19099 l19102">in </span><span class="pp-class-121 pa t19099 l19103">foreign </span><span class="pp-class-121 pa t19099 l19104">currencies</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-118 pa t19105 l3">Receivables </span><span class="pp-class-118 pa t19105 l14123">and </span><span class="pp-class-118 pa t19105 l19106">liabilities </span><span class="pp-class-118 pa t19105 l19107">in </span><span class="pp-class-118 pa t19105 l19108">foreign </span><span class="pp-class-118 pa t19105 l19109">currencies </span><span class="pp-class-118 pa t19105 l19110">are </span><span class="pp-class-118 pa t19105 l19111">val-</span><span class="pp-class-118 pa t19112 l3">ued </span><span class="pp-class-118 pa t19112 l7085">at </span><span class="pp-class-118 pa t19112 l9845">the </span><span class="pp-class-118 pa t19112 l19113">balance </span><span class="pp-class-118 pa t19112 l19114">sheet </span><span class="pp-class-118 pa t19112 l19115">date </span><span class="pp-class-118 pa t19112 l19116">rate. </span><span class="pp-class-118 pa t19112 l9145">Exchange </span><span class="pp-class-118 pa t19112 l19117">rate </span><span class="pp-class-118 pa t19112 l3251">fluctu-</span><span class="pp-class-118 pa t19118 l3">ations </span><span class="pp-class-118 pa t19118 l19119">pertaining </span><span class="pp-class-118 pa t19118 l14693">to </span><span class="pp-class-118 pa t19118 l19120">operating </span><span class="pp-class-118 pa t19118 l13920">receivables </span><span class="pp-class-118 pa t19118 l19121">and </span><span class="pp-class-118 pa t19118 l19122">liabilities </span><span class="pp-class-118 pa t19123 l3">are </span><span class="pp-class-118 pa t19123 l2545">recognised </span><span class="pp-class-118 pa t19123 l16882">in </span><span class="pp-class-118 pa t19123 l19124">operating </span><span class="pp-class-118 pa t19123 l19125">profit, </span><span class="pp-class-118 pa t19123 l19126">while </span><span class="pp-class-118 pa t19123 l19127">exchange </span><span class="pp-class-118 pa t19123 l19128">rate </span><span class="pp-class-118 pa t19129 l3">fluctuations </span><span class="pp-class-118 pa t19129 l19130">pertaining </span><span class="pp-class-118 pa t19129 l19131">to </span><span class="pp-class-118 pa t19129 l19132">financial </span><span class="pp-class-118 pa t19129 l10071">receivables </span><span class="pp-class-118 pa t19129 l19133">and </span><span class="pp-class-118 pa t19129 l19134">lia-</span><span class="pp-class-118 pa t19135 l3">bilities </span><span class="pp-class-118 pa t19135 l19136">are </span><span class="pp-class-118 pa t19135 l9232">recognised </span><span class="pp-class-118 pa t19135 l19137">in </span><span class="pp-class-118 pa t19135 l12021">net </span><span class="pp-class-118 pa t19135 l19138">financial </span><span class="pp-class-118 pa t19135 l19139">items.</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-121 pa t19140 l3">Loans </span><span class="pp-class-121 pa t19140 l19141">and </span><span class="pp-class-121 pa t19140 l6239">trade </span><span class="pp-class-121 pa t19140 l19142">receivables</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-118 pa t19143 l3">Loans </span><span class="pp-class-118 pa t19143 l19144">and </span><span class="pp-class-118 pa t19143 l2082">trade </span><span class="pp-class-118 pa t19143 l19145">receivables </span><span class="pp-class-118 pa t19143 l8522">comprise </span><span class="pp-class-118 pa t19143 l19146">financial </span><span class="pp-class-118 pa t19143 l19147">assets </span><span class="pp-class-118 pa t19148 l3">that </span><span class="pp-class-118 pa t19148 l2107">are </span><span class="pp-class-118 pa t19148 l16774">not </span><span class="pp-class-118 pa t19148 l19149">derivative </span><span class="pp-class-118 pa t19148 l19150">instruments, </span><span class="pp-class-118 pa t19148 l14204">that </span><span class="pp-class-118 pa t19148 l19151">have </span><span class="pp-class-118 pa t19148 l19152">fixed </span><span class="pp-class-118 pa t19148 l19153">or </span><span class="pp-class-118 pa t19154 l3">fixable </span><span class="pp-class-118 pa t19154 l19155">payments </span><span class="pp-class-118 pa t19154 l5833">and </span><span class="pp-class-118 pa t19154 l7119">that </span><span class="pp-class-118 pa t19154 l19156">are </span><span class="pp-class-118 pa t19154 l19157">not </span><span class="pp-class-118 pa t19154 l8781">listed </span><span class="pp-class-118 pa t19154 l19158">on </span><span class="pp-class-118 pa t19154 l6707">an </span><span class="pp-class-118 pa t19154 l18125">active </span><span class="pp-class-118 pa t19159 l3">market. </span><span class="pp-class-118 pa t19159 l19160">For </span><span class="pp-class-118 pa t19159 l19161">TCM </span><span class="pp-class-118 pa t19159 l19162">Group, </span><span class="pp-class-118 pa t19159 l19163">this </span><span class="pp-class-118 pa t19159 l11090">category </span><span class="pp-class-118 pa t19159 l19164">includes </span><span class="pp-class-118 pa t19165 l3">non-current </span><span class="pp-class-118 pa t19165 l13879">financial </span><span class="pp-class-118 pa t19165 l14193">assets, </span><span class="pp-class-118 pa t19165 l12607">and </span><span class="pp-class-118 pa t19165 l19166">trade </span><span class="pp-class-118 pa t19165 l19167">receivables </span><span class="pp-class-118 pa t19165 l6419">and </span><span class="pp-class-118 pa t19168 l3">other </span><span class="pp-class-118 pa t19168 l11647">receivables </span><span class="pp-class-118 pa t19168 l19169">recognised </span><span class="pp-class-118 pa t19168 l10651">as </span><span class="pp-class-118 pa t19168 l19170">current </span><span class="pp-class-118 pa t19168 l19171">assets. </span><span class="pp-class-118 pa t19168 l19172">These </span><span class="pp-class-118 pa t19173 l3">assets </span><span class="pp-class-118 pa t19173 l16870">are </span><span class="pp-class-118 pa t19173 l19174">valued </span><span class="pp-class-118 pa t19173 l19175">at </span><span class="pp-class-118 pa t19173 l19176">amortised </span><span class="pp-class-118 pa t19173 l19177">cost. </span><span class="pp-class-118 pa t19173 l1636">Amortised </span><span class="pp-class-118 pa t19173 l19178">cost </span><span class="pp-class-118 pa t19173 l19179">is </span><span class="pp-class-118 pa t19180 l3">determined </span><span class="pp-class-118 pa t19180 l19181">based </span><span class="pp-class-118 pa t19180 l19182">on </span><span class="pp-class-118 pa t19180 l19183">the </span><span class="pp-class-118 pa t19180 l9860">effective </span><span class="pp-class-118 pa t19180 l11196">rate </span><span class="pp-class-118 pa t19180 l19184">calculated </span><span class="pp-class-118 pa t19180 l19185">on </span><span class="pp-class-118 pa t19180 l19186">the </span><span class="pp-class-118 pa t19187 l3">acquisition </span><span class="pp-class-118 pa t19187 l861">date. </span><span class="pp-class-118 pa t19187 l19188">Loans </span><span class="pp-class-118 pa t19187 l8632">and </span><span class="pp-class-118 pa t19187 l19189">trade </span><span class="pp-class-118 pa t19187 l10813">receivables </span><span class="pp-class-118 pa t19187 l19190">are </span><span class="pp-class-118 pa t19187 l19191">recog-</span><span class="pp-class-118 pa t19192 l3">nised </span><span class="pp-class-118 pa t19192 l17154">at </span><span class="pp-class-118 pa t19192 l16865">the </span><span class="pp-class-118 pa t19192 l19193">amounts </span><span class="pp-class-118 pa t19192 l19194">that </span><span class="pp-class-118 pa t19192 l6168">are </span><span class="pp-class-118 pa t19192 l19195">expected </span><span class="pp-class-118 pa t19192 l9222">to </span><span class="pp-class-118 pa t19192 l19196">be </span><span class="pp-class-118 pa t19192 l19197">received, </span><span class="pp-class-118 pa t19198 l3">i.e. </span><span class="pp-class-118 pa t19198 l19199">less </span><span class="pp-class-118 pa t19198 l9359">any </span><span class="pp-class-118 pa t19198 l19200">provisions </span><span class="pp-class-118 pa t19198 l6214">for </span><span class="pp-class-118 pa t19198 l19201">decreases </span><span class="pp-class-118 pa t19198 l19202">in </span><span class="pp-class-118 pa t19198 l19203">value. </span><span class="pp-class-118 pa t19198 l19204">Receiv-</span><span class="pp-class-118 pa t19205 l3">ables </span><span class="pp-class-118 pa t19205 l18890">with </span><span class="pp-class-118 pa t19205 l19206">short </span><span class="pp-class-118 pa t19205 l12540">maturities </span><span class="pp-class-118 pa t19205 l19207">are </span><span class="pp-class-118 pa t19205 l943">not </span><span class="pp-class-118 pa t19205 l19208">discounted.</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-121 pa t19209 l3">Cash </span><span class="pp-class-121 pa t19209 l19210">and </span><span class="pp-class-121 pa t19209 l2830 ls7837">cash </span><span class="pp-class-121 pa t19209 l19211 ls786">equivalents</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-118 pa t19212 l3">Cash </span><span class="pp-class-118 pa t19212 l2906">and </span><span class="pp-class-118 pa t19212 l19213">cash </span><span class="pp-class-118 pa t19212 l12864">equivalents </span><span class="pp-class-118 pa t19212 l10725">are </span><span class="pp-class-118 pa t19212 l8562">defined </span><span class="pp-class-118 pa t19212 l19214">as </span><span class="pp-class-118 pa t19212 l19215">cash </span><span class="pp-class-118 pa t19212 l19216">and </span><span class="pp-class-118 pa t19212 l19217">bank </span><span class="pp-class-118 pa t19218 l3">balances </span><span class="pp-class-118 pa t19218 l19219">and </span><span class="pp-class-118 pa t19218 l19220">short-term </span><span class="pp-class-118 pa t19218 l19221">investments </span><span class="pp-class-118 pa t19218 l9810">with </span><span class="pp-class-118 pa t19218 l19222">maturities </span><span class="pp-class-118 pa t19223 l3">not </span><span class="pp-class-118 pa t19223 l8559">exceeding </span><span class="pp-class-118 pa t19223 l19224">three </span><span class="pp-class-118 pa t19223 l19225">months </span><span class="pp-class-118 pa t19223 l17004">from </span><span class="pp-class-118 pa t19223 l19226">the </span><span class="pp-class-118 pa t19223 l6856">acquisition </span><span class="pp-class-118 pa t19223 l19227">date.</span></p> <div class="pp-class-7" id="pp-id-3327" xmlns="http://www.w3.org/1999/xhtml"><div class="w485 h18879 pa t2 l3 wtro4 xx18880 tro6 xx18881"><p class="pp-class-107 pp-area-text"><span class="pp-class-120 pa t18882 l3 ls16577">Financial </span><span class="pp-class-120 pa t18882 l17745 ls1845">instruments</span></p><p class="pp-class-107 pp-area-text"><span class="pp-class-118 pa t16757 l3">Financial </span><span class="pp-class-118 pa t16757 l2830">instruments </span><span class="pp-class-118 pa t16757 l18883">recognised </span><span class="pp-class-118 pa t16757 l13107">in </span><span class="pp-class-118 pa t16757 l841">the </span><span class="pp-class-118 pa t16757 l18884">balance </span><span class="pp-class-118 pa t16757 l10665">sheet </span><span class="pp-class-118 pa t18376 l3">include </span><span class="pp-class-118 pa t18376 l15357">cash </span><span class="pp-class-118 pa t18376 l18885">and </span><span class="pp-class-118 pa t18376 l10313">cash </span><span class="pp-class-118 pa t18376 l18886">equivalents, </span><span class="pp-class-118 pa t18376 l18887">loans, </span><span class="pp-class-118 pa t18376 l18888">trade </span><span class="pp-class-118 pa t18376 l18889">receiv-</span><span class="pp-class-118 pa t16759 l3">ables </span><span class="pp-class-118 pa t16759 l18890">and </span><span class="pp-class-118 pa t16759 l18891">derivative </span><span class="pp-class-118 pa t16759 l2887">instruments </span><span class="pp-class-118 pa t16759 l18892">on </span><span class="pp-class-118 pa t16759 l18893">the </span><span class="pp-class-118 pa t16759 l18894">asset </span><span class="pp-class-118 pa t16759 l18895">side. </span><span class="pp-class-118 pa t16759 l18896">On </span><span class="pp-class-118 pa t16766 l3">the </span><span class="pp-class-118 pa t16766 l1444">liability </span><span class="pp-class-118 pa t16766 l18897">side, </span><span class="pp-class-118 pa t16766 l18898">there </span><span class="pp-class-118 pa t16766 l18899">are </span><span class="pp-class-118 pa t16766 l18900">trade </span><span class="pp-class-118 pa t16766 l18901">payables, </span><span class="pp-class-118 pa t16766 l18902">loan </span><span class="pp-class-118 pa t16766 l18903">liabilities </span><span class="pp-class-118 pa t16773 l3">and </span><span class="pp-class-118 pa t16773 l1110">derivative </span><span class="pp-class-118 pa t16773 l9115">instruments.</span></p><p class="pp-class-107 pp-area-text"><span class="pp-class-121 pa t16788 l3 ls11966">Recognition </span><span class="pp-class-121 pa t16788 l12814 ls679">in </span><span class="pp-class-121 pa t16788 l18904 ls681">and </span><span class="pp-class-121 pa t16788 l18905 ls685">derecognition </span><span class="pp-class-121 pa t16788 l9715 ls6896">from </span><span class="pp-class-121 pa t16788 l18906 ls681">the </span><span class="pp-class-121 pa t16788 l18907 ls6903">balance </span><span class="pp-class-121 pa t16788 l18908 ls6896">sheet</span></p><p class="pp-class-107 pp-area-text"><span class="pp-class-118 pa t16794 l3">A </span><span class="pp-class-118 pa t16794 l851">financial </span><span class="pp-class-118 pa t16794 l18909">asset </span><span class="pp-class-118 pa t16794 l13699">or </span><span class="pp-class-118 pa t16794 l18910">a </span><span class="pp-class-118 pa t16794 l13575">financial </span><span class="pp-class-118 pa t16794 l18911">liability </span><span class="pp-class-118 pa t16794 l6256">is </span><span class="pp-class-118 pa t16794 l18912">entered </span><span class="pp-class-118 pa t16794 l18913">in </span><span class="pp-class-118 pa t16794 l18914">the </span><span class="pp-class-118 pa t16801 l3">balance </span><span class="pp-class-118 pa t16801 l800">sheet </span><span class="pp-class-118 pa t16801 l18915">when </span><span class="pp-class-118 pa t16801 l17010">the </span><span class="pp-class-118 pa t16801 l18916">company </span><span class="pp-class-118 pa t16801 l4138">becomes </span><span class="pp-class-118 pa t16801 l18917">a </span><span class="pp-class-118 pa t16801 l18918">party </span><span class="pp-class-118 pa t16801 l18919">in </span><span class="pp-class-118 pa t16806 l3">accordance </span><span class="pp-class-118 pa t16806 l16584">with </span><span class="pp-class-118 pa t16806 l16585">the </span><span class="pp-class-118 pa t16806 l6836">contractual </span><span class="pp-class-118 pa t16806 l10831">terms </span><span class="pp-class-118 pa t16806 l18920">of </span><span class="pp-class-118 pa t16806 l18921">the </span><span class="pp-class-118 pa t16806 l18922">instru-</span><span class="pp-class-118 pa t18417 l3">ment. </span><span class="pp-class-118 pa t18417 l16667">A </span><span class="pp-class-118 pa t18417 l18923">receivable </span><span class="pp-class-118 pa t18417 l18924">is </span><span class="pp-class-118 pa t18417 l14807">recognised </span><span class="pp-class-118 pa t18417 l18925">when </span><span class="pp-class-118 pa t18417 l15361">the </span><span class="pp-class-118 pa t18417 l18926">company </span><span class="pp-class-118 pa t18417 l2638">has </span><span class="pp-class-118 pa t16810 l3">performed </span><span class="pp-class-118 pa t16810 l18927">a </span><span class="pp-class-118 pa t16810 l18928">service </span><span class="pp-class-118 pa t16810 l18777">and </span><span class="pp-class-118 pa t16810 l18929">a </span><span class="pp-class-118 pa t16810 l18930">contractual </span><span class="pp-class-118 pa t16810 l13876">payment </span><span class="pp-class-118 pa t16810 l18931">obliga-</span><span class="pp-class-118 pa t16817 l3">tion </span><span class="pp-class-118 pa t16817 l11323">arises </span><span class="pp-class-118 pa t16817 l832">for </span><span class="pp-class-118 pa t16817 l18932">the </span><span class="pp-class-118 pa t16817 l1755">counterparty, </span><span class="pp-class-118 pa t16817 l18933">even </span><span class="pp-class-118 pa t16817 l18934">if </span><span class="pp-class-118 pa t16817 l18935">no </span><span class="pp-class-118 pa t16817 l18936">invoice </span><span class="pp-class-118 pa t16817 l18937">has </span><span class="pp-class-118 pa t16824 l3">been </span><span class="pp-class-118 pa t16824 l18938">issued. </span><span class="pp-class-118 pa t16824 l18939">Trade </span><span class="pp-class-118 pa t16824 l7780">receivables </span><span class="pp-class-118 pa t16824 l18940">are </span><span class="pp-class-118 pa t16824 l18941">recognised </span><span class="pp-class-118 pa t16824 l18942">in </span><span class="pp-class-118 pa t16824 l6050">the </span><span class="pp-class-118 pa t16824 l18943">bal-</span><span class="pp-class-118 pa t16828 l3">ance </span><span class="pp-class-118 pa t16828 l17056">sheet </span><span class="pp-class-118 pa t16828 l4244">when </span><span class="pp-class-118 pa t16828 l18944">revenue </span><span class="pp-class-118 pa t16828 l18945">is </span><span class="pp-class-118 pa t16828 l17661">recognised </span><span class="pp-class-118 pa t16828 l11925">and </span><span class="pp-class-118 pa t16828 l5965">an </span><span class="pp-class-118 pa t16828 l18946">invoice </span><span class="pp-class-118 pa t16836 l3">has </span><span class="pp-class-118 pa t16836 l14274">been </span><span class="pp-class-118 pa t16836 l7136">issued. </span><span class="pp-class-118 pa t16836 l10767">A </span><span class="pp-class-118 pa t16836 l8571">liability </span><span class="pp-class-118 pa t16836 l18947">is </span><span class="pp-class-118 pa t16836 l2023">recognised </span><span class="pp-class-118 pa t16836 l9987">when </span><span class="pp-class-118 pa t16836 l17326">the </span><span class="pp-class-118 pa t16836 l18948">coun-</span><span class="pp-class-118 pa t16843 l3">terparty </span><span class="pp-class-118 pa t16843 l18949">has </span><span class="pp-class-118 pa t16843 l18950">performed </span><span class="pp-class-118 pa t16843 l1337">a </span><span class="pp-class-118 pa t16843 l18951">service </span><span class="pp-class-118 pa t16843 l2577">and </span><span class="pp-class-118 pa t16843 l18952">a </span><span class="pp-class-118 pa t16843 l18953">contractual </span><span class="pp-class-118 pa t16843 l18954">pay-</span><span class="pp-class-118 pa t16850 l3">ment </span><span class="pp-class-118 pa t16850 l17839">obligation </span><span class="pp-class-118 pa t16850 l1198">arises, </span><span class="pp-class-118 pa t16850 l18955">even </span><span class="pp-class-118 pa t16850 l11137">if </span><span class="pp-class-118 pa t16850 l18956">an </span><span class="pp-class-118 pa t16850 l18957">invoice </span><span class="pp-class-118 pa t16850 l18958">has </span><span class="pp-class-118 pa t16850 l18959">not </span><span class="pp-class-118 pa t16850 l9238">been </span><span class="pp-class-118 pa t18450 l3">received. </span><span class="pp-class-118 pa t18450 l7336">Accounts </span><span class="pp-class-118 pa t18450 l18960">payable </span><span class="pp-class-118 pa t18450 l18961">are </span><span class="pp-class-118 pa t18450 l18962">recognised </span><span class="pp-class-118 pa t18450 l15063">when </span><span class="pp-class-118 pa t18450 l9465">a </span><span class="pp-class-118 pa t18450 l18963">ser-</span><span class="pp-class-118 pa t18458 l3">vice </span><span class="pp-class-118 pa t18458 l18964">or </span><span class="pp-class-118 pa t18458 l18965">product </span><span class="pp-class-118 pa t18458 l11292">has </span><span class="pp-class-118 pa t18458 l6087">been </span><span class="pp-class-118 pa t18458 l12822">received.</span></p><p class="pp-class-107 pp-area-text"><span class="pp-class-118 pa t16857 l3">A </span><span class="pp-class-118 pa t16857 l851">financial </span><span class="pp-class-118 pa t16857 l18909">asset </span><span class="pp-class-118 pa t16857 l13699">is </span><span class="pp-class-118 pa t16857 l3286">derecognised </span><span class="pp-class-118 pa t16857 l18966">from </span><span class="pp-class-118 pa t16857 l18967">the </span><span class="pp-class-118 pa t16857 l18968">balance </span><span class="pp-class-118 pa t16857 l18822">sheet </span><span class="pp-class-118 pa t16863 l3">when </span><span class="pp-class-118 pa t16863 l1306">the </span><span class="pp-class-118 pa t16863 l18969">rights </span><span class="pp-class-118 pa t16863 l18970">resulting </span><span class="pp-class-118 pa t16863 l8786">from </span><span class="pp-class-118 pa t16863 l18971">the </span><span class="pp-class-118 pa t16863 l18972">agreement </span><span class="pp-class-118 pa t16863 l15299">have </span><span class="pp-class-118 pa t16863 l18973">been </span><span class="pp-class-118 pa t16869 l3">realised, </span><span class="pp-class-118 pa t16869 l6420">expire </span><span class="pp-class-118 pa t16869 l18974">or </span><span class="pp-class-118 pa t16869 l18975">the </span><span class="pp-class-118 pa t16869 l4176">company </span><span class="pp-class-118 pa t16869 l18976">loses </span><span class="pp-class-118 pa t16869 l18977">control </span><span class="pp-class-118 pa t16869 l17512">over </span><span class="pp-class-118 pa t16869 l18978">them. </span><span class="pp-class-118 pa t16875 l3">The </span><span class="pp-class-118 pa t16875 l550">same </span><span class="pp-class-118 pa t16875 l11209">applies </span><span class="pp-class-118 pa t16875 l18979">to </span><span class="pp-class-118 pa t16875 l13511">a </span><span class="pp-class-118 pa t16875 l18980">part </span><span class="pp-class-118 pa t16875 l17919">of </span><span class="pp-class-118 pa t16875 l18981">a </span><span class="pp-class-118 pa t16875 l18982">financial </span><span class="pp-class-118 pa t16875 l18983">asset. </span><span class="pp-class-118 pa t16875 l18984">A </span><span class="pp-class-118 pa t16875 l18985">finan-</span><span class="pp-class-118 pa t16881 l3">cial </span><span class="pp-class-118 pa t16881 l17380">liability </span><span class="pp-class-118 pa t16881 l18986">is </span><span class="pp-class-118 pa t16881 l12426">derecognised </span><span class="pp-class-118 pa t16881 l18987">from </span><span class="pp-class-118 pa t16881 l18988">the </span><span class="pp-class-118 pa t16881 l4630">balance </span><span class="pp-class-118 pa t16881 l9949">sheet </span><span class="pp-class-118 pa t16886 l3">when </span><span class="pp-class-118 pa t16886 l1306">the </span><span class="pp-class-118 pa t16886 l18969">obligation </span><span class="pp-class-118 pa t16886 l18989">resulting </span><span class="pp-class-118 pa t16886 l18990">from </span><span class="pp-class-118 pa t16886 l18991">the </span><span class="pp-class-118 pa t16886 l18992">agreement </span><span class="pp-class-118 pa t16886 l9962">has </span><span class="pp-class-118 pa t18495 l3">been </span><span class="pp-class-118 pa t18495 l18938">realised </span><span class="pp-class-118 pa t18495 l18993">or </span><span class="pp-class-118 pa t18495 l18994">is </span><span class="pp-class-118 pa t18495 l17401">extinguished </span><span class="pp-class-118 pa t18495 l748">in </span><span class="pp-class-118 pa t18495 l4235">some </span><span class="pp-class-118 pa t18495 l18995">other </span><span class="pp-class-118 pa t18495 l3363">manner. </span><span class="pp-class-118 pa t16888 l3">The </span><span class="pp-class-118 pa t16888 l550">same </span><span class="pp-class-118 pa t16888 l11209">applies </span><span class="pp-class-118 pa t16888 l18979">to </span><span class="pp-class-118 pa t16888 l13511">a </span><span class="pp-class-118 pa t16888 l18980">part </span><span class="pp-class-118 pa t16888 l17919">of </span><span class="pp-class-118 pa t16888 l18981">a </span><span class="pp-class-118 pa t16888 l18982">financial </span><span class="pp-class-118 pa t16888 l18983">liability.</span></p><p class="pp-class-107 pp-area-text"><span class="pp-class-118 pa t16902 l3">A </span><span class="pp-class-118 pa t16902 l851">financial </span><span class="pp-class-118 pa t16902 l18909">asset </span><span class="pp-class-118 pa t16902 l13699">and </span><span class="pp-class-118 pa t16902 l8455">a </span><span class="pp-class-118 pa t16902 l18996">financial </span><span class="pp-class-118 pa t16902 l18997">liability </span><span class="pp-class-118 pa t16902 l3405">may </span><span class="pp-class-118 pa t16902 l18998">only </span><span class="pp-class-118 pa t16902 l18999">be </span><span class="pp-class-118 pa t16908 l3">offset </span><span class="pp-class-118 pa t16908 l19000">against </span><span class="pp-class-118 pa t16908 l19001">each </span><span class="pp-class-118 pa t16908 l19002">other </span><span class="pp-class-118 pa t16908 l19003">and </span><span class="pp-class-118 pa t16908 l19004">recognised </span><span class="pp-class-118 pa t16908 l19005">net </span><span class="pp-class-118 pa t16908 l19006">in </span><span class="pp-class-118 pa t16908 l17285">the </span><span class="pp-class-118 pa t16908 l19007">bal-</span><span class="pp-class-118 pa t16912 l3">ance </span><span class="pp-class-118 pa t16912 l17056">sheet </span><span class="pp-class-118 pa t16912 l4244">if </span><span class="pp-class-118 pa t16912 l19008">there </span><span class="pp-class-118 pa t16912 l17881">is </span><span class="pp-class-118 pa t16912 l19009">a </span><span class="pp-class-118 pa t16912 l19010">legal </span><span class="pp-class-118 pa t16912 l19011">right </span><span class="pp-class-118 pa t16912 l19012">to </span><span class="pp-class-118 pa t16912 l19013">offset </span><span class="pp-class-118 pa t16912 l19014">the </span><span class="pp-class-118 pa t16912 l19015">amounts </span><span class="pp-class-118 pa t16919 l3">and </span><span class="pp-class-118 pa t16919 l1110">the </span><span class="pp-class-118 pa t16919 l2067">intention </span><span class="pp-class-118 pa t16919 l19016">is </span><span class="pp-class-118 pa t16919 l18873">to </span><span class="pp-class-118 pa t16919 l1998">settle </span><span class="pp-class-118 pa t16919 l7108">the </span><span class="pp-class-118 pa t16919 l19017">items </span><span class="pp-class-118 pa t16919 l19018">in </span><span class="pp-class-118 pa t16919 l19019">a </span><span class="pp-class-118 pa t16919 l19020">net </span><span class="pp-class-118 pa t16919 l18019">amount </span><span class="pp-class-118 pa t18517 l3">or </span><span class="pp-class-118 pa t18517 l8418">to </span><span class="pp-class-118 pa t18517 l19021">simultaneously </span><span class="pp-class-118 pa t18517 l4495">sell </span><span class="pp-class-118 pa t18517 l19022">the </span><span class="pp-class-118 pa t18517 l19023">asset </span><span class="pp-class-118 pa t18517 l19024">and </span><span class="pp-class-118 pa t18517 l19025">settle </span><span class="pp-class-118 pa t18517 l19026">the </span><span class="pp-class-118 pa t18517 l19027">debt.</span></p><p class="pp-class-107 pp-area-text"><span class="pp-class-118 pa t16931 l3">The </span><span class="pp-class-118 pa t16931 l550">acquisition </span><span class="pp-class-118 pa t16931 l14895">or </span><span class="pp-class-118 pa t16931 l19028">divestment </span><span class="pp-class-118 pa t16931 l9777">of </span><span class="pp-class-118 pa t16931 l19029">financial </span><span class="pp-class-118 pa t16931 l19030">assets </span><span class="pp-class-118 pa t16931 l19031">is </span><span class="pp-class-118 pa t16931 l19032">rec-</span><span class="pp-class-118 pa t16940 l3">ognised </span><span class="pp-class-118 pa t16940 l10501">on </span><span class="pp-class-118 pa t16940 l19033">the </span><span class="pp-class-118 pa t16940 l19034">transaction </span><span class="pp-class-118 pa t16940 l19035">date </span><span class="pp-class-118 pa t16940 l6590">for </span><span class="pp-class-118 pa t16940 l14645">on-demand </span><span class="pp-class-118 pa t16940 l19036">transac-</span><span class="pp-class-118 pa t16947 l3">tions, </span><span class="pp-class-118 pa t16947 l19037">which </span><span class="pp-class-118 pa t16947 l10860">is </span><span class="pp-class-118 pa t16947 l19038">the </span><span class="pp-class-118 pa t16947 l19039">date </span><span class="pp-class-118 pa t16947 l19040">when </span><span class="pp-class-118 pa t16947 l7238">the </span><span class="pp-class-118 pa t16947 l19041">company </span><span class="pp-class-118 pa t16947 l17885">undertakes </span><span class="pp-class-118 pa t16951 l3">to </span><span class="pp-class-118 pa t16951 l2249">acquire </span><span class="pp-class-118 pa t16951 l19042">or </span><span class="pp-class-118 pa t16951 l19043">sell </span><span class="pp-class-118 pa t16951 l19044">the </span><span class="pp-class-118 pa t16951 l19045">asset.</span></p></div></div><div class="pp-class-7" id="pp-id-3328" xmlns="http://www.w3.org/1999/xhtml"><div class="w485 h19046 pa t2 l3 wtro4 xx30 tro6 xx31"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-121 pa t19047 l3">Measurement</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-118 pa t19048 l3">Financial </span><span class="pp-class-118 pa t19048 l2830">instruments </span><span class="pp-class-118 pa t19048 l18883">that </span><span class="pp-class-118 pa t19048 l17542">are </span><span class="pp-class-118 pa t19048 l19049">not </span><span class="pp-class-118 pa t19048 l19050">derivative </span><span class="pp-class-118 pa t19048 l19051">instru-</span><span class="pp-class-118 pa t19052 l3">ments </span><span class="pp-class-118 pa t19052 l19053">are </span><span class="pp-class-118 pa t19052 l19054">initially </span><span class="pp-class-118 pa t19052 l19055">recognised </span><span class="pp-class-118 pa t19052 l19056">at </span><span class="pp-class-118 pa t19052 l19057">cost </span><span class="pp-class-118 pa t19052 l12562">corresponding </span><span class="pp-class-118 pa t19052 l19058">to </span><span class="pp-class-118 pa t19059 l3">the </span><span class="pp-class-118 pa t19059 l1444">instrument’s </span><span class="pp-class-118 pa t19059 l19060">fair </span><span class="pp-class-118 pa t19059 l19061">value </span><span class="pp-class-118 pa t19059 l18961">plus </span><span class="pp-class-118 pa t19059 l1869">transaction </span><span class="pp-class-118 pa t19059 l19062">costs. </span><span class="pp-class-118 pa t19063 l3">Transaction </span><span class="pp-class-118 pa t19063 l7024">costs </span><span class="pp-class-118 pa t19063 l7025">for </span><span class="pp-class-118 pa t19063 l19064">derivative </span><span class="pp-class-118 pa t19063 l17740">instruments </span><span class="pp-class-118 pa t19063 l19065">are </span><span class="pp-class-118 pa t19063 l19066">imme-</span><span class="pp-class-118 pa t19067 l3">diately </span><span class="pp-class-118 pa t19067 l19068">expensed. </span><span class="pp-class-118 pa t19067 l3344">On </span><span class="pp-class-118 pa t19067 l19069">initial </span><span class="pp-class-118 pa t19067 l19070">recognition, </span><span class="pp-class-118 pa t19067 l19071">a </span><span class="pp-class-118 pa t19067 l19072">financial </span><span class="pp-class-118 pa t19073 l3">instrument </span><span class="pp-class-118 pa t19073 l19074">is </span><span class="pp-class-118 pa t19073 l18803">classified </span><span class="pp-class-118 pa t19073 l11101">on </span><span class="pp-class-118 pa t19073 l19075">the </span><span class="pp-class-118 pa t19073 l18414">basis </span><span class="pp-class-118 pa t19073 l19076">of </span><span class="pp-class-118 pa t19073 l12567">the </span><span class="pp-class-118 pa t19073 l19077">purpose </span><span class="pp-class-118 pa t19078 l3">underlying </span><span class="pp-class-118 pa t19078 l16680">the </span><span class="pp-class-118 pa t19078 l4452">acquisition </span><span class="pp-class-118 pa t19078 l19079">of </span><span class="pp-class-118 pa t19078 l19080">the </span><span class="pp-class-118 pa t19078 l11677">instrument. </span><span class="pp-class-118 pa t19078 l19081">This </span><span class="pp-class-118 pa t19078 l19082">clas-</span><span class="pp-class-118 pa t19083 l3">sification </span><span class="pp-class-118 pa t19083 l17268">determines </span><span class="pp-class-118 pa t19083 l8350">how </span><span class="pp-class-118 pa t19083 l19084">the </span><span class="pp-class-118 pa t19083 l19085">financial </span><span class="pp-class-118 pa t19083 l10296">instrument </span><span class="pp-class-118 pa t19083 l19086">is </span><span class="pp-class-118 pa t19087 l3">measured </span><span class="pp-class-118 pa t19087 l17166">after </span><span class="pp-class-118 pa t19087 l19088">initial </span><span class="pp-class-118 pa t19087 l19089">recognition, </span><span class="pp-class-118 pa t19087 l19090">as </span><span class="pp-class-118 pa t19087 l19091">described </span><span class="pp-class-118 pa t19087 l19092">below. </span><span class="pp-class-118 pa t19093 l3">For </span><span class="pp-class-118 pa t19093 l1476">the </span><span class="pp-class-118 pa t19093 l15305">recognition </span><span class="pp-class-118 pa t19093 l13928">of </span><span class="pp-class-118 pa t19093 l19094">derivative </span><span class="pp-class-118 pa t19093 l19095">instruments, </span><span class="pp-class-118 pa t19093 l6027">refer </span><span class="pp-class-118 pa t19093 l19096">to </span><span class="pp-class-118 pa t19097 l3">cash </span><span class="pp-class-118 pa t19097 l3235">flow </span><span class="pp-class-118 pa t19097 l19098">hedges </span><span class="pp-class-118 pa t19097 l11903">below.</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-121 pa t19099 l3">Receivables </span><span class="pp-class-121 pa t19099 l10823">and </span><span class="pp-class-121 pa t19099 l19100 ls19101">liabilities </span><span class="pp-class-121 pa t19099 l19102">in </span><span class="pp-class-121 pa t19099 l19103">foreign </span><span class="pp-class-121 pa t19099 l19104">currencies</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-118 pa t19105 l3">Receivables </span><span class="pp-class-118 pa t19105 l14123">and </span><span class="pp-class-118 pa t19105 l19106">liabilities </span><span class="pp-class-118 pa t19105 l19107">in </span><span class="pp-class-118 pa t19105 l19108">foreign </span><span class="pp-class-118 pa t19105 l19109">currencies </span><span class="pp-class-118 pa t19105 l19110">are </span><span class="pp-class-118 pa t19105 l19111">val-</span><span class="pp-class-118 pa t19112 l3">ued </span><span class="pp-class-118 pa t19112 l7085">at </span><span class="pp-class-118 pa t19112 l9845">the </span><span class="pp-class-118 pa t19112 l19113">balance </span><span class="pp-class-118 pa t19112 l19114">sheet </span><span class="pp-class-118 pa t19112 l19115">date </span><span class="pp-class-118 pa t19112 l19116">rate. </span><span class="pp-class-118 pa t19112 l9145">Exchange </span><span class="pp-class-118 pa t19112 l19117">rate </span><span class="pp-class-118 pa t19112 l3251">fluctu-</span><span class="pp-class-118 pa t19118 l3">ations </span><span class="pp-class-118 pa t19118 l19119">pertaining </span><span class="pp-class-118 pa t19118 l14693">to </span><span class="pp-class-118 pa t19118 l19120">operating </span><span class="pp-class-118 pa t19118 l13920">receivables </span><span class="pp-class-118 pa t19118 l19121">and </span><span class="pp-class-118 pa t19118 l19122">liabilities </span><span class="pp-class-118 pa t19123 l3">are </span><span class="pp-class-118 pa t19123 l2545">recognised </span><span class="pp-class-118 pa t19123 l16882">in </span><span class="pp-class-118 pa t19123 l19124">operating </span><span class="pp-class-118 pa t19123 l19125">profit, </span><span class="pp-class-118 pa t19123 l19126">while </span><span class="pp-class-118 pa t19123 l19127">exchange </span><span class="pp-class-118 pa t19123 l19128">rate </span><span class="pp-class-118 pa t19129 l3">fluctuations </span><span class="pp-class-118 pa t19129 l19130">pertaining </span><span class="pp-class-118 pa t19129 l19131">to </span><span class="pp-class-118 pa t19129 l19132">financial </span><span class="pp-class-118 pa t19129 l10071">receivables </span><span class="pp-class-118 pa t19129 l19133">and </span><span class="pp-class-118 pa t19129 l19134">lia-</span><span class="pp-class-118 pa t19135 l3">bilities </span><span class="pp-class-118 pa t19135 l19136">are </span><span class="pp-class-118 pa t19135 l9232">recognised </span><span class="pp-class-118 pa t19135 l19137">in </span><span class="pp-class-118 pa t19135 l12021">net </span><span class="pp-class-118 pa t19135 l19138">financial </span><span class="pp-class-118 pa t19135 l19139">items.</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-121 pa t19140 l3">Loans </span><span class="pp-class-121 pa t19140 l19141">and </span><span class="pp-class-121 pa t19140 l6239">trade </span><span class="pp-class-121 pa t19140 l19142">receivables</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-118 pa t19143 l3">Loans </span><span class="pp-class-118 pa t19143 l19144">and </span><span class="pp-class-118 pa t19143 l2082">trade </span><span class="pp-class-118 pa t19143 l19145">receivables </span><span class="pp-class-118 pa t19143 l8522">comprise </span><span class="pp-class-118 pa t19143 l19146">financial </span><span class="pp-class-118 pa t19143 l19147">assets </span><span class="pp-class-118 pa t19148 l3">that </span><span class="pp-class-118 pa t19148 l2107">are </span><span class="pp-class-118 pa t19148 l16774">not </span><span class="pp-class-118 pa t19148 l19149">derivative </span><span class="pp-class-118 pa t19148 l19150">instruments, </span><span class="pp-class-118 pa t19148 l14204">that </span><span class="pp-class-118 pa t19148 l19151">have </span><span class="pp-class-118 pa t19148 l19152">fixed </span><span class="pp-class-118 pa t19148 l19153">or </span><span class="pp-class-118 pa t19154 l3">fixable </span><span class="pp-class-118 pa t19154 l19155">payments </span><span class="pp-class-118 pa t19154 l5833">and </span><span class="pp-class-118 pa t19154 l7119">that </span><span class="pp-class-118 pa t19154 l19156">are </span><span class="pp-class-118 pa t19154 l19157">not </span><span class="pp-class-118 pa t19154 l8781">listed </span><span class="pp-class-118 pa t19154 l19158">on </span><span class="pp-class-118 pa t19154 l6707">an </span><span class="pp-class-118 pa t19154 l18125">active </span><span class="pp-class-118 pa t19159 l3">market. </span><span class="pp-class-118 pa t19159 l19160">For </span><span class="pp-class-118 pa t19159 l19161">TCM </span><span class="pp-class-118 pa t19159 l19162">Group, </span><span class="pp-class-118 pa t19159 l19163">this </span><span class="pp-class-118 pa t19159 l11090">category </span><span class="pp-class-118 pa t19159 l19164">includes </span><span class="pp-class-118 pa t19165 l3">non-current </span><span class="pp-class-118 pa t19165 l13879">financial </span><span class="pp-class-118 pa t19165 l14193">assets, </span><span class="pp-class-118 pa t19165 l12607">and </span><span class="pp-class-118 pa t19165 l19166">trade </span><span class="pp-class-118 pa t19165 l19167">receivables </span><span class="pp-class-118 pa t19165 l6419">and </span><span class="pp-class-118 pa t19168 l3">other </span><span class="pp-class-118 pa t19168 l11647">receivables </span><span class="pp-class-118 pa t19168 l19169">recognised </span><span class="pp-class-118 pa t19168 l10651">as </span><span class="pp-class-118 pa t19168 l19170">current </span><span class="pp-class-118 pa t19168 l19171">assets. </span><span class="pp-class-118 pa t19168 l19172">These </span><span class="pp-class-118 pa t19173 l3">assets </span><span class="pp-class-118 pa t19173 l16870">are </span><span class="pp-class-118 pa t19173 l19174">valued </span><span class="pp-class-118 pa t19173 l19175">at </span><span class="pp-class-118 pa t19173 l19176">amortised </span><span class="pp-class-118 pa t19173 l19177">cost. </span><span class="pp-class-118 pa t19173 l1636">Amortised </span><span class="pp-class-118 pa t19173 l19178">cost </span><span class="pp-class-118 pa t19173 l19179">is </span><span class="pp-class-118 pa t19180 l3">determined </span><span class="pp-class-118 pa t19180 l19181">based </span><span class="pp-class-118 pa t19180 l19182">on </span><span class="pp-class-118 pa t19180 l19183">the </span><span class="pp-class-118 pa t19180 l9860">effective </span><span class="pp-class-118 pa t19180 l11196">rate </span><span class="pp-class-118 pa t19180 l19184">calculated </span><span class="pp-class-118 pa t19180 l19185">on </span><span class="pp-class-118 pa t19180 l19186">the </span><span class="pp-class-118 pa t19187 l3">acquisition </span><span class="pp-class-118 pa t19187 l861">date. </span><span class="pp-class-118 pa t19187 l19188">Loans </span><span class="pp-class-118 pa t19187 l8632">and </span><span class="pp-class-118 pa t19187 l19189">trade </span><span class="pp-class-118 pa t19187 l10813">receivables </span><span class="pp-class-118 pa t19187 l19190">are </span><span class="pp-class-118 pa t19187 l19191">recog-</span><span class="pp-class-118 pa t19192 l3">nised </span><span class="pp-class-118 pa t19192 l17154">at </span><span class="pp-class-118 pa t19192 l16865">the </span><span class="pp-class-118 pa t19192 l19193">amounts </span><span class="pp-class-118 pa t19192 l19194">that </span><span class="pp-class-118 pa t19192 l6168">are </span><span class="pp-class-118 pa t19192 l19195">expected </span><span class="pp-class-118 pa t19192 l9222">to </span><span class="pp-class-118 pa t19192 l19196">be </span><span class="pp-class-118 pa t19192 l19197">received, </span><span class="pp-class-118 pa t19198 l3">i.e. </span><span class="pp-class-118 pa t19198 l19199">less </span><span class="pp-class-118 pa t19198 l9359">any </span><span class="pp-class-118 pa t19198 l19200">provisions </span><span class="pp-class-118 pa t19198 l6214">for </span><span class="pp-class-118 pa t19198 l19201">decreases </span><span class="pp-class-118 pa t19198 l19202">in </span><span class="pp-class-118 pa t19198 l19203">value. </span><span class="pp-class-118 pa t19198 l19204">Receiv-</span><span class="pp-class-118 pa t19205 l3">ables </span><span class="pp-class-118 pa t19205 l18890">with </span><span class="pp-class-118 pa t19205 l19206">short </span><span class="pp-class-118 pa t19205 l12540">maturities </span><span class="pp-class-118 pa t19205 l19207">are </span><span class="pp-class-118 pa t19205 l943">not </span><span class="pp-class-118 pa t19205 l19208">discounted.</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-121 pa t19209 l3">Cash </span><span class="pp-class-121 pa t19209 l19210">and </span><span class="pp-class-121 pa t19209 l2830 ls7837">cash </span><span class="pp-class-121 pa t19209 l19211 ls786">equivalents</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-118 pa t19212 l3">Cash </span><span class="pp-class-118 pa t19212 l2906">and </span><span class="pp-class-118 pa t19212 l19213">cash </span><span class="pp-class-118 pa t19212 l12864">equivalents </span><span class="pp-class-118 pa t19212 l10725">are </span><span class="pp-class-118 pa t19212 l8562">defined </span><span class="pp-class-118 pa t19212 l19214">as </span><span class="pp-class-118 pa t19212 l19215">cash </span><span class="pp-class-118 pa t19212 l19216">and </span><span class="pp-class-118 pa t19212 l19217">bank </span><span class="pp-class-118 pa t19218 l3">balances </span><span class="pp-class-118 pa t19218 l19219">and </span><span class="pp-class-118 pa t19218 l19220">short-term </span><span class="pp-class-118 pa t19218 l19221">investments </span><span class="pp-class-118 pa t19218 l9810">with </span><span class="pp-class-118 pa t19218 l19222">maturities </span><span class="pp-class-118 pa t19223 l3">not </span><span class="pp-class-118 pa t19223 l8559">exceeding </span><span class="pp-class-118 pa t19223 l19224">three </span><span class="pp-class-118 pa t19223 l19225">months </span><span class="pp-class-118 pa t19223 l17004">from </span><span class="pp-class-118 pa t19223 l19226">the </span><span class="pp-class-118 pa t19223 l6856">acquisition </span><span class="pp-class-118 pa t19223 l19227">date.</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-121 pa t19228 l3">Financial </span><span class="pp-class-121 pa t19228 l19229">liabilities</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-118 pa t19230 l3">All </span><span class="pp-class-118 pa t19230 l2483">transactions </span><span class="pp-class-118 pa t19230 l19231">pertaining </span><span class="pp-class-118 pa t19230 l19232">to </span><span class="pp-class-118 pa t19230 l2133">financial </span><span class="pp-class-118 pa t19230 l7724">liabilities </span><span class="pp-class-118 pa t19230 l19233">are </span><span class="pp-class-118 pa t19234 l3">recognised </span><span class="pp-class-118 pa t19234 l4260">on </span><span class="pp-class-118 pa t19234 l19235">the </span><span class="pp-class-118 pa t19234 l19236">settlement </span><span class="pp-class-118 pa t19234 l11930">date. </span><span class="pp-class-118 pa t19234 l18887">Liabilities </span><span class="pp-class-118 pa t19234 l19237">(except </span><span class="pp-class-118 pa t19234 l19238">for </span></p></div></div><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-118 pa t19240 l3">derivative </span><span class="pp-class-118 pa t19240 l12656">instruments </span><span class="pp-class-118 pa t19240 l19241">with </span><span class="pp-class-118 pa t19240 l10715">negative </span><span class="pp-class-118 pa t19240 l19242">values) </span><span class="pp-class-118 pa t19240 l19243">are </span><span class="pp-class-118 pa t19240 l19244">meas-</span><span class="pp-class-118 pa t19245 l3">ured </span><span class="pp-class-118 pa t19245 l19246">at </span><span class="pp-class-118 pa t19245 l19247">amortised </span><span class="pp-class-118 pa t19245 l19248">cost.</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-118 pa t19249 l3">Financial </span><span class="pp-class-118 pa t19249 l2830">liabilities </span><span class="pp-class-118 pa t19249 l1567">related </span><span class="pp-class-118 pa t19249 l19250">to </span><span class="pp-class-118 pa t19249 l12039">contingent </span><span class="pp-class-118 pa t19249 l17265">payment </span><span class="pp-class-118 pa t19249 l19251">obli-</span><span class="pp-class-118 pa t19252 l3">gations </span><span class="pp-class-118 pa t19252 l19253">are </span><span class="pp-class-118 pa t19252 l12716">initially </span><span class="pp-class-118 pa t19252 l10745">measured </span><span class="pp-class-118 pa t19252 l19254">at </span><span class="pp-class-118 pa t19252 l1951">fair </span><span class="pp-class-118 pa t19252 l19255">value </span><span class="pp-class-118 pa t19252 l17161">based </span><span class="pp-class-118 pa t19252 l19256">on </span><span class="pp-class-118 pa t19252 l11891">the </span><span class="pp-class-118 pa t19257 l3">estimated </span><span class="pp-class-118 pa t19257 l19258">future </span><span class="pp-class-118 pa t19257 l16762">performance </span><span class="pp-class-118 pa t19257 l19259">of </span><span class="pp-class-118 pa t19257 l1434">the </span><span class="pp-class-118 pa t19257 l2681">acquired </span><span class="pp-class-118 pa t19257 l19260">entity. </span><span class="pp-class-118 pa t19261 l3">These </span><span class="pp-class-118 pa t19261 l1458">assumptions </span><span class="pp-class-118 pa t19261 l12043">are </span><span class="pp-class-118 pa t19261 l19262">then </span><span class="pp-class-118 pa t19261 l11910">reviewed </span><span class="pp-class-118 pa t19261 l4699">at </span><span class="pp-class-118 pa t19261 l12550">each </span><span class="pp-class-118 pa t19261 l19263">balance </span><span class="pp-class-118 pa t19264 l3">sheet </span><span class="pp-class-118 pa t19264 l6343">date </span><span class="pp-class-118 pa t19264 l19265">and </span><span class="pp-class-118 pa t19264 l19266">the </span><span class="pp-class-118 pa t19264 l9143">contingent </span><span class="pp-class-118 pa t19264 l19267">payment </span><span class="pp-class-118 pa t19264 l19268">obligation </span><span class="pp-class-118 pa t19269 l3">adjusted </span><span class="pp-class-118 pa t19269 l19270">accordingly, </span><span class="pp-class-118 pa t19269 l12347">with </span><span class="pp-class-118 pa t19269 l10750">the </span><span class="pp-class-118 pa t19269 l19271">adjustment </span><span class="pp-class-118 pa t19269 l19272">being </span><span class="pp-class-118 pa t19269 l19273">recog-</span><span class="pp-class-118 pa t19274 l3">nised </span><span class="pp-class-118 pa t19274 l17154">in </span><span class="pp-class-118 pa t19274 l17155">other </span><span class="pp-class-118 pa t19274 l17846">income/other </span><span class="pp-class-118 pa t19274 l1667">expenses.</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-121 pa t19275 l3">Cash </span><span class="pp-class-121 pa t19275 l19210">flow </span><span class="pp-class-121 pa t19275 l19276">hedges, </span><span class="pp-class-121 pa t19275 l19277">interest </span><span class="pp-class-121 pa t19275 l19278">rate </span><span class="pp-class-121 pa t19275 l10441">risk</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-118 pa t19279 l3">Interest </span><span class="pp-class-118 pa t19279 l17765">swaps </span><span class="pp-class-118 pa t19279 l17441">can </span><span class="pp-class-118 pa t19279 l19280">be </span><span class="pp-class-118 pa t19279 l12658">used </span><span class="pp-class-118 pa t19279 l19281">to </span><span class="pp-class-118 pa t19279 l19282">hedge </span><span class="pp-class-118 pa t19279 l19283">the </span><span class="pp-class-118 pa t19279 l8466">uncertainty </span><span class="pp-class-118 pa t19279 l19284">of </span><span class="pp-class-118 pa t19285 l3">highly </span><span class="pp-class-118 pa t19285 l19286">probable </span><span class="pp-class-118 pa t19285 l19287">forecast </span><span class="pp-class-118 pa t19285 l19288">interest </span><span class="pp-class-118 pa t19285 l12704">rate </span><span class="pp-class-118 pa t19285 l19289">flows </span><span class="pp-class-118 pa t19285 l19290">for </span><span class="pp-class-118 pa t19285 l19291">borrow-</span><span class="pp-class-118 pa t19292 l3">ing </span><span class="pp-class-118 pa t19292 l18082">at </span><span class="pp-class-118 pa t19292 l19293">variable </span><span class="pp-class-118 pa t19292 l19294">interest, </span><span class="pp-class-118 pa t19292 l19295">whereby </span><span class="pp-class-118 pa t19292 l16736">the </span><span class="pp-class-118 pa t19292 l19296">company </span><span class="pp-class-118 pa t19292 l11998">receives </span><span class="pp-class-118 pa t19297 l3">variable </span><span class="pp-class-118 pa t19297 l1640">interest </span><span class="pp-class-118 pa t19297 l14161">and </span><span class="pp-class-118 pa t19297 l19298">pays </span><span class="pp-class-118 pa t19297 l19299">fixed </span><span class="pp-class-118 pa t19297 l19300">interest. </span><span class="pp-class-118 pa t19297 l12550">Interest </span><span class="pp-class-118 pa t19297 l1602">rate </span><span class="pp-class-118 pa t19301 l3">swaps </span><span class="pp-class-118 pa t19301 l19302">are </span><span class="pp-class-118 pa t19301 l19303">measured </span><span class="pp-class-118 pa t19301 l19304">at </span><span class="pp-class-118 pa t19301 l13738">fair </span><span class="pp-class-118 pa t19301 l19305">value </span><span class="pp-class-118 pa t19301 l10280">in </span><span class="pp-class-118 pa t19301 l19306">the </span><span class="pp-class-118 pa t19301 l19307">balance </span><span class="pp-class-118 pa t19301 l19308">sheet. </span><span class="pp-class-118 pa t19309 l3">The </span><span class="pp-class-118 pa t19309 l550">interest </span><span class="pp-class-118 pa t19309 l19310">coupon </span><span class="pp-class-118 pa t19309 l19311">portion </span><span class="pp-class-118 pa t19309 l12428">is </span><span class="pp-class-118 pa t19309 l19312">recognised </span><span class="pp-class-118 pa t19309 l19313">in </span><span class="pp-class-118 pa t19309 l19314">the </span><span class="pp-class-118 pa t19309 l19315">income </span><span class="pp-class-118 pa t19316 l3">statement </span><span class="pp-class-118 pa t19316 l19317">on </span><span class="pp-class-118 pa t19316 l19318">an </span><span class="pp-class-118 pa t19316 l19319">ongoing </span><span class="pp-class-118 pa t19316 l19320">basis </span><span class="pp-class-118 pa t19316 l2124">as </span><span class="pp-class-118 pa t19316 l19321">a </span><span class="pp-class-118 pa t19316 l19322">portion </span><span class="pp-class-118 pa t19316 l13546">of </span><span class="pp-class-118 pa t19316 l19323">interest </span><span class="pp-class-118 pa t19324 l3">expense. </span><span class="pp-class-118 pa t19324 l19325">Unrealised </span><span class="pp-class-118 pa t19324 l19326">changes </span><span class="pp-class-118 pa t19324 l10497">in </span><span class="pp-class-118 pa t19324 l19327">the </span><span class="pp-class-118 pa t19324 l4147">fair </span><span class="pp-class-118 pa t19324 l19328">value </span><span class="pp-class-118 pa t19324 l19329">of </span><span class="pp-class-118 pa t19324 l19330">interest </span><span class="pp-class-118 pa t19331 l3">rate </span><span class="pp-class-118 pa t19331 l18762">swaps </span><span class="pp-class-118 pa t19331 l19332">are </span><span class="pp-class-118 pa t19331 l19333">recognised </span><span class="pp-class-118 pa t19331 l7703">in </span><span class="pp-class-118 pa t19331 l3394">other </span><span class="pp-class-118 pa t19331 l19334">comprehensive </span><span class="pp-class-118 pa t19335 l3">income </span><span class="pp-class-118 pa t19335 l6781">and </span><span class="pp-class-118 pa t19335 l19336">are </span><span class="pp-class-118 pa t19335 l19337">included </span><span class="pp-class-118 pa t19335 l19338">as </span><span class="pp-class-118 pa t19335 l19339">a </span><span class="pp-class-118 pa t19335 l19340">portion </span><span class="pp-class-118 pa t19335 l19341">of </span><span class="pp-class-118 pa t19335 l9172">the </span><span class="pp-class-118 pa t19335 l19342">hedging </span><span class="pp-class-118 pa t19343 l3">reserve </span><span class="pp-class-118 pa t19343 l19344">until </span><span class="pp-class-118 pa t19343 l19345">the </span><span class="pp-class-118 pa t19343 l883">hedged </span><span class="pp-class-118 pa t19343 l8621">item </span><span class="pp-class-118 pa t19343 l19346">impacts </span><span class="pp-class-118 pa t19343 l11430">net </span><span class="pp-class-118 pa t19343 l19347">profit </span><span class="pp-class-118 pa t19343 l19348">for </span><span class="pp-class-118 pa t19343 l19349">the </span><span class="pp-class-118 pa t19350 l3">year </span><span class="pp-class-118 pa t19350 l19351">and </span><span class="pp-class-118 pa t19350 l19352">as </span><span class="pp-class-118 pa t19350 l7693">long </span><span class="pp-class-118 pa t19350 l15140">as </span><span class="pp-class-118 pa t19350 l1976">the </span><span class="pp-class-118 pa t19350 l19353">criteria </span><span class="pp-class-118 pa t19350 l19354">for </span><span class="pp-class-118 pa t19350 l19355">hedge </span><span class="pp-class-118 pa t19350 l17971">accounting </span><span class="pp-class-118 pa t19350 l19356">and </span><span class="pp-class-118 pa t19357 l3">effectiveness </span><span class="pp-class-118 pa t19357 l19358">are </span><span class="pp-class-118 pa t19357 l19359">fulfilled. </span><span class="pp-class-118 pa t19357 l19360">The </span><span class="pp-class-118 pa t19357 l19361">gain </span><span class="pp-class-118 pa t19357 l19362">or </span><span class="pp-class-118 pa t19357 l19363">loss </span><span class="pp-class-118 pa t19357 l13820">attributable </span><span class="pp-class-118 pa t19364 l3">to </span><span class="pp-class-118 pa t19364 l2249">the </span><span class="pp-class-118 pa t19364 l13031">ineffective </span><span class="pp-class-118 pa t19364 l19365">portion </span><span class="pp-class-118 pa t19364 l19366">of </span><span class="pp-class-118 pa t19364 l19367">unrealised </span><span class="pp-class-118 pa t19364 l19368">changes </span><span class="pp-class-118 pa t19364 l972">in </span><span class="pp-class-118 pa t19364 l19369">the </span><span class="pp-class-118 pa t19370 l3">value </span><span class="pp-class-118 pa t19370 l1282">of </span><span class="pp-class-118 pa t19370 l9893">interest </span><span class="pp-class-118 pa t19370 l19371">rate </span><span class="pp-class-118 pa t19370 l8686">swaps </span><span class="pp-class-118 pa t19370 l647">is </span><span class="pp-class-118 pa t19370 l19372">recognised </span><span class="pp-class-118 pa t19370 l12689">in </span><span class="pp-class-118 pa t19370 l19373">the </span><span class="pp-class-118 pa t19370 l19374">income </span><span class="pp-class-118 pa t19375 l3">statement.</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-121 pa t19376 l3">Derivative </span><span class="pp-class-121 pa t19376 l19377">financial </span><span class="pp-class-121 pa t19376 l9487">instruments</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-118 pa t19378 l3">On </span><span class="pp-class-118 pa t19378 l3312">initial </span><span class="pp-class-118 pa t19378 l9744">recognition </span><span class="pp-class-118 pa t19378 l19379">in </span><span class="pp-class-118 pa t19378 l19380">the </span><span class="pp-class-118 pa t19378 l19381">balance </span><span class="pp-class-118 pa t19378 l3309">sheet, </span><span class="pp-class-118 pa t19378 l11889">derivative </span><span class="pp-class-118 pa t19382 l3">financial </span><span class="pp-class-118 pa t19382 l1386">instruments </span><span class="pp-class-118 pa t19382 l19383">are </span><span class="pp-class-118 pa t19382 l7261">measured </span><span class="pp-class-118 pa t19382 l19384">at </span><span class="pp-class-118 pa t19382 l13915">cost </span><span class="pp-class-118 pa t19382 l19385">and </span><span class="pp-class-118 pa t19382 l12564">subse-</span><span class="pp-class-118 pa t19386 l3">quently </span><span class="pp-class-118 pa t19386 l19387">at </span><span class="pp-class-118 pa t19386 l13599">fair </span><span class="pp-class-118 pa t19386 l19388">value. </span><span class="pp-class-118 pa t19386 l19389">Derivative </span><span class="pp-class-118 pa t19386 l4247">financial </span><span class="pp-class-118 pa t19386 l8392">instruments </span><span class="pp-class-118 pa t19390 l3">are </span><span class="pp-class-118 pa t19390 l2545">recognised </span><span class="pp-class-118 pa t19390 l16882">under </span><span class="pp-class-118 pa t19390 l4638">other </span><span class="pp-class-118 pa t19390 l19391">receivables/other </span><span class="pp-class-118 pa t19390 l19392">payables.</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-118 pa t19393 l3">Changes </span><span class="pp-class-118 pa t19393 l6102">that </span><span class="pp-class-118 pa t19393 l19394">comply </span><span class="pp-class-118 pa t19393 l18699">with </span><span class="pp-class-118 pa t19393 l9382">the </span><span class="pp-class-118 pa t19393 l19395">requirements </span><span class="pp-class-118 pa t19393 l18918">for </span><span class="pp-class-118 pa t19393 l19396">hedging </span><span class="pp-class-118 pa t19397 l3">of </span><span class="pp-class-118 pa t19397 l557">the </span><span class="pp-class-118 pa t19397 l3322">future </span><span class="pp-class-118 pa t19397 l19398">cash </span><span class="pp-class-118 pa t19397 l19399">flow </span><span class="pp-class-118 pa t19397 l18479">of </span><span class="pp-class-118 pa t19397 l19400">a </span><span class="pp-class-118 pa t19397 l18501">recognised </span><span class="pp-class-118 pa t19397 l18374">asset </span><span class="pp-class-118 pa t19397 l19401">or </span><span class="pp-class-118 pa t19397 l19402">liability </span><span class="pp-class-118 pa t19403 l3">are </span><span class="pp-class-118 pa t19403 l2545">recognised </span><span class="pp-class-118 pa t19403 l16882">in </span><span class="pp-class-118 pa t19403 l19124">the </span><span class="pp-class-118 pa t19403 l19404">statement </span><span class="pp-class-118 pa t19403 l19405">of </span><span class="pp-class-118 pa t19403 l19406">comprehensive </span><span class="pp-class-118 pa t19407 l3">income.</span></p> <div class="pp-class-7" id="pp-id-3327" xmlns="http://www.w3.org/1999/xhtml"><div class="w485 h18879 pa t2 l3 wtro4 xx18880 tro6 xx18881"><p class="pp-class-107 pp-area-text"><span class="pp-class-120 pa t18882 l3 ls16577">Financial </span><span class="pp-class-120 pa t18882 l17745 ls1845">instruments</span></p><p class="pp-class-107 pp-area-text"><span class="pp-class-118 pa t16757 l3">Financial </span><span class="pp-class-118 pa t16757 l2830">instruments </span><span class="pp-class-118 pa t16757 l18883">recognised </span><span class="pp-class-118 pa t16757 l13107">in </span><span class="pp-class-118 pa t16757 l841">the </span><span class="pp-class-118 pa t16757 l18884">balance </span><span class="pp-class-118 pa t16757 l10665">sheet </span><span class="pp-class-118 pa t18376 l3">include </span><span class="pp-class-118 pa t18376 l15357">cash </span><span class="pp-class-118 pa t18376 l18885">and </span><span class="pp-class-118 pa t18376 l10313">cash </span><span class="pp-class-118 pa t18376 l18886">equivalents, </span><span class="pp-class-118 pa t18376 l18887">loans, </span><span class="pp-class-118 pa t18376 l18888">trade </span><span class="pp-class-118 pa t18376 l18889">receiv-</span><span class="pp-class-118 pa t16759 l3">ables </span><span class="pp-class-118 pa t16759 l18890">and </span><span class="pp-class-118 pa t16759 l18891">derivative </span><span class="pp-class-118 pa t16759 l2887">instruments </span><span class="pp-class-118 pa t16759 l18892">on </span><span class="pp-class-118 pa t16759 l18893">the </span><span class="pp-class-118 pa t16759 l18894">asset </span><span class="pp-class-118 pa t16759 l18895">side. </span><span class="pp-class-118 pa t16759 l18896">On </span><span class="pp-class-118 pa t16766 l3">the </span><span class="pp-class-118 pa t16766 l1444">liability </span><span class="pp-class-118 pa t16766 l18897">side, </span><span class="pp-class-118 pa t16766 l18898">there </span><span class="pp-class-118 pa t16766 l18899">are </span><span class="pp-class-118 pa t16766 l18900">trade </span><span class="pp-class-118 pa t16766 l18901">payables, </span><span class="pp-class-118 pa t16766 l18902">loan </span><span class="pp-class-118 pa t16766 l18903">liabilities </span><span class="pp-class-118 pa t16773 l3">and </span><span class="pp-class-118 pa t16773 l1110">derivative </span><span class="pp-class-118 pa t16773 l9115">instruments.</span></p><p class="pp-class-107 pp-area-text"><span class="pp-class-121 pa t16788 l3 ls11966">Recognition </span><span class="pp-class-121 pa t16788 l12814 ls679">in </span><span class="pp-class-121 pa t16788 l18904 ls681">and </span><span class="pp-class-121 pa t16788 l18905 ls685">derecognition </span><span class="pp-class-121 pa t16788 l9715 ls6896">from </span><span class="pp-class-121 pa t16788 l18906 ls681">the </span><span class="pp-class-121 pa t16788 l18907 ls6903">balance </span><span class="pp-class-121 pa t16788 l18908 ls6896">sheet</span></p><p class="pp-class-107 pp-area-text"><span class="pp-class-118 pa t16794 l3">A </span><span class="pp-class-118 pa t16794 l851">financial </span><span class="pp-class-118 pa t16794 l18909">asset </span><span class="pp-class-118 pa t16794 l13699">or </span><span class="pp-class-118 pa t16794 l18910">a </span><span class="pp-class-118 pa t16794 l13575">financial </span><span class="pp-class-118 pa t16794 l18911">liability </span><span class="pp-class-118 pa t16794 l6256">is </span><span class="pp-class-118 pa t16794 l18912">entered </span><span class="pp-class-118 pa t16794 l18913">in </span><span class="pp-class-118 pa t16794 l18914">the </span><span class="pp-class-118 pa t16801 l3">balance </span><span class="pp-class-118 pa t16801 l800">sheet </span><span class="pp-class-118 pa t16801 l18915">when </span><span class="pp-class-118 pa t16801 l17010">the </span><span class="pp-class-118 pa t16801 l18916">company </span><span class="pp-class-118 pa t16801 l4138">becomes </span><span class="pp-class-118 pa t16801 l18917">a </span><span class="pp-class-118 pa t16801 l18918">party </span><span class="pp-class-118 pa t16801 l18919">in </span><span class="pp-class-118 pa t16806 l3">accordance </span><span class="pp-class-118 pa t16806 l16584">with </span><span class="pp-class-118 pa t16806 l16585">the </span><span class="pp-class-118 pa t16806 l6836">contractual </span><span class="pp-class-118 pa t16806 l10831">terms </span><span class="pp-class-118 pa t16806 l18920">of </span><span class="pp-class-118 pa t16806 l18921">the </span><span class="pp-class-118 pa t16806 l18922">instru-</span><span class="pp-class-118 pa t18417 l3">ment. </span><span class="pp-class-118 pa t18417 l16667">A </span><span class="pp-class-118 pa t18417 l18923">receivable </span><span class="pp-class-118 pa t18417 l18924">is </span><span class="pp-class-118 pa t18417 l14807">recognised </span><span class="pp-class-118 pa t18417 l18925">when </span><span class="pp-class-118 pa t18417 l15361">the </span><span class="pp-class-118 pa t18417 l18926">company </span><span class="pp-class-118 pa t18417 l2638">has </span><span class="pp-class-118 pa t16810 l3">performed </span><span class="pp-class-118 pa t16810 l18927">a </span><span class="pp-class-118 pa t16810 l18928">service </span><span class="pp-class-118 pa t16810 l18777">and </span><span class="pp-class-118 pa t16810 l18929">a </span><span class="pp-class-118 pa t16810 l18930">contractual </span><span class="pp-class-118 pa t16810 l13876">payment </span><span class="pp-class-118 pa t16810 l18931">obliga-</span><span class="pp-class-118 pa t16817 l3">tion </span><span class="pp-class-118 pa t16817 l11323">arises </span><span class="pp-class-118 pa t16817 l832">for </span><span class="pp-class-118 pa t16817 l18932">the </span><span class="pp-class-118 pa t16817 l1755">counterparty, </span><span class="pp-class-118 pa t16817 l18933">even </span><span class="pp-class-118 pa t16817 l18934">if </span><span class="pp-class-118 pa t16817 l18935">no </span><span class="pp-class-118 pa t16817 l18936">invoice </span><span class="pp-class-118 pa t16817 l18937">has </span><span class="pp-class-118 pa t16824 l3">been </span><span class="pp-class-118 pa t16824 l18938">issued. </span><span class="pp-class-118 pa t16824 l18939">Trade </span><span class="pp-class-118 pa t16824 l7780">receivables </span><span class="pp-class-118 pa t16824 l18940">are </span><span class="pp-class-118 pa t16824 l18941">recognised </span><span class="pp-class-118 pa t16824 l18942">in </span><span class="pp-class-118 pa t16824 l6050">the </span><span class="pp-class-118 pa t16824 l18943">bal-</span><span class="pp-class-118 pa t16828 l3">ance </span><span class="pp-class-118 pa t16828 l17056">sheet </span><span class="pp-class-118 pa t16828 l4244">when </span><span class="pp-class-118 pa t16828 l18944">revenue </span><span class="pp-class-118 pa t16828 l18945">is </span><span class="pp-class-118 pa t16828 l17661">recognised </span><span class="pp-class-118 pa t16828 l11925">and </span><span class="pp-class-118 pa t16828 l5965">an </span><span class="pp-class-118 pa t16828 l18946">invoice </span><span class="pp-class-118 pa t16836 l3">has </span><span class="pp-class-118 pa t16836 l14274">been </span><span class="pp-class-118 pa t16836 l7136">issued. </span><span class="pp-class-118 pa t16836 l10767">A </span><span class="pp-class-118 pa t16836 l8571">liability </span><span class="pp-class-118 pa t16836 l18947">is </span><span class="pp-class-118 pa t16836 l2023">recognised </span><span class="pp-class-118 pa t16836 l9987">when </span><span class="pp-class-118 pa t16836 l17326">the </span><span class="pp-class-118 pa t16836 l18948">coun-</span><span class="pp-class-118 pa t16843 l3">terparty </span><span class="pp-class-118 pa t16843 l18949">has </span><span class="pp-class-118 pa t16843 l18950">performed </span><span class="pp-class-118 pa t16843 l1337">a </span><span class="pp-class-118 pa t16843 l18951">service </span><span class="pp-class-118 pa t16843 l2577">and </span><span class="pp-class-118 pa t16843 l18952">a </span><span class="pp-class-118 pa t16843 l18953">contractual </span><span class="pp-class-118 pa t16843 l18954">pay-</span><span class="pp-class-118 pa t16850 l3">ment </span><span class="pp-class-118 pa t16850 l17839">obligation </span><span class="pp-class-118 pa t16850 l1198">arises, </span><span class="pp-class-118 pa t16850 l18955">even </span><span class="pp-class-118 pa t16850 l11137">if </span><span class="pp-class-118 pa t16850 l18956">an </span><span class="pp-class-118 pa t16850 l18957">invoice </span><span class="pp-class-118 pa t16850 l18958">has </span><span class="pp-class-118 pa t16850 l18959">not </span><span class="pp-class-118 pa t16850 l9238">been </span><span class="pp-class-118 pa t18450 l3">received. </span><span class="pp-class-118 pa t18450 l7336">Accounts </span><span class="pp-class-118 pa t18450 l18960">payable </span><span class="pp-class-118 pa t18450 l18961">are </span><span class="pp-class-118 pa t18450 l18962">recognised </span><span class="pp-class-118 pa t18450 l15063">when </span><span class="pp-class-118 pa t18450 l9465">a </span><span class="pp-class-118 pa t18450 l18963">ser-</span><span class="pp-class-118 pa t18458 l3">vice </span><span class="pp-class-118 pa t18458 l18964">or </span><span class="pp-class-118 pa t18458 l18965">product </span><span class="pp-class-118 pa t18458 l11292">has </span><span class="pp-class-118 pa t18458 l6087">been </span><span class="pp-class-118 pa t18458 l12822">received.</span></p><p class="pp-class-107 pp-area-text"><span class="pp-class-118 pa t16857 l3">A </span><span class="pp-class-118 pa t16857 l851">financial </span><span class="pp-class-118 pa t16857 l18909">asset </span><span class="pp-class-118 pa t16857 l13699">is </span><span class="pp-class-118 pa t16857 l3286">derecognised </span><span class="pp-class-118 pa t16857 l18966">from </span><span class="pp-class-118 pa t16857 l18967">the </span><span class="pp-class-118 pa t16857 l18968">balance </span><span class="pp-class-118 pa t16857 l18822">sheet </span><span class="pp-class-118 pa t16863 l3">when </span><span class="pp-class-118 pa t16863 l1306">the </span><span class="pp-class-118 pa t16863 l18969">rights </span><span class="pp-class-118 pa t16863 l18970">resulting </span><span class="pp-class-118 pa t16863 l8786">from </span><span class="pp-class-118 pa t16863 l18971">the </span><span class="pp-class-118 pa t16863 l18972">agreement </span><span class="pp-class-118 pa t16863 l15299">have </span><span class="pp-class-118 pa t16863 l18973">been </span><span class="pp-class-118 pa t16869 l3">realised, </span><span class="pp-class-118 pa t16869 l6420">expire </span><span class="pp-class-118 pa t16869 l18974">or </span><span class="pp-class-118 pa t16869 l18975">the </span><span class="pp-class-118 pa t16869 l4176">company </span><span class="pp-class-118 pa t16869 l18976">loses </span><span class="pp-class-118 pa t16869 l18977">control </span><span class="pp-class-118 pa t16869 l17512">over </span><span class="pp-class-118 pa t16869 l18978">them. </span><span class="pp-class-118 pa t16875 l3">The </span><span class="pp-class-118 pa t16875 l550">same </span><span class="pp-class-118 pa t16875 l11209">applies </span><span class="pp-class-118 pa t16875 l18979">to </span><span class="pp-class-118 pa t16875 l13511">a </span><span class="pp-class-118 pa t16875 l18980">part </span><span class="pp-class-118 pa t16875 l17919">of </span><span class="pp-class-118 pa t16875 l18981">a </span><span class="pp-class-118 pa t16875 l18982">financial </span><span class="pp-class-118 pa t16875 l18983">asset. </span><span class="pp-class-118 pa t16875 l18984">A </span><span class="pp-class-118 pa t16875 l18985">finan-</span><span class="pp-class-118 pa t16881 l3">cial </span><span class="pp-class-118 pa t16881 l17380">liability </span><span class="pp-class-118 pa t16881 l18986">is </span><span class="pp-class-118 pa t16881 l12426">derecognised </span><span class="pp-class-118 pa t16881 l18987">from </span><span class="pp-class-118 pa t16881 l18988">the </span><span class="pp-class-118 pa t16881 l4630">balance </span><span class="pp-class-118 pa t16881 l9949">sheet </span><span class="pp-class-118 pa t16886 l3">when </span><span class="pp-class-118 pa t16886 l1306">the </span><span class="pp-class-118 pa t16886 l18969">obligation </span><span class="pp-class-118 pa t16886 l18989">resulting </span><span class="pp-class-118 pa t16886 l18990">from </span><span class="pp-class-118 pa t16886 l18991">the </span><span class="pp-class-118 pa t16886 l18992">agreement </span><span class="pp-class-118 pa t16886 l9962">has </span><span class="pp-class-118 pa t18495 l3">been </span><span class="pp-class-118 pa t18495 l18938">realised </span><span class="pp-class-118 pa t18495 l18993">or </span><span class="pp-class-118 pa t18495 l18994">is </span><span class="pp-class-118 pa t18495 l17401">extinguished </span><span class="pp-class-118 pa t18495 l748">in </span><span class="pp-class-118 pa t18495 l4235">some </span><span class="pp-class-118 pa t18495 l18995">other </span><span class="pp-class-118 pa t18495 l3363">manner. </span><span class="pp-class-118 pa t16888 l3">The </span><span class="pp-class-118 pa t16888 l550">same </span><span class="pp-class-118 pa t16888 l11209">applies </span><span class="pp-class-118 pa t16888 l18979">to </span><span class="pp-class-118 pa t16888 l13511">a </span><span class="pp-class-118 pa t16888 l18980">part </span><span class="pp-class-118 pa t16888 l17919">of </span><span class="pp-class-118 pa t16888 l18981">a </span><span class="pp-class-118 pa t16888 l18982">financial </span><span class="pp-class-118 pa t16888 l18983">liability.</span></p><p class="pp-class-107 pp-area-text"><span class="pp-class-118 pa t16902 l3">A </span><span class="pp-class-118 pa t16902 l851">financial </span><span class="pp-class-118 pa t16902 l18909">asset </span><span class="pp-class-118 pa t16902 l13699">and </span><span class="pp-class-118 pa t16902 l8455">a </span><span class="pp-class-118 pa t16902 l18996">financial </span><span class="pp-class-118 pa t16902 l18997">liability </span><span class="pp-class-118 pa t16902 l3405">may </span><span class="pp-class-118 pa t16902 l18998">only </span><span class="pp-class-118 pa t16902 l18999">be </span><span class="pp-class-118 pa t16908 l3">offset </span><span class="pp-class-118 pa t16908 l19000">against </span><span class="pp-class-118 pa t16908 l19001">each </span><span class="pp-class-118 pa t16908 l19002">other </span><span class="pp-class-118 pa t16908 l19003">and </span><span class="pp-class-118 pa t16908 l19004">recognised </span><span class="pp-class-118 pa t16908 l19005">net </span><span class="pp-class-118 pa t16908 l19006">in </span><span class="pp-class-118 pa t16908 l17285">the </span><span class="pp-class-118 pa t16908 l19007">bal-</span><span class="pp-class-118 pa t16912 l3">ance </span><span class="pp-class-118 pa t16912 l17056">sheet </span><span class="pp-class-118 pa t16912 l4244">if </span><span class="pp-class-118 pa t16912 l19008">there </span><span class="pp-class-118 pa t16912 l17881">is </span><span class="pp-class-118 pa t16912 l19009">a </span><span class="pp-class-118 pa t16912 l19010">legal </span><span class="pp-class-118 pa t16912 l19011">right </span><span class="pp-class-118 pa t16912 l19012">to </span><span class="pp-class-118 pa t16912 l19013">offset </span><span class="pp-class-118 pa t16912 l19014">the </span><span class="pp-class-118 pa t16912 l19015">amounts </span><span class="pp-class-118 pa t16919 l3">and </span><span class="pp-class-118 pa t16919 l1110">the </span><span class="pp-class-118 pa t16919 l2067">intention </span><span class="pp-class-118 pa t16919 l19016">is </span><span class="pp-class-118 pa t16919 l18873">to </span><span class="pp-class-118 pa t16919 l1998">settle </span><span class="pp-class-118 pa t16919 l7108">the </span><span class="pp-class-118 pa t16919 l19017">items </span><span class="pp-class-118 pa t16919 l19018">in </span><span class="pp-class-118 pa t16919 l19019">a </span><span class="pp-class-118 pa t16919 l19020">net </span><span class="pp-class-118 pa t16919 l18019">amount </span><span class="pp-class-118 pa t18517 l3">or </span><span class="pp-class-118 pa t18517 l8418">to </span><span class="pp-class-118 pa t18517 l19021">simultaneously </span><span class="pp-class-118 pa t18517 l4495">sell </span><span class="pp-class-118 pa t18517 l19022">the </span><span class="pp-class-118 pa t18517 l19023">asset </span><span class="pp-class-118 pa t18517 l19024">and </span><span class="pp-class-118 pa t18517 l19025">settle </span><span class="pp-class-118 pa t18517 l19026">the </span><span class="pp-class-118 pa t18517 l19027">debt.</span></p><p class="pp-class-107 pp-area-text"><span class="pp-class-118 pa t16931 l3">The </span><span class="pp-class-118 pa t16931 l550">acquisition </span><span class="pp-class-118 pa t16931 l14895">or </span><span class="pp-class-118 pa t16931 l19028">divestment </span><span class="pp-class-118 pa t16931 l9777">of </span><span class="pp-class-118 pa t16931 l19029">financial </span><span class="pp-class-118 pa t16931 l19030">assets </span><span class="pp-class-118 pa t16931 l19031">is </span><span class="pp-class-118 pa t16931 l19032">rec-</span><span class="pp-class-118 pa t16940 l3">ognised </span><span class="pp-class-118 pa t16940 l10501">on </span><span class="pp-class-118 pa t16940 l19033">the </span><span class="pp-class-118 pa t16940 l19034">transaction </span><span class="pp-class-118 pa t16940 l19035">date </span><span class="pp-class-118 pa t16940 l6590">for </span><span class="pp-class-118 pa t16940 l14645">on-demand </span><span class="pp-class-118 pa t16940 l19036">transac-</span><span class="pp-class-118 pa t16947 l3">tions, </span><span class="pp-class-118 pa t16947 l19037">which </span><span class="pp-class-118 pa t16947 l10860">is </span><span class="pp-class-118 pa t16947 l19038">the </span><span class="pp-class-118 pa t16947 l19039">date </span><span class="pp-class-118 pa t16947 l19040">when </span><span class="pp-class-118 pa t16947 l7238">the </span><span class="pp-class-118 pa t16947 l19041">company </span><span class="pp-class-118 pa t16947 l17885">undertakes </span><span class="pp-class-118 pa t16951 l3">to </span><span class="pp-class-118 pa t16951 l2249">acquire </span><span class="pp-class-118 pa t16951 l19042">or </span><span class="pp-class-118 pa t16951 l19043">sell </span><span class="pp-class-118 pa t16951 l19044">the </span><span class="pp-class-118 pa t16951 l19045">asset.</span></p></div></div><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-121 pa t19047 l3">Measurement</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-118 pa t19048 l3">Financial </span><span class="pp-class-118 pa t19048 l2830">instruments </span><span class="pp-class-118 pa t19048 l18883">that </span><span class="pp-class-118 pa t19048 l17542">are </span><span class="pp-class-118 pa t19048 l19049">not </span><span class="pp-class-118 pa t19048 l19050">derivative </span><span class="pp-class-118 pa t19048 l19051">instru-</span><span class="pp-class-118 pa t19052 l3">ments </span><span class="pp-class-118 pa t19052 l19053">are </span><span class="pp-class-118 pa t19052 l19054">initially </span><span class="pp-class-118 pa t19052 l19055">recognised </span><span class="pp-class-118 pa t19052 l19056">at </span><span class="pp-class-118 pa t19052 l19057">cost </span><span class="pp-class-118 pa t19052 l12562">corresponding </span><span class="pp-class-118 pa t19052 l19058">to </span><span class="pp-class-118 pa t19059 l3">the </span><span class="pp-class-118 pa t19059 l1444">instrument’s </span><span class="pp-class-118 pa t19059 l19060">fair </span><span class="pp-class-118 pa t19059 l19061">value </span><span class="pp-class-118 pa t19059 l18961">plus </span><span class="pp-class-118 pa t19059 l1869">transaction </span><span class="pp-class-118 pa t19059 l19062">costs. </span><span class="pp-class-118 pa t19063 l3">Transaction </span><span class="pp-class-118 pa t19063 l7024">costs </span><span class="pp-class-118 pa t19063 l7025">for </span><span class="pp-class-118 pa t19063 l19064">derivative </span><span class="pp-class-118 pa t19063 l17740">instruments </span><span class="pp-class-118 pa t19063 l19065">are </span><span class="pp-class-118 pa t19063 l19066">imme-</span><span class="pp-class-118 pa t19067 l3">diately </span><span class="pp-class-118 pa t19067 l19068">expensed. </span><span class="pp-class-118 pa t19067 l3344">On </span><span class="pp-class-118 pa t19067 l19069">initial </span><span class="pp-class-118 pa t19067 l19070">recognition, </span><span class="pp-class-118 pa t19067 l19071">a </span><span class="pp-class-118 pa t19067 l19072">financial </span><span class="pp-class-118 pa t19073 l3">instrument </span><span class="pp-class-118 pa t19073 l19074">is </span><span class="pp-class-118 pa t19073 l18803">classified </span><span class="pp-class-118 pa t19073 l11101">on </span><span class="pp-class-118 pa t19073 l19075">the </span><span class="pp-class-118 pa t19073 l18414">basis </span><span class="pp-class-118 pa t19073 l19076">of </span><span class="pp-class-118 pa t19073 l12567">the </span><span class="pp-class-118 pa t19073 l19077">purpose </span><span class="pp-class-118 pa t19078 l3">underlying </span><span class="pp-class-118 pa t19078 l16680">the </span><span class="pp-class-118 pa t19078 l4452">acquisition </span><span class="pp-class-118 pa t19078 l19079">of </span><span class="pp-class-118 pa t19078 l19080">the </span><span class="pp-class-118 pa t19078 l11677">instrument. </span><span class="pp-class-118 pa t19078 l19081">This </span><span class="pp-class-118 pa t19078 l19082">clas-</span><span class="pp-class-118 pa t19083 l3">sification </span><span class="pp-class-118 pa t19083 l17268">determines </span><span class="pp-class-118 pa t19083 l8350">how </span><span class="pp-class-118 pa t19083 l19084">the </span><span class="pp-class-118 pa t19083 l19085">financial </span><span class="pp-class-118 pa t19083 l10296">instrument </span><span class="pp-class-118 pa t19083 l19086">is </span><span class="pp-class-118 pa t19087 l3">measured </span><span class="pp-class-118 pa t19087 l17166">after </span><span class="pp-class-118 pa t19087 l19088">initial </span><span class="pp-class-118 pa t19087 l19089">recognition, </span><span class="pp-class-118 pa t19087 l19090">as </span><span class="pp-class-118 pa t19087 l19091">described </span><span class="pp-class-118 pa t19087 l19092">below. </span><span class="pp-class-118 pa t19093 l3">For </span><span class="pp-class-118 pa t19093 l1476">the </span><span class="pp-class-118 pa t19093 l15305">recognition </span><span class="pp-class-118 pa t19093 l13928">of </span><span class="pp-class-118 pa t19093 l19094">derivative </span><span class="pp-class-118 pa t19093 l19095">instruments, </span><span class="pp-class-118 pa t19093 l6027">refer </span><span class="pp-class-118 pa t19093 l19096">to </span><span class="pp-class-118 pa t19097 l3">cash </span><span class="pp-class-118 pa t19097 l3235">flow </span><span class="pp-class-118 pa t19097 l19098">hedges </span><span class="pp-class-118 pa t19097 l11903">below.</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-121 pa t19099 l3">Receivables </span><span class="pp-class-121 pa t19099 l10823">and </span><span class="pp-class-121 pa t19099 l19100 ls19101">liabilities </span><span class="pp-class-121 pa t19099 l19102">in </span><span class="pp-class-121 pa t19099 l19103">foreign </span><span class="pp-class-121 pa t19099 l19104">currencies</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-118 pa t19105 l3">Receivables </span><span class="pp-class-118 pa t19105 l14123">and </span><span class="pp-class-118 pa t19105 l19106">liabilities </span><span class="pp-class-118 pa t19105 l19107">in </span><span class="pp-class-118 pa t19105 l19108">foreign </span><span class="pp-class-118 pa t19105 l19109">currencies </span><span class="pp-class-118 pa t19105 l19110">are </span><span class="pp-class-118 pa t19105 l19111">val-</span><span class="pp-class-118 pa t19112 l3">ued </span><span class="pp-class-118 pa t19112 l7085">at </span><span class="pp-class-118 pa t19112 l9845">the </span><span class="pp-class-118 pa t19112 l19113">balance </span><span class="pp-class-118 pa t19112 l19114">sheet </span><span class="pp-class-118 pa t19112 l19115">date </span><span class="pp-class-118 pa t19112 l19116">rate. </span><span class="pp-class-118 pa t19112 l9145">Exchange </span><span class="pp-class-118 pa t19112 l19117">rate </span><span class="pp-class-118 pa t19112 l3251">fluctu-</span><span class="pp-class-118 pa t19118 l3">ations </span><span class="pp-class-118 pa t19118 l19119">pertaining </span><span class="pp-class-118 pa t19118 l14693">to </span><span class="pp-class-118 pa t19118 l19120">operating </span><span class="pp-class-118 pa t19118 l13920">receivables </span><span class="pp-class-118 pa t19118 l19121">and </span><span class="pp-class-118 pa t19118 l19122">liabilities </span><span class="pp-class-118 pa t19123 l3">are </span><span class="pp-class-118 pa t19123 l2545">recognised </span><span class="pp-class-118 pa t19123 l16882">in </span><span class="pp-class-118 pa t19123 l19124">operating </span><span class="pp-class-118 pa t19123 l19125">profit, </span><span class="pp-class-118 pa t19123 l19126">while </span><span class="pp-class-118 pa t19123 l19127">exchange </span><span class="pp-class-118 pa t19123 l19128">rate </span><span class="pp-class-118 pa t19129 l3">fluctuations </span><span class="pp-class-118 pa t19129 l19130">pertaining </span><span class="pp-class-118 pa t19129 l19131">to </span><span class="pp-class-118 pa t19129 l19132">financial </span><span class="pp-class-118 pa t19129 l10071">receivables </span><span class="pp-class-118 pa t19129 l19133">and </span><span class="pp-class-118 pa t19129 l19134">lia-</span><span class="pp-class-118 pa t19135 l3">bilities </span><span class="pp-class-118 pa t19135 l19136">are </span><span class="pp-class-118 pa t19135 l9232">recognised </span><span class="pp-class-118 pa t19135 l19137">in </span><span class="pp-class-118 pa t19135 l12021">net </span><span class="pp-class-118 pa t19135 l19138">financial </span><span class="pp-class-118 pa t19135 l19139">items.</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-121 pa t19228 l3">Financial </span><span class="pp-class-121 pa t19228 l19229">liabilities</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-118 pa t19230 l3">All </span><span class="pp-class-118 pa t19230 l2483">transactions </span><span class="pp-class-118 pa t19230 l19231">pertaining </span><span class="pp-class-118 pa t19230 l19232">to </span><span class="pp-class-118 pa t19230 l2133">financial </span><span class="pp-class-118 pa t19230 l7724">liabilities </span><span class="pp-class-118 pa t19230 l19233">are </span><span class="pp-class-118 pa t19234 l3">recognised </span><span class="pp-class-118 pa t19234 l4260">on </span><span class="pp-class-118 pa t19234 l19235">the </span><span class="pp-class-118 pa t19234 l19236">settlement </span><span class="pp-class-118 pa t19234 l11930">date. </span><span class="pp-class-118 pa t19234 l18887">Liabilities </span><span class="pp-class-118 pa t19234 l19237">(except </span><span class="pp-class-118 pa t19234 l19238">for </span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-118 pa t19240 l3">derivative </span><span class="pp-class-118 pa t19240 l12656">instruments </span><span class="pp-class-118 pa t19240 l19241">with </span><span class="pp-class-118 pa t19240 l10715">negative </span><span class="pp-class-118 pa t19240 l19242">values) </span><span class="pp-class-118 pa t19240 l19243">are </span><span class="pp-class-118 pa t19240 l19244">meas-</span><span class="pp-class-118 pa t19245 l3">ured </span><span class="pp-class-118 pa t19245 l19246">at </span><span class="pp-class-118 pa t19245 l19247">amortised </span><span class="pp-class-118 pa t19245 l19248">cost.</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-118 pa t19249 l3">Financial </span><span class="pp-class-118 pa t19249 l2830">liabilities </span><span class="pp-class-118 pa t19249 l1567">related </span><span class="pp-class-118 pa t19249 l19250">to </span><span class="pp-class-118 pa t19249 l12039">contingent </span><span class="pp-class-118 pa t19249 l17265">payment </span><span class="pp-class-118 pa t19249 l19251">obli-</span><span class="pp-class-118 pa t19252 l3">gations </span><span class="pp-class-118 pa t19252 l19253">are </span><span class="pp-class-118 pa t19252 l12716">initially </span><span class="pp-class-118 pa t19252 l10745">measured </span><span class="pp-class-118 pa t19252 l19254">at </span><span class="pp-class-118 pa t19252 l1951">fair </span><span class="pp-class-118 pa t19252 l19255">value </span><span class="pp-class-118 pa t19252 l17161">based </span><span class="pp-class-118 pa t19252 l19256">on </span><span class="pp-class-118 pa t19252 l11891">the </span><span class="pp-class-118 pa t19257 l3">estimated </span><span class="pp-class-118 pa t19257 l19258">future </span><span class="pp-class-118 pa t19257 l16762">performance </span><span class="pp-class-118 pa t19257 l19259">of </span><span class="pp-class-118 pa t19257 l1434">the </span><span class="pp-class-118 pa t19257 l2681">acquired </span><span class="pp-class-118 pa t19257 l19260">entity. </span><span class="pp-class-118 pa t19261 l3">These </span><span class="pp-class-118 pa t19261 l1458">assumptions </span><span class="pp-class-118 pa t19261 l12043">are </span><span class="pp-class-118 pa t19261 l19262">then </span><span class="pp-class-118 pa t19261 l11910">reviewed </span><span class="pp-class-118 pa t19261 l4699">at </span><span class="pp-class-118 pa t19261 l12550">each </span><span class="pp-class-118 pa t19261 l19263">balance </span><span class="pp-class-118 pa t19264 l3">sheet </span><span class="pp-class-118 pa t19264 l6343">date </span><span class="pp-class-118 pa t19264 l19265">and </span><span class="pp-class-118 pa t19264 l19266">the </span><span class="pp-class-118 pa t19264 l9143">contingent </span><span class="pp-class-118 pa t19264 l19267">payment </span><span class="pp-class-118 pa t19264 l19268">obligation </span><span class="pp-class-118 pa t19269 l3">adjusted </span><span class="pp-class-118 pa t19269 l19270">accordingly, </span><span class="pp-class-118 pa t19269 l12347">with </span><span class="pp-class-118 pa t19269 l10750">the </span><span class="pp-class-118 pa t19269 l19271">adjustment </span><span class="pp-class-118 pa t19269 l19272">being </span><span class="pp-class-118 pa t19269 l19273">recog-</span><span class="pp-class-118 pa t19274 l3">nised </span><span class="pp-class-118 pa t19274 l17154">in </span><span class="pp-class-118 pa t19274 l17155">other </span><span class="pp-class-118 pa t19274 l17846">income/other </span><span class="pp-class-118 pa t19274 l1667">expenses.</span></p> <p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-121 pa t19099 l3">Receivables </span><span class="pp-class-121 pa t19099 l10823">and </span><span class="pp-class-121 pa t19099 l19100 ls19101">liabilities </span><span class="pp-class-121 pa t19099 l19102">in </span><span class="pp-class-121 pa t19099 l19103">foreign </span><span class="pp-class-121 pa t19099 l19104">currencies</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-118 pa t19105 l3">Receivables </span><span class="pp-class-118 pa t19105 l14123">and </span><span class="pp-class-118 pa t19105 l19106">liabilities </span><span class="pp-class-118 pa t19105 l19107">in </span><span class="pp-class-118 pa t19105 l19108">foreign </span><span class="pp-class-118 pa t19105 l19109">currencies </span><span class="pp-class-118 pa t19105 l19110">are </span><span class="pp-class-118 pa t19105 l19111">val-</span><span class="pp-class-118 pa t19112 l3">ued </span><span class="pp-class-118 pa t19112 l7085">at </span><span class="pp-class-118 pa t19112 l9845">the </span><span class="pp-class-118 pa t19112 l19113">balance </span><span class="pp-class-118 pa t19112 l19114">sheet </span><span class="pp-class-118 pa t19112 l19115">date </span><span class="pp-class-118 pa t19112 l19116">rate. </span><span class="pp-class-118 pa t19112 l9145">Exchange </span><span class="pp-class-118 pa t19112 l19117">rate </span><span class="pp-class-118 pa t19112 l3251">fluctu-</span><span class="pp-class-118 pa t19118 l3">ations </span><span class="pp-class-118 pa t19118 l19119">pertaining </span><span class="pp-class-118 pa t19118 l14693">to </span><span class="pp-class-118 pa t19118 l19120">operating </span><span class="pp-class-118 pa t19118 l13920">receivables </span><span class="pp-class-118 pa t19118 l19121">and </span><span class="pp-class-118 pa t19118 l19122">liabilities </span><span class="pp-class-118 pa t19123 l3">are </span><span class="pp-class-118 pa t19123 l2545">recognised </span><span class="pp-class-118 pa t19123 l16882">in </span><span class="pp-class-118 pa t19123 l19124">operating </span><span class="pp-class-118 pa t19123 l19125">profit, </span><span class="pp-class-118 pa t19123 l19126">while </span><span class="pp-class-118 pa t19123 l19127">exchange </span><span class="pp-class-118 pa t19123 l19128">rate </span><span class="pp-class-118 pa t19129 l3">fluctuations </span><span class="pp-class-118 pa t19129 l19130">pertaining </span><span class="pp-class-118 pa t19129 l19131">to </span><span class="pp-class-118 pa t19129 l19132">financial </span><span class="pp-class-118 pa t19129 l10071">receivables </span><span class="pp-class-118 pa t19129 l19133">and </span><span class="pp-class-118 pa t19129 l19134">lia-</span><span class="pp-class-118 pa t19135 l3">bilities </span><span class="pp-class-118 pa t19135 l19136">are </span><span class="pp-class-118 pa t19135 l9232">recognised </span><span class="pp-class-118 pa t19135 l19137">in </span><span class="pp-class-118 pa t19135 l12021">net </span><span class="pp-class-118 pa t19135 l19138">financial </span><span class="pp-class-118 pa t19135 l19139">items.</span></p> <p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-121 pa t19140 l3">Loans </span><span class="pp-class-121 pa t19140 l19141">and </span><span class="pp-class-121 pa t19140 l6239">trade </span><span class="pp-class-121 pa t19140 l19142">receivables</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-118 pa t19143 l3">Loans </span><span class="pp-class-118 pa t19143 l19144">and </span><span class="pp-class-118 pa t19143 l2082">trade </span><span class="pp-class-118 pa t19143 l19145">receivables </span><span class="pp-class-118 pa t19143 l8522">comprise </span><span class="pp-class-118 pa t19143 l19146">financial </span><span class="pp-class-118 pa t19143 l19147">assets </span><span class="pp-class-118 pa t19148 l3">that </span><span class="pp-class-118 pa t19148 l2107">are </span><span class="pp-class-118 pa t19148 l16774">not </span><span class="pp-class-118 pa t19148 l19149">derivative </span><span class="pp-class-118 pa t19148 l19150">instruments, </span><span class="pp-class-118 pa t19148 l14204">that </span><span class="pp-class-118 pa t19148 l19151">have </span><span class="pp-class-118 pa t19148 l19152">fixed </span><span class="pp-class-118 pa t19148 l19153">or </span><span class="pp-class-118 pa t19154 l3">fixable </span><span class="pp-class-118 pa t19154 l19155">payments </span><span class="pp-class-118 pa t19154 l5833">and </span><span class="pp-class-118 pa t19154 l7119">that </span><span class="pp-class-118 pa t19154 l19156">are </span><span class="pp-class-118 pa t19154 l19157">not </span><span class="pp-class-118 pa t19154 l8781">listed </span><span class="pp-class-118 pa t19154 l19158">on </span><span class="pp-class-118 pa t19154 l6707">an </span><span class="pp-class-118 pa t19154 l18125">active </span><span class="pp-class-118 pa t19159 l3">market. </span><span class="pp-class-118 pa t19159 l19160">For </span><span class="pp-class-118 pa t19159 l19161">TCM </span><span class="pp-class-118 pa t19159 l19162">Group, </span><span class="pp-class-118 pa t19159 l19163">this </span><span class="pp-class-118 pa t19159 l11090">category </span><span class="pp-class-118 pa t19159 l19164">includes </span><span class="pp-class-118 pa t19165 l3">non-current </span><span class="pp-class-118 pa t19165 l13879">financial </span><span class="pp-class-118 pa t19165 l14193">assets, </span><span class="pp-class-118 pa t19165 l12607">and </span><span class="pp-class-118 pa t19165 l19166">trade </span><span class="pp-class-118 pa t19165 l19167">receivables </span><span class="pp-class-118 pa t19165 l6419">and </span><span class="pp-class-118 pa t19168 l3">other </span><span class="pp-class-118 pa t19168 l11647">receivables </span><span class="pp-class-118 pa t19168 l19169">recognised </span><span class="pp-class-118 pa t19168 l10651">as </span><span class="pp-class-118 pa t19168 l19170">current </span><span class="pp-class-118 pa t19168 l19171">assets. </span><span class="pp-class-118 pa t19168 l19172">These </span><span class="pp-class-118 pa t19173 l3">assets </span><span class="pp-class-118 pa t19173 l16870">are </span><span class="pp-class-118 pa t19173 l19174">valued </span><span class="pp-class-118 pa t19173 l19175">at </span><span class="pp-class-118 pa t19173 l19176">amortised </span><span class="pp-class-118 pa t19173 l19177">cost. </span><span class="pp-class-118 pa t19173 l1636">Amortised </span><span class="pp-class-118 pa t19173 l19178">cost </span><span class="pp-class-118 pa t19173 l19179">is </span><span class="pp-class-118 pa t19180 l3">determined </span><span class="pp-class-118 pa t19180 l19181">based </span><span class="pp-class-118 pa t19180 l19182">on </span><span class="pp-class-118 pa t19180 l19183">the </span><span class="pp-class-118 pa t19180 l9860">effective </span><span class="pp-class-118 pa t19180 l11196">rate </span><span class="pp-class-118 pa t19180 l19184">calculated </span><span class="pp-class-118 pa t19180 l19185">on </span><span class="pp-class-118 pa t19180 l19186">the </span><span class="pp-class-118 pa t19187 l3">acquisition </span><span class="pp-class-118 pa t19187 l861">date. </span><span class="pp-class-118 pa t19187 l19188">Loans </span><span class="pp-class-118 pa t19187 l8632">and </span><span class="pp-class-118 pa t19187 l19189">trade </span><span class="pp-class-118 pa t19187 l10813">receivables </span><span class="pp-class-118 pa t19187 l19190">are </span><span class="pp-class-118 pa t19187 l19191">recog-</span><span class="pp-class-118 pa t19192 l3">nised </span><span class="pp-class-118 pa t19192 l17154">at </span><span class="pp-class-118 pa t19192 l16865">the </span><span class="pp-class-118 pa t19192 l19193">amounts </span><span class="pp-class-118 pa t19192 l19194">that </span><span class="pp-class-118 pa t19192 l6168">are </span><span class="pp-class-118 pa t19192 l19195">expected </span><span class="pp-class-118 pa t19192 l9222">to </span><span class="pp-class-118 pa t19192 l19196">be </span><span class="pp-class-118 pa t19192 l19197">received, </span><span class="pp-class-118 pa t19198 l3">i.e. </span><span class="pp-class-118 pa t19198 l19199">less </span><span class="pp-class-118 pa t19198 l9359">any </span><span class="pp-class-118 pa t19198 l19200">provisions </span><span class="pp-class-118 pa t19198 l6214">for </span><span class="pp-class-118 pa t19198 l19201">decreases </span><span class="pp-class-118 pa t19198 l19202">in </span><span class="pp-class-118 pa t19198 l19203">value. </span><span class="pp-class-118 pa t19198 l19204">Receiv-</span><span class="pp-class-118 pa t19205 l3">ables </span><span class="pp-class-118 pa t19205 l18890">with </span><span class="pp-class-118 pa t19205 l19206">short </span><span class="pp-class-118 pa t19205 l12540">maturities </span><span class="pp-class-118 pa t19205 l19207">are </span><span class="pp-class-118 pa t19205 l943">not </span><span class="pp-class-118 pa t19205 l19208">discounted.</span></p> <p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-121 pa t19140 l3">Loans </span><span class="pp-class-121 pa t19140 l19141">and </span><span class="pp-class-121 pa t19140 l6239">trade </span><span class="pp-class-121 pa t19140 l19142">receivables</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-118 pa t19143 l3">Loans </span><span class="pp-class-118 pa t19143 l19144">and </span><span class="pp-class-118 pa t19143 l2082">trade </span><span class="pp-class-118 pa t19143 l19145">receivables </span><span class="pp-class-118 pa t19143 l8522">comprise </span><span class="pp-class-118 pa t19143 l19146">financial </span><span class="pp-class-118 pa t19143 l19147">assets </span><span class="pp-class-118 pa t19148 l3">that </span><span class="pp-class-118 pa t19148 l2107">are </span><span class="pp-class-118 pa t19148 l16774">not </span><span class="pp-class-118 pa t19148 l19149">derivative </span><span class="pp-class-118 pa t19148 l19150">instruments, </span><span class="pp-class-118 pa t19148 l14204">that </span><span class="pp-class-118 pa t19148 l19151">have </span><span class="pp-class-118 pa t19148 l19152">fixed </span><span class="pp-class-118 pa t19148 l19153">or </span><span class="pp-class-118 pa t19154 l3">fixable </span><span class="pp-class-118 pa t19154 l19155">payments </span><span class="pp-class-118 pa t19154 l5833">and </span><span class="pp-class-118 pa t19154 l7119">that </span><span class="pp-class-118 pa t19154 l19156">are </span><span class="pp-class-118 pa t19154 l19157">not </span><span class="pp-class-118 pa t19154 l8781">listed </span><span class="pp-class-118 pa t19154 l19158">on </span><span class="pp-class-118 pa t19154 l6707">an </span><span class="pp-class-118 pa t19154 l18125">active </span><span class="pp-class-118 pa t19159 l3">market. </span><span class="pp-class-118 pa t19159 l19160">For </span><span class="pp-class-118 pa t19159 l19161">TCM </span><span class="pp-class-118 pa t19159 l19162">Group, </span><span class="pp-class-118 pa t19159 l19163">this </span><span class="pp-class-118 pa t19159 l11090">category </span><span class="pp-class-118 pa t19159 l19164">includes </span><span class="pp-class-118 pa t19165 l3">non-current </span><span class="pp-class-118 pa t19165 l13879">financial </span><span class="pp-class-118 pa t19165 l14193">assets, </span><span class="pp-class-118 pa t19165 l12607">and </span><span class="pp-class-118 pa t19165 l19166">trade </span><span class="pp-class-118 pa t19165 l19167">receivables </span><span class="pp-class-118 pa t19165 l6419">and </span><span class="pp-class-118 pa t19168 l3">other </span><span class="pp-class-118 pa t19168 l11647">receivables </span><span class="pp-class-118 pa t19168 l19169">recognised </span><span class="pp-class-118 pa t19168 l10651">as </span><span class="pp-class-118 pa t19168 l19170">current </span><span class="pp-class-118 pa t19168 l19171">assets. </span><span class="pp-class-118 pa t19168 l19172">These </span><span class="pp-class-118 pa t19173 l3">assets </span><span class="pp-class-118 pa t19173 l16870">are </span><span class="pp-class-118 pa t19173 l19174">valued </span><span class="pp-class-118 pa t19173 l19175">at </span><span class="pp-class-118 pa t19173 l19176">amortised </span><span class="pp-class-118 pa t19173 l19177">cost. </span><span class="pp-class-118 pa t19173 l1636">Amortised </span><span class="pp-class-118 pa t19173 l19178">cost </span><span class="pp-class-118 pa t19173 l19179">is </span><span class="pp-class-118 pa t19180 l3">determined </span><span class="pp-class-118 pa t19180 l19181">based </span><span class="pp-class-118 pa t19180 l19182">on </span><span class="pp-class-118 pa t19180 l19183">the </span><span class="pp-class-118 pa t19180 l9860">effective </span><span class="pp-class-118 pa t19180 l11196">rate </span><span class="pp-class-118 pa t19180 l19184">calculated </span><span class="pp-class-118 pa t19180 l19185">on </span><span class="pp-class-118 pa t19180 l19186">the </span><span class="pp-class-118 pa t19187 l3">acquisition </span><span class="pp-class-118 pa t19187 l861">date. </span><span class="pp-class-118 pa t19187 l19188">Loans </span><span class="pp-class-118 pa t19187 l8632">and </span><span class="pp-class-118 pa t19187 l19189">trade </span><span class="pp-class-118 pa t19187 l10813">receivables </span><span class="pp-class-118 pa t19187 l19190">are </span><span class="pp-class-118 pa t19187 l19191">recog-</span><span class="pp-class-118 pa t19192 l3">nised </span><span class="pp-class-118 pa t19192 l17154">at </span><span class="pp-class-118 pa t19192 l16865">the </span><span class="pp-class-118 pa t19192 l19193">amounts </span><span class="pp-class-118 pa t19192 l19194">that </span><span class="pp-class-118 pa t19192 l6168">are </span><span class="pp-class-118 pa t19192 l19195">expected </span><span class="pp-class-118 pa t19192 l9222">to </span><span class="pp-class-118 pa t19192 l19196">be </span><span class="pp-class-118 pa t19192 l19197">received, </span><span class="pp-class-118 pa t19198 l3">i.e. </span><span class="pp-class-118 pa t19198 l19199">less </span><span class="pp-class-118 pa t19198 l9359">any </span><span class="pp-class-118 pa t19198 l19200">provisions </span><span class="pp-class-118 pa t19198 l6214">for </span><span class="pp-class-118 pa t19198 l19201">decreases </span><span class="pp-class-118 pa t19198 l19202">in </span><span class="pp-class-118 pa t19198 l19203">value. </span><span class="pp-class-118 pa t19198 l19204">Receiv-</span><span class="pp-class-118 pa t19205 l3">ables </span><span class="pp-class-118 pa t19205 l18890">with </span><span class="pp-class-118 pa t19205 l19206">short </span><span class="pp-class-118 pa t19205 l12540">maturities </span><span class="pp-class-118 pa t19205 l19207">are </span><span class="pp-class-118 pa t19205 l943">not </span><span class="pp-class-118 pa t19205 l19208">discounted.</span></p> <p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-121 pa t19209 l3">Cash </span><span class="pp-class-121 pa t19209 l19210">and </span><span class="pp-class-121 pa t19209 l2830 ls7837">cash </span><span class="pp-class-121 pa t19209 l19211 ls786">equivalents</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-118 pa t19212 l3">Cash </span><span class="pp-class-118 pa t19212 l2906">and </span><span class="pp-class-118 pa t19212 l19213">cash </span><span class="pp-class-118 pa t19212 l12864">equivalents </span><span class="pp-class-118 pa t19212 l10725">are </span><span class="pp-class-118 pa t19212 l8562">defined </span><span class="pp-class-118 pa t19212 l19214">as </span><span class="pp-class-118 pa t19212 l19215">cash </span><span class="pp-class-118 pa t19212 l19216">and </span><span class="pp-class-118 pa t19212 l19217">bank </span><span class="pp-class-118 pa t19218 l3">balances </span><span class="pp-class-118 pa t19218 l19219">and </span><span class="pp-class-118 pa t19218 l19220">short-term </span><span class="pp-class-118 pa t19218 l19221">investments </span><span class="pp-class-118 pa t19218 l9810">with </span><span class="pp-class-118 pa t19218 l19222">maturities </span><span class="pp-class-118 pa t19223 l3">not </span><span class="pp-class-118 pa t19223 l8559">exceeding </span><span class="pp-class-118 pa t19223 l19224">three </span><span class="pp-class-118 pa t19223 l19225">months </span><span class="pp-class-118 pa t19223 l17004">from </span><span class="pp-class-118 pa t19223 l19226">the </span><span class="pp-class-118 pa t19223 l6856">acquisition </span><span class="pp-class-118 pa t19223 l19227">date.</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-120 pa t19773 l3 ls19774">Statement </span><span class="pp-class-120 pa t19773 l19775 ls458">of </span><span class="pp-class-120 pa t19773 l19776 ls1497">cash </span><span class="pp-class-120 pa t19773 l19777 ls1345">flows</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-118 pa t19063 l3">The </span><span class="pp-class-118 pa t19063 l550">cash </span><span class="pp-class-118 pa t19063 l12006">flow </span><span class="pp-class-118 pa t19063 l15005">statement </span><span class="pp-class-118 pa t19063 l5941">shows </span><span class="pp-class-118 pa t19063 l12302">the </span><span class="pp-class-118 pa t19063 l19778">cash </span><span class="pp-class-118 pa t19063 l19779">flows </span><span class="pp-class-118 pa t19063 l19780">from </span><span class="pp-class-118 pa t19067 l3">operating, </span><span class="pp-class-118 pa t19067 l10438">investing </span><span class="pp-class-118 pa t19067 l19781">and </span><span class="pp-class-118 pa t19067 l19782">financing </span><span class="pp-class-118 pa t19067 l19783">activities </span><span class="pp-class-118 pa t19067 l18133">for </span><span class="pp-class-118 pa t19067 l18281">the </span><span class="pp-class-118 pa t19073 l3">year, </span><span class="pp-class-118 pa t19073 l7484">the </span><span class="pp-class-118 pa t19073 l7485">year’s </span><span class="pp-class-118 pa t19073 l9821">changes </span><span class="pp-class-118 pa t19073 l19784">in </span><span class="pp-class-118 pa t19073 l19785">cash </span><span class="pp-class-118 pa t19073 l19786">and </span><span class="pp-class-118 pa t19073 l2270">cash </span><span class="pp-class-118 pa t19073 l19787">equivalents </span><span class="pp-class-118 pa t19073 l19788">as </span><span class="pp-class-118 pa t19078 l3">well </span><span class="pp-class-118 pa t19078 l17761">as </span><span class="pp-class-118 pa t19078 l13395">cash </span><span class="pp-class-118 pa t19078 l19789">and </span><span class="pp-class-118 pa t19078 l19790">cash </span><span class="pp-class-118 pa t19078 l19791">equivalents </span><span class="pp-class-118 pa t19078 l18957">at </span><span class="pp-class-118 pa t19078 l19792">the </span><span class="pp-class-118 pa t19078 l19793">beginning </span><span class="pp-class-118 pa t19078 l19794">and </span><span class="pp-class-118 pa t19083 l3">end </span><span class="pp-class-118 pa t19083 l6733">of </span><span class="pp-class-118 pa t19083 l6734">the </span><span class="pp-class-118 pa t19083 l6735">year.</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-118 pa t19093 l3">The </span><span class="pp-class-118 pa t19093 l550">cash </span><span class="pp-class-118 pa t19093 l12006">flow </span><span class="pp-class-118 pa t19093 l15005">effect </span><span class="pp-class-118 pa t19093 l19795">of </span><span class="pp-class-118 pa t19093 l19796">acquisitions </span><span class="pp-class-118 pa t19093 l19797">and </span><span class="pp-class-118 pa t19093 l19798">disposals </span><span class="pp-class-118 pa t19093 l19799">of </span><span class="pp-class-118 pa t19097 l3">entities </span><span class="pp-class-118 pa t19097 l19800">is </span><span class="pp-class-118 pa t19097 l11398">shown </span><span class="pp-class-118 pa t19097 l19801">separately </span><span class="pp-class-118 pa t19097 l12875">in </span><span class="pp-class-118 pa t19097 l16899">cash </span><span class="pp-class-118 pa t19097 l9676">flows </span><span class="pp-class-118 pa t19097 l19802">from </span><span class="pp-class-118 pa t19097 l19803">investing </span><span class="pp-class-118 pa t19804 l3">activities. </span><span class="pp-class-118 pa t19804 l19805">Cash </span><span class="pp-class-118 pa t19804 l19806">flows </span><span class="pp-class-118 pa t19804 l19807">from </span><span class="pp-class-118 pa t19804 l9936">acquired </span><span class="pp-class-118 pa t19804 l19808">entities </span><span class="pp-class-118 pa t19804 l17855">are </span><span class="pp-class-118 pa t19804 l19809">recog-</span><span class="pp-class-118 pa t19099 l3">nised </span><span class="pp-class-118 pa t19099 l17154">in </span><span class="pp-class-118 pa t19099 l17155">the </span><span class="pp-class-118 pa t19099 l17156">cash </span><span class="pp-class-118 pa t19099 l19810">flow </span><span class="pp-class-118 pa t19099 l19811">statement </span><span class="pp-class-118 pa t19099 l16736">from </span><span class="pp-class-118 pa t19099 l19812">the </span><span class="pp-class-118 pa t19099 l19813">date </span><span class="pp-class-118 pa t19099 l19814">of </span><span class="pp-class-118 pa t19099 l19815">acqui-</span><span class="pp-class-118 pa t19105 l3">sition, </span><span class="pp-class-118 pa t19105 l19816">and </span><span class="pp-class-118 pa t19105 l19817">cash </span><span class="pp-class-118 pa t19105 l19818">flows </span><span class="pp-class-118 pa t19105 l19819">from </span><span class="pp-class-118 pa t19105 l19820">entities </span><span class="pp-class-118 pa t19105 l19821">disposed </span><span class="pp-class-118 pa t19105 l18043">of </span><span class="pp-class-118 pa t19105 l19822">are </span><span class="pp-class-118 pa t19105 l19823">rec-</span><span class="pp-class-118 pa t19112 l3">ognised </span><span class="pp-class-118 pa t19112 l10501">up </span><span class="pp-class-118 pa t19112 l19824">until </span><span class="pp-class-118 pa t19112 l19825">the </span><span class="pp-class-118 pa t19112 l16792">date </span><span class="pp-class-118 pa t19112 l19826">of </span><span class="pp-class-118 pa t19112 l19827">disposal.</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-118 pa t19123 l3">Cash </span><span class="pp-class-118 pa t19123 l2906">flows </span><span class="pp-class-118 pa t19123 l19828">from </span><span class="pp-class-118 pa t19123 l5962">operating </span><span class="pp-class-118 pa t19123 l19829">activities </span><span class="pp-class-118 pa t19123 l19830">are </span><span class="pp-class-118 pa t19123 l19831">calculated </span><span class="pp-class-118 pa t19129 l3">according </span><span class="pp-class-118 pa t19129 l13913">to </span><span class="pp-class-118 pa t19129 l19832">the </span><span class="pp-class-118 pa t19129 l16696">indirect </span><span class="pp-class-118 pa t19129 l19833">method </span><span class="pp-class-118 pa t19129 l19834">as </span><span class="pp-class-118 pa t19129 l19835">operating </span><span class="pp-class-118 pa t19129 l10042">profit </span><span class="pp-class-118 pa t19135 l3">adjusted </span><span class="pp-class-118 pa t19135 l19270">for </span><span class="pp-class-118 pa t19135 l19836">non-cash </span><span class="pp-class-118 pa t19135 l19837">operating </span><span class="pp-class-118 pa t19135 l19838">items, </span><span class="pp-class-118 pa t19135 l19839">changes </span><span class="pp-class-118 pa t19135 l19840">in </span><span class="pp-class-118 pa t19841 l3">working </span><span class="pp-class-118 pa t19841 l10654">capital </span><span class="pp-class-118 pa t19841 l14669">and </span><span class="pp-class-118 pa t19841 l19842">corporation </span><span class="pp-class-118 pa t19841 l19843">tax </span><span class="pp-class-118 pa t19841 l19844">paid.</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-118 pa t19143 l3">Cash </span><span class="pp-class-118 pa t19143 l2906">flows </span><span class="pp-class-118 pa t19143 l19828">from </span><span class="pp-class-118 pa t19143 l5962">investing </span><span class="pp-class-118 pa t19143 l19845">activities </span><span class="pp-class-118 pa t19143 l19846">comprise </span><span class="pp-class-118 pa t19143 l19847">payments </span><span class="pp-class-118 pa t19148 l3">in </span><span class="pp-class-118 pa t19148 l1343">connection </span><span class="pp-class-118 pa t19148 l19848">with </span><span class="pp-class-118 pa t19148 l19494">acquisitions </span><span class="pp-class-118 pa t19148 l19849">and </span><span class="pp-class-118 pa t19148 l8524">disposals </span><span class="pp-class-118 pa t19148 l19850">of </span><span class="pp-class-118 pa t19148 l19851">entities </span><span class="pp-class-118 pa t19154 l3">and </span><span class="pp-class-118 pa t19154 l1110">activities, </span><span class="pp-class-118 pa t19154 l19852">intangible </span><span class="pp-class-118 pa t19154 l19853">assets </span><span class="pp-class-118 pa t19154 l5905">and </span><span class="pp-class-118 pa t19154 l18109">property, </span><span class="pp-class-118 pa t19154 l19854">plant </span><span class="pp-class-118 pa t19154 l19855">and </span><span class="pp-class-118 pa t19159 l3">equipment, </span><span class="pp-class-118 pa t19159 l19856">and </span><span class="pp-class-118 pa t19159 l19857">other </span><span class="pp-class-118 pa t19159 l18049">non-current </span><span class="pp-class-118 pa t19159 l11144">assets </span><span class="pp-class-118 pa t19159 l19858">as </span><span class="pp-class-118 pa t19159 l19859">well </span><span class="pp-class-118 pa t19159 l19860">as </span><span class="pp-class-118 pa t19159 l19861">div-</span><span class="pp-class-118 pa t19165 l3">idends </span><span class="pp-class-118 pa t19165 l19862">received.</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-118 pa t19173 l3">Cash </span><span class="pp-class-118 pa t19173 l2906">flows </span><span class="pp-class-118 pa t19173 l19828">from </span><span class="pp-class-118 pa t19173 l5962">financing </span><span class="pp-class-118 pa t19173 l6030">activities </span><span class="pp-class-118 pa t19173 l19863">comprise </span><span class="pp-class-118 pa t19173 l7189">changes </span><span class="pp-class-118 pa t19180 l3">in </span><span class="pp-class-118 pa t19180 l1343">the </span><span class="pp-class-118 pa t19180 l12867">size </span><span class="pp-class-118 pa t19180 l19864">or </span><span class="pp-class-118 pa t19180 l19865">composition </span><span class="pp-class-118 pa t19180 l19866">of </span><span class="pp-class-118 pa t19180 l11390">the </span><span class="pp-class-118 pa t19180 l19867">share </span><span class="pp-class-118 pa t19180 l19868">capital </span><span class="pp-class-118 pa t19180 l19869">and </span><span class="pp-class-118 pa t19187 l3">related </span><span class="pp-class-118 pa t19187 l11176">costs </span><span class="pp-class-118 pa t19187 l19870">as </span><span class="pp-class-118 pa t19187 l19871">well </span><span class="pp-class-118 pa t19187 l19872">as </span><span class="pp-class-118 pa t19187 l19873">the </span><span class="pp-class-118 pa t19187 l19874">raising </span><span class="pp-class-118 pa t19187 l19875">of </span><span class="pp-class-118 pa t19187 l19515">loans, </span><span class="pp-class-118 pa t19187 l9791">repayment </span><span class="pp-class-118 pa t19192 l3">of </span><span class="pp-class-118 pa t19192 l557">interest-bearing </span><span class="pp-class-118 pa t19192 l19876">debt, </span><span class="pp-class-118 pa t19192 l19877">interest </span><span class="pp-class-118 pa t19192 l19878">and </span><span class="pp-class-118 pa t19192 l7125">payment </span><span class="pp-class-118 pa t19192 l19879">of </span><span class="pp-class-118 pa t19192 l19880">divi-</span><span class="pp-class-118 pa t19198 l3">dends </span><span class="pp-class-118 pa t19198 l19881">to </span><span class="pp-class-118 pa t19198 l19882">shareholders.</span></p> <p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-121 pa t19228 l3">Financial </span><span class="pp-class-121 pa t19228 l19229">liabilities</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-118 pa t19230 l3">All </span><span class="pp-class-118 pa t19230 l2483">transactions </span><span class="pp-class-118 pa t19230 l19231">pertaining </span><span class="pp-class-118 pa t19230 l19232">to </span><span class="pp-class-118 pa t19230 l2133">financial </span><span class="pp-class-118 pa t19230 l7724">liabilities </span><span class="pp-class-118 pa t19230 l19233">are </span><span class="pp-class-118 pa t19234 l3">recognised </span><span class="pp-class-118 pa t19234 l4260">on </span><span class="pp-class-118 pa t19234 l19235">the </span><span class="pp-class-118 pa t19234 l19236">settlement </span><span class="pp-class-118 pa t19234 l11930">date. </span><span class="pp-class-118 pa t19234 l18887">Liabilities </span><span class="pp-class-118 pa t19234 l19237">(except </span><span class="pp-class-118 pa t19234 l19238">for </span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-118 pa t19240 l3">derivative </span><span class="pp-class-118 pa t19240 l12656">instruments </span><span class="pp-class-118 pa t19240 l19241">with </span><span class="pp-class-118 pa t19240 l10715">negative </span><span class="pp-class-118 pa t19240 l19242">values) </span><span class="pp-class-118 pa t19240 l19243">are </span><span class="pp-class-118 pa t19240 l19244">meas-</span><span class="pp-class-118 pa t19245 l3">ured </span><span class="pp-class-118 pa t19245 l19246">at </span><span class="pp-class-118 pa t19245 l19247">amortised </span><span class="pp-class-118 pa t19245 l19248">cost.</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-118 pa t19249 l3">Financial </span><span class="pp-class-118 pa t19249 l2830">liabilities </span><span class="pp-class-118 pa t19249 l1567">related </span><span class="pp-class-118 pa t19249 l19250">to </span><span class="pp-class-118 pa t19249 l12039">contingent </span><span class="pp-class-118 pa t19249 l17265">payment </span><span class="pp-class-118 pa t19249 l19251">obli-</span><span class="pp-class-118 pa t19252 l3">gations </span><span class="pp-class-118 pa t19252 l19253">are </span><span class="pp-class-118 pa t19252 l12716">initially </span><span class="pp-class-118 pa t19252 l10745">measured </span><span class="pp-class-118 pa t19252 l19254">at </span><span class="pp-class-118 pa t19252 l1951">fair </span><span class="pp-class-118 pa t19252 l19255">value </span><span class="pp-class-118 pa t19252 l17161">based </span><span class="pp-class-118 pa t19252 l19256">on </span><span class="pp-class-118 pa t19252 l11891">the </span><span class="pp-class-118 pa t19257 l3">estimated </span><span class="pp-class-118 pa t19257 l19258">future </span><span class="pp-class-118 pa t19257 l16762">performance </span><span class="pp-class-118 pa t19257 l19259">of </span><span class="pp-class-118 pa t19257 l1434">the </span><span class="pp-class-118 pa t19257 l2681">acquired </span><span class="pp-class-118 pa t19257 l19260">entity. </span><span class="pp-class-118 pa t19261 l3">These </span><span class="pp-class-118 pa t19261 l1458">assumptions </span><span class="pp-class-118 pa t19261 l12043">are </span><span class="pp-class-118 pa t19261 l19262">then </span><span class="pp-class-118 pa t19261 l11910">reviewed </span><span class="pp-class-118 pa t19261 l4699">at </span><span class="pp-class-118 pa t19261 l12550">each </span><span class="pp-class-118 pa t19261 l19263">balance </span><span class="pp-class-118 pa t19264 l3">sheet </span><span class="pp-class-118 pa t19264 l6343">date </span><span class="pp-class-118 pa t19264 l19265">and </span><span class="pp-class-118 pa t19264 l19266">the </span><span class="pp-class-118 pa t19264 l9143">contingent </span><span class="pp-class-118 pa t19264 l19267">payment </span><span class="pp-class-118 pa t19264 l19268">obligation </span><span class="pp-class-118 pa t19269 l3">adjusted </span><span class="pp-class-118 pa t19269 l19270">accordingly, </span><span class="pp-class-118 pa t19269 l12347">with </span><span class="pp-class-118 pa t19269 l10750">the </span><span class="pp-class-118 pa t19269 l19271">adjustment </span><span class="pp-class-118 pa t19269 l19272">being </span><span class="pp-class-118 pa t19269 l19273">recog-</span><span class="pp-class-118 pa t19274 l3">nised </span><span class="pp-class-118 pa t19274 l17154">in </span><span class="pp-class-118 pa t19274 l17155">other </span><span class="pp-class-118 pa t19274 l17846">income/other </span><span class="pp-class-118 pa t19274 l1667">expenses.</span></p> <p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-121 pa t19275 l3">Cash </span><span class="pp-class-121 pa t19275 l19210">flow </span><span class="pp-class-121 pa t19275 l19276">hedges, </span><span class="pp-class-121 pa t19275 l19277">interest </span><span class="pp-class-121 pa t19275 l19278">rate </span><span class="pp-class-121 pa t19275 l10441">risk</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-118 pa t19279 l3">Interest </span><span class="pp-class-118 pa t19279 l17765">swaps </span><span class="pp-class-118 pa t19279 l17441">can </span><span class="pp-class-118 pa t19279 l19280">be </span><span class="pp-class-118 pa t19279 l12658">used </span><span class="pp-class-118 pa t19279 l19281">to </span><span class="pp-class-118 pa t19279 l19282">hedge </span><span class="pp-class-118 pa t19279 l19283">the </span><span class="pp-class-118 pa t19279 l8466">uncertainty </span><span class="pp-class-118 pa t19279 l19284">of </span><span class="pp-class-118 pa t19285 l3">highly </span><span class="pp-class-118 pa t19285 l19286">probable </span><span class="pp-class-118 pa t19285 l19287">forecast </span><span class="pp-class-118 pa t19285 l19288">interest </span><span class="pp-class-118 pa t19285 l12704">rate </span><span class="pp-class-118 pa t19285 l19289">flows </span><span class="pp-class-118 pa t19285 l19290">for </span><span class="pp-class-118 pa t19285 l19291">borrow-</span><span class="pp-class-118 pa t19292 l3">ing </span><span class="pp-class-118 pa t19292 l18082">at </span><span class="pp-class-118 pa t19292 l19293">variable </span><span class="pp-class-118 pa t19292 l19294">interest, </span><span class="pp-class-118 pa t19292 l19295">whereby </span><span class="pp-class-118 pa t19292 l16736">the </span><span class="pp-class-118 pa t19292 l19296">company </span><span class="pp-class-118 pa t19292 l11998">receives </span><span class="pp-class-118 pa t19297 l3">variable </span><span class="pp-class-118 pa t19297 l1640">interest </span><span class="pp-class-118 pa t19297 l14161">and </span><span class="pp-class-118 pa t19297 l19298">pays </span><span class="pp-class-118 pa t19297 l19299">fixed </span><span class="pp-class-118 pa t19297 l19300">interest. </span><span class="pp-class-118 pa t19297 l12550">Interest </span><span class="pp-class-118 pa t19297 l1602">rate </span><span class="pp-class-118 pa t19301 l3">swaps </span><span class="pp-class-118 pa t19301 l19302">are </span><span class="pp-class-118 pa t19301 l19303">measured </span><span class="pp-class-118 pa t19301 l19304">at </span><span class="pp-class-118 pa t19301 l13738">fair </span><span class="pp-class-118 pa t19301 l19305">value </span><span class="pp-class-118 pa t19301 l10280">in </span><span class="pp-class-118 pa t19301 l19306">the </span><span class="pp-class-118 pa t19301 l19307">balance </span><span class="pp-class-118 pa t19301 l19308">sheet. </span><span class="pp-class-118 pa t19309 l3">The </span><span class="pp-class-118 pa t19309 l550">interest </span><span class="pp-class-118 pa t19309 l19310">coupon </span><span class="pp-class-118 pa t19309 l19311">portion </span><span class="pp-class-118 pa t19309 l12428">is </span><span class="pp-class-118 pa t19309 l19312">recognised </span><span class="pp-class-118 pa t19309 l19313">in </span><span class="pp-class-118 pa t19309 l19314">the </span><span class="pp-class-118 pa t19309 l19315">income </span><span class="pp-class-118 pa t19316 l3">statement </span><span class="pp-class-118 pa t19316 l19317">on </span><span class="pp-class-118 pa t19316 l19318">an </span><span class="pp-class-118 pa t19316 l19319">ongoing </span><span class="pp-class-118 pa t19316 l19320">basis </span><span class="pp-class-118 pa t19316 l2124">as </span><span class="pp-class-118 pa t19316 l19321">a </span><span class="pp-class-118 pa t19316 l19322">portion </span><span class="pp-class-118 pa t19316 l13546">of </span><span class="pp-class-118 pa t19316 l19323">interest </span><span class="pp-class-118 pa t19324 l3">expense. </span><span class="pp-class-118 pa t19324 l19325">Unrealised </span><span class="pp-class-118 pa t19324 l19326">changes </span><span class="pp-class-118 pa t19324 l10497">in </span><span class="pp-class-118 pa t19324 l19327">the </span><span class="pp-class-118 pa t19324 l4147">fair </span><span class="pp-class-118 pa t19324 l19328">value </span><span class="pp-class-118 pa t19324 l19329">of </span><span class="pp-class-118 pa t19324 l19330">interest </span><span class="pp-class-118 pa t19331 l3">rate </span><span class="pp-class-118 pa t19331 l18762">swaps </span><span class="pp-class-118 pa t19331 l19332">are </span><span class="pp-class-118 pa t19331 l19333">recognised </span><span class="pp-class-118 pa t19331 l7703">in </span><span class="pp-class-118 pa t19331 l3394">other </span><span class="pp-class-118 pa t19331 l19334">comprehensive </span><span class="pp-class-118 pa t19335 l3">income </span><span class="pp-class-118 pa t19335 l6781">and </span><span class="pp-class-118 pa t19335 l19336">are </span><span class="pp-class-118 pa t19335 l19337">included </span><span class="pp-class-118 pa t19335 l19338">as </span><span class="pp-class-118 pa t19335 l19339">a </span><span class="pp-class-118 pa t19335 l19340">portion </span><span class="pp-class-118 pa t19335 l19341">of </span><span class="pp-class-118 pa t19335 l9172">the </span><span class="pp-class-118 pa t19335 l19342">hedging </span><span class="pp-class-118 pa t19343 l3">reserve </span><span class="pp-class-118 pa t19343 l19344">until </span><span class="pp-class-118 pa t19343 l19345">the </span><span class="pp-class-118 pa t19343 l883">hedged </span><span class="pp-class-118 pa t19343 l8621">item </span><span class="pp-class-118 pa t19343 l19346">impacts </span><span class="pp-class-118 pa t19343 l11430">net </span><span class="pp-class-118 pa t19343 l19347">profit </span><span class="pp-class-118 pa t19343 l19348">for </span><span class="pp-class-118 pa t19343 l19349">the </span><span class="pp-class-118 pa t19350 l3">year </span><span class="pp-class-118 pa t19350 l19351">and </span><span class="pp-class-118 pa t19350 l19352">as </span><span class="pp-class-118 pa t19350 l7693">long </span><span class="pp-class-118 pa t19350 l15140">as </span><span class="pp-class-118 pa t19350 l1976">the </span><span class="pp-class-118 pa t19350 l19353">criteria </span><span class="pp-class-118 pa t19350 l19354">for </span><span class="pp-class-118 pa t19350 l19355">hedge </span><span class="pp-class-118 pa t19350 l17971">accounting </span><span class="pp-class-118 pa t19350 l19356">and </span><span class="pp-class-118 pa t19357 l3">effectiveness </span><span class="pp-class-118 pa t19357 l19358">are </span><span class="pp-class-118 pa t19357 l19359">fulfilled. </span><span class="pp-class-118 pa t19357 l19360">The </span><span class="pp-class-118 pa t19357 l19361">gain </span><span class="pp-class-118 pa t19357 l19362">or </span><span class="pp-class-118 pa t19357 l19363">loss </span><span class="pp-class-118 pa t19357 l13820">attributable </span><span class="pp-class-118 pa t19364 l3">to </span><span class="pp-class-118 pa t19364 l2249">the </span><span class="pp-class-118 pa t19364 l13031">ineffective </span><span class="pp-class-118 pa t19364 l19365">portion </span><span class="pp-class-118 pa t19364 l19366">of </span><span class="pp-class-118 pa t19364 l19367">unrealised </span><span class="pp-class-118 pa t19364 l19368">changes </span><span class="pp-class-118 pa t19364 l972">in </span><span class="pp-class-118 pa t19364 l19369">the </span><span class="pp-class-118 pa t19370 l3">value </span><span class="pp-class-118 pa t19370 l1282">of </span><span class="pp-class-118 pa t19370 l9893">interest </span><span class="pp-class-118 pa t19370 l19371">rate </span><span class="pp-class-118 pa t19370 l8686">swaps </span><span class="pp-class-118 pa t19370 l647">is </span><span class="pp-class-118 pa t19370 l19372">recognised </span><span class="pp-class-118 pa t19370 l12689">in </span><span class="pp-class-118 pa t19370 l19373">the </span><span class="pp-class-118 pa t19370 l19374">income </span><span class="pp-class-118 pa t19375 l3">statement.</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-121 pa t19376 l3">Derivative </span><span class="pp-class-121 pa t19376 l19377">financial </span><span class="pp-class-121 pa t19376 l9487">instruments</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-118 pa t19378 l3">On </span><span class="pp-class-118 pa t19378 l3312">initial </span><span class="pp-class-118 pa t19378 l9744">recognition </span><span class="pp-class-118 pa t19378 l19379">in </span><span class="pp-class-118 pa t19378 l19380">the </span><span class="pp-class-118 pa t19378 l19381">balance </span><span class="pp-class-118 pa t19378 l3309">sheet, </span><span class="pp-class-118 pa t19378 l11889">derivative </span><span class="pp-class-118 pa t19382 l3">financial </span><span class="pp-class-118 pa t19382 l1386">instruments </span><span class="pp-class-118 pa t19382 l19383">are </span><span class="pp-class-118 pa t19382 l7261">measured </span><span class="pp-class-118 pa t19382 l19384">at </span><span class="pp-class-118 pa t19382 l13915">cost </span><span class="pp-class-118 pa t19382 l19385">and </span><span class="pp-class-118 pa t19382 l12564">subse-</span><span class="pp-class-118 pa t19386 l3">quently </span><span class="pp-class-118 pa t19386 l19387">at </span><span class="pp-class-118 pa t19386 l13599">fair </span><span class="pp-class-118 pa t19386 l19388">value. </span><span class="pp-class-118 pa t19386 l19389">Derivative </span><span class="pp-class-118 pa t19386 l4247">financial </span><span class="pp-class-118 pa t19386 l8392">instruments </span><span class="pp-class-118 pa t19390 l3">are </span><span class="pp-class-118 pa t19390 l2545">recognised </span><span class="pp-class-118 pa t19390 l16882">under </span><span class="pp-class-118 pa t19390 l4638">other </span><span class="pp-class-118 pa t19390 l19391">receivables/other </span><span class="pp-class-118 pa t19390 l19392">payables.</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-118 pa t19393 l3">Changes </span><span class="pp-class-118 pa t19393 l6102">that </span><span class="pp-class-118 pa t19393 l19394">comply </span><span class="pp-class-118 pa t19393 l18699">with </span><span class="pp-class-118 pa t19393 l9382">the </span><span class="pp-class-118 pa t19393 l19395">requirements </span><span class="pp-class-118 pa t19393 l18918">for </span><span class="pp-class-118 pa t19393 l19396">hedging </span><span class="pp-class-118 pa t19397 l3">of </span><span class="pp-class-118 pa t19397 l557">the </span><span class="pp-class-118 pa t19397 l3322">future </span><span class="pp-class-118 pa t19397 l19398">cash </span><span class="pp-class-118 pa t19397 l19399">flow </span><span class="pp-class-118 pa t19397 l18479">of </span><span class="pp-class-118 pa t19397 l19400">a </span><span class="pp-class-118 pa t19397 l18501">recognised </span><span class="pp-class-118 pa t19397 l18374">asset </span><span class="pp-class-118 pa t19397 l19401">or </span><span class="pp-class-118 pa t19397 l19402">liability </span><span class="pp-class-118 pa t19403 l3">are </span><span class="pp-class-118 pa t19403 l2545">recognised </span><span class="pp-class-118 pa t19403 l16882">in </span><span class="pp-class-118 pa t19403 l19124">the </span><span class="pp-class-118 pa t19403 l19404">statement </span><span class="pp-class-118 pa t19403 l19405">of </span><span class="pp-class-118 pa t19403 l19406">comprehensive </span><span class="pp-class-118 pa t19407 l3">income.</span></p> <p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-121 pa t19275 l3">Cash </span><span class="pp-class-121 pa t19275 l19210">flow </span><span class="pp-class-121 pa t19275 l19276">hedges, </span><span class="pp-class-121 pa t19275 l19277">interest </span><span class="pp-class-121 pa t19275 l19278">rate </span><span class="pp-class-121 pa t19275 l10441">risk</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-118 pa t19279 l3">Interest </span><span class="pp-class-118 pa t19279 l17765">swaps </span><span class="pp-class-118 pa t19279 l17441">can </span><span class="pp-class-118 pa t19279 l19280">be </span><span class="pp-class-118 pa t19279 l12658">used </span><span class="pp-class-118 pa t19279 l19281">to </span><span class="pp-class-118 pa t19279 l19282">hedge </span><span class="pp-class-118 pa t19279 l19283">the </span><span class="pp-class-118 pa t19279 l8466">uncertainty </span><span class="pp-class-118 pa t19279 l19284">of </span><span class="pp-class-118 pa t19285 l3">highly </span><span class="pp-class-118 pa t19285 l19286">probable </span><span class="pp-class-118 pa t19285 l19287">forecast </span><span class="pp-class-118 pa t19285 l19288">interest </span><span class="pp-class-118 pa t19285 l12704">rate </span><span class="pp-class-118 pa t19285 l19289">flows </span><span class="pp-class-118 pa t19285 l19290">for </span><span class="pp-class-118 pa t19285 l19291">borrow-</span><span class="pp-class-118 pa t19292 l3">ing </span><span class="pp-class-118 pa t19292 l18082">at </span><span class="pp-class-118 pa t19292 l19293">variable </span><span class="pp-class-118 pa t19292 l19294">interest, </span><span class="pp-class-118 pa t19292 l19295">whereby </span><span class="pp-class-118 pa t19292 l16736">the </span><span class="pp-class-118 pa t19292 l19296">company </span><span class="pp-class-118 pa t19292 l11998">receives </span><span class="pp-class-118 pa t19297 l3">variable </span><span class="pp-class-118 pa t19297 l1640">interest </span><span class="pp-class-118 pa t19297 l14161">and </span><span class="pp-class-118 pa t19297 l19298">pays </span><span class="pp-class-118 pa t19297 l19299">fixed </span><span class="pp-class-118 pa t19297 l19300">interest. </span><span class="pp-class-118 pa t19297 l12550">Interest </span><span class="pp-class-118 pa t19297 l1602">rate </span><span class="pp-class-118 pa t19301 l3">swaps </span><span class="pp-class-118 pa t19301 l19302">are </span><span class="pp-class-118 pa t19301 l19303">measured </span><span class="pp-class-118 pa t19301 l19304">at </span><span class="pp-class-118 pa t19301 l13738">fair </span><span class="pp-class-118 pa t19301 l19305">value </span><span class="pp-class-118 pa t19301 l10280">in </span><span class="pp-class-118 pa t19301 l19306">the </span><span class="pp-class-118 pa t19301 l19307">balance </span><span class="pp-class-118 pa t19301 l19308">sheet. </span><span class="pp-class-118 pa t19309 l3">The </span><span class="pp-class-118 pa t19309 l550">interest </span><span class="pp-class-118 pa t19309 l19310">coupon </span><span class="pp-class-118 pa t19309 l19311">portion </span><span class="pp-class-118 pa t19309 l12428">is </span><span class="pp-class-118 pa t19309 l19312">recognised </span><span class="pp-class-118 pa t19309 l19313">in </span><span class="pp-class-118 pa t19309 l19314">the </span><span class="pp-class-118 pa t19309 l19315">income </span><span class="pp-class-118 pa t19316 l3">statement </span><span class="pp-class-118 pa t19316 l19317">on </span><span class="pp-class-118 pa t19316 l19318">an </span><span class="pp-class-118 pa t19316 l19319">ongoing </span><span class="pp-class-118 pa t19316 l19320">basis </span><span class="pp-class-118 pa t19316 l2124">as </span><span class="pp-class-118 pa t19316 l19321">a </span><span class="pp-class-118 pa t19316 l19322">portion </span><span class="pp-class-118 pa t19316 l13546">of </span><span class="pp-class-118 pa t19316 l19323">interest </span><span class="pp-class-118 pa t19324 l3">expense. </span><span class="pp-class-118 pa t19324 l19325">Unrealised </span><span class="pp-class-118 pa t19324 l19326">changes </span><span class="pp-class-118 pa t19324 l10497">in </span><span class="pp-class-118 pa t19324 l19327">the </span><span class="pp-class-118 pa t19324 l4147">fair </span><span class="pp-class-118 pa t19324 l19328">value </span><span class="pp-class-118 pa t19324 l19329">of </span><span class="pp-class-118 pa t19324 l19330">interest </span><span class="pp-class-118 pa t19331 l3">rate </span><span class="pp-class-118 pa t19331 l18762">swaps </span><span class="pp-class-118 pa t19331 l19332">are </span><span class="pp-class-118 pa t19331 l19333">recognised </span><span class="pp-class-118 pa t19331 l7703">in </span><span class="pp-class-118 pa t19331 l3394">other </span><span class="pp-class-118 pa t19331 l19334">comprehensive </span><span class="pp-class-118 pa t19335 l3">income </span><span class="pp-class-118 pa t19335 l6781">and </span><span class="pp-class-118 pa t19335 l19336">are </span><span class="pp-class-118 pa t19335 l19337">included </span><span class="pp-class-118 pa t19335 l19338">as </span><span class="pp-class-118 pa t19335 l19339">a </span><span class="pp-class-118 pa t19335 l19340">portion </span><span class="pp-class-118 pa t19335 l19341">of </span><span class="pp-class-118 pa t19335 l9172">the </span><span class="pp-class-118 pa t19335 l19342">hedging </span><span class="pp-class-118 pa t19343 l3">reserve </span><span class="pp-class-118 pa t19343 l19344">until </span><span class="pp-class-118 pa t19343 l19345">the </span><span class="pp-class-118 pa t19343 l883">hedged </span><span class="pp-class-118 pa t19343 l8621">item </span><span class="pp-class-118 pa t19343 l19346">impacts </span><span class="pp-class-118 pa t19343 l11430">net </span><span class="pp-class-118 pa t19343 l19347">profit </span><span class="pp-class-118 pa t19343 l19348">for </span><span class="pp-class-118 pa t19343 l19349">the </span><span class="pp-class-118 pa t19350 l3">year </span><span class="pp-class-118 pa t19350 l19351">and </span><span class="pp-class-118 pa t19350 l19352">as </span><span class="pp-class-118 pa t19350 l7693">long </span><span class="pp-class-118 pa t19350 l15140">as </span><span class="pp-class-118 pa t19350 l1976">the </span><span class="pp-class-118 pa t19350 l19353">criteria </span><span class="pp-class-118 pa t19350 l19354">for </span><span class="pp-class-118 pa t19350 l19355">hedge </span><span class="pp-class-118 pa t19350 l17971">accounting </span><span class="pp-class-118 pa t19350 l19356">and </span><span class="pp-class-118 pa t19357 l3">effectiveness </span><span class="pp-class-118 pa t19357 l19358">are </span><span class="pp-class-118 pa t19357 l19359">fulfilled. </span><span class="pp-class-118 pa t19357 l19360">The </span><span class="pp-class-118 pa t19357 l19361">gain </span><span class="pp-class-118 pa t19357 l19362">or </span><span class="pp-class-118 pa t19357 l19363">loss </span><span class="pp-class-118 pa t19357 l13820">attributable </span><span class="pp-class-118 pa t19364 l3">to </span><span class="pp-class-118 pa t19364 l2249">the </span><span class="pp-class-118 pa t19364 l13031">ineffective </span><span class="pp-class-118 pa t19364 l19365">portion </span><span class="pp-class-118 pa t19364 l19366">of </span><span class="pp-class-118 pa t19364 l19367">unrealised </span><span class="pp-class-118 pa t19364 l19368">changes </span><span class="pp-class-118 pa t19364 l972">in </span><span class="pp-class-118 pa t19364 l19369">the </span><span class="pp-class-118 pa t19370 l3">value </span><span class="pp-class-118 pa t19370 l1282">of </span><span class="pp-class-118 pa t19370 l9893">interest </span><span class="pp-class-118 pa t19370 l19371">rate </span><span class="pp-class-118 pa t19370 l8686">swaps </span><span class="pp-class-118 pa t19370 l647">is </span><span class="pp-class-118 pa t19370 l19372">recognised </span><span class="pp-class-118 pa t19370 l12689">in </span><span class="pp-class-118 pa t19370 l19373">the </span><span class="pp-class-118 pa t19370 l19374">income </span><span class="pp-class-118 pa t19375 l3">statement.</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-121 pa t19376 l3">Derivative </span><span class="pp-class-121 pa t19376 l19377">financial </span><span class="pp-class-121 pa t19376 l9487">instruments</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-118 pa t19378 l3">On </span><span class="pp-class-118 pa t19378 l3312">initial </span><span class="pp-class-118 pa t19378 l9744">recognition </span><span class="pp-class-118 pa t19378 l19379">in </span><span class="pp-class-118 pa t19378 l19380">the </span><span class="pp-class-118 pa t19378 l19381">balance </span><span class="pp-class-118 pa t19378 l3309">sheet, </span><span class="pp-class-118 pa t19378 l11889">derivative </span><span class="pp-class-118 pa t19382 l3">financial </span><span class="pp-class-118 pa t19382 l1386">instruments </span><span class="pp-class-118 pa t19382 l19383">are </span><span class="pp-class-118 pa t19382 l7261">measured </span><span class="pp-class-118 pa t19382 l19384">at </span><span class="pp-class-118 pa t19382 l13915">cost </span><span class="pp-class-118 pa t19382 l19385">and </span><span class="pp-class-118 pa t19382 l12564">subse-</span><span class="pp-class-118 pa t19386 l3">quently </span><span class="pp-class-118 pa t19386 l19387">at </span><span class="pp-class-118 pa t19386 l13599">fair </span><span class="pp-class-118 pa t19386 l19388">value. </span><span class="pp-class-118 pa t19386 l19389">Derivative </span><span class="pp-class-118 pa t19386 l4247">financial </span><span class="pp-class-118 pa t19386 l8392">instruments </span><span class="pp-class-118 pa t19390 l3">are </span><span class="pp-class-118 pa t19390 l2545">recognised </span><span class="pp-class-118 pa t19390 l16882">under </span><span class="pp-class-118 pa t19390 l4638">other </span><span class="pp-class-118 pa t19390 l19391">receivables/other </span><span class="pp-class-118 pa t19390 l19392">payables.</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-118 pa t19393 l3">Changes </span><span class="pp-class-118 pa t19393 l6102">that </span><span class="pp-class-118 pa t19393 l19394">comply </span><span class="pp-class-118 pa t19393 l18699">with </span><span class="pp-class-118 pa t19393 l9382">the </span><span class="pp-class-118 pa t19393 l19395">requirements </span><span class="pp-class-118 pa t19393 l18918">for </span><span class="pp-class-118 pa t19393 l19396">hedging </span><span class="pp-class-118 pa t19397 l3">of </span><span class="pp-class-118 pa t19397 l557">the </span><span class="pp-class-118 pa t19397 l3322">future </span><span class="pp-class-118 pa t19397 l19398">cash </span><span class="pp-class-118 pa t19397 l19399">flow </span><span class="pp-class-118 pa t19397 l18479">of </span><span class="pp-class-118 pa t19397 l19400">a </span><span class="pp-class-118 pa t19397 l18501">recognised </span><span class="pp-class-118 pa t19397 l18374">asset </span><span class="pp-class-118 pa t19397 l19401">or </span><span class="pp-class-118 pa t19397 l19402">liability </span><span class="pp-class-118 pa t19403 l3">are </span><span class="pp-class-118 pa t19403 l2545">recognised </span><span class="pp-class-118 pa t19403 l16882">in </span><span class="pp-class-118 pa t19403 l19124">the </span><span class="pp-class-118 pa t19403 l19404">statement </span><span class="pp-class-118 pa t19403 l19405">of </span><span class="pp-class-118 pa t19403 l19406">comprehensive </span><span class="pp-class-118 pa t19407 l3">income.</span></p> <p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-121 pa t19376 l3">Derivative </span><span class="pp-class-121 pa t19376 l19377">financial </span><span class="pp-class-121 pa t19376 l9487">instruments</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-118 pa t19378 l3">On </span><span class="pp-class-118 pa t19378 l3312">initial </span><span class="pp-class-118 pa t19378 l9744">recognition </span><span class="pp-class-118 pa t19378 l19379">in </span><span class="pp-class-118 pa t19378 l19380">the </span><span class="pp-class-118 pa t19378 l19381">balance </span><span class="pp-class-118 pa t19378 l3309">sheet, </span><span class="pp-class-118 pa t19378 l11889">derivative </span><span class="pp-class-118 pa t19382 l3">financial </span><span class="pp-class-118 pa t19382 l1386">instruments </span><span class="pp-class-118 pa t19382 l19383">are </span><span class="pp-class-118 pa t19382 l7261">measured </span><span class="pp-class-118 pa t19382 l19384">at </span><span class="pp-class-118 pa t19382 l13915">cost </span><span class="pp-class-118 pa t19382 l19385">and </span><span class="pp-class-118 pa t19382 l12564">subse-</span><span class="pp-class-118 pa t19386 l3">quently </span><span class="pp-class-118 pa t19386 l19387">at </span><span class="pp-class-118 pa t19386 l13599">fair </span><span class="pp-class-118 pa t19386 l19388">value. </span><span class="pp-class-118 pa t19386 l19389">Derivative </span><span class="pp-class-118 pa t19386 l4247">financial </span><span class="pp-class-118 pa t19386 l8392">instruments </span><span class="pp-class-118 pa t19390 l3">are </span><span class="pp-class-118 pa t19390 l2545">recognised </span><span class="pp-class-118 pa t19390 l16882">under </span><span class="pp-class-118 pa t19390 l4638">other </span><span class="pp-class-118 pa t19390 l19391">receivables/other </span><span class="pp-class-118 pa t19390 l19392">payables.</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-118 pa t19393 l3">Changes </span><span class="pp-class-118 pa t19393 l6102">that </span><span class="pp-class-118 pa t19393 l19394">comply </span><span class="pp-class-118 pa t19393 l18699">with </span><span class="pp-class-118 pa t19393 l9382">the </span><span class="pp-class-118 pa t19393 l19395">requirements </span><span class="pp-class-118 pa t19393 l18918">for </span><span class="pp-class-118 pa t19393 l19396">hedging </span><span class="pp-class-118 pa t19397 l3">of </span><span class="pp-class-118 pa t19397 l557">the </span><span class="pp-class-118 pa t19397 l3322">future </span><span class="pp-class-118 pa t19397 l19398">cash </span><span class="pp-class-118 pa t19397 l19399">flow </span><span class="pp-class-118 pa t19397 l18479">of </span><span class="pp-class-118 pa t19397 l19400">a </span><span class="pp-class-118 pa t19397 l18501">recognised </span><span class="pp-class-118 pa t19397 l18374">asset </span><span class="pp-class-118 pa t19397 l19401">or </span><span class="pp-class-118 pa t19397 l19402">liability </span><span class="pp-class-118 pa t19403 l3">are </span><span class="pp-class-118 pa t19403 l2545">recognised </span><span class="pp-class-118 pa t19403 l16882">in </span><span class="pp-class-118 pa t19403 l19124">the </span><span class="pp-class-118 pa t19403 l19404">statement </span><span class="pp-class-118 pa t19403 l19405">of </span><span class="pp-class-118 pa t19403 l19406">comprehensive </span><span class="pp-class-118 pa t19407 l3">income.</span></p> <p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-120 pa t19408 l3 ls19409">Impairment</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-118 pa t19410 l3">The </span><span class="pp-class-118 pa t19410 l550">carrying </span><span class="pp-class-118 pa t19410 l19411">amounts </span><span class="pp-class-118 pa t19410 l19412">of </span><span class="pp-class-118 pa t19410 l746">the </span><span class="pp-class-118 pa t19410 l19413">Group’s </span><span class="pp-class-118 pa t19410 l19414">non-financial </span><span class="pp-class-118 pa t19415 l3">assets </span><span class="pp-class-118 pa t19415 l16870">are </span><span class="pp-class-118 pa t19415 l19174">reviewed </span><span class="pp-class-118 pa t19415 l10472">at </span><span class="pp-class-118 pa t19415 l19416">each </span><span class="pp-class-118 pa t19415 l19417">reporting </span><span class="pp-class-118 pa t19415 l6902">date </span><span class="pp-class-118 pa t19415 l19418">for </span><span class="pp-class-118 pa t19415 l19419">indica-</span><span class="pp-class-118 pa t19420 l3">tions </span><span class="pp-class-118 pa t19420 l16625">of </span><span class="pp-class-118 pa t19420 l19421">impairment. </span><span class="pp-class-118 pa t19420 l19422">If </span><span class="pp-class-118 pa t19420 l2697">any </span><span class="pp-class-118 pa t19420 l19423">such </span><span class="pp-class-118 pa t19420 l19424">indication </span><span class="pp-class-118 pa t19420 l19425">exists, </span><span class="pp-class-118 pa t19420 l19426">the </span><span class="pp-class-118 pa t19427 l3">recoverable </span><span class="pp-class-118 pa t19427 l12402">amount </span><span class="pp-class-118 pa t19427 l19428">is </span><span class="pp-class-118 pa t19427 l19429">estimated </span><span class="pp-class-118 pa t19427 l19430">in </span><span class="pp-class-118 pa t19427 l19431">accordance </span><span class="pp-class-118 pa t19427 l19432">with </span><span class="pp-class-118 pa t19427 l19433">IAS </span></p><div class="pp-class-7" id="pp-id-3330" xmlns="http://www.w3.org/1999/xhtml"><div class="w485 h19434 pa t2 l3 wtro4 xx30 tro6 xx31"><p class="pp-class-107 pp-area-text"><span class="pp-class-118 pa t1025 l3">36. </span><span class="pp-class-118 pa t1025 l19435">Financial </span><span class="pp-class-118 pa t1025 l2682">assets </span><span class="pp-class-118 pa t1025 l19176">are </span><span class="pp-class-118 pa t1025 l19436">tested </span><span class="pp-class-118 pa t1025 l19056">for </span><span class="pp-class-118 pa t1025 l19437">impairment </span><span class="pp-class-118 pa t1025 l19438">in </span><span class="pp-class-118 pa t1025 l19439">accord-</span><span class="pp-class-118 pa t1032 l3">ance </span><span class="pp-class-118 pa t1032 l17056">with </span><span class="pp-class-118 pa t1032 l19440">IFRS </span><span class="pp-class-118 pa t1032 l19441">9.</span></p><p class="pp-class-107 pp-area-text"><span class="pp-class-121 pa t1043 l3">Impairment </span><span class="pp-class-121 pa t1043 l19442">testing </span><span class="pp-class-121 pa t1043 l19443">of </span><span class="pp-class-121 pa t1043 l19444">intangible </span><span class="pp-class-121 pa t1043 l18864">assets </span><span class="pp-class-121 pa t1043 l14245">and </span><span class="pp-class-121 pa t1043 l11827">property, </span><span class="pp-class-121 pa t1049 l3">plant </span><span class="pp-class-121 pa t1049 l19445">and </span><span class="pp-class-121 pa t1049 l12731">equipment</span></p><p class="pp-class-107 pp-area-text"><span class="pp-class-118 pa t1056 l3">If </span><span class="pp-class-118 pa t1056 l17131">there </span><span class="pp-class-118 pa t1056 l19446">is </span><span class="pp-class-118 pa t1056 l10074">an </span><span class="pp-class-118 pa t1056 l19447">indication </span><span class="pp-class-118 pa t1056 l19295">of </span><span class="pp-class-118 pa t1056 l19448">impairment, </span><span class="pp-class-118 pa t1056 l19449">the </span><span class="pp-class-118 pa t1056 l19450">recoverable </span><span class="pp-class-118 pa t1064 l3">amount </span><span class="pp-class-118 pa t1064 l10501">of </span><span class="pp-class-118 pa t1064 l19451">the </span><span class="pp-class-118 pa t1064 l19452">asset </span><span class="pp-class-118 pa t1064 l19453">is </span><span class="pp-class-118 pa t1064 l19454">tested </span><span class="pp-class-118 pa t1064 l17437">in </span><span class="pp-class-118 pa t1064 l19455">accordance </span><span class="pp-class-118 pa t1064 l19456">with </span><span class="pp-class-118 pa t1064 l19457">IAS </span><span class="pp-class-118 pa t1064 l19458">36 </span><span class="pp-class-118 pa t1109 l3">(see </span><span class="pp-class-118 pa t1109 l15157">below). </span><span class="pp-class-118 pa t1109 l19459">For </span><span class="pp-class-118 pa t1109 l19460">goodwill </span><span class="pp-class-118 pa t1109 l19461">and </span><span class="pp-class-118 pa t1109 l19462">assets </span><span class="pp-class-118 pa t1109 l19463">with </span><span class="pp-class-118 pa t1109 l16868">indefinite </span><span class="pp-class-118 pa t1109 l19464">life, </span><span class="pp-class-118 pa t1475 l3">e.g. </span><span class="pp-class-118 pa t1475 l19465">certain </span><span class="pp-class-118 pa t1475 l1248">brands, </span><span class="pp-class-118 pa t1475 l19466">the </span><span class="pp-class-118 pa t1475 l2581">recoverable </span><span class="pp-class-118 pa t1475 l19467">amount </span><span class="pp-class-118 pa t1475 l19468">is </span><span class="pp-class-118 pa t1475 l19469">calculated </span><span class="pp-class-118 pa t1484 l3">annually. </span><span class="pp-class-118 pa t1484 l510">When </span><span class="pp-class-118 pa t1484 l19470">testing </span><span class="pp-class-118 pa t1484 l19471">for </span><span class="pp-class-118 pa t1484 l19472">impairment, </span><span class="pp-class-118 pa t1484 l19473">if </span><span class="pp-class-118 pa t1484 l19474">it </span><span class="pp-class-118 pa t1484 l19475">is </span><span class="pp-class-118 pa t1484 l19476">not </span><span class="pp-class-118 pa t1484 l19477">poss-</span><span class="pp-class-118 pa t1221 l3">ible </span><span class="pp-class-118 pa t1221 l19478">to </span><span class="pp-class-118 pa t1221 l19119">establish </span><span class="pp-class-118 pa t1221 l7375">essentially </span><span class="pp-class-118 pa t1221 l19479">independent </span><span class="pp-class-118 pa t1221 l19480">cash </span><span class="pp-class-118 pa t1221 l19481">flows </span><span class="pp-class-118 pa t1221 l19482">for </span><span class="pp-class-118 pa t1228 l3">an </span><span class="pp-class-118 pa t1228 l8451">individual </span><span class="pp-class-118 pa t1228 l19483">asset, </span><span class="pp-class-118 pa t1228 l16988">the </span><span class="pp-class-118 pa t1228 l11833">assets </span><span class="pp-class-118 pa t1228 l16728">must </span><span class="pp-class-118 pa t1228 l7495">be </span><span class="pp-class-118 pa t1228 l6060">grouped </span><span class="pp-class-118 pa t1228 l14403">at </span><span class="pp-class-118 pa t1228 l19484">the </span><span class="pp-class-118 pa t1236 l3">lowest </span><span class="pp-class-118 pa t1236 l1615">level </span><span class="pp-class-118 pa t1236 l19485">at </span><span class="pp-class-118 pa t1236 l19486">which </span><span class="pp-class-118 pa t1236 l12409">it </span><span class="pp-class-118 pa t1236 l19487">is </span><span class="pp-class-118 pa t1236 l19400">possible </span><span class="pp-class-118 pa t1236 l19488">to </span><span class="pp-class-118 pa t1236 l19489">identify </span><span class="pp-class-118 pa t1236 l19490">essentially </span><span class="pp-class-118 pa t1241 l3">independent </span><span class="pp-class-118 pa t1241 l12760">cash </span><span class="pp-class-118 pa t1241 l6725">flows, </span><span class="pp-class-118 pa t1241 l19491">known </span><span class="pp-class-118 pa t1241 l19492">as </span><span class="pp-class-118 pa t1241 l19493">cash-generating </span><span class="pp-class-118 pa t1246 l3">units </span><span class="pp-class-118 pa t1246 l141">(CGUs).</span></p><p class="pp-class-107 pp-area-text"><span class="pp-class-118 pa t1260 l3">Impairment </span><span class="pp-class-118 pa t1260 l18939">losses </span><span class="pp-class-118 pa t1260 l19494">are </span><span class="pp-class-118 pa t1260 l19495">recognised </span><span class="pp-class-118 pa t1260 l19496">when </span><span class="pp-class-118 pa t1260 l18426">the </span><span class="pp-class-118 pa t1260 l19497">carrying </span><span class="pp-class-118 pa t1266 l3">amount </span><span class="pp-class-118 pa t1266 l10501">of </span><span class="pp-class-118 pa t1266 l19451">an </span><span class="pp-class-118 pa t1266 l19498">asset </span><span class="pp-class-118 pa t1266 l19499">or </span><span class="pp-class-118 pa t1266 l19500">a </span><span class="pp-class-118 pa t1266 l19501">CGU </span><span class="pp-class-118 pa t1266 l19502">exceeds </span><span class="pp-class-118 pa t1266 l19503">the </span><span class="pp-class-118 pa t1266 l19504">recoverable </span><span class="pp-class-118 pa t1525 l3">amount. </span><span class="pp-class-118 pa t1525 l19505">Impairment </span><span class="pp-class-118 pa t1525 l7861">losses </span><span class="pp-class-118 pa t1525 l19506">are </span><span class="pp-class-118 pa t1525 l19507">recognised </span><span class="pp-class-118 pa t1525 l19508">in </span><span class="pp-class-118 pa t1525 l17507">the </span><span class="pp-class-118 pa t1525 l19509">income </span><span class="pp-class-118 pa t1691 l3">statement. </span><span class="pp-class-118 pa t1691 l7774">Impairment </span><span class="pp-class-118 pa t1691 l19510">losses </span><span class="pp-class-118 pa t1691 l19511">related </span><span class="pp-class-118 pa t1691 l14022">to </span><span class="pp-class-118 pa t1691 l13823">assets </span><span class="pp-class-118 pa t1691 l12225">attribut-</span><span class="pp-class-118 pa t1273 l3">able </span><span class="pp-class-118 pa t1273 l18390">to </span><span class="pp-class-118 pa t1273 l19512">a </span><span class="pp-class-118 pa t1273 l19513">CGU </span><span class="pp-class-118 pa t1273 l19514">are </span><span class="pp-class-118 pa t1273 l1182">primarily </span><span class="pp-class-118 pa t1273 l13049">allocated </span><span class="pp-class-118 pa t1273 l19515">to </span><span class="pp-class-118 pa t1273 l19516">goodwill. </span><span class="pp-class-118 pa t1273 l19517">Subse-</span><span class="pp-class-118 pa t1281 l3">quently, </span><span class="pp-class-118 pa t1281 l19518">other </span><span class="pp-class-118 pa t1281 l19519">assets </span><span class="pp-class-118 pa t1281 l6698">included </span><span class="pp-class-118 pa t1281 l19520">in </span><span class="pp-class-118 pa t1281 l19521">the </span><span class="pp-class-118 pa t1281 l19522">CGU </span><span class="pp-class-118 pa t1281 l19523">are </span><span class="pp-class-118 pa t1281 l13937">impaired </span><span class="pp-class-118 pa t1291 l3">on </span><span class="pp-class-118 pa t1291 l9773">a </span><span class="pp-class-118 pa t1291 l19524">proportionate </span><span class="pp-class-118 pa t1291 l19525">basis.</span></p><p class="pp-class-107 pp-area-text"><span class="pp-class-118 pa t1313 l3 ls683">The </span><span class="pp-class-118 pa t1313 l19526 ls4640">recoverable </span><span class="pp-class-118 pa t1313 l19527 ls2721">amount </span><span class="pp-class-118 pa t1313 l19528 ls2711">is </span><span class="pp-class-118 pa t1313 l19529 ls683">the </span><span class="pp-class-118 pa t1313 l19530 ls2721">higher </span><span class="pp-class-118 pa t1313 l19531 ls2711">of </span><span class="pp-class-118 pa t1313 l19532 ls2713">fair </span><span class="pp-class-118 pa t1313 l19533 ls2716">value </span><span class="pp-class-118 pa t1313 l19534 ls5925">less </span><span class="pp-class-118 pa t1560 l3 ls7275">selling </span><span class="pp-class-118 pa t1560 l7345 ls7271">expenses </span><span class="pp-class-118 pa t1560 l9895 ls4645">and </span><span class="pp-class-118 pa t1560 l19535 ls2716">value </span><span class="pp-class-118 pa t1560 l19536 ls2711">in </span><span class="pp-class-118 pa t1560 l19537 ls2713">use. </span><span class="pp-class-118 pa t1560 l12587 ls2713">When </span><span class="pp-class-118 pa t1560 l19538 ls4640">calculating </span><span class="pp-class-118 pa t1560 l19539 ls7287">the </span><span class="pp-class-118 pa t1317 l3 ls2716">value </span><span class="pp-class-118 pa t1317 l19540 ls2711">in </span><span class="pp-class-118 pa t1317 l19541 ls2713">use, </span><span class="pp-class-118 pa t1317 l19542 ls2721">future </span><span class="pp-class-118 pa t1317 l19543 ls2713">cash </span><span class="pp-class-118 pa t1317 l19544 ls2716">flows </span><span class="pp-class-118 pa t1317 l19545 ls683">are </span><span class="pp-class-118 pa t1317 l19546 ls4643">discounted </span><span class="pp-class-118 pa t1317 l19547 ls2716">using </span><span class="pp-class-118 pa t1317 l19548 ls7287">a </span><span class="pp-class-118 pa t1317 l19549 ls4645">dis-</span><span class="pp-class-118 pa t1326 l3 ls2716">count </span><span class="pp-class-118 pa t1326 l19550 ls2721">factor </span><span class="pp-class-118 pa t1326 l19551 ls2713">that </span><span class="pp-class-118 pa t1326 l16756 ls2716">takes </span><span class="pp-class-118 pa t1326 l19552 ls2713">into </span><span class="pp-class-118 pa t1326 l18419 ls7275">account </span><span class="pp-class-118 pa t1326 l19553 ls683">the </span><span class="pp-class-118 pa t1326 l19554 ls2713">risk-free </span><span class="pp-class-118 pa t1326 l19555 ls19556">interest </span><span class="pp-class-118 pa t1335 l3 ls2713">rate </span><span class="pp-class-118 pa t1335 l19557 ls4645">and </span><span class="pp-class-118 pa t1335 l19558 ls683">the </span><span class="pp-class-118 pa t1335 l6433 ls2713">risk </span><span class="pp-class-118 pa t1335 l19559 ls4643">associated </span><span class="pp-class-118 pa t1335 l19035 ls2713">with </span><span class="pp-class-118 pa t1335 l19560 ls683">the </span><span class="pp-class-118 pa t1335 l19561 ls7271">specific </span><span class="pp-class-118 pa t1335 l19562 ls2716">asset </span><span class="pp-class-118 pa t1335 l19563 ls2711">or </span><span class="pp-class-118 pa t1335 l19564 ls683">CGU.</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-121 pa t2408 l3">Impairment </span><span class="pp-class-121 pa t2408 l19442">of </span><span class="pp-class-121 pa t2408 l19565">financial </span><span class="pp-class-121 pa t2408 l19566">assets</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-118 pa t1575 l3">Trade </span><span class="pp-class-118 pa t1575 l6997">receivables </span><span class="pp-class-118 pa t1575 l17569">are </span><span class="pp-class-118 pa t1575 l19567">recognised </span><span class="pp-class-118 pa t1575 l19568">initially </span><span class="pp-class-118 pa t1575 l19569">at </span><span class="pp-class-118 pa t1575 l19570">their </span><span class="pp-class-118 pa t1575 l18354">trans-</span><span class="pp-class-118 pa t1352 l3">action </span><span class="pp-class-118 pa t1352 l19571">price </span><span class="pp-class-118 pa t1352 l7355">less </span><span class="pp-class-118 pa t1352 l19572">allowance </span><span class="pp-class-118 pa t1352 l11395">for </span><span class="pp-class-118 pa t1352 l19573">expected </span><span class="pp-class-118 pa t1352 l12705">credit </span><span class="pp-class-118 pa t1352 l19574">losses </span><span class="pp-class-118 pa t1361 l3">over </span><span class="pp-class-118 pa t1361 l16694">the </span><span class="pp-class-118 pa t1361 l16695">lifetime </span><span class="pp-class-118 pa t1361 l19575">of </span><span class="pp-class-118 pa t1361 l9185">the </span><span class="pp-class-118 pa t1361 l19576">receivable </span><span class="pp-class-118 pa t1361 l19577">and </span><span class="pp-class-118 pa t1361 l19578">are </span><span class="pp-class-118 pa t1361 l19579">subsequently </span><span class="pp-class-118 pa t1368 l3">measured </span><span class="pp-class-118 pa t1368 l17166">at </span><span class="pp-class-118 pa t1368 l17895">amortised </span><span class="pp-class-118 pa t1368 l18128">cost </span><span class="pp-class-118 pa t1368 l10910">adjusted </span><span class="pp-class-118 pa t1368 l19580">for </span><span class="pp-class-118 pa t1368 l13578">changes </span><span class="pp-class-118 pa t1368 l19581">in </span><span class="pp-class-118 pa t1375 l3">expected </span><span class="pp-class-118 pa t1375 l17225">credit </span><span class="pp-class-118 pa t1375 l19582">losses. </span><span class="pp-class-118 pa t1375 l19583">The </span><span class="pp-class-118 pa t1375 l19584">expected </span><span class="pp-class-118 pa t1375 l19585">credit </span><span class="pp-class-118 pa t1375 l19586">losses </span><span class="pp-class-118 pa t1375 l19587">on </span><span class="pp-class-118 pa t1384 l3">trade </span><span class="pp-class-118 pa t1384 l19588">receivables </span><span class="pp-class-118 pa t1384 l19589">are </span><span class="pp-class-118 pa t1384 l19590">estimated </span><span class="pp-class-118 pa t1384 l19591">based </span><span class="pp-class-118 pa t1384 l19592">on </span><span class="pp-class-118 pa t1384 l19593">the </span><span class="pp-class-118 pa t1384 l19594">level </span><span class="pp-class-118 pa t1384 l19595">of </span><span class="pp-class-118 pa t1391 l3">unsecured </span><span class="pp-class-118 pa t1391 l8438">balances </span><span class="pp-class-118 pa t1391 l19596">past </span><span class="pp-class-118 pa t1391 l19597">due. </span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-118 pa t1405 l3">Receivables </span><span class="pp-class-118 pa t1405 l14123">that </span><span class="pp-class-118 pa t1405 l19598">the </span><span class="pp-class-118 pa t1405 l9745">Group </span><span class="pp-class-118 pa t1405 l948">has </span><span class="pp-class-118 pa t1405 l18971">no </span><span class="pp-class-118 pa t1405 l6347">reasonable </span><span class="pp-class-118 pa t1405 l19599">expecta-</span><span class="pp-class-118 pa t1415 l3">tion </span><span class="pp-class-118 pa t1415 l11323">of </span><span class="pp-class-118 pa t1415 l17515">recovering </span><span class="pp-class-118 pa t1415 l9618">are </span><span class="pp-class-118 pa t1415 l2232">written </span><span class="pp-class-118 pa t1415 l19600">off </span><span class="pp-class-118 pa t1415 l19601">in </span><span class="pp-class-118 pa t1415 l19602">part </span><span class="pp-class-118 pa t1415 l11372">or </span><span class="pp-class-118 pa t1415 l8725">entirely.</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-118 pa t6815 l3">Allowances </span><span class="pp-class-118 pa t6815 l19603">for </span><span class="pp-class-118 pa t6815 l19604">expected </span><span class="pp-class-118 pa t6815 l19605">credit </span><span class="pp-class-118 pa t6815 l16873">losses </span><span class="pp-class-118 pa t6815 l19289">and </span><span class="pp-class-118 pa t6815 l19606">write-offs </span><span class="pp-class-118 pa t6815 l19607">for </span><span class="pp-class-118 pa t6823 l3">trade </span><span class="pp-class-118 pa t6823 l19588">receivables </span><span class="pp-class-118 pa t6823 l19589">are </span><span class="pp-class-118 pa t6823 l19590">recognised </span><span class="pp-class-118 pa t6823 l19608">in </span><span class="pp-class-118 pa t6823 l19609">the </span><span class="pp-class-118 pa t6823 l14897">income </span><span class="pp-class-118 pa t6823 l11282">state-</span><span class="pp-class-118 pa t6831 l3">ment </span><span class="pp-class-118 pa t6831 l17839">and </span><span class="pp-class-118 pa t6831 l19610">included </span><span class="pp-class-118 pa t6831 l19611">in </span><span class="pp-class-118 pa t6831 l19612">selling </span><span class="pp-class-118 pa t6831 l19613">expenses.</span></p></div></div><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-121 pa t16755 l3">Impairment </span><span class="pp-class-121 pa t16755 l19442">reversal</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-118 pa t16757 l3 ls615">An </span><span class="pp-class-118 pa t16757 l19615 ls636">impairment </span><span class="pp-class-118 pa t16757 l18120 ls639">loss </span><span class="pp-class-118 pa t16757 l9793 ls615">on </span><span class="pp-class-118 pa t16757 l7405 ls626">assets </span><span class="pp-class-118 pa t16757 l18097 ls639">that </span><span class="pp-class-118 pa t16757 l19616 ls639">come </span><span class="pp-class-118 pa t16757 l19617 ls628">under </span><span class="pp-class-118 pa t16757 l19618 ls617">the </span><span class="pp-class-118 pa t16757 l19619 ls615">scope </span><span class="pp-class-118 pa t18376 l3 ls615">of </span><span class="pp-class-118 pa t18376 l643 ls617">IAS </span><span class="pp-class-118 pa t18376 l19620 ls615">36 </span><span class="pp-class-118 pa t18376 l2792 ls615">is </span><span class="pp-class-118 pa t18376 l19621 ls620">reversed </span><span class="pp-class-118 pa t18376 l19622 ls615">if </span><span class="pp-class-118 pa t18376 l19623 ls628">there </span><span class="pp-class-118 pa t18376 l9226 ls615">is </span><span class="pp-class-118 pa t18376 l19624 ls615">an </span><span class="pp-class-118 pa t18376 l1517 ls636">indication </span><span class="pp-class-118 pa t18376 l19625 ls639">that </span><span class="pp-class-118 pa t18376 l19457 ls630">the </span><span class="pp-class-118 pa t16759 l3 ls636">impairment </span><span class="pp-class-118 pa t16759 l19626 ls615">is </span><span class="pp-class-118 pa t16759 l19627 ls615">no </span><span class="pp-class-118 pa t16759 l19628 ls626">longer </span><span class="pp-class-118 pa t16759 l19629 ls636">pertinent </span><span class="pp-class-118 pa t16759 l19630 ls617">and </span><span class="pp-class-118 pa t16759 l19631 ls639">that </span><span class="pp-class-118 pa t16759 l19632 ls628">there </span><span class="pp-class-118 pa t16759 l19633 ls630">has </span><span class="pp-class-118 pa t16766 l3 ls639">been </span><span class="pp-class-118 pa t16766 l19634 ls7807">a </span><span class="pp-class-118 pa t16766 l19635 ls626">change </span><span class="pp-class-118 pa t16766 l19636 ls615">in </span><span class="pp-class-118 pa t16766 l19142 ls617">the </span><span class="pp-class-118 pa t16766 l11211 ls663">assumptions </span><span class="pp-class-118 pa t16766 l19637 ls639">upon </span><span class="pp-class-118 pa t16766 l19328 ls628">which </span><span class="pp-class-118 pa t16766 l19638 ls617">the </span><span class="pp-class-118 pa t16766 l19639 ls628">calcu-</span><span class="pp-class-118 pa t16773 l3 ls626">lation </span><span class="pp-class-118 pa t16773 l19640 ls615">of </span><span class="pp-class-118 pa t16773 l9813 ls617">the </span><span class="pp-class-118 pa t16773 l19641 ls663">recoverable </span><span class="pp-class-118 pa t16773 l19642 ls626">amount </span><span class="pp-class-118 pa t16773 l19643 ls617">was </span><span class="pp-class-118 pa t16773 l15298 ls626">based. </span><span class="pp-class-118 pa t16773 l19644 ls620">However, </span><span class="pp-class-118 pa t16773 l19645 ls7850">an </span><span class="pp-class-118 pa t16780 l3 ls636">impairment </span><span class="pp-class-118 pa t16780 l19626 ls639">loss </span><span class="pp-class-118 pa t16780 l13088 ls615">on </span><span class="pp-class-118 pa t16780 l7339 ls620">goodwill </span><span class="pp-class-118 pa t16780 l11613 ls617">and </span><span class="pp-class-118 pa t16780 l19646 ls626">brands </span><span class="pp-class-118 pa t16780 l19647 ls639">with </span><span class="pp-class-118 pa t16780 l19648 ls7182">indefinite </span><span class="pp-class-118 pa t16788 l3 ls626">useful </span><span class="pp-class-118 pa t16788 l19649 ls639">life </span><span class="pp-class-118 pa t16788 l19650 ls615">is </span><span class="pp-class-118 pa t16788 l19651 ls628">never </span><span class="pp-class-118 pa t16788 l11118 ls620">reversed. </span><span class="pp-class-118 pa t16788 l19652 ls630">A </span><span class="pp-class-118 pa t16788 l9318 ls620">reversal </span><span class="pp-class-118 pa t16788 l7385 ls615">is </span><span class="pp-class-118 pa t16788 l19653 ls639">only </span><span class="pp-class-118 pa t16788 l19654 ls639">performed </span><span class="pp-class-118 pa t16794 l3 ls615">to </span><span class="pp-class-118 pa t16794 l7161 ls617">the </span><span class="pp-class-118 pa t16794 l9712 ls626">extent </span><span class="pp-class-118 pa t16794 l7184 ls639">that </span><span class="pp-class-118 pa t16794 l19655 ls617">the </span><span class="pp-class-118 pa t16794 l19656 ls620">carrying </span><span class="pp-class-118 pa t16794 l19657 ls626">amount </span><span class="pp-class-118 pa t16794 l7450 ls615">of </span><span class="pp-class-118 pa t16794 l19658 ls617">the </span><span class="pp-class-118 pa t16794 l19659 ls628">asset </span><span class="pp-class-118 pa t16794 l18919 ls615">after </span><span class="pp-class-118 pa t16801 l3 ls617">the </span><span class="pp-class-118 pa t16801 l7852 ls620">reversal </span><span class="pp-class-118 pa t16801 l19660 ls639">does </span><span class="pp-class-118 pa t16801 l19661 ls617">not </span><span class="pp-class-118 pa t16801 l14357 ls626">exceed </span><span class="pp-class-118 pa t16801 l17524 ls617">the </span><span class="pp-class-118 pa t16801 l1869 ls620">carrying </span><span class="pp-class-118 pa t16801 l19662 ls626">amount </span><span class="pp-class-118 pa t16801 l19663 ls7837">that </span><span class="pp-class-118 pa t16806 l3 ls628">would </span><span class="pp-class-118 pa t16806 l19664 ls639">have </span><span class="pp-class-118 pa t16806 l1437 ls639">been </span><span class="pp-class-118 pa t16806 l18944 ls663">recognised, </span><span class="pp-class-118 pa t16806 l2233 ls639">less </span><span class="pp-class-118 pa t16806 l19665 ls663">depreciation </span><span class="pp-class-118 pa t16806 l19666 ls615">where </span><span class="pp-class-118 pa t18417 l3 ls663">applicable, </span><span class="pp-class-118 pa t18417 l19667 ls615">if </span><span class="pp-class-118 pa t18417 l19668 ls615">no </span><span class="pp-class-118 pa t18417 l18399 ls636">impairment </span><span class="pp-class-118 pa t18417 l14779 ls617">had </span><span class="pp-class-118 pa t18417 l19669 ls639">been </span><span class="pp-class-118 pa t18417 l19670 ls626">posted.</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-118 pa t16817 l3">An </span><span class="pp-class-118 pa t16817 l17357">impairment </span><span class="pp-class-118 pa t16817 l15447">loss </span><span class="pp-class-118 pa t16817 l19671">on </span><span class="pp-class-118 pa t16817 l2697">loans </span><span class="pp-class-118 pa t16817 l19672">and </span><span class="pp-class-118 pa t16817 l19673">trade </span><span class="pp-class-118 pa t16817 l19674">receivables </span><span class="pp-class-118 pa t16817 l19675">rec-</span><span class="pp-class-118 pa t16824 l3">ognised </span><span class="pp-class-118 pa t16824 l10501">at </span><span class="pp-class-118 pa t16824 l17145">amortised </span><span class="pp-class-118 pa t16824 l12878">cost </span><span class="pp-class-118 pa t16824 l19676">is </span><span class="pp-class-118 pa t16824 l19677">reversed </span><span class="pp-class-118 pa t16824 l19678">if </span><span class="pp-class-118 pa t16824 l19679">the </span><span class="pp-class-118 pa t16824 l19680">previous </span><span class="pp-class-118 pa t16824 l19681">rea-</span><span class="pp-class-118 pa t16828 l3 ls2713">sons </span><span class="pp-class-118 pa t16828 l19682 ls4645">for </span><span class="pp-class-118 pa t16828 l19683 ls683">the </span><span class="pp-class-118 pa t16828 l14231 ls4643">impairment </span><span class="pp-class-118 pa t16828 l12561 ls2713">loss </span><span class="pp-class-118 pa t16828 l19684 ls2711">no </span><span class="pp-class-118 pa t16828 l19685 ls2721">longer </span><span class="pp-class-118 pa t16828 l18408 ls2716">exist </span><span class="pp-class-118 pa t16828 l19686 ls683">and </span><span class="pp-class-118 pa t16828 l19687 ls2713">full </span><span class="pp-class-118 pa t16828 l19688 ls4645">pay-</span><span class="pp-class-118 pa t16836 l3 ls2713">ment </span><span class="pp-class-118 pa t16836 l19689 ls683">can </span><span class="pp-class-118 pa t16836 l19690 ls2711">be </span><span class="pp-class-118 pa t16836 l1376 ls7271">expected </span><span class="pp-class-118 pa t16836 l2176 ls2711">to </span><span class="pp-class-118 pa t16836 l18637 ls2711">be </span><span class="pp-class-118 pa t16836 l19691 ls7271">received </span><span class="pp-class-118 pa t16836 l19692 ls2713">from </span><span class="pp-class-118 pa t16836 l17438 ls4645">the </span><span class="pp-class-118 pa t16836 l19693 ls7271">customer.</span></p> <p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-120 pa t19408 l3 ls19409">Impairment</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-118 pa t19410 l3">The </span><span class="pp-class-118 pa t19410 l550">carrying </span><span class="pp-class-118 pa t19410 l19411">amounts </span><span class="pp-class-118 pa t19410 l19412">of </span><span class="pp-class-118 pa t19410 l746">the </span><span class="pp-class-118 pa t19410 l19413">Group’s </span><span class="pp-class-118 pa t19410 l19414">non-financial </span><span class="pp-class-118 pa t19415 l3">assets </span><span class="pp-class-118 pa t19415 l16870">are </span><span class="pp-class-118 pa t19415 l19174">reviewed </span><span class="pp-class-118 pa t19415 l10472">at </span><span class="pp-class-118 pa t19415 l19416">each </span><span class="pp-class-118 pa t19415 l19417">reporting </span><span class="pp-class-118 pa t19415 l6902">date </span><span class="pp-class-118 pa t19415 l19418">for </span><span class="pp-class-118 pa t19415 l19419">indica-</span><span class="pp-class-118 pa t19420 l3">tions </span><span class="pp-class-118 pa t19420 l16625">of </span><span class="pp-class-118 pa t19420 l19421">impairment. </span><span class="pp-class-118 pa t19420 l19422">If </span><span class="pp-class-118 pa t19420 l2697">any </span><span class="pp-class-118 pa t19420 l19423">such </span><span class="pp-class-118 pa t19420 l19424">indication </span><span class="pp-class-118 pa t19420 l19425">exists, </span><span class="pp-class-118 pa t19420 l19426">the </span><span class="pp-class-118 pa t19427 l3">recoverable </span><span class="pp-class-118 pa t19427 l12402">amount </span><span class="pp-class-118 pa t19427 l19428">is </span><span class="pp-class-118 pa t19427 l19429">estimated </span><span class="pp-class-118 pa t19427 l19430">in </span><span class="pp-class-118 pa t19427 l19431">accordance </span><span class="pp-class-118 pa t19427 l19432">with </span><span class="pp-class-118 pa t19427 l19433">IAS </span></p><div class="pp-class-7" id="pp-id-3330" xmlns="http://www.w3.org/1999/xhtml"><div class="w485 h19434 pa t2 l3 wtro4 xx30 tro6 xx31"><p class="pp-class-107 pp-area-text"><span class="pp-class-118 pa t1025 l3">36. </span><span class="pp-class-118 pa t1025 l19435">Financial </span><span class="pp-class-118 pa t1025 l2682">assets </span><span class="pp-class-118 pa t1025 l19176">are </span><span class="pp-class-118 pa t1025 l19436">tested </span><span class="pp-class-118 pa t1025 l19056">for </span><span class="pp-class-118 pa t1025 l19437">impairment </span><span class="pp-class-118 pa t1025 l19438">in </span><span class="pp-class-118 pa t1025 l19439">accord-</span><span class="pp-class-118 pa t1032 l3">ance </span><span class="pp-class-118 pa t1032 l17056">with </span><span class="pp-class-118 pa t1032 l19440">IFRS </span><span class="pp-class-118 pa t1032 l19441">9.</span></p><p class="pp-class-107 pp-area-text"><span class="pp-class-121 pa t1043 l3">Impairment </span><span class="pp-class-121 pa t1043 l19442">testing </span><span class="pp-class-121 pa t1043 l19443">of </span><span class="pp-class-121 pa t1043 l19444">intangible </span><span class="pp-class-121 pa t1043 l18864">assets </span><span class="pp-class-121 pa t1043 l14245">and </span><span class="pp-class-121 pa t1043 l11827">property, </span><span class="pp-class-121 pa t1049 l3">plant </span><span class="pp-class-121 pa t1049 l19445">and </span><span class="pp-class-121 pa t1049 l12731">equipment</span></p><p class="pp-class-107 pp-area-text"><span class="pp-class-118 pa t1056 l3">If </span><span class="pp-class-118 pa t1056 l17131">there </span><span class="pp-class-118 pa t1056 l19446">is </span><span class="pp-class-118 pa t1056 l10074">an </span><span class="pp-class-118 pa t1056 l19447">indication </span><span class="pp-class-118 pa t1056 l19295">of </span><span class="pp-class-118 pa t1056 l19448">impairment, </span><span class="pp-class-118 pa t1056 l19449">the </span><span class="pp-class-118 pa t1056 l19450">recoverable </span><span class="pp-class-118 pa t1064 l3">amount </span><span class="pp-class-118 pa t1064 l10501">of </span><span class="pp-class-118 pa t1064 l19451">the </span><span class="pp-class-118 pa t1064 l19452">asset </span><span class="pp-class-118 pa t1064 l19453">is </span><span class="pp-class-118 pa t1064 l19454">tested </span><span class="pp-class-118 pa t1064 l17437">in </span><span class="pp-class-118 pa t1064 l19455">accordance </span><span class="pp-class-118 pa t1064 l19456">with </span><span class="pp-class-118 pa t1064 l19457">IAS </span><span class="pp-class-118 pa t1064 l19458">36 </span><span class="pp-class-118 pa t1109 l3">(see </span><span class="pp-class-118 pa t1109 l15157">below). </span><span class="pp-class-118 pa t1109 l19459">For </span><span class="pp-class-118 pa t1109 l19460">goodwill </span><span class="pp-class-118 pa t1109 l19461">and </span><span class="pp-class-118 pa t1109 l19462">assets </span><span class="pp-class-118 pa t1109 l19463">with </span><span class="pp-class-118 pa t1109 l16868">indefinite </span><span class="pp-class-118 pa t1109 l19464">life, </span><span class="pp-class-118 pa t1475 l3">e.g. </span><span class="pp-class-118 pa t1475 l19465">certain </span><span class="pp-class-118 pa t1475 l1248">brands, </span><span class="pp-class-118 pa t1475 l19466">the </span><span class="pp-class-118 pa t1475 l2581">recoverable </span><span class="pp-class-118 pa t1475 l19467">amount </span><span class="pp-class-118 pa t1475 l19468">is </span><span class="pp-class-118 pa t1475 l19469">calculated </span><span class="pp-class-118 pa t1484 l3">annually. </span><span class="pp-class-118 pa t1484 l510">When </span><span class="pp-class-118 pa t1484 l19470">testing </span><span class="pp-class-118 pa t1484 l19471">for </span><span class="pp-class-118 pa t1484 l19472">impairment, </span><span class="pp-class-118 pa t1484 l19473">if </span><span class="pp-class-118 pa t1484 l19474">it </span><span class="pp-class-118 pa t1484 l19475">is </span><span class="pp-class-118 pa t1484 l19476">not </span><span class="pp-class-118 pa t1484 l19477">poss-</span><span class="pp-class-118 pa t1221 l3">ible </span><span class="pp-class-118 pa t1221 l19478">to </span><span class="pp-class-118 pa t1221 l19119">establish </span><span class="pp-class-118 pa t1221 l7375">essentially </span><span class="pp-class-118 pa t1221 l19479">independent </span><span class="pp-class-118 pa t1221 l19480">cash </span><span class="pp-class-118 pa t1221 l19481">flows </span><span class="pp-class-118 pa t1221 l19482">for </span><span class="pp-class-118 pa t1228 l3">an </span><span class="pp-class-118 pa t1228 l8451">individual </span><span class="pp-class-118 pa t1228 l19483">asset, </span><span class="pp-class-118 pa t1228 l16988">the </span><span class="pp-class-118 pa t1228 l11833">assets </span><span class="pp-class-118 pa t1228 l16728">must </span><span class="pp-class-118 pa t1228 l7495">be </span><span class="pp-class-118 pa t1228 l6060">grouped </span><span class="pp-class-118 pa t1228 l14403">at </span><span class="pp-class-118 pa t1228 l19484">the </span><span class="pp-class-118 pa t1236 l3">lowest </span><span class="pp-class-118 pa t1236 l1615">level </span><span class="pp-class-118 pa t1236 l19485">at </span><span class="pp-class-118 pa t1236 l19486">which </span><span class="pp-class-118 pa t1236 l12409">it </span><span class="pp-class-118 pa t1236 l19487">is </span><span class="pp-class-118 pa t1236 l19400">possible </span><span class="pp-class-118 pa t1236 l19488">to </span><span class="pp-class-118 pa t1236 l19489">identify </span><span class="pp-class-118 pa t1236 l19490">essentially </span><span class="pp-class-118 pa t1241 l3">independent </span><span class="pp-class-118 pa t1241 l12760">cash </span><span class="pp-class-118 pa t1241 l6725">flows, </span><span class="pp-class-118 pa t1241 l19491">known </span><span class="pp-class-118 pa t1241 l19492">as </span><span class="pp-class-118 pa t1241 l19493">cash-generating </span><span class="pp-class-118 pa t1246 l3">units </span><span class="pp-class-118 pa t1246 l141">(CGUs).</span></p><p class="pp-class-107 pp-area-text"><span class="pp-class-118 pa t1260 l3">Impairment </span><span class="pp-class-118 pa t1260 l18939">losses </span><span class="pp-class-118 pa t1260 l19494">are </span><span class="pp-class-118 pa t1260 l19495">recognised </span><span class="pp-class-118 pa t1260 l19496">when </span><span class="pp-class-118 pa t1260 l18426">the </span><span class="pp-class-118 pa t1260 l19497">carrying </span><span class="pp-class-118 pa t1266 l3">amount </span><span class="pp-class-118 pa t1266 l10501">of </span><span class="pp-class-118 pa t1266 l19451">an </span><span class="pp-class-118 pa t1266 l19498">asset </span><span class="pp-class-118 pa t1266 l19499">or </span><span class="pp-class-118 pa t1266 l19500">a </span><span class="pp-class-118 pa t1266 l19501">CGU </span><span class="pp-class-118 pa t1266 l19502">exceeds </span><span class="pp-class-118 pa t1266 l19503">the </span><span class="pp-class-118 pa t1266 l19504">recoverable </span><span class="pp-class-118 pa t1525 l3">amount. </span><span class="pp-class-118 pa t1525 l19505">Impairment </span><span class="pp-class-118 pa t1525 l7861">losses </span><span class="pp-class-118 pa t1525 l19506">are </span><span class="pp-class-118 pa t1525 l19507">recognised </span><span class="pp-class-118 pa t1525 l19508">in </span><span class="pp-class-118 pa t1525 l17507">the </span><span class="pp-class-118 pa t1525 l19509">income </span><span class="pp-class-118 pa t1691 l3">statement. </span><span class="pp-class-118 pa t1691 l7774">Impairment </span><span class="pp-class-118 pa t1691 l19510">losses </span><span class="pp-class-118 pa t1691 l19511">related </span><span class="pp-class-118 pa t1691 l14022">to </span><span class="pp-class-118 pa t1691 l13823">assets </span><span class="pp-class-118 pa t1691 l12225">attribut-</span><span class="pp-class-118 pa t1273 l3">able </span><span class="pp-class-118 pa t1273 l18390">to </span><span class="pp-class-118 pa t1273 l19512">a </span><span class="pp-class-118 pa t1273 l19513">CGU </span><span class="pp-class-118 pa t1273 l19514">are </span><span class="pp-class-118 pa t1273 l1182">primarily </span><span class="pp-class-118 pa t1273 l13049">allocated </span><span class="pp-class-118 pa t1273 l19515">to </span><span class="pp-class-118 pa t1273 l19516">goodwill. </span><span class="pp-class-118 pa t1273 l19517">Subse-</span><span class="pp-class-118 pa t1281 l3">quently, </span><span class="pp-class-118 pa t1281 l19518">other </span><span class="pp-class-118 pa t1281 l19519">assets </span><span class="pp-class-118 pa t1281 l6698">included </span><span class="pp-class-118 pa t1281 l19520">in </span><span class="pp-class-118 pa t1281 l19521">the </span><span class="pp-class-118 pa t1281 l19522">CGU </span><span class="pp-class-118 pa t1281 l19523">are </span><span class="pp-class-118 pa t1281 l13937">impaired </span><span class="pp-class-118 pa t1291 l3">on </span><span class="pp-class-118 pa t1291 l9773">a </span><span class="pp-class-118 pa t1291 l19524">proportionate </span><span class="pp-class-118 pa t1291 l19525">basis.</span></p><p class="pp-class-107 pp-area-text"><span class="pp-class-118 pa t1313 l3 ls683">The </span><span class="pp-class-118 pa t1313 l19526 ls4640">recoverable </span><span class="pp-class-118 pa t1313 l19527 ls2721">amount </span><span class="pp-class-118 pa t1313 l19528 ls2711">is </span><span class="pp-class-118 pa t1313 l19529 ls683">the </span><span class="pp-class-118 pa t1313 l19530 ls2721">higher </span><span class="pp-class-118 pa t1313 l19531 ls2711">of </span><span class="pp-class-118 pa t1313 l19532 ls2713">fair </span><span class="pp-class-118 pa t1313 l19533 ls2716">value </span><span class="pp-class-118 pa t1313 l19534 ls5925">less </span><span class="pp-class-118 pa t1560 l3 ls7275">selling </span><span class="pp-class-118 pa t1560 l7345 ls7271">expenses </span><span class="pp-class-118 pa t1560 l9895 ls4645">and </span><span class="pp-class-118 pa t1560 l19535 ls2716">value </span><span class="pp-class-118 pa t1560 l19536 ls2711">in </span><span class="pp-class-118 pa t1560 l19537 ls2713">use. </span><span class="pp-class-118 pa t1560 l12587 ls2713">When </span><span class="pp-class-118 pa t1560 l19538 ls4640">calculating </span><span class="pp-class-118 pa t1560 l19539 ls7287">the </span><span class="pp-class-118 pa t1317 l3 ls2716">value </span><span class="pp-class-118 pa t1317 l19540 ls2711">in </span><span class="pp-class-118 pa t1317 l19541 ls2713">use, </span><span class="pp-class-118 pa t1317 l19542 ls2721">future </span><span class="pp-class-118 pa t1317 l19543 ls2713">cash </span><span class="pp-class-118 pa t1317 l19544 ls2716">flows </span><span class="pp-class-118 pa t1317 l19545 ls683">are </span><span class="pp-class-118 pa t1317 l19546 ls4643">discounted </span><span class="pp-class-118 pa t1317 l19547 ls2716">using </span><span class="pp-class-118 pa t1317 l19548 ls7287">a </span><span class="pp-class-118 pa t1317 l19549 ls4645">dis-</span><span class="pp-class-118 pa t1326 l3 ls2716">count </span><span class="pp-class-118 pa t1326 l19550 ls2721">factor </span><span class="pp-class-118 pa t1326 l19551 ls2713">that </span><span class="pp-class-118 pa t1326 l16756 ls2716">takes </span><span class="pp-class-118 pa t1326 l19552 ls2713">into </span><span class="pp-class-118 pa t1326 l18419 ls7275">account </span><span class="pp-class-118 pa t1326 l19553 ls683">the </span><span class="pp-class-118 pa t1326 l19554 ls2713">risk-free </span><span class="pp-class-118 pa t1326 l19555 ls19556">interest </span><span class="pp-class-118 pa t1335 l3 ls2713">rate </span><span class="pp-class-118 pa t1335 l19557 ls4645">and </span><span class="pp-class-118 pa t1335 l19558 ls683">the </span><span class="pp-class-118 pa t1335 l6433 ls2713">risk </span><span class="pp-class-118 pa t1335 l19559 ls4643">associated </span><span class="pp-class-118 pa t1335 l19035 ls2713">with </span><span class="pp-class-118 pa t1335 l19560 ls683">the </span><span class="pp-class-118 pa t1335 l19561 ls7271">specific </span><span class="pp-class-118 pa t1335 l19562 ls2716">asset </span><span class="pp-class-118 pa t1335 l19563 ls2711">or </span><span class="pp-class-118 pa t1335 l19564 ls683">CGU.</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-121 pa t2408 l3">Impairment </span><span class="pp-class-121 pa t2408 l19442">of </span><span class="pp-class-121 pa t2408 l19565">financial </span><span class="pp-class-121 pa t2408 l19566">assets</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-118 pa t1575 l3">Trade </span><span class="pp-class-118 pa t1575 l6997">receivables </span><span class="pp-class-118 pa t1575 l17569">are </span><span class="pp-class-118 pa t1575 l19567">recognised </span><span class="pp-class-118 pa t1575 l19568">initially </span><span class="pp-class-118 pa t1575 l19569">at </span><span class="pp-class-118 pa t1575 l19570">their </span><span class="pp-class-118 pa t1575 l18354">trans-</span><span class="pp-class-118 pa t1352 l3">action </span><span class="pp-class-118 pa t1352 l19571">price </span><span class="pp-class-118 pa t1352 l7355">less </span><span class="pp-class-118 pa t1352 l19572">allowance </span><span class="pp-class-118 pa t1352 l11395">for </span><span class="pp-class-118 pa t1352 l19573">expected </span><span class="pp-class-118 pa t1352 l12705">credit </span><span class="pp-class-118 pa t1352 l19574">losses </span><span class="pp-class-118 pa t1361 l3">over </span><span class="pp-class-118 pa t1361 l16694">the </span><span class="pp-class-118 pa t1361 l16695">lifetime </span><span class="pp-class-118 pa t1361 l19575">of </span><span class="pp-class-118 pa t1361 l9185">the </span><span class="pp-class-118 pa t1361 l19576">receivable </span><span class="pp-class-118 pa t1361 l19577">and </span><span class="pp-class-118 pa t1361 l19578">are </span><span class="pp-class-118 pa t1361 l19579">subsequently </span><span class="pp-class-118 pa t1368 l3">measured </span><span class="pp-class-118 pa t1368 l17166">at </span><span class="pp-class-118 pa t1368 l17895">amortised </span><span class="pp-class-118 pa t1368 l18128">cost </span><span class="pp-class-118 pa t1368 l10910">adjusted </span><span class="pp-class-118 pa t1368 l19580">for </span><span class="pp-class-118 pa t1368 l13578">changes </span><span class="pp-class-118 pa t1368 l19581">in </span><span class="pp-class-118 pa t1375 l3">expected </span><span class="pp-class-118 pa t1375 l17225">credit </span><span class="pp-class-118 pa t1375 l19582">losses. </span><span class="pp-class-118 pa t1375 l19583">The </span><span class="pp-class-118 pa t1375 l19584">expected </span><span class="pp-class-118 pa t1375 l19585">credit </span><span class="pp-class-118 pa t1375 l19586">losses </span><span class="pp-class-118 pa t1375 l19587">on </span><span class="pp-class-118 pa t1384 l3">trade </span><span class="pp-class-118 pa t1384 l19588">receivables </span><span class="pp-class-118 pa t1384 l19589">are </span><span class="pp-class-118 pa t1384 l19590">estimated </span><span class="pp-class-118 pa t1384 l19591">based </span><span class="pp-class-118 pa t1384 l19592">on </span><span class="pp-class-118 pa t1384 l19593">the </span><span class="pp-class-118 pa t1384 l19594">level </span><span class="pp-class-118 pa t1384 l19595">of </span><span class="pp-class-118 pa t1391 l3">unsecured </span><span class="pp-class-118 pa t1391 l8438">balances </span><span class="pp-class-118 pa t1391 l19596">past </span><span class="pp-class-118 pa t1391 l19597">due. </span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-118 pa t1405 l3">Receivables </span><span class="pp-class-118 pa t1405 l14123">that </span><span class="pp-class-118 pa t1405 l19598">the </span><span class="pp-class-118 pa t1405 l9745">Group </span><span class="pp-class-118 pa t1405 l948">has </span><span class="pp-class-118 pa t1405 l18971">no </span><span class="pp-class-118 pa t1405 l6347">reasonable </span><span class="pp-class-118 pa t1405 l19599">expecta-</span><span class="pp-class-118 pa t1415 l3">tion </span><span class="pp-class-118 pa t1415 l11323">of </span><span class="pp-class-118 pa t1415 l17515">recovering </span><span class="pp-class-118 pa t1415 l9618">are </span><span class="pp-class-118 pa t1415 l2232">written </span><span class="pp-class-118 pa t1415 l19600">off </span><span class="pp-class-118 pa t1415 l19601">in </span><span class="pp-class-118 pa t1415 l19602">part </span><span class="pp-class-118 pa t1415 l11372">or </span><span class="pp-class-118 pa t1415 l8725">entirely.</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-118 pa t6815 l3">Allowances </span><span class="pp-class-118 pa t6815 l19603">for </span><span class="pp-class-118 pa t6815 l19604">expected </span><span class="pp-class-118 pa t6815 l19605">credit </span><span class="pp-class-118 pa t6815 l16873">losses </span><span class="pp-class-118 pa t6815 l19289">and </span><span class="pp-class-118 pa t6815 l19606">write-offs </span><span class="pp-class-118 pa t6815 l19607">for </span><span class="pp-class-118 pa t6823 l3">trade </span><span class="pp-class-118 pa t6823 l19588">receivables </span><span class="pp-class-118 pa t6823 l19589">are </span><span class="pp-class-118 pa t6823 l19590">recognised </span><span class="pp-class-118 pa t6823 l19608">in </span><span class="pp-class-118 pa t6823 l19609">the </span><span class="pp-class-118 pa t6823 l14897">income </span><span class="pp-class-118 pa t6823 l11282">state-</span><span class="pp-class-118 pa t6831 l3">ment </span><span class="pp-class-118 pa t6831 l17839">and </span><span class="pp-class-118 pa t6831 l19610">included </span><span class="pp-class-118 pa t6831 l19611">in </span><span class="pp-class-118 pa t6831 l19612">selling </span><span class="pp-class-118 pa t6831 l19613">expenses.</span></p></div></div><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-121 pa t16755 l3">Impairment </span><span class="pp-class-121 pa t16755 l19442">reversal</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-118 pa t16757 l3 ls615">An </span><span class="pp-class-118 pa t16757 l19615 ls636">impairment </span><span class="pp-class-118 pa t16757 l18120 ls639">loss </span><span class="pp-class-118 pa t16757 l9793 ls615">on </span><span class="pp-class-118 pa t16757 l7405 ls626">assets </span><span class="pp-class-118 pa t16757 l18097 ls639">that </span><span class="pp-class-118 pa t16757 l19616 ls639">come </span><span class="pp-class-118 pa t16757 l19617 ls628">under </span><span class="pp-class-118 pa t16757 l19618 ls617">the </span><span class="pp-class-118 pa t16757 l19619 ls615">scope </span><span class="pp-class-118 pa t18376 l3 ls615">of </span><span class="pp-class-118 pa t18376 l643 ls617">IAS </span><span class="pp-class-118 pa t18376 l19620 ls615">36 </span><span class="pp-class-118 pa t18376 l2792 ls615">is </span><span class="pp-class-118 pa t18376 l19621 ls620">reversed </span><span class="pp-class-118 pa t18376 l19622 ls615">if </span><span class="pp-class-118 pa t18376 l19623 ls628">there </span><span class="pp-class-118 pa t18376 l9226 ls615">is </span><span class="pp-class-118 pa t18376 l19624 ls615">an </span><span class="pp-class-118 pa t18376 l1517 ls636">indication </span><span class="pp-class-118 pa t18376 l19625 ls639">that </span><span class="pp-class-118 pa t18376 l19457 ls630">the </span><span class="pp-class-118 pa t16759 l3 ls636">impairment </span><span class="pp-class-118 pa t16759 l19626 ls615">is </span><span class="pp-class-118 pa t16759 l19627 ls615">no </span><span class="pp-class-118 pa t16759 l19628 ls626">longer </span><span class="pp-class-118 pa t16759 l19629 ls636">pertinent </span><span class="pp-class-118 pa t16759 l19630 ls617">and </span><span class="pp-class-118 pa t16759 l19631 ls639">that </span><span class="pp-class-118 pa t16759 l19632 ls628">there </span><span class="pp-class-118 pa t16759 l19633 ls630">has </span><span class="pp-class-118 pa t16766 l3 ls639">been </span><span class="pp-class-118 pa t16766 l19634 ls7807">a </span><span class="pp-class-118 pa t16766 l19635 ls626">change </span><span class="pp-class-118 pa t16766 l19636 ls615">in </span><span class="pp-class-118 pa t16766 l19142 ls617">the </span><span class="pp-class-118 pa t16766 l11211 ls663">assumptions </span><span class="pp-class-118 pa t16766 l19637 ls639">upon </span><span class="pp-class-118 pa t16766 l19328 ls628">which </span><span class="pp-class-118 pa t16766 l19638 ls617">the </span><span class="pp-class-118 pa t16766 l19639 ls628">calcu-</span><span class="pp-class-118 pa t16773 l3 ls626">lation </span><span class="pp-class-118 pa t16773 l19640 ls615">of </span><span class="pp-class-118 pa t16773 l9813 ls617">the </span><span class="pp-class-118 pa t16773 l19641 ls663">recoverable </span><span class="pp-class-118 pa t16773 l19642 ls626">amount </span><span class="pp-class-118 pa t16773 l19643 ls617">was </span><span class="pp-class-118 pa t16773 l15298 ls626">based. </span><span class="pp-class-118 pa t16773 l19644 ls620">However, </span><span class="pp-class-118 pa t16773 l19645 ls7850">an </span><span class="pp-class-118 pa t16780 l3 ls636">impairment </span><span class="pp-class-118 pa t16780 l19626 ls639">loss </span><span class="pp-class-118 pa t16780 l13088 ls615">on </span><span class="pp-class-118 pa t16780 l7339 ls620">goodwill </span><span class="pp-class-118 pa t16780 l11613 ls617">and </span><span class="pp-class-118 pa t16780 l19646 ls626">brands </span><span class="pp-class-118 pa t16780 l19647 ls639">with </span><span class="pp-class-118 pa t16780 l19648 ls7182">indefinite </span><span class="pp-class-118 pa t16788 l3 ls626">useful </span><span class="pp-class-118 pa t16788 l19649 ls639">life </span><span class="pp-class-118 pa t16788 l19650 ls615">is </span><span class="pp-class-118 pa t16788 l19651 ls628">never </span><span class="pp-class-118 pa t16788 l11118 ls620">reversed. </span><span class="pp-class-118 pa t16788 l19652 ls630">A </span><span class="pp-class-118 pa t16788 l9318 ls620">reversal </span><span class="pp-class-118 pa t16788 l7385 ls615">is </span><span class="pp-class-118 pa t16788 l19653 ls639">only </span><span class="pp-class-118 pa t16788 l19654 ls639">performed </span><span class="pp-class-118 pa t16794 l3 ls615">to </span><span class="pp-class-118 pa t16794 l7161 ls617">the </span><span class="pp-class-118 pa t16794 l9712 ls626">extent </span><span class="pp-class-118 pa t16794 l7184 ls639">that </span><span class="pp-class-118 pa t16794 l19655 ls617">the </span><span class="pp-class-118 pa t16794 l19656 ls620">carrying </span><span class="pp-class-118 pa t16794 l19657 ls626">amount </span><span class="pp-class-118 pa t16794 l7450 ls615">of </span><span class="pp-class-118 pa t16794 l19658 ls617">the </span><span class="pp-class-118 pa t16794 l19659 ls628">asset </span><span class="pp-class-118 pa t16794 l18919 ls615">after </span><span class="pp-class-118 pa t16801 l3 ls617">the </span><span class="pp-class-118 pa t16801 l7852 ls620">reversal </span><span class="pp-class-118 pa t16801 l19660 ls639">does </span><span class="pp-class-118 pa t16801 l19661 ls617">not </span><span class="pp-class-118 pa t16801 l14357 ls626">exceed </span><span class="pp-class-118 pa t16801 l17524 ls617">the </span><span class="pp-class-118 pa t16801 l1869 ls620">carrying </span><span class="pp-class-118 pa t16801 l19662 ls626">amount </span><span class="pp-class-118 pa t16801 l19663 ls7837">that </span><span class="pp-class-118 pa t16806 l3 ls628">would </span><span class="pp-class-118 pa t16806 l19664 ls639">have </span><span class="pp-class-118 pa t16806 l1437 ls639">been </span><span class="pp-class-118 pa t16806 l18944 ls663">recognised, </span><span class="pp-class-118 pa t16806 l2233 ls639">less </span><span class="pp-class-118 pa t16806 l19665 ls663">depreciation </span><span class="pp-class-118 pa t16806 l19666 ls615">where </span><span class="pp-class-118 pa t18417 l3 ls663">applicable, </span><span class="pp-class-118 pa t18417 l19667 ls615">if </span><span class="pp-class-118 pa t18417 l19668 ls615">no </span><span class="pp-class-118 pa t18417 l18399 ls636">impairment </span><span class="pp-class-118 pa t18417 l14779 ls617">had </span><span class="pp-class-118 pa t18417 l19669 ls639">been </span><span class="pp-class-118 pa t18417 l19670 ls626">posted.</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-118 pa t16817 l3">An </span><span class="pp-class-118 pa t16817 l17357">impairment </span><span class="pp-class-118 pa t16817 l15447">loss </span><span class="pp-class-118 pa t16817 l19671">on </span><span class="pp-class-118 pa t16817 l2697">loans </span><span class="pp-class-118 pa t16817 l19672">and </span><span class="pp-class-118 pa t16817 l19673">trade </span><span class="pp-class-118 pa t16817 l19674">receivables </span><span class="pp-class-118 pa t16817 l19675">rec-</span><span class="pp-class-118 pa t16824 l3">ognised </span><span class="pp-class-118 pa t16824 l10501">at </span><span class="pp-class-118 pa t16824 l17145">amortised </span><span class="pp-class-118 pa t16824 l12878">cost </span><span class="pp-class-118 pa t16824 l19676">is </span><span class="pp-class-118 pa t16824 l19677">reversed </span><span class="pp-class-118 pa t16824 l19678">if </span><span class="pp-class-118 pa t16824 l19679">the </span><span class="pp-class-118 pa t16824 l19680">previous </span><span class="pp-class-118 pa t16824 l19681">rea-</span><span class="pp-class-118 pa t16828 l3 ls2713">sons </span><span class="pp-class-118 pa t16828 l19682 ls4645">for </span><span class="pp-class-118 pa t16828 l19683 ls683">the </span><span class="pp-class-118 pa t16828 l14231 ls4643">impairment </span><span class="pp-class-118 pa t16828 l12561 ls2713">loss </span><span class="pp-class-118 pa t16828 l19684 ls2711">no </span><span class="pp-class-118 pa t16828 l19685 ls2721">longer </span><span class="pp-class-118 pa t16828 l18408 ls2716">exist </span><span class="pp-class-118 pa t16828 l19686 ls683">and </span><span class="pp-class-118 pa t16828 l19687 ls2713">full </span><span class="pp-class-118 pa t16828 l19688 ls4645">pay-</span><span class="pp-class-118 pa t16836 l3 ls2713">ment </span><span class="pp-class-118 pa t16836 l19689 ls683">can </span><span class="pp-class-118 pa t16836 l19690 ls2711">be </span><span class="pp-class-118 pa t16836 l1376 ls7271">expected </span><span class="pp-class-118 pa t16836 l2176 ls2711">to </span><span class="pp-class-118 pa t16836 l18637 ls2711">be </span><span class="pp-class-118 pa t16836 l19691 ls7271">received </span><span class="pp-class-118 pa t16836 l19692 ls2713">from </span><span class="pp-class-118 pa t16836 l17438 ls4645">the </span><span class="pp-class-118 pa t16836 l19693 ls7271">customer.</span></p> <p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-121 pa t2408 l3">Impairment </span><span class="pp-class-121 pa t2408 l19442">of </span><span class="pp-class-121 pa t2408 l19565">financial </span><span class="pp-class-121 pa t2408 l19566">assets</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-118 pa t1575 l3">Trade </span><span class="pp-class-118 pa t1575 l6997">receivables </span><span class="pp-class-118 pa t1575 l17569">are </span><span class="pp-class-118 pa t1575 l19567">recognised </span><span class="pp-class-118 pa t1575 l19568">initially </span><span class="pp-class-118 pa t1575 l19569">at </span><span class="pp-class-118 pa t1575 l19570">their </span><span class="pp-class-118 pa t1575 l18354">trans-</span><span class="pp-class-118 pa t1352 l3">action </span><span class="pp-class-118 pa t1352 l19571">price </span><span class="pp-class-118 pa t1352 l7355">less </span><span class="pp-class-118 pa t1352 l19572">allowance </span><span class="pp-class-118 pa t1352 l11395">for </span><span class="pp-class-118 pa t1352 l19573">expected </span><span class="pp-class-118 pa t1352 l12705">credit </span><span class="pp-class-118 pa t1352 l19574">losses </span><span class="pp-class-118 pa t1361 l3">over </span><span class="pp-class-118 pa t1361 l16694">the </span><span class="pp-class-118 pa t1361 l16695">lifetime </span><span class="pp-class-118 pa t1361 l19575">of </span><span class="pp-class-118 pa t1361 l9185">the </span><span class="pp-class-118 pa t1361 l19576">receivable </span><span class="pp-class-118 pa t1361 l19577">and </span><span class="pp-class-118 pa t1361 l19578">are </span><span class="pp-class-118 pa t1361 l19579">subsequently </span><span class="pp-class-118 pa t1368 l3">measured </span><span class="pp-class-118 pa t1368 l17166">at </span><span class="pp-class-118 pa t1368 l17895">amortised </span><span class="pp-class-118 pa t1368 l18128">cost </span><span class="pp-class-118 pa t1368 l10910">adjusted </span><span class="pp-class-118 pa t1368 l19580">for </span><span class="pp-class-118 pa t1368 l13578">changes </span><span class="pp-class-118 pa t1368 l19581">in </span><span class="pp-class-118 pa t1375 l3">expected </span><span class="pp-class-118 pa t1375 l17225">credit </span><span class="pp-class-118 pa t1375 l19582">losses. </span><span class="pp-class-118 pa t1375 l19583">The </span><span class="pp-class-118 pa t1375 l19584">expected </span><span class="pp-class-118 pa t1375 l19585">credit </span><span class="pp-class-118 pa t1375 l19586">losses </span><span class="pp-class-118 pa t1375 l19587">on </span><span class="pp-class-118 pa t1384 l3">trade </span><span class="pp-class-118 pa t1384 l19588">receivables </span><span class="pp-class-118 pa t1384 l19589">are </span><span class="pp-class-118 pa t1384 l19590">estimated </span><span class="pp-class-118 pa t1384 l19591">based </span><span class="pp-class-118 pa t1384 l19592">on </span><span class="pp-class-118 pa t1384 l19593">the </span><span class="pp-class-118 pa t1384 l19594">level </span><span class="pp-class-118 pa t1384 l19595">of </span><span class="pp-class-118 pa t1391 l3">unsecured </span><span class="pp-class-118 pa t1391 l8438">balances </span><span class="pp-class-118 pa t1391 l19596">past </span><span class="pp-class-118 pa t1391 l19597">due. </span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-118 pa t1405 l3">Receivables </span><span class="pp-class-118 pa t1405 l14123">that </span><span class="pp-class-118 pa t1405 l19598">the </span><span class="pp-class-118 pa t1405 l9745">Group </span><span class="pp-class-118 pa t1405 l948">has </span><span class="pp-class-118 pa t1405 l18971">no </span><span class="pp-class-118 pa t1405 l6347">reasonable </span><span class="pp-class-118 pa t1405 l19599">expecta-</span><span class="pp-class-118 pa t1415 l3">tion </span><span class="pp-class-118 pa t1415 l11323">of </span><span class="pp-class-118 pa t1415 l17515">recovering </span><span class="pp-class-118 pa t1415 l9618">are </span><span class="pp-class-118 pa t1415 l2232">written </span><span class="pp-class-118 pa t1415 l19600">off </span><span class="pp-class-118 pa t1415 l19601">in </span><span class="pp-class-118 pa t1415 l19602">part </span><span class="pp-class-118 pa t1415 l11372">or </span><span class="pp-class-118 pa t1415 l8725">entirely.</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-118 pa t6815 l3">Allowances </span><span class="pp-class-118 pa t6815 l19603">for </span><span class="pp-class-118 pa t6815 l19604">expected </span><span class="pp-class-118 pa t6815 l19605">credit </span><span class="pp-class-118 pa t6815 l16873">losses </span><span class="pp-class-118 pa t6815 l19289">and </span><span class="pp-class-118 pa t6815 l19606">write-offs </span><span class="pp-class-118 pa t6815 l19607">for </span><span class="pp-class-118 pa t6823 l3">trade </span><span class="pp-class-118 pa t6823 l19588">receivables </span><span class="pp-class-118 pa t6823 l19589">are </span><span class="pp-class-118 pa t6823 l19590">recognised </span><span class="pp-class-118 pa t6823 l19608">in </span><span class="pp-class-118 pa t6823 l19609">the </span><span class="pp-class-118 pa t6823 l14897">income </span><span class="pp-class-118 pa t6823 l11282">state-</span><span class="pp-class-118 pa t6831 l3">ment </span><span class="pp-class-118 pa t6831 l17839">and </span><span class="pp-class-118 pa t6831 l19610">included </span><span class="pp-class-118 pa t6831 l19611">in </span><span class="pp-class-118 pa t6831 l19612">selling </span><span class="pp-class-118 pa t6831 l19613">expenses.</span></p> <p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-120 pa t19694 l3 ls4751">Contingent </span><span class="pp-class-120 pa t19694 l19695 ls5310">liabilities</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-118 pa t18450 l3">A </span><span class="pp-class-118 pa t18450 l851">contingent </span><span class="pp-class-118 pa t18450 l18092">liability </span><span class="pp-class-118 pa t18450 l19696">is </span><span class="pp-class-118 pa t18450 l17076">disclosed </span><span class="pp-class-118 pa t18450 l19697">when </span><span class="pp-class-118 pa t18450 l18475">the </span><span class="pp-class-118 pa t18450 l19698">company </span><span class="pp-class-118 pa t18450 l1648">has </span><span class="pp-class-118 pa t18458 l3">a </span><span class="pp-class-118 pa t18458 l6465">possible </span><span class="pp-class-118 pa t18458 l19699">obligation </span><span class="pp-class-118 pa t18458 l19700">deriving </span><span class="pp-class-118 pa t18458 l19701">from </span><span class="pp-class-118 pa t18458 l19702">an </span><span class="pp-class-118 pa t18458 l11332">event </span><span class="pp-class-118 pa t18458 l19703">the </span><span class="pp-class-118 pa t18458 l7231">exist-</span><span class="pp-class-118 pa t16853 l3">ence </span><span class="pp-class-118 pa t16853 l19704">of </span><span class="pp-class-118 pa t16853 l17091">which </span><span class="pp-class-118 pa t16853 l19705">will </span><span class="pp-class-118 pa t16853 l19706">be </span><span class="pp-class-118 pa t16853 l8652">confirmed </span><span class="pp-class-118 pa t16853 l19707">only </span><span class="pp-class-118 pa t16853 l18310">by </span><span class="pp-class-118 pa t16853 l19708">one </span><span class="pp-class-118 pa t16853 l19709">or </span><span class="pp-class-118 pa t16853 l19710">more </span><span class="pp-class-118 pa t16857 l3">uncertain </span><span class="pp-class-118 pa t16857 l19711">future </span><span class="pp-class-118 pa t16857 l17226">events, </span><span class="pp-class-118 pa t16857 l19712">or </span><span class="pp-class-118 pa t16857 l948">when </span><span class="pp-class-118 pa t16857 l6811">there </span><span class="pp-class-118 pa t16857 l19713">is </span><span class="pp-class-118 pa t16857 l19714">an </span><span class="pp-class-118 pa t16857 l19715">obligation </span><span class="pp-class-118 pa t16863 l3">that </span><span class="pp-class-118 pa t16863 l2107">has </span><span class="pp-class-118 pa t16863 l19716">not </span><span class="pp-class-118 pa t16863 l19717">been </span><span class="pp-class-118 pa t16863 l15368">recognised </span><span class="pp-class-118 pa t16863 l19718">as </span><span class="pp-class-118 pa t16863 l19719">a </span><span class="pp-class-118 pa t16863 l19720">liability </span><span class="pp-class-118 pa t16863 l19721">or </span><span class="pp-class-118 pa t16863 l19722">provision </span><span class="pp-class-118 pa t16869 l3">because </span><span class="pp-class-118 pa t16869 l19723">an </span><span class="pp-class-118 pa t16869 l2239">outflow </span><span class="pp-class-118 pa t16869 l2207">of </span><span class="pp-class-118 pa t16869 l7252">resources </span><span class="pp-class-118 pa t16869 l19724">is </span><span class="pp-class-118 pa t16869 l19725">not </span><span class="pp-class-118 pa t16869 l19726">likely </span><span class="pp-class-118 pa t16869 l13579 ls2711">to </span><span class="pp-class-118 pa t16869 l19727 ls615">be </span><span class="pp-class-118 pa t16875 l3 ls692">required, </span><span class="pp-class-118 pa t16875 l1955 ls2711">or </span><span class="pp-class-118 pa t16875 l917 ls14078">alternatively </span><span class="pp-class-118 pa t16875 l19728 ls7275">because </span><span class="pp-class-118 pa t16875 l19729 ls2711">it </span><span class="pp-class-118 pa t16875 l1599 ls2711">is </span><span class="pp-class-118 pa t16875 l14144 ls683">not </span><span class="pp-class-118 pa t16875 l19730 ls7271">possible </span><span class="pp-class-118 pa t16875 l19731">to </span><span class="pp-class-118 pa t16881 l3">estimate </span><span class="pp-class-118 pa t16881 l11673">the </span><span class="pp-class-118 pa t16881 l19732">amount </span><span class="pp-class-118 pa t16881 l19733">concerned </span><span class="pp-class-118 pa t16881 l9607">sufficiently </span><span class="pp-class-118 pa t16881 l13109">reliably.</span></p> <p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-120 pa t19734 l3 ls12980">Shareholders’ </span><span class="pp-class-120 pa t19734 l19735 ls2759">equity</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-121 pa t16888 l3">Dividends</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-118 pa t16895 l3">Dividends </span><span class="pp-class-118 pa t16895 l19736">are </span><span class="pp-class-118 pa t16895 l19737">recognised </span><span class="pp-class-118 pa t16895 l19738">as </span><span class="pp-class-118 pa t16895 l19739">a </span><span class="pp-class-118 pa t16895 l8390">liability </span><span class="pp-class-118 pa t16895 l8806">after </span><span class="pp-class-118 pa t16895 l19740">the </span><span class="pp-class-118 pa t16895 l19741">Annual </span><span class="pp-class-118 pa t16902 l3">General </span><span class="pp-class-118 pa t16902 l7387">Meeting </span><span class="pp-class-118 pa t16902 l7388">has </span><span class="pp-class-118 pa t16902 l14226">approved </span><span class="pp-class-118 pa t16902 l17498">the </span><span class="pp-class-118 pa t16902 l19742">dividend.</span></p> <p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-121 pa t16912 l3">Treasury </span><span class="pp-class-121 pa t16912 l19743">shares</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-118 pa t16919 l3">Treasury </span><span class="pp-class-118 pa t16919 l19744">shares </span><span class="pp-class-118 pa t16919 l1198">are </span><span class="pp-class-118 pa t16919 l18862">primarily </span><span class="pp-class-118 pa t16919 l17847">acquired </span><span class="pp-class-118 pa t16919 l13171">to </span><span class="pp-class-118 pa t16919 l19745">finance </span><span class="pp-class-118 pa t16919 l19746">TCM </span><span class="pp-class-118 pa t18517 l3">Group’s </span><span class="pp-class-118 pa t18517 l4222">share-based </span><span class="pp-class-118 pa t18517 l19747">long-term </span><span class="pp-class-118 pa t18517 l19748">incentive </span><span class="pp-class-118 pa t18517 l19749">programme </span><span class="pp-class-118 pa t18525 l3">for </span><span class="pp-class-118 pa t18525 l2129">the </span><span class="pp-class-118 pa t18525 l6661">Executive </span><span class="pp-class-118 pa t18525 l8505">Management. </span><span class="pp-class-118 pa t18525 l19750">Treasury </span><span class="pp-class-118 pa t18525 l19751">shares </span><span class="pp-class-118 pa t18525 l19752">are </span><span class="pp-class-118 pa t16931 l3">deducted </span><span class="pp-class-118 pa t16931 l18483">from </span><span class="pp-class-118 pa t16931 l18484">the </span><span class="pp-class-118 pa t16931 l18485">share </span><span class="pp-class-118 pa t16931 l8779">capital </span><span class="pp-class-118 pa t16931 l19753">on </span><span class="pp-class-118 pa t16931 l19754">cancellation </span><span class="pp-class-118 pa t16931 l19755">at </span><span class="pp-class-118 pa t16931 l19082">their </span><span class="pp-class-118 pa t16940 l3">nominal </span><span class="pp-class-118 pa t16940 l19756">value </span><span class="pp-class-118 pa t16940 l3423">of </span><span class="pp-class-118 pa t16940 l19757">DKK </span><span class="pp-class-118 pa t16940 l13437">0.1 </span><span class="pp-class-118 pa t16940 l19758">per </span><span class="pp-class-118 pa t16940 l19759">share. </span><span class="pp-class-118 pa t16940 l19760">Differences </span><span class="pp-class-118 pa t16940 l19761">between </span><span class="pp-class-118 pa t16947 l3">this </span><span class="pp-class-118 pa t16947 l6953">amount </span><span class="pp-class-118 pa t16947 l19762">and </span><span class="pp-class-118 pa t16947 l19763">the </span><span class="pp-class-118 pa t16947 l19535">amount </span><span class="pp-class-118 pa t16947 l3346">paid </span><span class="pp-class-118 pa t16947 l19764">to </span><span class="pp-class-118 pa t16947 l19765">acquire </span><span class="pp-class-118 pa t16947 l19766">or </span><span class="pp-class-118 pa t16947 l19767">received </span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-118 pa t19047 l3">for </span><span class="pp-class-118 pa t19047 l2129">disposing </span><span class="pp-class-118 pa t19047 l19769">of </span><span class="pp-class-118 pa t19047 l6824">treasury </span><span class="pp-class-118 pa t19047 l12747">shares </span><span class="pp-class-118 pa t19047 l19770">are </span><span class="pp-class-118 pa t19047 l14445">deducted </span><span class="pp-class-118 pa t19047 l12798">directly </span><span class="pp-class-118 pa t19047 l19771">in </span><span class="pp-class-118 pa t19048 l3">retained </span><span class="pp-class-118 pa t19048 l19772">earnings. </span></p> <p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-120 pa t19773 l3 ls19774">Statement </span><span class="pp-class-120 pa t19773 l19775 ls458">of </span><span class="pp-class-120 pa t19773 l19776 ls1497">cash </span><span class="pp-class-120 pa t19773 l19777 ls1345">flows</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-118 pa t19063 l3">The </span><span class="pp-class-118 pa t19063 l550">cash </span><span class="pp-class-118 pa t19063 l12006">flow </span><span class="pp-class-118 pa t19063 l15005">statement </span><span class="pp-class-118 pa t19063 l5941">shows </span><span class="pp-class-118 pa t19063 l12302">the </span><span class="pp-class-118 pa t19063 l19778">cash </span><span class="pp-class-118 pa t19063 l19779">flows </span><span class="pp-class-118 pa t19063 l19780">from </span><span class="pp-class-118 pa t19067 l3">operating, </span><span class="pp-class-118 pa t19067 l10438">investing </span><span class="pp-class-118 pa t19067 l19781">and </span><span class="pp-class-118 pa t19067 l19782">financing </span><span class="pp-class-118 pa t19067 l19783">activities </span><span class="pp-class-118 pa t19067 l18133">for </span><span class="pp-class-118 pa t19067 l18281">the </span><span class="pp-class-118 pa t19073 l3">year, </span><span class="pp-class-118 pa t19073 l7484">the </span><span class="pp-class-118 pa t19073 l7485">year’s </span><span class="pp-class-118 pa t19073 l9821">changes </span><span class="pp-class-118 pa t19073 l19784">in </span><span class="pp-class-118 pa t19073 l19785">cash </span><span class="pp-class-118 pa t19073 l19786">and </span><span class="pp-class-118 pa t19073 l2270">cash </span><span class="pp-class-118 pa t19073 l19787">equivalents </span><span class="pp-class-118 pa t19073 l19788">as </span><span class="pp-class-118 pa t19078 l3">well </span><span class="pp-class-118 pa t19078 l17761">as </span><span class="pp-class-118 pa t19078 l13395">cash </span><span class="pp-class-118 pa t19078 l19789">and </span><span class="pp-class-118 pa t19078 l19790">cash </span><span class="pp-class-118 pa t19078 l19791">equivalents </span><span class="pp-class-118 pa t19078 l18957">at </span><span class="pp-class-118 pa t19078 l19792">the </span><span class="pp-class-118 pa t19078 l19793">beginning </span><span class="pp-class-118 pa t19078 l19794">and </span><span class="pp-class-118 pa t19083 l3">end </span><span class="pp-class-118 pa t19083 l6733">of </span><span class="pp-class-118 pa t19083 l6734">the </span><span class="pp-class-118 pa t19083 l6735">year.</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-118 pa t19093 l3">The </span><span class="pp-class-118 pa t19093 l550">cash </span><span class="pp-class-118 pa t19093 l12006">flow </span><span class="pp-class-118 pa t19093 l15005">effect </span><span class="pp-class-118 pa t19093 l19795">of </span><span class="pp-class-118 pa t19093 l19796">acquisitions </span><span class="pp-class-118 pa t19093 l19797">and </span><span class="pp-class-118 pa t19093 l19798">disposals </span><span class="pp-class-118 pa t19093 l19799">of </span><span class="pp-class-118 pa t19097 l3">entities </span><span class="pp-class-118 pa t19097 l19800">is </span><span class="pp-class-118 pa t19097 l11398">shown </span><span class="pp-class-118 pa t19097 l19801">separately </span><span class="pp-class-118 pa t19097 l12875">in </span><span class="pp-class-118 pa t19097 l16899">cash </span><span class="pp-class-118 pa t19097 l9676">flows </span><span class="pp-class-118 pa t19097 l19802">from </span><span class="pp-class-118 pa t19097 l19803">investing </span><span class="pp-class-118 pa t19804 l3">activities. </span><span class="pp-class-118 pa t19804 l19805">Cash </span><span class="pp-class-118 pa t19804 l19806">flows </span><span class="pp-class-118 pa t19804 l19807">from </span><span class="pp-class-118 pa t19804 l9936">acquired </span><span class="pp-class-118 pa t19804 l19808">entities </span><span class="pp-class-118 pa t19804 l17855">are </span><span class="pp-class-118 pa t19804 l19809">recog-</span><span class="pp-class-118 pa t19099 l3">nised </span><span class="pp-class-118 pa t19099 l17154">in </span><span class="pp-class-118 pa t19099 l17155">the </span><span class="pp-class-118 pa t19099 l17156">cash </span><span class="pp-class-118 pa t19099 l19810">flow </span><span class="pp-class-118 pa t19099 l19811">statement </span><span class="pp-class-118 pa t19099 l16736">from </span><span class="pp-class-118 pa t19099 l19812">the </span><span class="pp-class-118 pa t19099 l19813">date </span><span class="pp-class-118 pa t19099 l19814">of </span><span class="pp-class-118 pa t19099 l19815">acqui-</span><span class="pp-class-118 pa t19105 l3">sition, </span><span class="pp-class-118 pa t19105 l19816">and </span><span class="pp-class-118 pa t19105 l19817">cash </span><span class="pp-class-118 pa t19105 l19818">flows </span><span class="pp-class-118 pa t19105 l19819">from </span><span class="pp-class-118 pa t19105 l19820">entities </span><span class="pp-class-118 pa t19105 l19821">disposed </span><span class="pp-class-118 pa t19105 l18043">of </span><span class="pp-class-118 pa t19105 l19822">are </span><span class="pp-class-118 pa t19105 l19823">rec-</span><span class="pp-class-118 pa t19112 l3">ognised </span><span class="pp-class-118 pa t19112 l10501">up </span><span class="pp-class-118 pa t19112 l19824">until </span><span class="pp-class-118 pa t19112 l19825">the </span><span class="pp-class-118 pa t19112 l16792">date </span><span class="pp-class-118 pa t19112 l19826">of </span><span class="pp-class-118 pa t19112 l19827">disposal.</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-118 pa t19123 l3">Cash </span><span class="pp-class-118 pa t19123 l2906">flows </span><span class="pp-class-118 pa t19123 l19828">from </span><span class="pp-class-118 pa t19123 l5962">operating </span><span class="pp-class-118 pa t19123 l19829">activities </span><span class="pp-class-118 pa t19123 l19830">are </span><span class="pp-class-118 pa t19123 l19831">calculated </span><span class="pp-class-118 pa t19129 l3">according </span><span class="pp-class-118 pa t19129 l13913">to </span><span class="pp-class-118 pa t19129 l19832">the </span><span class="pp-class-118 pa t19129 l16696">indirect </span><span class="pp-class-118 pa t19129 l19833">method </span><span class="pp-class-118 pa t19129 l19834">as </span><span class="pp-class-118 pa t19129 l19835">operating </span><span class="pp-class-118 pa t19129 l10042">profit </span><span class="pp-class-118 pa t19135 l3">adjusted </span><span class="pp-class-118 pa t19135 l19270">for </span><span class="pp-class-118 pa t19135 l19836">non-cash </span><span class="pp-class-118 pa t19135 l19837">operating </span><span class="pp-class-118 pa t19135 l19838">items, </span><span class="pp-class-118 pa t19135 l19839">changes </span><span class="pp-class-118 pa t19135 l19840">in </span><span class="pp-class-118 pa t19841 l3">working </span><span class="pp-class-118 pa t19841 l10654">capital </span><span class="pp-class-118 pa t19841 l14669">and </span><span class="pp-class-118 pa t19841 l19842">corporation </span><span class="pp-class-118 pa t19841 l19843">tax </span><span class="pp-class-118 pa t19841 l19844">paid.</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-118 pa t19143 l3">Cash </span><span class="pp-class-118 pa t19143 l2906">flows </span><span class="pp-class-118 pa t19143 l19828">from </span><span class="pp-class-118 pa t19143 l5962">investing </span><span class="pp-class-118 pa t19143 l19845">activities </span><span class="pp-class-118 pa t19143 l19846">comprise </span><span class="pp-class-118 pa t19143 l19847">payments </span><span class="pp-class-118 pa t19148 l3">in </span><span class="pp-class-118 pa t19148 l1343">connection </span><span class="pp-class-118 pa t19148 l19848">with </span><span class="pp-class-118 pa t19148 l19494">acquisitions </span><span class="pp-class-118 pa t19148 l19849">and </span><span class="pp-class-118 pa t19148 l8524">disposals </span><span class="pp-class-118 pa t19148 l19850">of </span><span class="pp-class-118 pa t19148 l19851">entities </span><span class="pp-class-118 pa t19154 l3">and </span><span class="pp-class-118 pa t19154 l1110">activities, </span><span class="pp-class-118 pa t19154 l19852">intangible </span><span class="pp-class-118 pa t19154 l19853">assets </span><span class="pp-class-118 pa t19154 l5905">and </span><span class="pp-class-118 pa t19154 l18109">property, </span><span class="pp-class-118 pa t19154 l19854">plant </span><span class="pp-class-118 pa t19154 l19855">and </span><span class="pp-class-118 pa t19159 l3">equipment, </span><span class="pp-class-118 pa t19159 l19856">and </span><span class="pp-class-118 pa t19159 l19857">other </span><span class="pp-class-118 pa t19159 l18049">non-current </span><span class="pp-class-118 pa t19159 l11144">assets </span><span class="pp-class-118 pa t19159 l19858">as </span><span class="pp-class-118 pa t19159 l19859">well </span><span class="pp-class-118 pa t19159 l19860">as </span><span class="pp-class-118 pa t19159 l19861">div-</span><span class="pp-class-118 pa t19165 l3">idends </span><span class="pp-class-118 pa t19165 l19862">received.</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-118 pa t19173 l3">Cash </span><span class="pp-class-118 pa t19173 l2906">flows </span><span class="pp-class-118 pa t19173 l19828">from </span><span class="pp-class-118 pa t19173 l5962">financing </span><span class="pp-class-118 pa t19173 l6030">activities </span><span class="pp-class-118 pa t19173 l19863">comprise </span><span class="pp-class-118 pa t19173 l7189">changes </span><span class="pp-class-118 pa t19180 l3">in </span><span class="pp-class-118 pa t19180 l1343">the </span><span class="pp-class-118 pa t19180 l12867">size </span><span class="pp-class-118 pa t19180 l19864">or </span><span class="pp-class-118 pa t19180 l19865">composition </span><span class="pp-class-118 pa t19180 l19866">of </span><span class="pp-class-118 pa t19180 l11390">the </span><span class="pp-class-118 pa t19180 l19867">share </span><span class="pp-class-118 pa t19180 l19868">capital </span><span class="pp-class-118 pa t19180 l19869">and </span><span class="pp-class-118 pa t19187 l3">related </span><span class="pp-class-118 pa t19187 l11176">costs </span><span class="pp-class-118 pa t19187 l19870">as </span><span class="pp-class-118 pa t19187 l19871">well </span><span class="pp-class-118 pa t19187 l19872">as </span><span class="pp-class-118 pa t19187 l19873">the </span><span class="pp-class-118 pa t19187 l19874">raising </span><span class="pp-class-118 pa t19187 l19875">of </span><span class="pp-class-118 pa t19187 l19515">loans, </span><span class="pp-class-118 pa t19187 l9791">repayment </span><span class="pp-class-118 pa t19192 l3">of </span><span class="pp-class-118 pa t19192 l557">interest-bearing </span><span class="pp-class-118 pa t19192 l19876">debt, </span><span class="pp-class-118 pa t19192 l19877">interest </span><span class="pp-class-118 pa t19192 l19878">and </span><span class="pp-class-118 pa t19192 l7125">payment </span><span class="pp-class-118 pa t19192 l19879">of </span><span class="pp-class-118 pa t19192 l19880">divi-</span><span class="pp-class-118 pa t19198 l3">dends </span><span class="pp-class-118 pa t19198 l19881">to </span><span class="pp-class-118 pa t19198 l19882">shareholders.</span></p> <p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-120 pa t19883 l3 ls3601">Earnings </span><span class="pp-class-120 pa t19883 l19884 ls2759">per </span><span class="pp-class-120 pa t19883 l19885 ls9542">share</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-118 pa t19209 l3">The </span><span class="pp-class-118 pa t19209 l19886 ls786">calculation </span><span class="pp-class-118 pa t19209 l19887">of </span><span class="pp-class-118 pa t19209 l19888">earnings </span><span class="pp-class-118 pa t19209 l19889">per </span><span class="pp-class-118 pa t19209 l19890">share </span><span class="pp-class-118 pa t19209 l19891">is </span><span class="pp-class-118 pa t19209 l19892 ls786">based </span><span class="pp-class-118 pa t19209 l19893">on </span><span class="pp-class-118 pa t19209 l19894">consol-</span><span class="pp-class-118 pa t19212 l3">idated </span><span class="pp-class-118 pa t19212 l19895">net </span><span class="pp-class-118 pa t19212 l19896">profit </span><span class="pp-class-118 pa t19212 l19897">attributable </span><span class="pp-class-118 pa t19212 l19898">to </span><span class="pp-class-118 pa t19212 l886">the </span><span class="pp-class-118 pa t19212 l19899">parent </span><span class="pp-class-118 pa t19212 l11581">company </span><span class="pp-class-118 pa t19218 l3">shareholders </span><span class="pp-class-118 pa t19218 l19900">and </span><span class="pp-class-118 pa t19218 l4090">the </span><span class="pp-class-118 pa t19218 l1090">weighted </span><span class="pp-class-118 pa t19218 l19901">average </span><span class="pp-class-118 pa t19218 l9165">number </span><span class="pp-class-118 pa t19218 l19902">of </span><span class="pp-class-118 pa t19223 l3">shares </span><span class="pp-class-118 pa t19223 l6772">outstanding </span><span class="pp-class-118 pa t19223 l19903">during </span><span class="pp-class-118 pa t19223 l19904">the </span><span class="pp-class-118 pa t19223 l19905">year. </span><span class="pp-class-118 pa t19223 l19906">When </span><span class="pp-class-118 pa t19223 l19907">calculating </span><span class="pp-class-118 pa t19908 l3 ls7271">earnings </span><span class="pp-class-118 pa t19908 l19909 ls683">per </span><span class="pp-class-118 pa t19908 l19910 ls2716">share </span><span class="pp-class-118 pa t19908 l19911 ls2716">after </span><span class="pp-class-118 pa t19908 l19912 ls692">dilution, </span><span class="pp-class-118 pa t19908 l19913 ls683">the </span><span class="pp-class-118 pa t19908 l6507 ls7275">average </span><span class="pp-class-118 pa t19908 l1079 ls2721">number </span><span class="pp-class-118 pa t19908 l19914 ls615">of </span><span class="pp-class-118 pa t19228 l3">shares </span><span class="pp-class-118 pa t19228 l6772">outstanding </span><span class="pp-class-118 pa t19228 l19903">is </span><span class="pp-class-118 pa t19228 l19915">adjusted </span><span class="pp-class-118 pa t19228 l19916">to </span><span class="pp-class-118 pa t19228 l19917">take </span><span class="pp-class-118 pa t19228 l19918">into </span><span class="pp-class-118 pa t19228 l19919">account </span><span class="pp-class-118 pa t19228 l2054">the </span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-118 pa t19921 l3">dilutive </span><span class="pp-class-118 pa t19921 l19922">effects </span><span class="pp-class-118 pa t19921 l19923">of </span><span class="pp-class-118 pa t19921 l19924">potential </span><span class="pp-class-118 pa t19921 l19925">ordinary </span><span class="pp-class-118 pa t19921 l13797">shares, </span><span class="pp-class-118 pa t19921 l19926">including </span><span class="pp-class-118 pa t19927 l3">employee </span><span class="pp-class-118 pa t19927 l14909">share </span><span class="pp-class-118 pa t19927 l12989">options. </span><span class="pp-class-118 pa t19927 l2278">The </span><span class="pp-class-118 pa t19927 l19928">options </span><span class="pp-class-118 pa t19927 l19580">are </span><span class="pp-class-118 pa t19927 l19929">dilutive </span><span class="pp-class-118 pa t19927 l19930">if </span><span class="pp-class-118 pa t19927 l5908">the </span><span class="pp-class-118 pa t19931 l3 ls7271">exercise </span><span class="pp-class-118 pa t19931 l19932 ls2716">price </span><span class="pp-class-118 pa t19931 l4253 ls2711">is </span><span class="pp-class-118 pa t19931 l19933 ls2716">lower </span><span class="pp-class-118 pa t19931 l19934 ls2713">than </span><span class="pp-class-118 pa t19931 l13349 ls683">the </span><span class="pp-class-118 pa t19931 l19935 ls2716">share </span><span class="pp-class-118 pa t19931 l19936 ls2721">price. </span><span class="pp-class-118 pa t19931 l12929 ls683">The </span><span class="pp-class-118 pa t19931 l19937 ls683">greater </span><span class="pp-class-118 pa t19938 l3">the </span><span class="pp-class-118 pa t19938 l1444">difference </span><span class="pp-class-118 pa t19938 l19939">between </span><span class="pp-class-118 pa t19938 l19940">the </span><span class="pp-class-118 pa t19938 l19941">exercise </span><span class="pp-class-118 pa t19938 l19942">price </span><span class="pp-class-118 pa t19938 l19943">and </span><span class="pp-class-118 pa t19938 l19944">the </span><span class="pp-class-118 pa t19938 l19945">share </span><span class="pp-class-118 pa t19946 l3">price, </span><span class="pp-class-118 pa t19946 l19947">the </span><span class="pp-class-118 pa t19946 l19948">greater </span><span class="pp-class-118 pa t19946 l13153">the </span><span class="pp-class-118 pa t19946 l15007">dilution. </span><span class="pp-class-118 pa t19946 l19949">For </span><span class="pp-class-118 pa t19946 l19950">options, </span><span class="pp-class-118 pa t19946 l19951">the </span><span class="pp-class-118 pa t19946 l2027">exercise </span><span class="pp-class-118 pa t19952 l3">price </span><span class="pp-class-118 pa t19952 l19953">is </span><span class="pp-class-118 pa t19952 l19954">added </span><span class="pp-class-118 pa t19952 l19955">to </span><span class="pp-class-118 pa t19952 l19897">the </span><span class="pp-class-118 pa t19952 l19956">value </span><span class="pp-class-118 pa t19952 l19957">of </span><span class="pp-class-118 pa t19952 l19958">future </span><span class="pp-class-118 pa t19952 l19959">services.</span></p> <p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-120 pa t19960 l3 ls176">Employee </span><span class="pp-class-120 pa t19960 l19961 ls16577">benefits</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-121 pa t19962 l3">Long-term </span><span class="pp-class-121 pa t19962 l19963">remuneration</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-118 pa t19964 l3">The </span><span class="pp-class-118 pa t19964 l550">Group </span><span class="pp-class-118 pa t19964 l6239">operates </span><span class="pp-class-118 pa t19964 l19965">schemes </span><span class="pp-class-118 pa t19964 l19966">that </span><span class="pp-class-118 pa t19964 l12792">reward </span><span class="pp-class-118 pa t19964 l19967">employees </span><span class="pp-class-118 pa t19964 l19968">for </span><span class="pp-class-118 pa t19969 l3">long </span><span class="pp-class-118 pa t19969 l19970">service. </span><span class="pp-class-118 pa t19969 l19971">The </span><span class="pp-class-118 pa t19969 l19972">obligation </span><span class="pp-class-118 pa t19969 l19973">is </span><span class="pp-class-118 pa t19969 l19974">deemed </span><span class="pp-class-118 pa t19969 l19975">insignificant </span><span class="pp-class-118 pa t19969 l19976">and </span><span class="pp-class-118 pa t19977 l3">the </span><span class="pp-class-118 pa t19977 l1444">Group </span><span class="pp-class-118 pa t19977 l2886">therefore </span><span class="pp-class-118 pa t19977 l19978">recognises </span><span class="pp-class-118 pa t19977 l19979">the </span><span class="pp-class-118 pa t19977 l19980">expense </span><span class="pp-class-118 pa t19977 l19981">at </span><span class="pp-class-118 pa t19977 l19982">the </span><span class="pp-class-118 pa t19977 l19983">time </span><span class="pp-class-118 pa t19984 l3">of </span><span class="pp-class-118 pa t19984 l557">the </span><span class="pp-class-118 pa t19984 l3322">employee’s </span><span class="pp-class-118 pa t19984 l19985">anniversary.</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-118 pa t19986 l3">The </span><span class="pp-class-118 pa t19986 l550">Group </span><span class="pp-class-118 pa t19986 l6239">has </span><span class="pp-class-118 pa t19986 l16954">an </span><span class="pp-class-118 pa t19986 l17569">equity-settled, </span><span class="pp-class-118 pa t19986 l14467">share-based </span><span class="pp-class-118 pa t19986 l19987">long-</span><span class="pp-class-118 pa t19988 l3">term </span><span class="pp-class-118 pa t19988 l13013">incentive </span><span class="pp-class-118 pa t19988 l19989">(LTI) </span><span class="pp-class-118 pa t19988 l19990">programme </span><span class="pp-class-118 pa t19988 l19991">for </span><span class="pp-class-118 pa t19988 l19992">the </span><span class="pp-class-118 pa t19988 l12219">Executive </span><span class="pp-class-118 pa t19988 l1087">Man-</span><span class="pp-class-118 pa t19993 l3">agement, </span><span class="pp-class-118 pa t19993 l10859">which </span><span class="pp-class-118 pa t19993 l19994">is </span><span class="pp-class-118 pa t19993 l8309">governed </span><span class="pp-class-118 pa t19993 l19995">by </span><span class="pp-class-118 pa t19993 l9946">the </span><span class="pp-class-118 pa t19993 l638">Remuneration </span><span class="pp-class-118 pa t19993 l19996">Policy. </span><span class="pp-class-118 pa t19997 l3">The </span><span class="pp-class-118 pa t19997 l550">LTI </span><span class="pp-class-118 pa t19997 l17779">is </span><span class="pp-class-118 pa t19997 l19998">a </span><span class="pp-class-118 pa t19997 l19193">share-based </span><span class="pp-class-118 pa t19997 l4097">programme </span><span class="pp-class-118 pa t19997 l19999">consisting </span><span class="pp-class-118 pa t19997 l20000">of </span><span class="pp-class-118 pa t20001 l3">annual </span><span class="pp-class-118 pa t20001 l20002">individual </span><span class="pp-class-118 pa t20001 l9212">performance </span><span class="pp-class-118 pa t20001 l20003">share </span><span class="pp-class-118 pa t20001 l20004">unit </span><span class="pp-class-118 pa t20001 l17696">(PSU) </span><span class="pp-class-118 pa t20001 l20005">plans </span><span class="pp-class-118 pa t20006 l3">with </span><span class="pp-class-118 pa t20006 l2056">rolling </span><span class="pp-class-118 pa t20006 l20007">3-year </span><span class="pp-class-118 pa t20006 l4670">performance </span><span class="pp-class-118 pa t20006 l6460">periods. </span><span class="pp-class-118 pa t20006 l20008">The </span><span class="pp-class-118 pa t20006 l20009">fair </span><span class="pp-class-118 pa t20006 l19746">value </span><span class="pp-class-118 pa t20010 l3">of </span><span class="pp-class-118 pa t20010 l557">employee </span><span class="pp-class-118 pa t20010 l14910">services </span><span class="pp-class-118 pa t20010 l11675">rendered </span><span class="pp-class-118 pa t20010 l9330">in </span><span class="pp-class-118 pa t20010 l9331">return </span><span class="pp-class-118 pa t20010 l20011">for </span><span class="pp-class-118 pa t20010 l20012">the </span><span class="pp-class-118 pa t20010 l20013">grant </span><span class="pp-class-118 pa t20010 l20014">of </span><span class="pp-class-118 pa t20015 l3">shares </span><span class="pp-class-118 pa t20015 l6772">is </span><span class="pp-class-118 pa t20015 l13406">recognised </span><span class="pp-class-118 pa t20015 l20016">as </span><span class="pp-class-118 pa t20015 l7291">an </span><span class="pp-class-118 pa t20015 l7703">expense </span><span class="pp-class-118 pa t20015 l17325">and </span><span class="pp-class-118 pa t20015 l20017">allocated </span><span class="pp-class-118 pa t20015 l20018">over </span><span class="pp-class-118 pa t20019 l3">the </span><span class="pp-class-118 pa t20019 l1444">vesting </span><span class="pp-class-118 pa t20019 l2586">period. </span><span class="pp-class-118 pa t20019 l20020">At </span><span class="pp-class-118 pa t20019 l20021">the </span><span class="pp-class-118 pa t20019 l20022">end </span><span class="pp-class-118 pa t20019 l19195">of </span><span class="pp-class-118 pa t20019 l2279">each </span><span class="pp-class-118 pa t20019 l20023">reporting </span><span class="pp-class-118 pa t20019 l17048">period, </span><span class="pp-class-118 pa t20024 l3">TCM </span><span class="pp-class-118 pa t20024 l1586">Group </span><span class="pp-class-118 pa t20024 l1587">revises </span><span class="pp-class-118 pa t20024 l20025">its </span><span class="pp-class-118 pa t20024 l11170">estimates </span><span class="pp-class-118 pa t20024 l20026">of </span><span class="pp-class-118 pa t20024 l3404">the </span><span class="pp-class-118 pa t20024 l13968">number </span><span class="pp-class-118 pa t20024 l20027">of </span><span class="pp-class-118 pa t20024 l14783">shares </span><span class="pp-class-118 pa t20028 l3">expected </span><span class="pp-class-118 pa t20028 l17225">to </span><span class="pp-class-118 pa t20028 l17955">vest. </span><span class="pp-class-118 pa t20028 l18505">TCM </span><span class="pp-class-118 pa t20028 l7702">Group </span><span class="pp-class-118 pa t20028 l20029">recognises </span><span class="pp-class-118 pa t20028 l20030">the </span><span class="pp-class-118 pa t20028 l20031">impact </span><span class="pp-class-118 pa t20028 l20032">of </span><span class="pp-class-118 pa t20033 l3">the </span><span class="pp-class-118 pa t20033 l1444">revision, </span><span class="pp-class-118 pa t20033 l20034">if </span><span class="pp-class-118 pa t20033 l20035">any, </span><span class="pp-class-118 pa t20033 l10472">of </span><span class="pp-class-118 pa t20033 l10055">the </span><span class="pp-class-118 pa t20033 l20036">original </span><span class="pp-class-118 pa t20033 l20037">estimates </span><span class="pp-class-118 pa t20033 l20038">in </span><span class="pp-class-118 pa t20033 l20039">the </span><span class="pp-class-118 pa t20040 l3">income </span><span class="pp-class-118 pa t20040 l6781">statement </span><span class="pp-class-118 pa t20040 l20041">and </span><span class="pp-class-118 pa t20040 l20042">in </span><span class="pp-class-118 pa t20040 l20043">a </span><span class="pp-class-118 pa t20040 l20044">corresponding </span><span class="pp-class-118 pa t20040 l20045">adjustment </span><span class="pp-class-118 pa t20040 l20046">to </span><span class="pp-class-118 pa t20047 l3">equity </span><span class="pp-class-118 pa t20047 l20048">over </span><span class="pp-class-118 pa t20047 l20049">the </span><span class="pp-class-118 pa t20047 l20050">remaining </span><span class="pp-class-118 pa t20047 l20051">vesting </span><span class="pp-class-118 pa t20047 l20052">period. </span><span class="pp-class-118 pa t20047 l20053">Adjustments </span><span class="pp-class-118 pa t20054 l3">relating </span><span class="pp-class-118 pa t20054 l13152">to </span><span class="pp-class-118 pa t20054 l10764">prior </span><span class="pp-class-118 pa t20054 l20055">years </span><span class="pp-class-118 pa t20054 l20056">are </span><span class="pp-class-118 pa t20054 l20057">included </span><span class="pp-class-118 pa t20054 l7477">in </span><span class="pp-class-118 pa t20054 l20058">the </span><span class="pp-class-118 pa t20054 l9356">income </span><span class="pp-class-118 pa t20054 l20059">state-</span><span class="pp-class-118 pa t20060 l3">ment </span><span class="pp-class-118 pa t20060 l17839">in </span><span class="pp-class-118 pa t20060 l20061">the </span><span class="pp-class-118 pa t20060 l9565">year </span><span class="pp-class-118 pa t20060 l20062">of </span><span class="pp-class-118 pa t20060 l738">adjustment.</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-121 pa t20063 l3">Short-term </span><span class="pp-class-121 pa t20063 l19717">remuneration</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-118 pa t20064 l3">Short-term </span><span class="pp-class-118 pa t20064 l19660">remuneration </span><span class="pp-class-118 pa t20064 l20065">of </span><span class="pp-class-118 pa t20064 l20066">employees </span><span class="pp-class-118 pa t20064 l20067">is </span><span class="pp-class-118 pa t20064 l20068">calculated </span><span class="pp-class-118 pa t20069 l3">without </span><span class="pp-class-118 pa t20069 l20070 ls786">discounting </span><span class="pp-class-118 pa t20069 l20071">and </span><span class="pp-class-118 pa t20069 l20072">is </span><span class="pp-class-118 pa t20069 l20073">recognised </span><span class="pp-class-118 pa t20069 l20074">as </span><span class="pp-class-118 pa t20069 l20075">a </span><span class="pp-class-118 pa t20069 l20076">cost </span><span class="pp-class-118 pa t20069 l20077">when </span><span class="pp-class-118 pa t20069 l20078">the </span><span class="pp-class-118 pa t20079 l3">related </span><span class="pp-class-118 pa t20079 l11176">services </span><span class="pp-class-118 pa t20079 l20080">are </span><span class="pp-class-118 pa t20079 l7317">rendered. </span><span class="pp-class-118 pa t20079 l12022">A </span><span class="pp-class-118 pa t20079 l20081">provision </span><span class="pp-class-118 pa t20079 l20082">is </span><span class="pp-class-118 pa t20079 l20083">recognised </span><span class="pp-class-118 pa t20084 l3">for </span><span class="pp-class-118 pa t20084 l2129">the </span><span class="pp-class-118 pa t20084 l6661">anticipated </span><span class="pp-class-118 pa t20084 l1242">cost </span><span class="pp-class-118 pa t20084 l20085">of </span><span class="pp-class-118 pa t20084 l20086">bonus </span><span class="pp-class-118 pa t20084 l20087">payments </span><span class="pp-class-118 pa t20084 l20088">when </span><span class="pp-class-118 pa t20084 l20089">the </span><span class="pp-class-118 pa t20090 l3">Group </span><span class="pp-class-118 pa t20090 l875">has </span><span class="pp-class-118 pa t20090 l20091">a </span><span class="pp-class-118 pa t20090 l20092">current </span><span class="pp-class-118 pa t20090 l20093">legal </span><span class="pp-class-118 pa t20090 l20094">or </span><span class="pp-class-118 pa t20090 l6469">contractual </span><span class="pp-class-118 pa t20090 l19158">obligation </span><span class="pp-class-118 pa t20090 l6062">to </span><span class="pp-class-118 pa t20095 l3">make </span><span class="pp-class-118 pa t20095 l20096">such </span><span class="pp-class-118 pa t20095 l4628">payments, </span><span class="pp-class-118 pa t20095 l827">based </span><span class="pp-class-118 pa t20095 l20097">on </span><span class="pp-class-118 pa t20095 l20098">the </span><span class="pp-class-118 pa t20095 l20099">services </span><span class="pp-class-118 pa t20095 l6114">being </span><span class="pp-class-118 pa t20095 l13916">ren-</span><span class="pp-class-118 pa t20100 l3">dered </span><span class="pp-class-118 pa t20100 l20101">by </span><span class="pp-class-118 pa t20100 l20102">the </span><span class="pp-class-118 pa t20100 l2140">employees </span><span class="pp-class-118 pa t20100 l1220">and </span><span class="pp-class-118 pa t20100 l20103">the </span><span class="pp-class-118 pa t20100 l748">possibility </span><span class="pp-class-118 pa t20100 l20104">of </span><span class="pp-class-118 pa t20100 l20105">reliably </span><span class="pp-class-118 pa t20106 l3">estimating </span><span class="pp-class-118 pa t20106 l18119">the </span><span class="pp-class-118 pa t20106 l20107">obligation.</span></p> <p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-120 pa t19960 l3 ls176">Employee </span><span class="pp-class-120 pa t19960 l19961 ls16577">benefits</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-121 pa t19962 l3">Long-term </span><span class="pp-class-121 pa t19962 l19963">remuneration</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-118 pa t19964 l3">The </span><span class="pp-class-118 pa t19964 l550">Group </span><span class="pp-class-118 pa t19964 l6239">operates </span><span class="pp-class-118 pa t19964 l19965">schemes </span><span class="pp-class-118 pa t19964 l19966">that </span><span class="pp-class-118 pa t19964 l12792">reward </span><span class="pp-class-118 pa t19964 l19967">employees </span><span class="pp-class-118 pa t19964 l19968">for </span><span class="pp-class-118 pa t19969 l3">long </span><span class="pp-class-118 pa t19969 l19970">service. </span><span class="pp-class-118 pa t19969 l19971">The </span><span class="pp-class-118 pa t19969 l19972">obligation </span><span class="pp-class-118 pa t19969 l19973">is </span><span class="pp-class-118 pa t19969 l19974">deemed </span><span class="pp-class-118 pa t19969 l19975">insignificant </span><span class="pp-class-118 pa t19969 l19976">and </span><span class="pp-class-118 pa t19977 l3">the </span><span class="pp-class-118 pa t19977 l1444">Group </span><span class="pp-class-118 pa t19977 l2886">therefore </span><span class="pp-class-118 pa t19977 l19978">recognises </span><span class="pp-class-118 pa t19977 l19979">the </span><span class="pp-class-118 pa t19977 l19980">expense </span><span class="pp-class-118 pa t19977 l19981">at </span><span class="pp-class-118 pa t19977 l19982">the </span><span class="pp-class-118 pa t19977 l19983">time </span><span class="pp-class-118 pa t19984 l3">of </span><span class="pp-class-118 pa t19984 l557">the </span><span class="pp-class-118 pa t19984 l3322">employee’s </span><span class="pp-class-118 pa t19984 l19985">anniversary.</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-118 pa t19986 l3">The </span><span class="pp-class-118 pa t19986 l550">Group </span><span class="pp-class-118 pa t19986 l6239">has </span><span class="pp-class-118 pa t19986 l16954">an </span><span class="pp-class-118 pa t19986 l17569">equity-settled, </span><span class="pp-class-118 pa t19986 l14467">share-based </span><span class="pp-class-118 pa t19986 l19987">long-</span><span class="pp-class-118 pa t19988 l3">term </span><span class="pp-class-118 pa t19988 l13013">incentive </span><span class="pp-class-118 pa t19988 l19989">(LTI) </span><span class="pp-class-118 pa t19988 l19990">programme </span><span class="pp-class-118 pa t19988 l19991">for </span><span class="pp-class-118 pa t19988 l19992">the </span><span class="pp-class-118 pa t19988 l12219">Executive </span><span class="pp-class-118 pa t19988 l1087">Man-</span><span class="pp-class-118 pa t19993 l3">agement, </span><span class="pp-class-118 pa t19993 l10859">which </span><span class="pp-class-118 pa t19993 l19994">is </span><span class="pp-class-118 pa t19993 l8309">governed </span><span class="pp-class-118 pa t19993 l19995">by </span><span class="pp-class-118 pa t19993 l9946">the </span><span class="pp-class-118 pa t19993 l638">Remuneration </span><span class="pp-class-118 pa t19993 l19996">Policy. </span><span class="pp-class-118 pa t19997 l3">The </span><span class="pp-class-118 pa t19997 l550">LTI </span><span class="pp-class-118 pa t19997 l17779">is </span><span class="pp-class-118 pa t19997 l19998">a </span><span class="pp-class-118 pa t19997 l19193">share-based </span><span class="pp-class-118 pa t19997 l4097">programme </span><span class="pp-class-118 pa t19997 l19999">consisting </span><span class="pp-class-118 pa t19997 l20000">of </span><span class="pp-class-118 pa t20001 l3">annual </span><span class="pp-class-118 pa t20001 l20002">individual </span><span class="pp-class-118 pa t20001 l9212">performance </span><span class="pp-class-118 pa t20001 l20003">share </span><span class="pp-class-118 pa t20001 l20004">unit </span><span class="pp-class-118 pa t20001 l17696">(PSU) </span><span class="pp-class-118 pa t20001 l20005">plans </span><span class="pp-class-118 pa t20006 l3">with </span><span class="pp-class-118 pa t20006 l2056">rolling </span><span class="pp-class-118 pa t20006 l20007">3-year </span><span class="pp-class-118 pa t20006 l4670">performance </span><span class="pp-class-118 pa t20006 l6460">periods. </span><span class="pp-class-118 pa t20006 l20008">The </span><span class="pp-class-118 pa t20006 l20009">fair </span><span class="pp-class-118 pa t20006 l19746">value </span><span class="pp-class-118 pa t20010 l3">of </span><span class="pp-class-118 pa t20010 l557">employee </span><span class="pp-class-118 pa t20010 l14910">services </span><span class="pp-class-118 pa t20010 l11675">rendered </span><span class="pp-class-118 pa t20010 l9330">in </span><span class="pp-class-118 pa t20010 l9331">return </span><span class="pp-class-118 pa t20010 l20011">for </span><span class="pp-class-118 pa t20010 l20012">the </span><span class="pp-class-118 pa t20010 l20013">grant </span><span class="pp-class-118 pa t20010 l20014">of </span><span class="pp-class-118 pa t20015 l3">shares </span><span class="pp-class-118 pa t20015 l6772">is </span><span class="pp-class-118 pa t20015 l13406">recognised </span><span class="pp-class-118 pa t20015 l20016">as </span><span class="pp-class-118 pa t20015 l7291">an </span><span class="pp-class-118 pa t20015 l7703">expense </span><span class="pp-class-118 pa t20015 l17325">and </span><span class="pp-class-118 pa t20015 l20017">allocated </span><span class="pp-class-118 pa t20015 l20018">over </span><span class="pp-class-118 pa t20019 l3">the </span><span class="pp-class-118 pa t20019 l1444">vesting </span><span class="pp-class-118 pa t20019 l2586">period. </span><span class="pp-class-118 pa t20019 l20020">At </span><span class="pp-class-118 pa t20019 l20021">the </span><span class="pp-class-118 pa t20019 l20022">end </span><span class="pp-class-118 pa t20019 l19195">of </span><span class="pp-class-118 pa t20019 l2279">each </span><span class="pp-class-118 pa t20019 l20023">reporting </span><span class="pp-class-118 pa t20019 l17048">period, </span><span class="pp-class-118 pa t20024 l3">TCM </span><span class="pp-class-118 pa t20024 l1586">Group </span><span class="pp-class-118 pa t20024 l1587">revises </span><span class="pp-class-118 pa t20024 l20025">its </span><span class="pp-class-118 pa t20024 l11170">estimates </span><span class="pp-class-118 pa t20024 l20026">of </span><span class="pp-class-118 pa t20024 l3404">the </span><span class="pp-class-118 pa t20024 l13968">number </span><span class="pp-class-118 pa t20024 l20027">of </span><span class="pp-class-118 pa t20024 l14783">shares </span><span class="pp-class-118 pa t20028 l3">expected </span><span class="pp-class-118 pa t20028 l17225">to </span><span class="pp-class-118 pa t20028 l17955">vest. </span><span class="pp-class-118 pa t20028 l18505">TCM </span><span class="pp-class-118 pa t20028 l7702">Group </span><span class="pp-class-118 pa t20028 l20029">recognises </span><span class="pp-class-118 pa t20028 l20030">the </span><span class="pp-class-118 pa t20028 l20031">impact </span><span class="pp-class-118 pa t20028 l20032">of </span><span class="pp-class-118 pa t20033 l3">the </span><span class="pp-class-118 pa t20033 l1444">revision, </span><span class="pp-class-118 pa t20033 l20034">if </span><span class="pp-class-118 pa t20033 l20035">any, </span><span class="pp-class-118 pa t20033 l10472">of </span><span class="pp-class-118 pa t20033 l10055">the </span><span class="pp-class-118 pa t20033 l20036">original </span><span class="pp-class-118 pa t20033 l20037">estimates </span><span class="pp-class-118 pa t20033 l20038">in </span><span class="pp-class-118 pa t20033 l20039">the </span><span class="pp-class-118 pa t20040 l3">income </span><span class="pp-class-118 pa t20040 l6781">statement </span><span class="pp-class-118 pa t20040 l20041">and </span><span class="pp-class-118 pa t20040 l20042">in </span><span class="pp-class-118 pa t20040 l20043">a </span><span class="pp-class-118 pa t20040 l20044">corresponding </span><span class="pp-class-118 pa t20040 l20045">adjustment </span><span class="pp-class-118 pa t20040 l20046">to </span><span class="pp-class-118 pa t20047 l3">equity </span><span class="pp-class-118 pa t20047 l20048">over </span><span class="pp-class-118 pa t20047 l20049">the </span><span class="pp-class-118 pa t20047 l20050">remaining </span><span class="pp-class-118 pa t20047 l20051">vesting </span><span class="pp-class-118 pa t20047 l20052">period. </span><span class="pp-class-118 pa t20047 l20053">Adjustments </span><span class="pp-class-118 pa t20054 l3">relating </span><span class="pp-class-118 pa t20054 l13152">to </span><span class="pp-class-118 pa t20054 l10764">prior </span><span class="pp-class-118 pa t20054 l20055">years </span><span class="pp-class-118 pa t20054 l20056">are </span><span class="pp-class-118 pa t20054 l20057">included </span><span class="pp-class-118 pa t20054 l7477">in </span><span class="pp-class-118 pa t20054 l20058">the </span><span class="pp-class-118 pa t20054 l9356">income </span><span class="pp-class-118 pa t20054 l20059">state-</span><span class="pp-class-118 pa t20060 l3">ment </span><span class="pp-class-118 pa t20060 l17839">in </span><span class="pp-class-118 pa t20060 l20061">the </span><span class="pp-class-118 pa t20060 l9565">year </span><span class="pp-class-118 pa t20060 l20062">of </span><span class="pp-class-118 pa t20060 l738">adjustment.</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-121 pa t20063 l3">Short-term </span><span class="pp-class-121 pa t20063 l19717">remuneration</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-118 pa t20064 l3">Short-term </span><span class="pp-class-118 pa t20064 l19660">remuneration </span><span class="pp-class-118 pa t20064 l20065">of </span><span class="pp-class-118 pa t20064 l20066">employees </span><span class="pp-class-118 pa t20064 l20067">is </span><span class="pp-class-118 pa t20064 l20068">calculated </span><span class="pp-class-118 pa t20069 l3">without </span><span class="pp-class-118 pa t20069 l20070 ls786">discounting </span><span class="pp-class-118 pa t20069 l20071">and </span><span class="pp-class-118 pa t20069 l20072">is </span><span class="pp-class-118 pa t20069 l20073">recognised </span><span class="pp-class-118 pa t20069 l20074">as </span><span class="pp-class-118 pa t20069 l20075">a </span><span class="pp-class-118 pa t20069 l20076">cost </span><span class="pp-class-118 pa t20069 l20077">when </span><span class="pp-class-118 pa t20069 l20078">the </span><span class="pp-class-118 pa t20079 l3">related </span><span class="pp-class-118 pa t20079 l11176">services </span><span class="pp-class-118 pa t20079 l20080">are </span><span class="pp-class-118 pa t20079 l7317">rendered. </span><span class="pp-class-118 pa t20079 l12022">A </span><span class="pp-class-118 pa t20079 l20081">provision </span><span class="pp-class-118 pa t20079 l20082">is </span><span class="pp-class-118 pa t20079 l20083">recognised </span><span class="pp-class-118 pa t20084 l3">for </span><span class="pp-class-118 pa t20084 l2129">the </span><span class="pp-class-118 pa t20084 l6661">anticipated </span><span class="pp-class-118 pa t20084 l1242">cost </span><span class="pp-class-118 pa t20084 l20085">of </span><span class="pp-class-118 pa t20084 l20086">bonus </span><span class="pp-class-118 pa t20084 l20087">payments </span><span class="pp-class-118 pa t20084 l20088">when </span><span class="pp-class-118 pa t20084 l20089">the </span><span class="pp-class-118 pa t20090 l3">Group </span><span class="pp-class-118 pa t20090 l875">has </span><span class="pp-class-118 pa t20090 l20091">a </span><span class="pp-class-118 pa t20090 l20092">current </span><span class="pp-class-118 pa t20090 l20093">legal </span><span class="pp-class-118 pa t20090 l20094">or </span><span class="pp-class-118 pa t20090 l6469">contractual </span><span class="pp-class-118 pa t20090 l19158">obligation </span><span class="pp-class-118 pa t20090 l6062">to </span><span class="pp-class-118 pa t20095 l3">make </span><span class="pp-class-118 pa t20095 l20096">such </span><span class="pp-class-118 pa t20095 l4628">payments, </span><span class="pp-class-118 pa t20095 l827">based </span><span class="pp-class-118 pa t20095 l20097">on </span><span class="pp-class-118 pa t20095 l20098">the </span><span class="pp-class-118 pa t20095 l20099">services </span><span class="pp-class-118 pa t20095 l6114">being </span><span class="pp-class-118 pa t20095 l13916">ren-</span><span class="pp-class-118 pa t20100 l3">dered </span><span class="pp-class-118 pa t20100 l20101">by </span><span class="pp-class-118 pa t20100 l20102">the </span><span class="pp-class-118 pa t20100 l2140">employees </span><span class="pp-class-118 pa t20100 l1220">and </span><span class="pp-class-118 pa t20100 l20103">the </span><span class="pp-class-118 pa t20100 l748">possibility </span><span class="pp-class-118 pa t20100 l20104">of </span><span class="pp-class-118 pa t20100 l20105">reliably </span><span class="pp-class-118 pa t20106 l3">estimating </span><span class="pp-class-118 pa t20106 l18119">the </span><span class="pp-class-118 pa t20106 l20107">obligation.</span></p> <div class="pp-class-7" id="pp-id-3334" xmlns="http://www.w3.org/1999/xhtml"><div class="w485 h20108 pa t2 l3 wtro4 xx16559 tro6 xx16560"><p class="pp-class-107 pp-area-text"><span class="pp-class-119 pa t16561 l3 ls20109">2. </span><span class="pp-class-119 pa t16561 l20110 ls20111">Significant </span><span class="pp-class-119 pa t16561 l20112 ls16563">accounting </span><span class="pp-class-119 pa t16561 l20113 ls4296">estimates </span><span class="pp-class-119 pa t20114 l3 ls122">and </span><span class="pp-class-119 pa t20114 l20115 ls445">judgements</span></p></div></div><div class="pp-class-7" id="pp-id-3335" xmlns="http://www.w3.org/1999/xhtml"><div class="w485 h20116 pa t2 l3 wtro4 xx30 tro6 xx31"><p class="pp-class-107 pp-area-text"><span class="pp-class-118 pa t20117 l3">Preparing </span><span class="pp-class-118 pa t20117 l5811">the </span><span class="pp-class-118 pa t20117 l20118">consolidated </span><span class="pp-class-118 pa t20117 l20119">financial </span><span class="pp-class-118 pa t20117 l20120">statements </span><span class="pp-class-118 pa t20117 l20121">in </span><span class="pp-class-118 pa t20122 l3">accordance </span><span class="pp-class-118 pa t20122 l16584">with </span><span class="pp-class-118 pa t20122 l16585">IFRS </span><span class="pp-class-118 pa t20122 l16586">requires </span><span class="pp-class-118 pa t20122 l2260">Management </span><span class="pp-class-118 pa t20122 l20123">to </span><span class="pp-class-118 pa t20122 l20124">make </span><span class="pp-class-118 pa t20125 l3">assessments, </span><span class="pp-class-118 pa t20125 l20126">estimates </span><span class="pp-class-118 pa t20125 l20127">and </span><span class="pp-class-118 pa t20125 l11347">assumptions </span><span class="pp-class-118 pa t20125 l20128">that </span><span class="pp-class-118 pa t20125 l9551">affect </span><span class="pp-class-118 pa t20125 l20129">the </span><span class="pp-class-118 pa t20130 l3">application </span><span class="pp-class-118 pa t20130 l20131">of </span><span class="pp-class-118 pa t20130 l20132">accounting </span><span class="pp-class-118 pa t20130 l20133">policies </span><span class="pp-class-118 pa t20130 l20134">and </span><span class="pp-class-118 pa t20130 l20135">the </span><span class="pp-class-118 pa t20130 l20136">recognised </span><span class="pp-class-118 pa t20137 l3">amounts </span><span class="pp-class-118 pa t20137 l8321">of </span><span class="pp-class-118 pa t20137 l6057">assets, </span><span class="pp-class-118 pa t20137 l20138">liabilities, </span><span class="pp-class-118 pa t20137 l20139">income </span><span class="pp-class-118 pa t20137 l20140">and </span><span class="pp-class-118 pa t20137 l20141">expenses. </span><span class="pp-class-118 pa t20137 l20142">The </span><span class="pp-class-118 pa t20143 l3">actual </span><span class="pp-class-118 pa t20143 l9845">outcome </span><span class="pp-class-118 pa t20143 l20144">may </span><span class="pp-class-118 pa t20143 l20145">differ </span><span class="pp-class-118 pa t20143 l11774">from </span><span class="pp-class-118 pa t20143 l12058">these </span><span class="pp-class-118 pa t20143 l10510">estimates </span><span class="pp-class-118 pa t20143 l1174">and </span><span class="pp-class-118 pa t20146 l3">assessments. </span><span class="pp-class-118 pa t20146 l20147">Estimates </span><span class="pp-class-118 pa t20146 l1276">and </span><span class="pp-class-118 pa t20146 l18301">assumptions </span><span class="pp-class-118 pa t20146 l20148">are </span><span class="pp-class-118 pa t20146 l20149">regularly </span><span class="pp-class-118 pa t20150 l3">reviewed. </span><span class="pp-class-118 pa t20150 l1527">Changes </span><span class="pp-class-118 pa t20150 l20151">to </span><span class="pp-class-118 pa t20150 l2241">estimates </span><span class="pp-class-118 pa t20150 l20152">are </span><span class="pp-class-118 pa t20150 l20153">recognised </span><span class="pp-class-118 pa t20150 l15318">in </span><span class="pp-class-118 pa t20150 l6119">the </span><span class="pp-class-118 pa t20154 l3">period </span><span class="pp-class-118 pa t20154 l18175">in </span><span class="pp-class-118 pa t20154 l18176">which </span><span class="pp-class-118 pa t20154 l18177">the </span><span class="pp-class-118 pa t20154 l18745">change </span><span class="pp-class-118 pa t20154 l20155">is </span><span class="pp-class-118 pa t20154 l13335">made </span><span class="pp-class-118 pa t20154 l9199">if </span><span class="pp-class-118 pa t20154 l20156">the </span><span class="pp-class-118 pa t20154 l19787">change </span><span class="pp-class-118 pa t20154 l20157">affects </span><span class="pp-class-118 pa t20158 l3">only </span><span class="pp-class-118 pa t20158 l1904">that </span><span class="pp-class-118 pa t20158 l20159">period, </span><span class="pp-class-118 pa t20158 l20160">or </span><span class="pp-class-118 pa t20158 l18745">in </span><span class="pp-class-118 pa t20158 l20056">the </span><span class="pp-class-118 pa t20158 l20161">period </span><span class="pp-class-118 pa t20158 l10486">in </span><span class="pp-class-118 pa t20158 l20162">which </span><span class="pp-class-118 pa t20158 l6692">the </span><span class="pp-class-118 pa t20158 l17763">change </span><span class="pp-class-118 pa t20158 l20163">is </span><span class="pp-class-118 pa t20164 l3">made </span><span class="pp-class-118 pa t20164 l20165">and </span><span class="pp-class-118 pa t20164 l20166">future </span><span class="pp-class-118 pa t20164 l20167">periods </span><span class="pp-class-118 pa t20164 l11916">if </span><span class="pp-class-118 pa t20164 l11227">the </span><span class="pp-class-118 pa t20164 l13415">change </span><span class="pp-class-118 pa t20164 l20168">affects </span><span class="pp-class-118 pa t20164 l20169">both </span><span class="pp-class-118 pa t20164 l18416">cur-</span><span class="pp-class-118 pa t20170 l3">rent </span><span class="pp-class-118 pa t20170 l20171">and </span><span class="pp-class-118 pa t20170 l20172">future </span><span class="pp-class-118 pa t20170 l19088">periods. </span><span class="pp-class-118 pa t20170 l20173">Assessments </span><span class="pp-class-118 pa t20170 l20174">made </span><span class="pp-class-118 pa t20170 l8753">by </span><span class="pp-class-118 pa t20170 l20175">Manage-</span><span class="pp-class-118 pa t20176 l3">ment </span><span class="pp-class-118 pa t20176 l17839">in </span><span class="pp-class-118 pa t20176 l20061">the </span><span class="pp-class-118 pa t20176 l9565">application </span><span class="pp-class-118 pa t20176 l18916">of </span><span class="pp-class-118 pa t20176 l20177">IFRS </span><span class="pp-class-118 pa t20176 l6645">that </span><span class="pp-class-118 pa t20176 l1252">have </span><span class="pp-class-118 pa t20176 l17875">a </span><span class="pp-class-118 pa t20176 l15644">material </span><span class="pp-class-118 pa t20178 l3">impact </span><span class="pp-class-118 pa t20178 l5972">on </span><span class="pp-class-118 pa t20178 l712">the </span><span class="pp-class-118 pa t20178 l20179">consolidated </span><span class="pp-class-118 pa t20178 l20180">financial </span><span class="pp-class-118 pa t20178 l20181">statements </span><span class="pp-class-118 pa t20178 l20182">and </span><span class="pp-class-118 pa t20183 l3">estimates </span><span class="pp-class-118 pa t20183 l9878">made </span><span class="pp-class-118 pa t20183 l20184">that </span><span class="pp-class-118 pa t20183 l20185">may </span><span class="pp-class-118 pa t20183 l20186">lead </span><span class="pp-class-118 pa t20183 l20187">to </span><span class="pp-class-118 pa t20183 l20188">significant </span><span class="pp-class-118 pa t20183 l20189">adjustments </span><span class="pp-class-118 pa t20190 l3">in </span><span class="pp-class-118 pa t20190 l1343">the </span><span class="pp-class-118 pa t20190 l12867">consolidated </span><span class="pp-class-118 pa t20190 l20191">financial </span><span class="pp-class-118 pa t20190 l20192">statements </span><span class="pp-class-118 pa t20190 l13578">in </span><span class="pp-class-118 pa t20190 l20193">future </span><span class="pp-class-118 pa t20190 l11598">finan-</span><span class="pp-class-118 pa t20194 l3">cial </span><span class="pp-class-118 pa t20194 l17380">years </span><span class="pp-class-118 pa t20194 l20195">are </span><span class="pp-class-118 pa t20194 l20196">primarily </span><span class="pp-class-118 pa t20194 l20197">the </span><span class="pp-class-118 pa t20194 l2062">following:</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-120 pa t20198 l3 ls2759">Impairment </span><span class="pp-class-120 pa t20198 l20199 ls6169">testing </span><span class="pp-class-120 pa t20198 l20200 ls458">of </span><span class="pp-class-120 pa t20198 l20201 ls9542">goodwill </span><span class="pp-class-120 pa t20198 l20202 ls2759">and </span><span class="pp-class-120 pa t20198 l20203 ls176">brands</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-118 pa t20204 l3">Goodwill </span><span class="pp-class-118 pa t20204 l17225">and </span><span class="pp-class-118 pa t20204 l8742">brands </span><span class="pp-class-118 pa t20204 l20205">with </span><span class="pp-class-118 pa t20204 l20206">indefinite </span><span class="pp-class-118 pa t20204 l16867">useful </span><span class="pp-class-118 pa t20204 l20207">life </span><span class="pp-class-118 pa t20204 l20208">are </span><span class="pp-class-118 pa t20204 l20209">rec-</span><span class="pp-class-118 pa t20210 l3">ognised </span><span class="pp-class-118 pa t20210 l10501">at </span><span class="pp-class-118 pa t20210 l17145">cost </span><span class="pp-class-118 pa t20210 l20211">less </span><span class="pp-class-118 pa t20210 l20212">any </span><span class="pp-class-118 pa t20210 l20213">accumulated </span><span class="pp-class-118 pa t20210 l20214">impairment. </span><span class="pp-class-118 pa t20210 l18001">The </span><span class="pp-class-118 pa t20215 l3">Group </span><span class="pp-class-118 pa t20215 l875">performs </span><span class="pp-class-118 pa t20215 l20216">annual </span><span class="pp-class-118 pa t20215 l18027">impairment </span><span class="pp-class-118 pa t20215 l20217">tests </span><span class="pp-class-118 pa t20215 l20218">of </span><span class="pp-class-118 pa t20215 l20219">goodwill </span><span class="pp-class-118 pa t20220 l3">and </span><span class="pp-class-118 pa t20220 l1110">brands </span><span class="pp-class-118 pa t20220 l8373">in </span><span class="pp-class-118 pa t20220 l20221">accordance </span><span class="pp-class-118 pa t20220 l9586">with </span><span class="pp-class-118 pa t20220 l20222">the </span><span class="pp-class-118 pa t20220 l20223">accounting </span><span class="pp-class-118 pa t20220 l20224">policies. </span><span class="pp-class-118 pa t20225 l3">The </span><span class="pp-class-118 pa t20225 l550">assumptions </span><span class="pp-class-118 pa t20225 l20226">and </span><span class="pp-class-118 pa t20225 l20227">assessments </span><span class="pp-class-118 pa t20225 l20228">made </span><span class="pp-class-118 pa t20225 l20229">pertaining </span><span class="pp-class-118 pa t20225 l20230">to </span><span class="pp-class-118 pa t20231 l3">expected </span><span class="pp-class-118 pa t20231 l17225">cash </span><span class="pp-class-118 pa t20231 l4632">flows </span><span class="pp-class-118 pa t20231 l932">and </span><span class="pp-class-118 pa t20231 l20232">the </span><span class="pp-class-118 pa t20231 l20233">discount </span><span class="pp-class-118 pa t20231 l13703">rate </span><span class="pp-class-118 pa t20231 l20234">in </span><span class="pp-class-118 pa t20231 l20235">the </span><span class="pp-class-118 pa t20231 l20236">form </span><span class="pp-class-118 pa t20231 l20237">of </span><span class="pp-class-118 pa t20238 l3">weighted </span><span class="pp-class-118 pa t20238 l2499">average </span><span class="pp-class-118 pa t20238 l18797">cost </span><span class="pp-class-118 pa t20238 l2003">of </span><span class="pp-class-118 pa t20238 l19003">capital </span><span class="pp-class-118 pa t20238 l20239">are </span><span class="pp-class-118 pa t20238 l11102">described </span><span class="pp-class-118 pa t20238 l20240">in </span><span class="pp-class-118 pa t20238 l20241">note </span><span class="pp-class-118 pa t20238 l4644">12.</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-120 pa t20242 l3 ls20243">Acquisition </span><span class="pp-class-120 pa t20242 l20244 ls458">of </span><span class="pp-class-120 pa t20242 l17984 ls17748">entities</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-118 pa t20245 l3">In </span><span class="pp-class-118 pa t20245 l669">applying </span><span class="pp-class-118 pa t20245 l20246">the </span><span class="pp-class-118 pa t20245 l20247">acquisition </span><span class="pp-class-118 pa t20245 l20248">method </span><span class="pp-class-118 pa t20245 l4716">of </span><span class="pp-class-118 pa t20245 l20249">accounting, </span><span class="pp-class-118 pa t20245 l6915">esti-</span><span class="pp-class-118 pa t20250 l3">mates </span><span class="pp-class-118 pa t20250 l6563">are </span><span class="pp-class-118 pa t20250 l20251">an </span><span class="pp-class-118 pa t20250 l16941">integral </span><span class="pp-class-118 pa t20250 l2012">part </span><span class="pp-class-118 pa t20250 l20252">of </span><span class="pp-class-118 pa t20250 l11219">assessing </span><span class="pp-class-118 pa t20250 l20253">fair </span><span class="pp-class-118 pa t20250 l20254">values </span><span class="pp-class-118 pa t20250 l20255">of </span><span class="pp-class-118 pa t20256 l3">several </span><span class="pp-class-118 pa t20256 l20257">identifiable </span><span class="pp-class-118 pa t20256 l20258">assets </span><span class="pp-class-118 pa t20256 l20259">acquired </span><span class="pp-class-118 pa t20256 l14645">and </span><span class="pp-class-118 pa t20256 l20260">liabilities </span><span class="pp-class-118 pa t20261 l3">assumed, </span><span class="pp-class-118 pa t20261 l9400">as </span><span class="pp-class-118 pa t20261 l20262">observable </span><span class="pp-class-118 pa t20261 l20263">market </span><span class="pp-class-118 pa t20261 l7254">prices </span><span class="pp-class-118 pa t20261 l20264">are </span><span class="pp-class-118 pa t20261 l20265">typically </span><span class="pp-class-118 pa t20261 l20266">not </span><span class="pp-class-118 pa t20267 l3">available. </span><span class="pp-class-118 pa t20267 l20268">Valuation </span><span class="pp-class-118 pa t20267 l20269">techniques </span><span class="pp-class-118 pa t20267 l11096">where </span><span class="pp-class-118 pa t20267 l20270">estimates </span><span class="pp-class-118 pa t20267 l20271">are </span><span class="pp-class-118 pa t20272 l3">applied </span><span class="pp-class-118 pa t20272 l11239">typically </span><span class="pp-class-118 pa t20272 l7395">relate </span><span class="pp-class-118 pa t20272 l20273">to </span><span class="pp-class-118 pa t20272 l20274">determining </span><span class="pp-class-118 pa t20272 l20275">the </span><span class="pp-class-118 pa t20272 l19020">present </span><span class="pp-class-118 pa t20272 l20276">value </span><span class="pp-class-118 pa t20277 l3">of </span><span class="pp-class-118 pa t20277 l557">future </span><span class="pp-class-118 pa t20277 l20278">uncertain </span><span class="pp-class-118 pa t20277 l20279">cash </span><span class="pp-class-118 pa t20277 l20280">flows </span><span class="pp-class-118 pa t20277 l20281">or </span><span class="pp-class-118 pa t20277 l12943">assessing </span><span class="pp-class-118 pa t20277 l20282">other </span><span class="pp-class-118 pa t20277 l20283">events </span><span class="pp-class-118 pa t20284 l3">in </span><span class="pp-class-118 pa t20284 l1343">which </span><span class="pp-class-118 pa t20284 l6420">the </span><span class="pp-class-118 pa t20284 l20285">outcome </span><span class="pp-class-118 pa t20284 l20286">is </span><span class="pp-class-118 pa t20284 l20287">uncertain </span><span class="pp-class-118 pa t20284 l20288">at </span><span class="pp-class-118 pa t20284 l19515">the </span><span class="pp-class-118 pa t20284 l20289">date </span><span class="pp-class-118 pa t20284 l20290">of </span><span class="pp-class-118 pa t20284 l20291">acquisi-</span><span class="pp-class-118 pa t20292 l3">tion. </span><span class="pp-class-118 pa t20292 l1888">Significant </span><span class="pp-class-118 pa t20292 l20293">estimates </span><span class="pp-class-118 pa t20292 l4715">are </span><span class="pp-class-118 pa t20292 l20294">typically </span><span class="pp-class-118 pa t20292 l20295">applied </span><span class="pp-class-118 pa t20292 l15148">in </span><span class="pp-class-118 pa t20296 l3">accounting </span><span class="pp-class-118 pa t20296 l670">for </span><span class="pp-class-118 pa t20296 l20297">intangible </span><span class="pp-class-118 pa t20296 l20298">assets, </span><span class="pp-class-118 pa t20296 l20299">deferred </span><span class="pp-class-118 pa t20296 l20300">tax, </span><span class="pp-class-118 pa t20296 l20301">contin-</span><span class="pp-class-118 pa t20302 l3">gent </span><span class="pp-class-118 pa t20302 l20303">consideration </span><span class="pp-class-118 pa t20302 l6324">and </span><span class="pp-class-118 pa t20302 l20304">contingent </span><span class="pp-class-118 pa t20302 l20305">liabilities.</span></p></div></div> <p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-120 pa t20198 l3 ls2759">Impairment </span><span class="pp-class-120 pa t20198 l20199 ls6169">testing </span><span class="pp-class-120 pa t20198 l20200 ls458">of </span><span class="pp-class-120 pa t20198 l20201 ls9542">goodwill </span><span class="pp-class-120 pa t20198 l20202 ls2759">and </span><span class="pp-class-120 pa t20198 l20203 ls176">brands</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-118 pa t20204 l3">Goodwill </span><span class="pp-class-118 pa t20204 l17225">and </span><span class="pp-class-118 pa t20204 l8742">brands </span><span class="pp-class-118 pa t20204 l20205">with </span><span class="pp-class-118 pa t20204 l20206">indefinite </span><span class="pp-class-118 pa t20204 l16867">useful </span><span class="pp-class-118 pa t20204 l20207">life </span><span class="pp-class-118 pa t20204 l20208">are </span><span class="pp-class-118 pa t20204 l20209">rec-</span><span class="pp-class-118 pa t20210 l3">ognised </span><span class="pp-class-118 pa t20210 l10501">at </span><span class="pp-class-118 pa t20210 l17145">cost </span><span class="pp-class-118 pa t20210 l20211">less </span><span class="pp-class-118 pa t20210 l20212">any </span><span class="pp-class-118 pa t20210 l20213">accumulated </span><span class="pp-class-118 pa t20210 l20214">impairment. </span><span class="pp-class-118 pa t20210 l18001">The </span><span class="pp-class-118 pa t20215 l3">Group </span><span class="pp-class-118 pa t20215 l875">performs </span><span class="pp-class-118 pa t20215 l20216">annual </span><span class="pp-class-118 pa t20215 l18027">impairment </span><span class="pp-class-118 pa t20215 l20217">tests </span><span class="pp-class-118 pa t20215 l20218">of </span><span class="pp-class-118 pa t20215 l20219">goodwill </span><span class="pp-class-118 pa t20220 l3">and </span><span class="pp-class-118 pa t20220 l1110">brands </span><span class="pp-class-118 pa t20220 l8373">in </span><span class="pp-class-118 pa t20220 l20221">accordance </span><span class="pp-class-118 pa t20220 l9586">with </span><span class="pp-class-118 pa t20220 l20222">the </span><span class="pp-class-118 pa t20220 l20223">accounting </span><span class="pp-class-118 pa t20220 l20224">policies. </span><span class="pp-class-118 pa t20225 l3">The </span><span class="pp-class-118 pa t20225 l550">assumptions </span><span class="pp-class-118 pa t20225 l20226">and </span><span class="pp-class-118 pa t20225 l20227">assessments </span><span class="pp-class-118 pa t20225 l20228">made </span><span class="pp-class-118 pa t20225 l20229">pertaining </span><span class="pp-class-118 pa t20225 l20230">to </span><span class="pp-class-118 pa t20231 l3">expected </span><span class="pp-class-118 pa t20231 l17225">cash </span><span class="pp-class-118 pa t20231 l4632">flows </span><span class="pp-class-118 pa t20231 l932">and </span><span class="pp-class-118 pa t20231 l20232">the </span><span class="pp-class-118 pa t20231 l20233">discount </span><span class="pp-class-118 pa t20231 l13703">rate </span><span class="pp-class-118 pa t20231 l20234">in </span><span class="pp-class-118 pa t20231 l20235">the </span><span class="pp-class-118 pa t20231 l20236">form </span><span class="pp-class-118 pa t20231 l20237">of </span><span class="pp-class-118 pa t20238 l3">weighted </span><span class="pp-class-118 pa t20238 l2499">average </span><span class="pp-class-118 pa t20238 l18797">cost </span><span class="pp-class-118 pa t20238 l2003">of </span><span class="pp-class-118 pa t20238 l19003">capital </span><span class="pp-class-118 pa t20238 l20239">are </span><span class="pp-class-118 pa t20238 l11102">described </span><span class="pp-class-118 pa t20238 l20240">in </span><span class="pp-class-118 pa t20238 l20241">note </span><span class="pp-class-118 pa t20238 l4644">12.</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-120 pa t20242 l3 ls20243">Acquisition </span><span class="pp-class-120 pa t20242 l20244 ls458">of </span><span class="pp-class-120 pa t20242 l17984 ls17748">entities</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-118 pa t20245 l3">In </span><span class="pp-class-118 pa t20245 l669">applying </span><span class="pp-class-118 pa t20245 l20246">the </span><span class="pp-class-118 pa t20245 l20247">acquisition </span><span class="pp-class-118 pa t20245 l20248">method </span><span class="pp-class-118 pa t20245 l4716">of </span><span class="pp-class-118 pa t20245 l20249">accounting, </span><span class="pp-class-118 pa t20245 l6915">esti-</span><span class="pp-class-118 pa t20250 l3">mates </span><span class="pp-class-118 pa t20250 l6563">are </span><span class="pp-class-118 pa t20250 l20251">an </span><span class="pp-class-118 pa t20250 l16941">integral </span><span class="pp-class-118 pa t20250 l2012">part </span><span class="pp-class-118 pa t20250 l20252">of </span><span class="pp-class-118 pa t20250 l11219">assessing </span><span class="pp-class-118 pa t20250 l20253">fair </span><span class="pp-class-118 pa t20250 l20254">values </span><span class="pp-class-118 pa t20250 l20255">of </span><span class="pp-class-118 pa t20256 l3">several </span><span class="pp-class-118 pa t20256 l20257">identifiable </span><span class="pp-class-118 pa t20256 l20258">assets </span><span class="pp-class-118 pa t20256 l20259">acquired </span><span class="pp-class-118 pa t20256 l14645">and </span><span class="pp-class-118 pa t20256 l20260">liabilities </span><span class="pp-class-118 pa t20261 l3">assumed, </span><span class="pp-class-118 pa t20261 l9400">as </span><span class="pp-class-118 pa t20261 l20262">observable </span><span class="pp-class-118 pa t20261 l20263">market </span><span class="pp-class-118 pa t20261 l7254">prices </span><span class="pp-class-118 pa t20261 l20264">are </span><span class="pp-class-118 pa t20261 l20265">typically </span><span class="pp-class-118 pa t20261 l20266">not </span><span class="pp-class-118 pa t20267 l3">available. </span><span class="pp-class-118 pa t20267 l20268">Valuation </span><span class="pp-class-118 pa t20267 l20269">techniques </span><span class="pp-class-118 pa t20267 l11096">where </span><span class="pp-class-118 pa t20267 l20270">estimates </span><span class="pp-class-118 pa t20267 l20271">are </span><span class="pp-class-118 pa t20272 l3">applied </span><span class="pp-class-118 pa t20272 l11239">typically </span><span class="pp-class-118 pa t20272 l7395">relate </span><span class="pp-class-118 pa t20272 l20273">to </span><span class="pp-class-118 pa t20272 l20274">determining </span><span class="pp-class-118 pa t20272 l20275">the </span><span class="pp-class-118 pa t20272 l19020">present </span><span class="pp-class-118 pa t20272 l20276">value </span><span class="pp-class-118 pa t20277 l3">of </span><span class="pp-class-118 pa t20277 l557">future </span><span class="pp-class-118 pa t20277 l20278">uncertain </span><span class="pp-class-118 pa t20277 l20279">cash </span><span class="pp-class-118 pa t20277 l20280">flows </span><span class="pp-class-118 pa t20277 l20281">or </span><span class="pp-class-118 pa t20277 l12943">assessing </span><span class="pp-class-118 pa t20277 l20282">other </span><span class="pp-class-118 pa t20277 l20283">events </span><span class="pp-class-118 pa t20284 l3">in </span><span class="pp-class-118 pa t20284 l1343">which </span><span class="pp-class-118 pa t20284 l6420">the </span><span class="pp-class-118 pa t20284 l20285">outcome </span><span class="pp-class-118 pa t20284 l20286">is </span><span class="pp-class-118 pa t20284 l20287">uncertain </span><span class="pp-class-118 pa t20284 l20288">at </span><span class="pp-class-118 pa t20284 l19515">the </span><span class="pp-class-118 pa t20284 l20289">date </span><span class="pp-class-118 pa t20284 l20290">of </span><span class="pp-class-118 pa t20284 l20291">acquisi-</span><span class="pp-class-118 pa t20292 l3">tion. </span><span class="pp-class-118 pa t20292 l1888">Significant </span><span class="pp-class-118 pa t20292 l20293">estimates </span><span class="pp-class-118 pa t20292 l4715">are </span><span class="pp-class-118 pa t20292 l20294">typically </span><span class="pp-class-118 pa t20292 l20295">applied </span><span class="pp-class-118 pa t20292 l15148">in </span><span class="pp-class-118 pa t20296 l3">accounting </span><span class="pp-class-118 pa t20296 l670">for </span><span class="pp-class-118 pa t20296 l20297">intangible </span><span class="pp-class-118 pa t20296 l20298">assets, </span><span class="pp-class-118 pa t20296 l20299">deferred </span><span class="pp-class-118 pa t20296 l20300">tax, </span><span class="pp-class-118 pa t20296 l20301">contin-</span><span class="pp-class-118 pa t20302 l3">gent </span><span class="pp-class-118 pa t20302 l20303">consideration </span><span class="pp-class-118 pa t20302 l6324">and </span><span class="pp-class-118 pa t20302 l20304">contingent </span><span class="pp-class-118 pa t20302 l20305">liabilities.</span></p><div class="pp-class-7" id="pp-id-3370" xmlns="http://www.w3.org/1999/xhtml"><div class="w15596 h22454 pa t2 l3 wtro4 xx16559 tro6 xx16560"><p class="pp-class-107 pp-area-text"><span class="pp-class-119 pa t16561 l3 ls15823">12. </span><span class="pp-class-119 pa t16561 l22455 ls142">Intangible </span><span class="pp-class-119 pa t16561 l22456 ls16342">assets</span></p><table><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t22457 l3 ls14110">DKK’000</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t22457 l22458 ls5830">Goodwill</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t22457 l22459 ls1116">Brands</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t22332 l22460 ls1896">Customer </span><span class="pp-class-112 pa t22457 l22461 ls20643">contracts</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t22333 l22462 ls21479">Other </span><span class="pp-class-112 pa t22332 l22463 ls21223">intangible </span><span class="pp-class-112 pa t22457 l22464 ls458">assets</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t21396 l22465 ls21479">Other </span><span class="pp-class-112 pa t22333 l21235 ls21223">intangible </span><span class="pp-class-112 pa t22332 l22466 ls16067">assets </span><span class="pp-class-112 pa t22332 l22467 ls21020">in </span><span class="pp-class-112 pa t22457 l22468 ls21031">progress</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22469 l3">Opening </span><span class="pp-class-114 pa t22469 l16085">cost </span><span class="pp-class-114 pa t22469 l22470">at </span><span class="pp-class-114 pa t22469 l22471">1 </span><span class="pp-class-114 pa t22469 l22472">January </span><span class="pp-class-114 pa t22469 l22473">2025</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22469 l22474">415,350</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22469 l22475">179,461</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22469 l22476">47,500</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22469 l22477">60,585</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22469 l22478">56,839</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22479 l3">Acquisition </span><span class="pp-class-113 pa t22479 l16257">of </span><span class="pp-class-113 pa t22479 l16258">entities</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22479 l22480 ls786">107,750</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22479 l22481 ls786">44,012</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22479 l22482">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22479 l22483 ls786">5,774</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22479 l22484">0</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22485 l3">Investments </span><span class="pp-class-113 pa t22485 l15869">for </span><span class="pp-class-113 pa t22485 l22486">the </span><span class="pp-class-113 pa t22485 l22487">period</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22485 l22488">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22485 l22489">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22485 l22482">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22485 l22490">59</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22485 l22491 ls786">34,245</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22492 l3">Disposals </span><span class="pp-class-113 pa t22492 l22493">for </span><span class="pp-class-113 pa t22492 l22494">the </span><span class="pp-class-113 pa t22492 l22495">period</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22492 l22496 ls786">(3,352) </span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22492 l22489">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22492 l22482">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22492 l22497">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22492 l22484">0</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22498 l3">Closing </span><span class="pp-class-114 pa t22498 l16156">cost </span><span class="pp-class-114 pa t22498 l22499">at </span><span class="pp-class-114 pa t22500 l3">31 </span><span class="pp-class-114 pa t22500 l22501">December </span><span class="pp-class-114 pa t22500 l22502">2025</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22500 l22503">519,748</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22500 l22504">223,473</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22500 l22476">47,500</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22500 l22505">66,418</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22500 l22506">91,084</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22507 l3">Opening </span><span class="pp-class-113 pa t22507 l22508">amortisation </span><span class="pp-class-113 pa t22507 l22509">and </span><span class="pp-class-113 pa t22510 l3">impairment </span><span class="pp-class-113 pa t22510 l22511">at </span><span class="pp-class-113 pa t22510 l22512">1 </span><span class="pp-class-113 pa t22510 l22513">January </span><span class="pp-class-113 pa t22510 l22514">2025</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22510 l22515 ls786">3,352</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22510 l22516 ls786">2,250</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22510 l22517 ls786">7,125</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22510 l22518 ls786">52,994</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22510 l22519 ls786">1,911</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22520 l3">Disposals </span><span class="pp-class-113 pa t22520 l22493">for </span><span class="pp-class-113 pa t22520 l22494">the </span><span class="pp-class-113 pa t22520 l22495">period</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22520 l22496 ls786">(3,352)</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22520 l22489">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22520 l22482">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22520 l22497">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22520 l22484">0</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22521 l3">Amortisation </span><span class="pp-class-113 pa t22521 l22522">for </span><span class="pp-class-113 pa t22521 l22523">the </span><span class="pp-class-113 pa t22521 l22524">period</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22521 l22488">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22521 l22525 ls786">1,867</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22521 l22526 ls786">4,750 </span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22521 l22527 ls786">5,245</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22521 l22484">0</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22528 l3 ls2618">Closing </span><span class="pp-class-114 pa t22528 l22529 ls7287">amortisation </span><span class="pp-class-114 pa t22528 l22530 ls22531">and </span><span class="pp-class-114 pa t22532 l3 ls22533">impairment </span><span class="pp-class-114 pa t22532 l10875 ls22534">at </span><span class="pp-class-114 pa t22532 l22535 ls22534">31 </span><span class="pp-class-114 pa t22532 l22536 ls22537">December </span><span class="pp-class-114 pa t22532 l22538 ls639">2025</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22532 l22539">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22532 l22540">4,117</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22532 l22541">11,875</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22532 l22542">58,239</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22532 l22543">1,911</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22544 l3">Closing </span><span class="pp-class-114 pa t22544 l16156">carrying </span><span class="pp-class-114 pa t22544 l22545">amount </span><span class="pp-class-114 pa t22544 l22546">at </span><span class="pp-class-114 pa t22547 l3">31 </span><span class="pp-class-114 pa t22547 l22501">December </span><span class="pp-class-114 pa t22547 l22502">2025</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22547 l22503">519,748</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22547 l22548">219,356</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22547 l22549">35,625</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22547 l22550">8,179</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22547 l22551">89,173</span></p></td></tr></table></div></div><div class="pp-class-7" id="pp-id-3371" xmlns="http://www.w3.org/1999/xhtml"><div class="w15596 h22554 pa t2 l3 wtro4 xx30 tro6 xx31"><table><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t22555 l3 ls14110">DKK’000</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t22555 l22458 ls5830">Goodwill</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t22555 l22459 ls1116">Brands</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t16059 l22460 ls1896">Customer </span><span class="pp-class-112 pa t22555 l22461 ls20643">contracts</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t16060 l22462 ls21479">Other </span><span class="pp-class-112 pa t16059 l22463 ls21223">intangible </span><span class="pp-class-112 pa t22555 l22464 ls458">assets</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t15598 l22465 ls21479">Other </span><span class="pp-class-112 pa t16060 l21235 ls21223">intangible </span><span class="pp-class-112 pa t16059 l22466 ls16067">assets </span><span class="pp-class-112 pa t16059 l22467 ls21020">in </span><span class="pp-class-112 pa t22555 l22468 ls21031">progress</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22556 l3">Opening </span><span class="pp-class-114 pa t22556 l16085">cost </span><span class="pp-class-114 pa t22556 l22470">at </span><span class="pp-class-114 pa t22556 l22471">1 </span><span class="pp-class-114 pa t22556 l22472">January </span><span class="pp-class-114 pa t22556 l22473">2024</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22556 l22474">415,350</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22556 l22475">179,461</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22556 l22476">47,500</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22556 l22557">53,578</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22556 l22558">35,576</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22559 l3">Investments </span><span class="pp-class-113 pa t22559 l15869">for </span><span class="pp-class-113 pa t22559 l22486">the </span><span class="pp-class-113 pa t22559 l22487">period</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22559 l22488">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22559 l22489">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22559 l22482">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22559 l22497">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22559 l22560 ls786">28,270</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22561 l3">Transfer</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22561 l22488">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22561 l22489">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22561 l22482">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22561 l22562 ls786">7,007</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22561 l22563 ls786">(7,007)</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22564 l3">Closing </span><span class="pp-class-114 pa t22564 l16156">cost </span><span class="pp-class-114 pa t22564 l22499">at </span><span class="pp-class-114 pa t22565 l3">31 </span><span class="pp-class-114 pa t22565 l22501">December </span><span class="pp-class-114 pa t22565 l22502">2024</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22566 l22474">415,350</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22566 l22475">179,461</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22566 l22476">47,500</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22566 l22477">60,585</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22566 l22478">56,839</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22567 l3">Opening </span><span class="pp-class-113 pa t22567 l22508">amortisation </span><span class="pp-class-113 pa t22567 l22509">and </span><span class="pp-class-113 pa t22568 l3">impairment </span><span class="pp-class-113 pa t22568 l22511">at </span><span class="pp-class-113 pa t22568 l22512">1 </span><span class="pp-class-113 pa t22568 l22513">January </span><span class="pp-class-113 pa t22568 l22514">2024</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22568 l22515 ls786">3,352</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22568 l22569">750</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22568 l22570 ls786">2,375</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22568 l22571 ls786">50,755</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22568 l22519 ls786">1,911</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22572 l3">Amortisation </span><span class="pp-class-113 pa t22572 l22522">for </span><span class="pp-class-113 pa t22572 l22523">the </span><span class="pp-class-113 pa t22572 l22524">period</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22572 l22488">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22572 l22573 ls786">1,500</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22572 l22526 ls786">4,750</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22572 l22574 ls786">2,239</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22572 l22484">0</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22575 l3">Closing </span><span class="pp-class-114 pa t22575 l16156">amortisation </span><span class="pp-class-114 pa t22576 l3">and </span><span class="pp-class-114 pa t22576 l22577">impairment </span><span class="pp-class-114 pa t22576 l22578">at </span><span class="pp-class-114 pa t22579 l3">31 </span><span class="pp-class-114 pa t22579 l22501">December </span><span class="pp-class-114 pa t22579 l22502">2024</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22576 l22580">3,352</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22576 l22581">2,250</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22576 l22582">7,125</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22576 l22583">52,994</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22576 l22543">1,911</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22584 l3">Closing </span><span class="pp-class-114 pa t22584 l16156">carrying </span><span class="pp-class-114 pa t22584 l22545">amount </span><span class="pp-class-114 pa t22584 l22546">at </span><span class="pp-class-114 pa t22585 l3">31 </span><span class="pp-class-114 pa t22585 l22586">December </span><span class="pp-class-114 pa t22585 l6788">2024</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22587 l22588">411,998</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22587 l8829">177,211</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22587 l22589">40,375</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22587 l22590">7,591</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22587 l22591">54,928</span></p></td></tr></table></div></div><div class="pp-class-7" id="pp-id-3372" xmlns="http://www.w3.org/1999/xhtml"><div class="w15596 h22592 pa t2 l3 wtro4 xx30 tro6 xx31"><p class="pp-class-107 pp-area-text"><span class="pp-class-120 pa t22593 l3 ls2759">Impairment </span><span class="pp-class-120 pa t22593 l20199 ls6169">testing </span><span class="pp-class-120 pa t22593 l20200 ls458">of </span><span class="pp-class-120 pa t22593 l20201 ls9542">goodwill </span><span class="pp-class-120 pa t22593 l20202 ls2759">and </span><span class="pp-class-120 pa t22593 l20203 ls458">brand </span></p><p class="pp-class-107 pp-area-text"><span class="pp-class-118 pa t22594 l3">At </span><span class="pp-class-118 pa t22594 l9308">the </span><span class="pp-class-118 pa t22594 l22595">end </span><span class="pp-class-118 pa t22594 l13110">of </span><span class="pp-class-118 pa t22594 l22596">2025, </span><span class="pp-class-118 pa t22594 l22597">recognised </span><span class="pp-class-118 pa t22594 l2201">goodwill </span><span class="pp-class-118 pa t22594 l22598">amounted </span><span class="pp-class-118 pa t22594 l22599">to </span><span class="pp-class-118 pa t22594 l22600">DKK </span><span class="pp-class-118 pa t22594 l22601">519.6 </span><span class="pp-class-118 pa t22594 l22602">million </span><span class="pp-class-118 pa t22594 l22603">(2024: </span><span class="pp-class-118 pa t22594 l22604">DKK </span><span class="pp-class-118 pa t22594 l22605 ls786">412.0 </span><span class="pp-class-118 pa t22594 l22606">million) </span><span class="pp-class-118 pa t22594 l22607">and </span><span class="pp-class-118 pa t22594 l22608 ls786">recognised </span><span class="pp-class-118 pa t22609 l3">brand </span><span class="pp-class-118 pa t22609 l22610">value </span><span class="pp-class-118 pa t22609 l6233">amounted </span><span class="pp-class-118 pa t22609 l22611">to </span><span class="pp-class-118 pa t22609 l22612">DKK </span><span class="pp-class-118 pa t22609 l22613">219.4 </span><span class="pp-class-118 pa t22609 l22614">million </span><span class="pp-class-118 pa t22609 l22615">(2024: </span><span class="pp-class-118 pa t22609 l22616">DKK </span><span class="pp-class-118 pa t22609 l22617">172.2 </span><span class="pp-class-118 pa t22609 l22618">million). </span></p><p class="pp-class-107 pp-area-text"><span class="pp-class-118 pa t22619 l3">Goodwill </span><span class="pp-class-118 pa t22619 l17225">is </span><span class="pp-class-118 pa t22619 l4126">allocated </span><span class="pp-class-118 pa t22619 l22620">to </span><span class="pp-class-118 pa t22619 l22621">a </span><span class="pp-class-118 pa t22619 l22622">cash-generating </span><span class="pp-class-118 pa t22619 l22623">unit </span><span class="pp-class-118 pa t22619 l22624">(CGU) </span><span class="pp-class-118 pa t22619 l22625">when </span><span class="pp-class-118 pa t22619 l22626">the </span><span class="pp-class-118 pa t22619 l22627">unit </span><span class="pp-class-118 pa t22619 l22628">is </span><span class="pp-class-118 pa t22619 l22629">acquired. </span><span class="pp-class-118 pa t22619 l22630 ls786">TCM </span><span class="pp-class-118 pa t22619 l22631 ls786">Group </span><span class="pp-class-118 pa t22619 l22632 ls786">currently </span><span class="pp-class-118 pa t22619 l22633 ls786">has </span><span class="pp-class-118 pa t22619 l22634 ls786">three </span><span class="pp-class-118 pa t22619 l22635 ls786">CGUs: </span><span class="pp-class-118 pa t22636 l3">TCM </span><span class="pp-class-118 pa t22636 l1586">Group </span><span class="pp-class-118 pa t22636 l1587">from </span><span class="pp-class-118 pa t22636 l794">the </span><span class="pp-class-118 pa t22636 l22637">acquisition </span><span class="pp-class-118 pa t22636 l22638">of </span><span class="pp-class-118 pa t22636 l22639">TCM </span><span class="pp-class-118 pa t22636 l22640">Group </span><span class="pp-class-118 pa t22636 l22641">in </span><span class="pp-class-118 pa t22636 l18001">2016, </span><span class="pp-class-118 pa t22636 l22642">DKK </span><span class="pp-class-118 pa t22636 l22643">370 </span><span class="pp-class-118 pa t22636 l22644">million </span><span class="pp-class-118 pa t22636 l22645">(2024: </span><span class="pp-class-118 pa t22636 l22646 ls786">DKK </span><span class="pp-class-118 pa t22636 l22647 ls786">370 </span><span class="pp-class-118 pa t22636 l22648 ls786">million), </span><span class="pp-class-118 pa t22636 l22649">AUBO </span><span class="pp-class-118 pa t22636 l22650 ls786">from </span><span class="pp-class-118 pa t22636 l22651 ls786">the </span><span class="pp-class-118 pa t22652 l3">acquisition </span><span class="pp-class-118 pa t22652 l861">of </span><span class="pp-class-118 pa t22652 l862">AUBO </span><span class="pp-class-118 pa t22652 l1472">Production </span><span class="pp-class-118 pa t22652 l6637">A/S </span><span class="pp-class-118 pa t22652 l6638">in </span><span class="pp-class-118 pa t22652 l20977">2023, </span><span class="pp-class-118 pa t22652 l22653">DKK </span><span class="pp-class-118 pa t22652 l22654">42 </span><span class="pp-class-118 pa t22652 l22655">million </span><span class="pp-class-118 pa t22652 l22656">(DKK </span><span class="pp-class-118 pa t22652 l22657">42 </span><span class="pp-class-118 pa t22652 l22658">million), </span><span class="pp-class-118 pa t22652 l22659 ls786">and </span><span class="pp-class-118 pa t22652 l22660 ls786">Celebert </span><span class="pp-class-118 pa t22652 l22661 ls786">from </span><span class="pp-class-118 pa t22652 l22662 ls786">the </span><span class="pp-class-118 pa t22652 l22663 ls786">acquisition </span><span class="pp-class-118 pa t22652 l22664 ls786">of </span><span class="pp-class-118 pa t22665 l3">Celebert </span><span class="pp-class-118 pa t22665 l868">ApS </span><span class="pp-class-118 pa t22665 l869">in </span><span class="pp-class-118 pa t22665 l9925">2025, </span><span class="pp-class-118 pa t22665 l22666">DKK </span><span class="pp-class-118 pa t22665 l22667">108 </span><span class="pp-class-118 pa t22665 l18956">million </span><span class="pp-class-118 pa t22665 l12860">(2024: </span><span class="pp-class-118 pa t22665 l19944">0 </span><span class="pp-class-118 pa t22665 l22668">million). </span><span class="pp-class-118 pa t22665 l22669">All </span><span class="pp-class-118 pa t22665 l22670">CGUs </span><span class="pp-class-118 pa t22665 l22671">are </span><span class="pp-class-118 pa t22665 l22672">part </span><span class="pp-class-118 pa t22665 l22673">of </span><span class="pp-class-118 pa t22665 l22674">the </span><span class="pp-class-118 pa t22665 l22675 ls786">Group’s </span><span class="pp-class-118 pa t22665 l22676 ls786">operating </span><span class="pp-class-118 pa t22665 l22677 ls786">segment </span><span class="pp-class-118 pa t22665 l22678 ls786">“Produc-</span><span class="pp-class-118 pa t22679 l3">ing </span><span class="pp-class-118 pa t22679 l18082">and </span><span class="pp-class-118 pa t22679 l22680">selling </span><span class="pp-class-118 pa t22679 l22681">kitchens, </span><span class="pp-class-118 pa t22679 l22682">bathrooms </span><span class="pp-class-118 pa t22679 l17646">and </span><span class="pp-class-118 pa t22679 l22683">storage”.</span></p><p class="pp-class-107 pp-area-text"><span class="pp-class-118 pa t22684 l3">Acquired </span><span class="pp-class-118 pa t22684 l22685">goodwill </span><span class="pp-class-118 pa t22684 l22686">in </span><span class="pp-class-118 pa t22684 l22687">2025 </span><span class="pp-class-118 pa t22684 l22688">related </span><span class="pp-class-118 pa t22684 l13107">to </span><span class="pp-class-118 pa t22684 l13108">the </span><span class="pp-class-118 pa t22684 l22689">acquisition </span><span class="pp-class-118 pa t22684 l22690">of </span><span class="pp-class-118 pa t22684 l22691">Celebert </span><span class="pp-class-118 pa t22684 l22692">ApS, </span><span class="pp-class-118 pa t22684 l22693">DKK </span><span class="pp-class-118 pa t22684 l22694">107.7 </span><span class="pp-class-118 pa t22684 l22695">million. </span><span class="pp-class-118 pa t22684 l22696">Disposal </span><span class="pp-class-118 pa t22684 l22697 ls786">of </span><span class="pp-class-118 pa t22684 l22698 ls786">goodwill </span><span class="pp-class-118 pa t22684 l22699 ls786">in </span><span class="pp-class-118 pa t22684 l22700 ls786">2025 </span><span class="pp-class-118 pa t22701 l3">arose </span><span class="pp-class-118 pa t22701 l22702">from </span><span class="pp-class-118 pa t22701 l22703">the </span><span class="pp-class-118 pa t22701 l22704">divestment </span><span class="pp-class-118 pa t22701 l16898">of </span><span class="pp-class-118 pa t22701 l10892">Svane </span><span class="pp-class-118 pa t22701 l22705">Alnabru </span><span class="pp-class-118 pa t22701 l22706">AS, </span><span class="pp-class-118 pa t22701 l22707">DKK </span><span class="pp-class-118 pa t22701 l22708">3.4 </span><span class="pp-class-118 pa t22701 l22709">million, </span><span class="pp-class-118 pa t22701 l22710">which </span><span class="pp-class-118 pa t22701 l22711">was </span><span class="pp-class-118 pa t22701 l22712">fully </span><span class="pp-class-118 pa t22701 l22713">impaired </span><span class="pp-class-118 pa t22701 l22714 ls786">in </span><span class="pp-class-118 pa t22701 l22715">2023.</span></p></div></div><div class="pp-class-7" id="pp-id-3373" xmlns="http://www.w3.org/1999/xhtml"><div class="w15596 h22716 pa t2 l3 wtro4 xx30 tro6 xx31"><p class="pp-class-107 pp-area-text"><span class="pp-class-118 pa t19047 l3">Goodwill </span><span class="pp-class-118 pa t19047 l17225">is </span><span class="pp-class-118 pa t19047 l4126">tested </span><span class="pp-class-118 pa t19047 l9618">annually </span><span class="pp-class-118 pa t19047 l22717">for </span><span class="pp-class-118 pa t19047 l22718">impairment </span><span class="pp-class-118 pa t19047 l6579">by </span><span class="pp-class-118 pa t19047 l22719">calculating </span><span class="pp-class-118 pa t19047 l22720">the </span><span class="pp-class-118 pa t19047 l22721">expected </span><span class="pp-class-118 pa t19047 l22722">recoverable </span><span class="pp-class-118 pa t19047 l22723">amount </span><span class="pp-class-118 pa t19047 l22724 ls786">of </span><span class="pp-class-118 pa t19047 l22725 ls786">the </span><span class="pp-class-118 pa t19047 l22726 ls786">CGU. </span><span class="pp-class-118 pa t19047 l22727 ls786">The </span><span class="pp-class-118 pa t19047 l22728 ls786">recovera-</span><span class="pp-class-118 pa t19048 l3">ble </span><span class="pp-class-118 pa t19048 l22729">amount </span><span class="pp-class-118 pa t19048 l22730">is </span><span class="pp-class-118 pa t19048 l5946">calculated </span><span class="pp-class-118 pa t19048 l22731">as </span><span class="pp-class-118 pa t19048 l22732">the </span><span class="pp-class-118 pa t19048 l22733">expected </span><span class="pp-class-118 pa t19048 l22734">cash </span><span class="pp-class-118 pa t19048 l22735">flow </span><span class="pp-class-118 pa t19048 l22736">discounted </span><span class="pp-class-118 pa t19048 l22737">by </span><span class="pp-class-118 pa t19048 l22738">a </span><span class="pp-class-118 pa t19048 l22739">weighted </span><span class="pp-class-118 pa t19048 l22740 ls786">average </span><span class="pp-class-118 pa t19048 l22741 ls786">cost </span><span class="pp-class-118 pa t19048 l22742 ls786">of </span><span class="pp-class-118 pa t19048 l22743 ls786">capital </span><span class="pp-class-118 pa t19048 l22744 ls786">(WACC) </span><span class="pp-class-118 pa t19048 l22745">after </span><span class="pp-class-118 pa t19048 l22746">tax </span><span class="pp-class-118 pa t19052 l3">for </span><span class="pp-class-118 pa t19052 l2129">the </span><span class="pp-class-118 pa t19052 l6661">CGU. </span><span class="pp-class-118 pa t19052 l22747">The </span><span class="pp-class-118 pa t19052 l22748">recoverable </span><span class="pp-class-118 pa t19052 l1502">amount, </span><span class="pp-class-118 pa t19052 l10916">calculated </span><span class="pp-class-118 pa t19052 l22749">in </span><span class="pp-class-118 pa t19052 l12247">conjunction </span><span class="pp-class-118 pa t19052 l22750">with </span><span class="pp-class-118 pa t19052 l22751">this, </span><span class="pp-class-118 pa t19052 l22752">is </span><span class="pp-class-118 pa t19052 l22753 ls786">compared </span><span class="pp-class-118 pa t19052 l22754 ls786">to </span><span class="pp-class-118 pa t19052 l21204 ls786">the </span><span class="pp-class-118 pa t19052 l22755 ls786">carrying </span><span class="pp-class-118 pa t19052 l22756">amount </span><span class="pp-class-118 pa t19052 l22757">for </span><span class="pp-class-118 pa t19052 l22758 ls786">the </span><span class="pp-class-118 pa t19059 l3">CGU. </span><span class="pp-class-118 pa t19059 l9522">The </span><span class="pp-class-118 pa t19059 l7700">starting </span><span class="pp-class-118 pa t19059 l22759">point </span><span class="pp-class-118 pa t19059 l22760">of </span><span class="pp-class-118 pa t19059 l22761">the </span><span class="pp-class-118 pa t19059 l22762">calculation </span><span class="pp-class-118 pa t19059 l22763">is </span><span class="pp-class-118 pa t19059 l12950">the </span><span class="pp-class-118 pa t19059 l22764">estimated </span><span class="pp-class-118 pa t19059 l22765">future </span><span class="pp-class-118 pa t19059 l22766">cash </span><span class="pp-class-118 pa t19059 l22767">flows </span><span class="pp-class-118 pa t19059 l22768">based </span><span class="pp-class-118 pa t19059 l22769 ls786">on </span><span class="pp-class-118 pa t19059 l22770 ls786">the </span><span class="pp-class-118 pa t19059 l22771 ls786">financial </span><span class="pp-class-118 pa t19059 l22772 ls786">budget </span><span class="pp-class-118 pa t19059 l22773">for </span><span class="pp-class-118 pa t19059 l22774 ls786">the </span><span class="pp-class-118 pa t19063 l3">forthcoming </span><span class="pp-class-118 pa t19063 l22775">financial </span><span class="pp-class-118 pa t19063 l22776">year. </span><span class="pp-class-118 pa t19063 l22777">A </span><span class="pp-class-118 pa t19063 l12927">forecast </span><span class="pp-class-118 pa t19063 l17272">for </span><span class="pp-class-118 pa t19063 l22778">the </span><span class="pp-class-118 pa t19063 l20105">next </span><span class="pp-class-118 pa t19063 l760">four </span><span class="pp-class-118 pa t19063 l22779">years </span><span class="pp-class-118 pa t19063 l22780">is </span><span class="pp-class-118 pa t19063 l22781">prepared </span><span class="pp-class-118 pa t19063 l22782">based </span><span class="pp-class-118 pa t19063 l22783 ls786">on </span><span class="pp-class-118 pa t19063 l22784 ls786">this </span><span class="pp-class-118 pa t19063 l22785 ls786">budget </span><span class="pp-class-118 pa t19063 l22786">and </span><span class="pp-class-118 pa t19063 l22787 ls786">expectations </span><span class="pp-class-118 pa t19067 l3">regarding </span><span class="pp-class-118 pa t19067 l1520">market </span><span class="pp-class-118 pa t19067 l3271">trends </span><span class="pp-class-118 pa t19067 l22788">and </span><span class="pp-class-118 pa t19067 l22789">sales </span><span class="pp-class-118 pa t19067 l10722">mix </span><span class="pp-class-118 pa t19067 l22790">in </span><span class="pp-class-118 pa t19067 l2126">the </span><span class="pp-class-118 pa t19067 l22791">years </span><span class="pp-class-118 pa t19067 l22792">ahead, </span><span class="pp-class-118 pa t19067 l22793">reflecting </span><span class="pp-class-118 pa t19067 l22794">past </span><span class="pp-class-118 pa t19067 l22795">experience.</span></p><p class="pp-class-107 pp-area-text"><span class="pp-class-118 pa t19078 l3">When </span><span class="pp-class-118 pa t19078 l17303">estimating </span><span class="pp-class-118 pa t19078 l22796">expected </span><span class="pp-class-118 pa t19078 l1867">future </span><span class="pp-class-118 pa t19078 l740">cash </span><span class="pp-class-118 pa t19078 l11815">flows, </span><span class="pp-class-118 pa t19078 l20105">key </span><span class="pp-class-118 pa t19078 l22797">assumptions </span><span class="pp-class-118 pa t19078 l22798">include </span><span class="pp-class-118 pa t19078 l22799">projected </span><span class="pp-class-118 pa t19078 l22800 ls786">demand </span><span class="pp-class-118 pa t19078 l22801">growth, </span><span class="pp-class-118 pa t19078 l22802 ls786">increases </span><span class="pp-class-118 pa t19078 l22803 ls786">in </span><span class="pp-class-118 pa t19078 l22804">net </span><span class="pp-class-118 pa t19083 l3">sales, </span><span class="pp-class-118 pa t19083 l8693">improvements </span><span class="pp-class-118 pa t19083 l22805">in </span><span class="pp-class-118 pa t19083 l2503">gross </span><span class="pp-class-118 pa t19083 l22806">and </span><span class="pp-class-118 pa t19083 l22807">operating </span><span class="pp-class-118 pa t19083 l22808">margins, </span><span class="pp-class-118 pa t19083 l22809">as </span><span class="pp-class-118 pa t19083 l22810">well </span><span class="pp-class-118 pa t19083 l22811">as </span><span class="pp-class-118 pa t19083 l22812">requirements </span><span class="pp-class-118 pa t19083 l22813">for </span><span class="pp-class-118 pa t19083 l22814 ls786">working </span><span class="pp-class-118 pa t19083 l22815 ls786">capital </span><span class="pp-class-118 pa t19083 l22816">and </span><span class="pp-class-118 pa t19083 l22817 ls786">CapEx. </span><span class="pp-class-118 pa t19083 l22818">Various </span><span class="pp-class-118 pa t19087 l3">macroeconomic </span><span class="pp-class-118 pa t19087 l9302">indicators </span><span class="pp-class-118 pa t19087 l22819">- </span><span class="pp-class-118 pa t19087 l3230">such </span><span class="pp-class-118 pa t19087 l22820">as </span><span class="pp-class-118 pa t19087 l22821">data </span><span class="pp-class-118 pa t19087 l22822">on </span><span class="pp-class-118 pa t19087 l22823">residential </span><span class="pp-class-118 pa t19087 l22824">property </span><span class="pp-class-118 pa t19087 l22825">sales </span><span class="pp-class-118 pa t19087 l22826">in </span><span class="pp-class-118 pa t19087 l22827">the </span><span class="pp-class-118 pa t19087 l22828">markets </span><span class="pp-class-118 pa t19087 l22829">where </span><span class="pp-class-118 pa t19087 l22830 ls786">the </span><span class="pp-class-118 pa t19087 l22831 ls786">Group </span><span class="pp-class-118 pa t19087 l22832">operates </span><span class="pp-class-118 pa t19087 l22833">- </span><span class="pp-class-118 pa t19087 l22834">are </span><span class="pp-class-118 pa t19093 l3">considered </span><span class="pp-class-118 pa t19093 l8409">to </span><span class="pp-class-118 pa t19093 l22835">analyse </span><span class="pp-class-118 pa t19093 l18438">the </span><span class="pp-class-118 pa t19093 l22836">business </span><span class="pp-class-118 pa t19093 l13003">environment, </span><span class="pp-class-118 pa t19093 l22837">supported </span><span class="pp-class-118 pa t19093 l22838">by </span><span class="pp-class-118 pa t19093 l22839">both </span><span class="pp-class-118 pa t19093 l22840">external </span><span class="pp-class-118 pa t19093 l22841">and </span><span class="pp-class-118 pa t19093 l22842 ls786">internal </span><span class="pp-class-118 pa t19093 l22843 ls786">assessments. </span><span class="pp-class-118 pa t19093 l22844 ls786">Based </span><span class="pp-class-118 pa t19093 l22845 ls786">on </span><span class="pp-class-118 pa t19093 l22846 ls786">these </span><span class="pp-class-118 pa t19097 l3">analyses, </span><span class="pp-class-118 pa t19097 l22847">Management </span><span class="pp-class-118 pa t19097 l13482">has </span><span class="pp-class-118 pa t19097 l22848">applied </span><span class="pp-class-118 pa t19097 l14455">a </span><span class="pp-class-118 pa t19097 l15119">projected </span><span class="pp-class-118 pa t19097 l22849">low- </span><span class="pp-class-118 pa t19097 l22850">to </span><span class="pp-class-118 pa t19097 l22851">mid-single-digit </span><span class="pp-class-118 pa t19097 l22852">growth </span><span class="pp-class-118 pa t19097 l22853">rate </span><span class="pp-class-118 pa t19097 l22854 ls786">in </span><span class="pp-class-118 pa t19097 l22855">net </span><span class="pp-class-118 pa t19097 l22856 ls786">sales </span><span class="pp-class-118 pa t19097 l22857 ls786">over </span><span class="pp-class-118 pa t19097 l22858 ls786">the </span><span class="pp-class-118 pa t19097 l22859">forecast </span><span class="pp-class-118 pa t19804 l3">period, </span><span class="pp-class-118 pa t19804 l22860">driven </span><span class="pp-class-118 pa t19804 l22861">by </span><span class="pp-class-118 pa t19804 l10004">an </span><span class="pp-class-118 pa t19804 l15410">anticipated </span><span class="pp-class-118 pa t19804 l22862">positive </span><span class="pp-class-118 pa t19804 l22863">development </span><span class="pp-class-118 pa t19804 l22864">in </span><span class="pp-class-118 pa t19804 l22865">residential </span><span class="pp-class-118 pa t19804 l22866">property </span><span class="pp-class-118 pa t19804 l22867">sales </span><span class="pp-class-118 pa t19804 l22868">and </span><span class="pp-class-118 pa t19804 l22869">an </span><span class="pp-class-118 pa t19804 l22870">anticipated </span><span class="pp-class-118 pa t19804 l22871 ls786">recovery </span><span class="pp-class-118 pa t19804 l22872 ls786">in </span><span class="pp-class-118 pa t19804 l22873 ls786">the </span><span class="pp-class-118 pa t19099 l3">B2B </span><span class="pp-class-118 pa t19099 l22874">project </span><span class="pp-class-118 pa t19099 l22875">market, </span><span class="pp-class-118 pa t19099 l22876">as </span><span class="pp-class-118 pa t19099 l13521">described </span><span class="pp-class-118 pa t19099 l11677">in </span><span class="pp-class-118 pa t19099 l22877">the </span><span class="pp-class-118 pa t19099 l22878">Management </span><span class="pp-class-118 pa t19099 l22879">Review. </span><span class="pp-class-118 pa t19099 l22880">This </span><span class="pp-class-118 pa t19099 l22881">assumption </span><span class="pp-class-118 pa t19099 l22882">is </span><span class="pp-class-118 pa t19099 l22883 ls786">applicable </span><span class="pp-class-118 pa t19099 l22884">for </span><span class="pp-class-118 pa t19099 l22885 ls786">all </span><span class="pp-class-118 pa t19099 l22886 ls786">performed </span><span class="pp-class-118 pa t19099 l22887">impair-</span><span class="pp-class-118 pa t19105 l3">ment </span><span class="pp-class-118 pa t19105 l17839">tests.</span></p><p class="pp-class-107 pp-area-text"><span class="pp-class-118 pa t19118 l3">Gross </span><span class="pp-class-118 pa t19118 l2771">and </span><span class="pp-class-118 pa t19118 l22888">operating </span><span class="pp-class-118 pa t19118 l17717">margins </span><span class="pp-class-118 pa t19118 l22889">are </span><span class="pp-class-118 pa t19118 l5959">expected </span><span class="pp-class-118 pa t19118 l22890">to </span><span class="pp-class-118 pa t19118 l22891">improve </span><span class="pp-class-118 pa t19118 l22892">gradually </span><span class="pp-class-118 pa t19118 l22893">during </span><span class="pp-class-118 pa t19118 l22894">the </span><span class="pp-class-118 pa t19118 l22895 ls786">forecast </span><span class="pp-class-118 pa t19118 l22896 ls786">period, </span><span class="pp-class-118 pa t19118 l22897">reflecting </span><span class="pp-class-118 pa t19118 l22898">changes </span><span class="pp-class-118 pa t19118 l22899 ls786">in </span><span class="pp-class-118 pa t19118 l22900 ls786">the </span><span class="pp-class-118 pa t19123 l3">sales </span><span class="pp-class-118 pa t19123 l3350">mix </span><span class="pp-class-118 pa t19123 l22901">and </span><span class="pp-class-118 pa t19123 l10288">the </span><span class="pp-class-118 pa t19123 l22902">implementation </span><span class="pp-class-118 pa t19123 l22903">of </span><span class="pp-class-118 pa t19123 l22904">various </span><span class="pp-class-118 pa t19123 l22905">strategic </span><span class="pp-class-118 pa t19123 l22906">initiatives. </span><span class="pp-class-118 pa t19123 l22143">These </span><span class="pp-class-118 pa t19123 l22907 ls786">assumptions </span><span class="pp-class-118 pa t19123 l22908 ls786">also </span><span class="pp-class-118 pa t19123 l22909 ls786">account </span><span class="pp-class-118 pa t19123 l22910">for </span><span class="pp-class-118 pa t19123 l22911 ls786">the </span><span class="pp-class-118 pa t19123 l22912">Group’s </span><span class="pp-class-118 pa t19129 l3">long-term </span><span class="pp-class-118 pa t19129 l22913">strategic </span><span class="pp-class-118 pa t19129 l22914">efforts, </span><span class="pp-class-118 pa t19129 l20393">including </span><span class="pp-class-118 pa t19129 l11430">differentiated </span><span class="pp-class-118 pa t19129 l22915">branding, </span><span class="pp-class-118 pa t19129 l22916">central </span><span class="pp-class-118 pa t19129 l22917">sourcing, </span><span class="pp-class-118 pa t19129 l22918 ls786">manufacturing </span><span class="pp-class-118 pa t19129 l22919 ls786">optimisation </span><span class="pp-class-118 pa t19129 l22920">and </span><span class="pp-class-118 pa t19135 l3">product </span><span class="pp-class-118 pa t19135 l1964">development. </span><span class="pp-class-118 pa t19135 l22921">To </span><span class="pp-class-118 pa t19135 l7448">project </span><span class="pp-class-118 pa t19135 l8498">cash </span><span class="pp-class-118 pa t19135 l1093">flows </span><span class="pp-class-118 pa t19135 l22922">beyond </span><span class="pp-class-118 pa t19135 l22923">the </span><span class="pp-class-118 pa t19135 l22924">initial </span><span class="pp-class-118 pa t19135 l22925">5-year </span><span class="pp-class-118 pa t19135 l22926">period, </span><span class="pp-class-118 pa t19135 l22927">a </span><span class="pp-class-118 pa t19135 l22928 ls786">growth </span><span class="pp-class-118 pa t19135 l22929 ls786">rate </span><span class="pp-class-118 pa t19135 l22930 ls786">of </span><span class="pp-class-118 pa t19135 l22931 ls786">3% </span><span class="pp-class-118 pa t19135 l22932 ls786">(2024: </span><span class="pp-class-118 pa t19135 l22933 ls786">2%) </span><span class="pp-class-118 pa t19135 l22934 ls786">has </span><span class="pp-class-118 pa t19135 l22935 ls786">been </span><span class="pp-class-118 pa t19841 l3">applied.</span></p><p class="pp-class-107 pp-area-text"><span class="pp-class-118 pa t19143 l3">The </span><span class="pp-class-118 pa t19143 l550">WACC </span><span class="pp-class-118 pa t19143 l10438">is </span><span class="pp-class-118 pa t19143 l22936">calculated </span><span class="pp-class-118 pa t19143 l22937">based </span><span class="pp-class-118 pa t19143 l8787">on </span><span class="pp-class-118 pa t19143 l22938">the </span><span class="pp-class-118 pa t19143 l22939">average </span><span class="pp-class-118 pa t19143 l22940">debt-to-equity </span><span class="pp-class-118 pa t19143 l22941">ratio </span><span class="pp-class-118 pa t19143 l22942">of </span><span class="pp-class-118 pa t19143 l22943">large </span><span class="pp-class-118 pa t19143 l22944 ls786">companies </span><span class="pp-class-118 pa t19143 l22945 ls786">in </span><span class="pp-class-118 pa t19143 l22946 ls786">similar </span><span class="pp-class-118 pa t19143 l22947 ls786">industries </span><span class="pp-class-118 pa t19143 l22948">and </span><span class="pp-class-118 pa t19143 l22949 ls786">the </span><span class="pp-class-118 pa t19148 l3">respective </span><span class="pp-class-118 pa t19148 l22950">costs </span><span class="pp-class-118 pa t19148 l14428">of </span><span class="pp-class-118 pa t19148 l11953">debt </span><span class="pp-class-118 pa t19148 l22951">and </span><span class="pp-class-118 pa t19148 l10295">equity. </span><span class="pp-class-118 pa t19148 l22952">The </span><span class="pp-class-118 pa t19148 l16944">cost </span><span class="pp-class-118 pa t19148 l22953">of </span><span class="pp-class-118 pa t19148 l13477">shareholders’ </span><span class="pp-class-118 pa t19148 l22954">equity </span><span class="pp-class-118 pa t19148 l22955">is </span><span class="pp-class-118 pa t19148 l22956 ls786">determined </span><span class="pp-class-118 pa t19148 l22957">under </span><span class="pp-class-118 pa t19148 l22958 ls786">the </span><span class="pp-class-118 pa t19148 l22959 ls786">assumption </span><span class="pp-class-118 pa t19148 l22960 ls786">that </span><span class="pp-class-118 pa t19148 l22961 ls786">all </span><span class="pp-class-118 pa t19154 l3">investors </span><span class="pp-class-118 pa t19154 l9744">require </span><span class="pp-class-118 pa t19154 l22962">at </span><span class="pp-class-118 pa t19154 l1308">least </span><span class="pp-class-118 pa t19154 l9446">the </span><span class="pp-class-118 pa t19154 l22963">same </span><span class="pp-class-118 pa t19154 l22964">level </span><span class="pp-class-118 pa t19154 l22965">of </span><span class="pp-class-118 pa t19154 l1716">return </span><span class="pp-class-118 pa t19154 l22966">as </span><span class="pp-class-118 pa t19154 l22967">for </span><span class="pp-class-118 pa t19154 l22968">risk-free </span><span class="pp-class-118 pa t19154 l22969">government </span><span class="pp-class-118 pa t19154 l22970 ls786">bonds, </span><span class="pp-class-118 pa t19154 l22971 ls786">supplemented </span><span class="pp-class-118 pa t19154 l22972 ls786">by </span><span class="pp-class-118 pa t19154 l22973 ls786">a </span><span class="pp-class-118 pa t19154 l22974 ls786">risk </span><span class="pp-class-118 pa t19154 l22975">premium </span><span class="pp-class-118 pa t19159 l3">reflecting </span><span class="pp-class-118 pa t19159 l22976">the </span><span class="pp-class-118 pa t19159 l22977">estimated </span><span class="pp-class-118 pa t19159 l22978">risks </span><span class="pp-class-118 pa t19159 l10277">associated </span><span class="pp-class-118 pa t19159 l22979">with </span><span class="pp-class-118 pa t19159 l22980">investments </span><span class="pp-class-118 pa t19159 l22981">in </span><span class="pp-class-118 pa t19159 l22982">CGUs. </span><span class="pp-class-118 pa t19159 l22983">The </span><span class="pp-class-118 pa t19159 l22984">required </span><span class="pp-class-118 pa t19159 l22985">return </span><span class="pp-class-118 pa t19159 l22986 ls786">on </span><span class="pp-class-118 pa t19159 l22987 ls786">debt-financed </span><span class="pp-class-118 pa t19159 l22988">capital </span><span class="pp-class-118 pa t19159 l22989">is </span><span class="pp-class-118 pa t19165 l3">similarly </span><span class="pp-class-118 pa t19165 l18176">calculated </span><span class="pp-class-118 pa t19165 l18862">using </span><span class="pp-class-118 pa t19165 l6875">the </span><span class="pp-class-118 pa t19165 l22990">return </span><span class="pp-class-118 pa t19165 l22991">on </span><span class="pp-class-118 pa t19165 l22992">risk-free </span><span class="pp-class-118 pa t19165 l6447">government </span><span class="pp-class-118 pa t19165 l22993">bonds, </span><span class="pp-class-118 pa t19165 l22994">with </span><span class="pp-class-118 pa t19165 l22995">an </span><span class="pp-class-118 pa t19165 l22996">added </span><span class="pp-class-118 pa t19165 l22997">borrowing </span><span class="pp-class-118 pa t19165 l22998">margin </span><span class="pp-class-118 pa t19165 l22999 ls786">to </span><span class="pp-class-118 pa t19165 l23000 ls786">account </span><span class="pp-class-118 pa t19165 l23001">for </span><span class="pp-class-118 pa t19168 l3">estimated </span><span class="pp-class-118 pa t19168 l19258">company-specific </span><span class="pp-class-118 pa t19168 l6922">risk. </span><span class="pp-class-118 pa t19168 l18204">A </span><span class="pp-class-118 pa t19168 l7384">current </span><span class="pp-class-118 pa t19168 l16724">tax </span><span class="pp-class-118 pa t19168 l23002">rate </span><span class="pp-class-118 pa t19168 l23003">of </span><span class="pp-class-118 pa t19168 l23004">22% </span><span class="pp-class-118 pa t19168 l23005">is </span><span class="pp-class-118 pa t19168 l23006">applied.</span></p><p class="pp-class-107 pp-area-text"><span class="pp-class-118 pa t19180 l3">In </span><span class="pp-class-118 pa t19180 l669">2025, </span><span class="pp-class-118 pa t19180 l916">the </span><span class="pp-class-118 pa t19180 l21660">Group’s </span><span class="pp-class-118 pa t19180 l17818">weighted </span><span class="pp-class-118 pa t19180 l23007">cost </span><span class="pp-class-118 pa t19180 l23008">of </span><span class="pp-class-118 pa t19180 l23009">capital </span><span class="pp-class-118 pa t19180 l23010">before </span><span class="pp-class-118 pa t19180 l23011">tax </span><span class="pp-class-118 pa t19180 l23012">amounted </span><span class="pp-class-118 pa t19180 l23013">to </span><span class="pp-class-118 pa t19180 l23014">12.1% </span><span class="pp-class-118 pa t19180 l23015 ls786">(2024: </span><span class="pp-class-118 pa t19180 l23016 ls786">11.4%) </span><span class="pp-class-118 pa t19180 l23017">and </span><span class="pp-class-118 pa t19180 l23018">after </span><span class="pp-class-118 pa t19180 l23019 ls786">tax </span><span class="pp-class-118 pa t19180 l23020 ls786">to </span><span class="pp-class-118 pa t19180 l23021">9.97% </span><span class="pp-class-118 pa t19180 l23022">(2024: </span><span class="pp-class-118 pa t19187 l3">9.25%), </span><span class="pp-class-118 pa t19187 l10913">which </span><span class="pp-class-118 pa t19187 l23023">is </span><span class="pp-class-118 pa t19187 l20160">applicable </span><span class="pp-class-118 pa t19187 l23024">for </span><span class="pp-class-118 pa t19187 l23025">all </span><span class="pp-class-118 pa t19187 l19950">performed </span><span class="pp-class-118 pa t19187 l14890">impairment </span><span class="pp-class-118 pa t19187 l23026">tests.</span></p><p class="pp-class-107 pp-area-text"><span class="pp-class-118 pa t19198 l3">The </span><span class="pp-class-118 pa t19198 l550">acquisition </span><span class="pp-class-118 pa t19198 l14895">cost </span><span class="pp-class-118 pa t19198 l23027">of </span><span class="pp-class-118 pa t19198 l23028">the </span><span class="pp-class-118 pa t19198 l6529">Svane </span><span class="pp-class-118 pa t19198 l23029">brand, </span><span class="pp-class-118 pa t19198 l970">DKK </span><span class="pp-class-118 pa t19198 l11427">172.0 </span><span class="pp-class-118 pa t19198 l23030">million, </span><span class="pp-class-118 pa t19198 l23031">with </span><span class="pp-class-118 pa t19198 l23032">indefinite </span><span class="pp-class-118 pa t19198 l23033 ls786">useful </span><span class="pp-class-118 pa t19198 l23034 ls786">life </span><span class="pp-class-118 pa t19198 l23035">is </span><span class="pp-class-118 pa t19198 l23036 ls786">subject </span><span class="pp-class-118 pa t19198 l23037 ls786">to </span><span class="pp-class-118 pa t19198 l23038">an </span><span class="pp-class-118 pa t19198 l23039">annual </span><span class="pp-class-118 pa t19198 l23040">impair-</span><span class="pp-class-118 pa t19205 l3">ment </span><span class="pp-class-118 pa t19205 l17839">test </span><span class="pp-class-118 pa t19205 l3305">using </span><span class="pp-class-118 pa t19205 l23041">the </span><span class="pp-class-118 pa t19205 l23042">relief </span><span class="pp-class-118 pa t19205 l23043">from </span><span class="pp-class-118 pa t19205 l23044">royalty </span><span class="pp-class-118 pa t19205 l12876">method. </span><span class="pp-class-118 pa t19205 l23045">The </span><span class="pp-class-118 pa t19205 l23046">recoverable </span><span class="pp-class-118 pa t19205 l23047">amount </span><span class="pp-class-118 pa t19205 l23048">is </span><span class="pp-class-118 pa t19205 l23049 ls786">calculated </span><span class="pp-class-118 pa t19205 l23050 ls786">using </span><span class="pp-class-118 pa t19205 l23051 ls786">the </span><span class="pp-class-118 pa t19205 l23052">expected </span><span class="pp-class-118 pa t19205 l23053 ls786">cash </span><span class="pp-class-118 pa t19205 l23054">flow </span><span class="pp-class-118 pa t20438 l3">based </span><span class="pp-class-118 pa t20438 l2837">on </span><span class="pp-class-118 pa t20438 l9654">the </span><span class="pp-class-118 pa t20438 l17540">budget </span><span class="pp-class-118 pa t20438 l23055">for </span><span class="pp-class-118 pa t20438 l20373">the </span><span class="pp-class-118 pa t20438 l23056">forthcoming </span><span class="pp-class-118 pa t20438 l6924">financial </span><span class="pp-class-118 pa t20438 l23057">year, </span><span class="pp-class-118 pa t20438 l23058">a </span><span class="pp-class-118 pa t20438 l23059">forecast </span><span class="pp-class-118 pa t20438 l23060">for </span><span class="pp-class-118 pa t20438 l23061">the </span><span class="pp-class-118 pa t20438 l23062">next </span><span class="pp-class-118 pa t20438 l23063 ls786">four </span><span class="pp-class-118 pa t20438 l23064 ls786">years </span><span class="pp-class-118 pa t20438 l23065">and </span><span class="pp-class-118 pa t20438 l23066 ls786">a </span><span class="pp-class-118 pa t20438 l23067 ls786">royalty </span><span class="pp-class-118 pa t20438 l23068 ls786">on </span><span class="pp-class-118 pa t20438 l23069 ls786">the </span><span class="pp-class-118 pa t20438 l23070">expected </span><span class="pp-class-118 pa t19209 l3">brand </span><span class="pp-class-118 pa t19209 l22610">revenue, </span><span class="pp-class-118 pa t19209 l23071">discounted </span><span class="pp-class-118 pa t19209 l23072">by </span><span class="pp-class-118 pa t19209 l23073">a </span><span class="pp-class-118 pa t19209 l11557">WACC </span><span class="pp-class-118 pa t19209 l23074">after </span><span class="pp-class-118 pa t19209 l23075">tax. </span><span class="pp-class-118 pa t19209 l23076">The </span><span class="pp-class-118 pa t19209 l23077">WACC </span><span class="pp-class-118 pa t19209 l23078">is </span><span class="pp-class-118 pa t19209 l23079">based </span><span class="pp-class-118 pa t19209 l23080">on </span><span class="pp-class-118 pa t19209 l23081">similar </span><span class="pp-class-118 pa t19209 l23082">assumptions </span><span class="pp-class-118 pa t19209 l23083 ls786">to </span><span class="pp-class-118 pa t19209 l23084 ls786">the </span><span class="pp-class-118 pa t19209 l23085">above. </span><span class="pp-class-118 pa t19209 l23086 ls786">The </span><span class="pp-class-118 pa t19209 l23087 ls786">recovera-</span><span class="pp-class-118 pa t19212 l3">ble </span><span class="pp-class-118 pa t19212 l22729">amount </span><span class="pp-class-118 pa t19212 l22730">is </span><span class="pp-class-118 pa t19212 l5946">compared </span><span class="pp-class-118 pa t19212 l14827">to </span><span class="pp-class-118 pa t19212 l9750">the </span><span class="pp-class-118 pa t19212 l23088">carrying </span><span class="pp-class-118 pa t19212 l23089">amount. </span><span class="pp-class-118 pa t19212 l23090">The </span><span class="pp-class-118 pa t19212 l23091">acquisition </span><span class="pp-class-118 pa t19212 l23092">value </span><span class="pp-class-118 pa t19212 l23093">of </span><span class="pp-class-118 pa t19212 l23094">the </span><span class="pp-class-118 pa t19212 l23095 ls786">AUBO </span><span class="pp-class-118 pa t19212 l23096 ls786">brand </span><span class="pp-class-118 pa t19212 l23097">is </span><span class="pp-class-118 pa t19212 l23098">amortised </span><span class="pp-class-118 pa t19212 l23068 ls786">over </span><span class="pp-class-118 pa t19212 l23099 ls786">the </span><span class="pp-class-118 pa t19218 l3">expected </span><span class="pp-class-118 pa t19218 l17225">useful </span><span class="pp-class-118 pa t19218 l23100">life, </span><span class="pp-class-118 pa t19218 l4686">which </span><span class="pp-class-118 pa t19218 l23101">has </span><span class="pp-class-118 pa t19218 l11572">been </span><span class="pp-class-118 pa t19218 l23102">set </span><span class="pp-class-118 pa t19218 l23103">at </span><span class="pp-class-118 pa t19218 l11912">5 </span><span class="pp-class-118 pa t19218 l2216">years.</span></p><p class="pp-class-107 pp-area-text"><span class="pp-class-118 pa t19908 l3">Testing </span><span class="pp-class-118 pa t19908 l12255">of </span><span class="pp-class-118 pa t19908 l23104">goodwill </span><span class="pp-class-118 pa t19908 l18673">and </span><span class="pp-class-118 pa t19908 l23105">brand </span><span class="pp-class-118 pa t19908 l9419">did </span><span class="pp-class-118 pa t19908 l11980">not </span><span class="pp-class-118 pa t19908 l19146">lead </span><span class="pp-class-118 pa t19908 l19020">to </span><span class="pp-class-118 pa t19908 l23106">any </span><span class="pp-class-118 pa t19908 l11489">impairment </span><span class="pp-class-118 pa t19908 l23107">in </span><span class="pp-class-118 pa t19908 l23108">2025 </span><span class="pp-class-118 pa t19908 l23109">or </span><span class="pp-class-118 pa t19908 l23110">2024. </span><span class="pp-class-118 pa t19908 l23111">In </span><span class="pp-class-118 pa t19908 l23112 ls786">Management’s </span><span class="pp-class-118 pa t19908 l23113 ls786">assessment, </span><span class="pp-class-118 pa t19908 l23114 ls786">likely </span><span class="pp-class-118 pa t19228 l3">changes </span><span class="pp-class-118 pa t19228 l1541">in </span><span class="pp-class-118 pa t19228 l23115">the </span><span class="pp-class-118 pa t19228 l23116">basic </span><span class="pp-class-118 pa t19228 l11702">assumptions </span><span class="pp-class-118 pa t19228 l23117">will </span><span class="pp-class-118 pa t19228 l23118">not </span><span class="pp-class-118 pa t19228 l7285">lead </span><span class="pp-class-118 pa t19228 l23119">to </span><span class="pp-class-118 pa t19228 l18354">the </span><span class="pp-class-118 pa t19228 l23120">carrying </span><span class="pp-class-118 pa t19228 l23121">amount </span><span class="pp-class-118 pa t19228 l23122">exceeding </span><span class="pp-class-118 pa t19228 l23123 ls786">the </span><span class="pp-class-118 pa t19228 l23124 ls786">recoverable </span><span class="pp-class-118 pa t19228 l23125 ls786">amount.</span></p></div></div> <p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-120 pa t20198 l3 ls2759">Impairment </span><span class="pp-class-120 pa t20198 l20199 ls6169">testing </span><span class="pp-class-120 pa t20198 l20200 ls458">of </span><span class="pp-class-120 pa t20198 l20201 ls9542">goodwill </span><span class="pp-class-120 pa t20198 l20202 ls2759">and </span><span class="pp-class-120 pa t20198 l20203 ls176">brands</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-118 pa t20204 l3">Goodwill </span><span class="pp-class-118 pa t20204 l17225">and </span><span class="pp-class-118 pa t20204 l8742">brands </span><span class="pp-class-118 pa t20204 l20205">with </span><span class="pp-class-118 pa t20204 l20206">indefinite </span><span class="pp-class-118 pa t20204 l16867">useful </span><span class="pp-class-118 pa t20204 l20207">life </span><span class="pp-class-118 pa t20204 l20208">are </span><span class="pp-class-118 pa t20204 l20209">rec-</span><span class="pp-class-118 pa t20210 l3">ognised </span><span class="pp-class-118 pa t20210 l10501">at </span><span class="pp-class-118 pa t20210 l17145">cost </span><span class="pp-class-118 pa t20210 l20211">less </span><span class="pp-class-118 pa t20210 l20212">any </span><span class="pp-class-118 pa t20210 l20213">accumulated </span><span class="pp-class-118 pa t20210 l20214">impairment. </span><span class="pp-class-118 pa t20210 l18001">The </span><span class="pp-class-118 pa t20215 l3">Group </span><span class="pp-class-118 pa t20215 l875">performs </span><span class="pp-class-118 pa t20215 l20216">annual </span><span class="pp-class-118 pa t20215 l18027">impairment </span><span class="pp-class-118 pa t20215 l20217">tests </span><span class="pp-class-118 pa t20215 l20218">of </span><span class="pp-class-118 pa t20215 l20219">goodwill </span><span class="pp-class-118 pa t20220 l3">and </span><span class="pp-class-118 pa t20220 l1110">brands </span><span class="pp-class-118 pa t20220 l8373">in </span><span class="pp-class-118 pa t20220 l20221">accordance </span><span class="pp-class-118 pa t20220 l9586">with </span><span class="pp-class-118 pa t20220 l20222">the </span><span class="pp-class-118 pa t20220 l20223">accounting </span><span class="pp-class-118 pa t20220 l20224">policies. </span><span class="pp-class-118 pa t20225 l3">The </span><span class="pp-class-118 pa t20225 l550">assumptions </span><span class="pp-class-118 pa t20225 l20226">and </span><span class="pp-class-118 pa t20225 l20227">assessments </span><span class="pp-class-118 pa t20225 l20228">made </span><span class="pp-class-118 pa t20225 l20229">pertaining </span><span class="pp-class-118 pa t20225 l20230">to </span><span class="pp-class-118 pa t20231 l3">expected </span><span class="pp-class-118 pa t20231 l17225">cash </span><span class="pp-class-118 pa t20231 l4632">flows </span><span class="pp-class-118 pa t20231 l932">and </span><span class="pp-class-118 pa t20231 l20232">the </span><span class="pp-class-118 pa t20231 l20233">discount </span><span class="pp-class-118 pa t20231 l13703">rate </span><span class="pp-class-118 pa t20231 l20234">in </span><span class="pp-class-118 pa t20231 l20235">the </span><span class="pp-class-118 pa t20231 l20236">form </span><span class="pp-class-118 pa t20231 l20237">of </span><span class="pp-class-118 pa t20238 l3">weighted </span><span class="pp-class-118 pa t20238 l2499">average </span><span class="pp-class-118 pa t20238 l18797">cost </span><span class="pp-class-118 pa t20238 l2003">of </span><span class="pp-class-118 pa t20238 l19003">capital </span><span class="pp-class-118 pa t20238 l20239">are </span><span class="pp-class-118 pa t20238 l11102">described </span><span class="pp-class-118 pa t20238 l20240">in </span><span class="pp-class-118 pa t20238 l20241">note </span><span class="pp-class-118 pa t20238 l4644">12.</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-120 pa t20242 l3 ls20243">Acquisition </span><span class="pp-class-120 pa t20242 l20244 ls458">of </span><span class="pp-class-120 pa t20242 l17984 ls17748">entities</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-118 pa t20245 l3">In </span><span class="pp-class-118 pa t20245 l669">applying </span><span class="pp-class-118 pa t20245 l20246">the </span><span class="pp-class-118 pa t20245 l20247">acquisition </span><span class="pp-class-118 pa t20245 l20248">method </span><span class="pp-class-118 pa t20245 l4716">of </span><span class="pp-class-118 pa t20245 l20249">accounting, </span><span class="pp-class-118 pa t20245 l6915">esti-</span><span class="pp-class-118 pa t20250 l3">mates </span><span class="pp-class-118 pa t20250 l6563">are </span><span class="pp-class-118 pa t20250 l20251">an </span><span class="pp-class-118 pa t20250 l16941">integral </span><span class="pp-class-118 pa t20250 l2012">part </span><span class="pp-class-118 pa t20250 l20252">of </span><span class="pp-class-118 pa t20250 l11219">assessing </span><span class="pp-class-118 pa t20250 l20253">fair </span><span class="pp-class-118 pa t20250 l20254">values </span><span class="pp-class-118 pa t20250 l20255">of </span><span class="pp-class-118 pa t20256 l3">several </span><span class="pp-class-118 pa t20256 l20257">identifiable </span><span class="pp-class-118 pa t20256 l20258">assets </span><span class="pp-class-118 pa t20256 l20259">acquired </span><span class="pp-class-118 pa t20256 l14645">and </span><span class="pp-class-118 pa t20256 l20260">liabilities </span><span class="pp-class-118 pa t20261 l3">assumed, </span><span class="pp-class-118 pa t20261 l9400">as </span><span class="pp-class-118 pa t20261 l20262">observable </span><span class="pp-class-118 pa t20261 l20263">market </span><span class="pp-class-118 pa t20261 l7254">prices </span><span class="pp-class-118 pa t20261 l20264">are </span><span class="pp-class-118 pa t20261 l20265">typically </span><span class="pp-class-118 pa t20261 l20266">not </span><span class="pp-class-118 pa t20267 l3">available. </span><span class="pp-class-118 pa t20267 l20268">Valuation </span><span class="pp-class-118 pa t20267 l20269">techniques </span><span class="pp-class-118 pa t20267 l11096">where </span><span class="pp-class-118 pa t20267 l20270">estimates </span><span class="pp-class-118 pa t20267 l20271">are </span><span class="pp-class-118 pa t20272 l3">applied </span><span class="pp-class-118 pa t20272 l11239">typically </span><span class="pp-class-118 pa t20272 l7395">relate </span><span class="pp-class-118 pa t20272 l20273">to </span><span class="pp-class-118 pa t20272 l20274">determining </span><span class="pp-class-118 pa t20272 l20275">the </span><span class="pp-class-118 pa t20272 l19020">present </span><span class="pp-class-118 pa t20272 l20276">value </span><span class="pp-class-118 pa t20277 l3">of </span><span class="pp-class-118 pa t20277 l557">future </span><span class="pp-class-118 pa t20277 l20278">uncertain </span><span class="pp-class-118 pa t20277 l20279">cash </span><span class="pp-class-118 pa t20277 l20280">flows </span><span class="pp-class-118 pa t20277 l20281">or </span><span class="pp-class-118 pa t20277 l12943">assessing </span><span class="pp-class-118 pa t20277 l20282">other </span><span class="pp-class-118 pa t20277 l20283">events </span><span class="pp-class-118 pa t20284 l3">in </span><span class="pp-class-118 pa t20284 l1343">which </span><span class="pp-class-118 pa t20284 l6420">the </span><span class="pp-class-118 pa t20284 l20285">outcome </span><span class="pp-class-118 pa t20284 l20286">is </span><span class="pp-class-118 pa t20284 l20287">uncertain </span><span class="pp-class-118 pa t20284 l20288">at </span><span class="pp-class-118 pa t20284 l19515">the </span><span class="pp-class-118 pa t20284 l20289">date </span><span class="pp-class-118 pa t20284 l20290">of </span><span class="pp-class-118 pa t20284 l20291">acquisi-</span><span class="pp-class-118 pa t20292 l3">tion. </span><span class="pp-class-118 pa t20292 l1888">Significant </span><span class="pp-class-118 pa t20292 l20293">estimates </span><span class="pp-class-118 pa t20292 l4715">are </span><span class="pp-class-118 pa t20292 l20294">typically </span><span class="pp-class-118 pa t20292 l20295">applied </span><span class="pp-class-118 pa t20292 l15148">in </span><span class="pp-class-118 pa t20296 l3">accounting </span><span class="pp-class-118 pa t20296 l670">for </span><span class="pp-class-118 pa t20296 l20297">intangible </span><span class="pp-class-118 pa t20296 l20298">assets, </span><span class="pp-class-118 pa t20296 l20299">deferred </span><span class="pp-class-118 pa t20296 l20300">tax, </span><span class="pp-class-118 pa t20296 l20301">contin-</span><span class="pp-class-118 pa t20302 l3">gent </span><span class="pp-class-118 pa t20302 l20303">consideration </span><span class="pp-class-118 pa t20302 l6324">and </span><span class="pp-class-118 pa t20302 l20304">contingent </span><span class="pp-class-118 pa t20302 l20305">liabilities.</span></p><div class="pp-class-7" id="pp-id-3370" xmlns="http://www.w3.org/1999/xhtml"><div class="w15596 h22454 pa t2 l3 wtro4 xx16559 tro6 xx16560"><p class="pp-class-107 pp-area-text"><span class="pp-class-119 pa t16561 l3 ls15823">12. </span><span class="pp-class-119 pa t16561 l22455 ls142">Intangible </span><span class="pp-class-119 pa t16561 l22456 ls16342">assets</span></p><table><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t22457 l3 ls14110">DKK’000</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t22457 l22458 ls5830">Goodwill</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t22457 l22459 ls1116">Brands</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t22332 l22460 ls1896">Customer </span><span class="pp-class-112 pa t22457 l22461 ls20643">contracts</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t22333 l22462 ls21479">Other </span><span class="pp-class-112 pa t22332 l22463 ls21223">intangible </span><span class="pp-class-112 pa t22457 l22464 ls458">assets</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t21396 l22465 ls21479">Other </span><span class="pp-class-112 pa t22333 l21235 ls21223">intangible </span><span class="pp-class-112 pa t22332 l22466 ls16067">assets </span><span class="pp-class-112 pa t22332 l22467 ls21020">in </span><span class="pp-class-112 pa t22457 l22468 ls21031">progress</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22469 l3">Opening </span><span class="pp-class-114 pa t22469 l16085">cost </span><span class="pp-class-114 pa t22469 l22470">at </span><span class="pp-class-114 pa t22469 l22471">1 </span><span class="pp-class-114 pa t22469 l22472">January </span><span class="pp-class-114 pa t22469 l22473">2025</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22469 l22474">415,350</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22469 l22475">179,461</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22469 l22476">47,500</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22469 l22477">60,585</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22469 l22478">56,839</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22479 l3">Acquisition </span><span class="pp-class-113 pa t22479 l16257">of </span><span class="pp-class-113 pa t22479 l16258">entities</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22479 l22480 ls786">107,750</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22479 l22481 ls786">44,012</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22479 l22482">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22479 l22483 ls786">5,774</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22479 l22484">0</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22485 l3">Investments </span><span class="pp-class-113 pa t22485 l15869">for </span><span class="pp-class-113 pa t22485 l22486">the </span><span class="pp-class-113 pa t22485 l22487">period</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22485 l22488">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22485 l22489">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22485 l22482">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22485 l22490">59</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22485 l22491 ls786">34,245</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22492 l3">Disposals </span><span class="pp-class-113 pa t22492 l22493">for </span><span class="pp-class-113 pa t22492 l22494">the </span><span class="pp-class-113 pa t22492 l22495">period</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22492 l22496 ls786">(3,352) </span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22492 l22489">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22492 l22482">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22492 l22497">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22492 l22484">0</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22498 l3">Closing </span><span class="pp-class-114 pa t22498 l16156">cost </span><span class="pp-class-114 pa t22498 l22499">at </span><span class="pp-class-114 pa t22500 l3">31 </span><span class="pp-class-114 pa t22500 l22501">December </span><span class="pp-class-114 pa t22500 l22502">2025</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22500 l22503">519,748</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22500 l22504">223,473</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22500 l22476">47,500</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22500 l22505">66,418</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22500 l22506">91,084</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22507 l3">Opening </span><span class="pp-class-113 pa t22507 l22508">amortisation </span><span class="pp-class-113 pa t22507 l22509">and </span><span class="pp-class-113 pa t22510 l3">impairment </span><span class="pp-class-113 pa t22510 l22511">at </span><span class="pp-class-113 pa t22510 l22512">1 </span><span class="pp-class-113 pa t22510 l22513">January </span><span class="pp-class-113 pa t22510 l22514">2025</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22510 l22515 ls786">3,352</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22510 l22516 ls786">2,250</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22510 l22517 ls786">7,125</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22510 l22518 ls786">52,994</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22510 l22519 ls786">1,911</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22520 l3">Disposals </span><span class="pp-class-113 pa t22520 l22493">for </span><span class="pp-class-113 pa t22520 l22494">the </span><span class="pp-class-113 pa t22520 l22495">period</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22520 l22496 ls786">(3,352)</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22520 l22489">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22520 l22482">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22520 l22497">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22520 l22484">0</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22521 l3">Amortisation </span><span class="pp-class-113 pa t22521 l22522">for </span><span class="pp-class-113 pa t22521 l22523">the </span><span class="pp-class-113 pa t22521 l22524">period</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22521 l22488">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22521 l22525 ls786">1,867</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22521 l22526 ls786">4,750 </span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22521 l22527 ls786">5,245</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22521 l22484">0</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22528 l3 ls2618">Closing </span><span class="pp-class-114 pa t22528 l22529 ls7287">amortisation </span><span class="pp-class-114 pa t22528 l22530 ls22531">and </span><span class="pp-class-114 pa t22532 l3 ls22533">impairment </span><span class="pp-class-114 pa t22532 l10875 ls22534">at </span><span class="pp-class-114 pa t22532 l22535 ls22534">31 </span><span class="pp-class-114 pa t22532 l22536 ls22537">December </span><span class="pp-class-114 pa t22532 l22538 ls639">2025</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22532 l22539">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22532 l22540">4,117</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22532 l22541">11,875</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22532 l22542">58,239</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22532 l22543">1,911</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22544 l3">Closing </span><span class="pp-class-114 pa t22544 l16156">carrying </span><span class="pp-class-114 pa t22544 l22545">amount </span><span class="pp-class-114 pa t22544 l22546">at </span><span class="pp-class-114 pa t22547 l3">31 </span><span class="pp-class-114 pa t22547 l22501">December </span><span class="pp-class-114 pa t22547 l22502">2025</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22547 l22503">519,748</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22547 l22548">219,356</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22547 l22549">35,625</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22547 l22550">8,179</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22547 l22551">89,173</span></p></td></tr></table></div></div><div class="pp-class-7" id="pp-id-3371" xmlns="http://www.w3.org/1999/xhtml"><div class="w15596 h22554 pa t2 l3 wtro4 xx30 tro6 xx31"><table><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t22555 l3 ls14110">DKK’000</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t22555 l22458 ls5830">Goodwill</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t22555 l22459 ls1116">Brands</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t16059 l22460 ls1896">Customer </span><span class="pp-class-112 pa t22555 l22461 ls20643">contracts</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t16060 l22462 ls21479">Other </span><span class="pp-class-112 pa t16059 l22463 ls21223">intangible </span><span class="pp-class-112 pa t22555 l22464 ls458">assets</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t15598 l22465 ls21479">Other </span><span class="pp-class-112 pa t16060 l21235 ls21223">intangible </span><span class="pp-class-112 pa t16059 l22466 ls16067">assets </span><span class="pp-class-112 pa t16059 l22467 ls21020">in </span><span class="pp-class-112 pa t22555 l22468 ls21031">progress</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22556 l3">Opening </span><span class="pp-class-114 pa t22556 l16085">cost </span><span class="pp-class-114 pa t22556 l22470">at </span><span class="pp-class-114 pa t22556 l22471">1 </span><span class="pp-class-114 pa t22556 l22472">January </span><span class="pp-class-114 pa t22556 l22473">2024</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22556 l22474">415,350</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22556 l22475">179,461</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22556 l22476">47,500</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22556 l22557">53,578</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22556 l22558">35,576</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22559 l3">Investments </span><span class="pp-class-113 pa t22559 l15869">for </span><span class="pp-class-113 pa t22559 l22486">the </span><span class="pp-class-113 pa t22559 l22487">period</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22559 l22488">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22559 l22489">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22559 l22482">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22559 l22497">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22559 l22560 ls786">28,270</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22561 l3">Transfer</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22561 l22488">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22561 l22489">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22561 l22482">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22561 l22562 ls786">7,007</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22561 l22563 ls786">(7,007)</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22564 l3">Closing </span><span class="pp-class-114 pa t22564 l16156">cost </span><span class="pp-class-114 pa t22564 l22499">at </span><span class="pp-class-114 pa t22565 l3">31 </span><span class="pp-class-114 pa t22565 l22501">December </span><span class="pp-class-114 pa t22565 l22502">2024</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22566 l22474">415,350</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22566 l22475">179,461</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22566 l22476">47,500</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22566 l22477">60,585</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22566 l22478">56,839</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22567 l3">Opening </span><span class="pp-class-113 pa t22567 l22508">amortisation </span><span class="pp-class-113 pa t22567 l22509">and </span><span class="pp-class-113 pa t22568 l3">impairment </span><span class="pp-class-113 pa t22568 l22511">at </span><span class="pp-class-113 pa t22568 l22512">1 </span><span class="pp-class-113 pa t22568 l22513">January </span><span class="pp-class-113 pa t22568 l22514">2024</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22568 l22515 ls786">3,352</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22568 l22569">750</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22568 l22570 ls786">2,375</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22568 l22571 ls786">50,755</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22568 l22519 ls786">1,911</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22572 l3">Amortisation </span><span class="pp-class-113 pa t22572 l22522">for </span><span class="pp-class-113 pa t22572 l22523">the </span><span class="pp-class-113 pa t22572 l22524">period</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22572 l22488">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22572 l22573 ls786">1,500</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22572 l22526 ls786">4,750</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22572 l22574 ls786">2,239</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22572 l22484">0</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22575 l3">Closing </span><span class="pp-class-114 pa t22575 l16156">amortisation </span><span class="pp-class-114 pa t22576 l3">and </span><span class="pp-class-114 pa t22576 l22577">impairment </span><span class="pp-class-114 pa t22576 l22578">at </span><span class="pp-class-114 pa t22579 l3">31 </span><span class="pp-class-114 pa t22579 l22501">December </span><span class="pp-class-114 pa t22579 l22502">2024</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22576 l22580">3,352</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22576 l22581">2,250</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22576 l22582">7,125</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22576 l22583">52,994</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22576 l22543">1,911</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22584 l3">Closing </span><span class="pp-class-114 pa t22584 l16156">carrying </span><span class="pp-class-114 pa t22584 l22545">amount </span><span class="pp-class-114 pa t22584 l22546">at </span><span class="pp-class-114 pa t22585 l3">31 </span><span class="pp-class-114 pa t22585 l22586">December </span><span class="pp-class-114 pa t22585 l6788">2024</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22587 l22588">411,998</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22587 l8829">177,211</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22587 l22589">40,375</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22587 l22590">7,591</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22587 l22591">54,928</span></p></td></tr></table></div></div><div class="pp-class-7" id="pp-id-3372" xmlns="http://www.w3.org/1999/xhtml"><div class="w15596 h22592 pa t2 l3 wtro4 xx30 tro6 xx31"><p class="pp-class-107 pp-area-text"><span class="pp-class-120 pa t22593 l3 ls2759">Impairment </span><span class="pp-class-120 pa t22593 l20199 ls6169">testing </span><span class="pp-class-120 pa t22593 l20200 ls458">of </span><span class="pp-class-120 pa t22593 l20201 ls9542">goodwill </span><span class="pp-class-120 pa t22593 l20202 ls2759">and </span><span class="pp-class-120 pa t22593 l20203 ls458">brand </span></p><p class="pp-class-107 pp-area-text"><span class="pp-class-118 pa t22594 l3">At </span><span class="pp-class-118 pa t22594 l9308">the </span><span class="pp-class-118 pa t22594 l22595">end </span><span class="pp-class-118 pa t22594 l13110">of </span><span class="pp-class-118 pa t22594 l22596">2025, </span><span class="pp-class-118 pa t22594 l22597">recognised </span><span class="pp-class-118 pa t22594 l2201">goodwill </span><span class="pp-class-118 pa t22594 l22598">amounted </span><span class="pp-class-118 pa t22594 l22599">to </span><span class="pp-class-118 pa t22594 l22600">DKK </span><span class="pp-class-118 pa t22594 l22601">519.6 </span><span class="pp-class-118 pa t22594 l22602">million </span><span class="pp-class-118 pa t22594 l22603">(2024: </span><span class="pp-class-118 pa t22594 l22604">DKK </span><span class="pp-class-118 pa t22594 l22605 ls786">412.0 </span><span class="pp-class-118 pa t22594 l22606">million) </span><span class="pp-class-118 pa t22594 l22607">and </span><span class="pp-class-118 pa t22594 l22608 ls786">recognised </span><span class="pp-class-118 pa t22609 l3">brand </span><span class="pp-class-118 pa t22609 l22610">value </span><span class="pp-class-118 pa t22609 l6233">amounted </span><span class="pp-class-118 pa t22609 l22611">to </span><span class="pp-class-118 pa t22609 l22612">DKK </span><span class="pp-class-118 pa t22609 l22613">219.4 </span><span class="pp-class-118 pa t22609 l22614">million </span><span class="pp-class-118 pa t22609 l22615">(2024: </span><span class="pp-class-118 pa t22609 l22616">DKK </span><span class="pp-class-118 pa t22609 l22617">172.2 </span><span class="pp-class-118 pa t22609 l22618">million). </span></p><p class="pp-class-107 pp-area-text"><span class="pp-class-118 pa t22619 l3">Goodwill </span><span class="pp-class-118 pa t22619 l17225">is </span><span class="pp-class-118 pa t22619 l4126">allocated </span><span class="pp-class-118 pa t22619 l22620">to </span><span class="pp-class-118 pa t22619 l22621">a </span><span class="pp-class-118 pa t22619 l22622">cash-generating </span><span class="pp-class-118 pa t22619 l22623">unit </span><span class="pp-class-118 pa t22619 l22624">(CGU) </span><span class="pp-class-118 pa t22619 l22625">when </span><span class="pp-class-118 pa t22619 l22626">the </span><span class="pp-class-118 pa t22619 l22627">unit </span><span class="pp-class-118 pa t22619 l22628">is </span><span class="pp-class-118 pa t22619 l22629">acquired. </span><span class="pp-class-118 pa t22619 l22630 ls786">TCM </span><span class="pp-class-118 pa t22619 l22631 ls786">Group </span><span class="pp-class-118 pa t22619 l22632 ls786">currently </span><span class="pp-class-118 pa t22619 l22633 ls786">has </span><span class="pp-class-118 pa t22619 l22634 ls786">three </span><span class="pp-class-118 pa t22619 l22635 ls786">CGUs: </span><span class="pp-class-118 pa t22636 l3">TCM </span><span class="pp-class-118 pa t22636 l1586">Group </span><span class="pp-class-118 pa t22636 l1587">from </span><span class="pp-class-118 pa t22636 l794">the </span><span class="pp-class-118 pa t22636 l22637">acquisition </span><span class="pp-class-118 pa t22636 l22638">of </span><span class="pp-class-118 pa t22636 l22639">TCM </span><span class="pp-class-118 pa t22636 l22640">Group </span><span class="pp-class-118 pa t22636 l22641">in </span><span class="pp-class-118 pa t22636 l18001">2016, </span><span class="pp-class-118 pa t22636 l22642">DKK </span><span class="pp-class-118 pa t22636 l22643">370 </span><span class="pp-class-118 pa t22636 l22644">million </span><span class="pp-class-118 pa t22636 l22645">(2024: </span><span class="pp-class-118 pa t22636 l22646 ls786">DKK </span><span class="pp-class-118 pa t22636 l22647 ls786">370 </span><span class="pp-class-118 pa t22636 l22648 ls786">million), </span><span class="pp-class-118 pa t22636 l22649">AUBO </span><span class="pp-class-118 pa t22636 l22650 ls786">from </span><span class="pp-class-118 pa t22636 l22651 ls786">the </span><span class="pp-class-118 pa t22652 l3">acquisition </span><span class="pp-class-118 pa t22652 l861">of </span><span class="pp-class-118 pa t22652 l862">AUBO </span><span class="pp-class-118 pa t22652 l1472">Production </span><span class="pp-class-118 pa t22652 l6637">A/S </span><span class="pp-class-118 pa t22652 l6638">in </span><span class="pp-class-118 pa t22652 l20977">2023, </span><span class="pp-class-118 pa t22652 l22653">DKK </span><span class="pp-class-118 pa t22652 l22654">42 </span><span class="pp-class-118 pa t22652 l22655">million </span><span class="pp-class-118 pa t22652 l22656">(DKK </span><span class="pp-class-118 pa t22652 l22657">42 </span><span class="pp-class-118 pa t22652 l22658">million), </span><span class="pp-class-118 pa t22652 l22659 ls786">and </span><span class="pp-class-118 pa t22652 l22660 ls786">Celebert </span><span class="pp-class-118 pa t22652 l22661 ls786">from </span><span class="pp-class-118 pa t22652 l22662 ls786">the </span><span class="pp-class-118 pa t22652 l22663 ls786">acquisition </span><span class="pp-class-118 pa t22652 l22664 ls786">of </span><span class="pp-class-118 pa t22665 l3">Celebert </span><span class="pp-class-118 pa t22665 l868">ApS </span><span class="pp-class-118 pa t22665 l869">in </span><span class="pp-class-118 pa t22665 l9925">2025, </span><span class="pp-class-118 pa t22665 l22666">DKK </span><span class="pp-class-118 pa t22665 l22667">108 </span><span class="pp-class-118 pa t22665 l18956">million </span><span class="pp-class-118 pa t22665 l12860">(2024: </span><span class="pp-class-118 pa t22665 l19944">0 </span><span class="pp-class-118 pa t22665 l22668">million). </span><span class="pp-class-118 pa t22665 l22669">All </span><span class="pp-class-118 pa t22665 l22670">CGUs </span><span class="pp-class-118 pa t22665 l22671">are </span><span class="pp-class-118 pa t22665 l22672">part </span><span class="pp-class-118 pa t22665 l22673">of </span><span class="pp-class-118 pa t22665 l22674">the </span><span class="pp-class-118 pa t22665 l22675 ls786">Group’s </span><span class="pp-class-118 pa t22665 l22676 ls786">operating </span><span class="pp-class-118 pa t22665 l22677 ls786">segment </span><span class="pp-class-118 pa t22665 l22678 ls786">“Produc-</span><span class="pp-class-118 pa t22679 l3">ing </span><span class="pp-class-118 pa t22679 l18082">and </span><span class="pp-class-118 pa t22679 l22680">selling </span><span class="pp-class-118 pa t22679 l22681">kitchens, </span><span class="pp-class-118 pa t22679 l22682">bathrooms </span><span class="pp-class-118 pa t22679 l17646">and </span><span class="pp-class-118 pa t22679 l22683">storage”.</span></p><p class="pp-class-107 pp-area-text"><span class="pp-class-118 pa t22684 l3">Acquired </span><span class="pp-class-118 pa t22684 l22685">goodwill </span><span class="pp-class-118 pa t22684 l22686">in </span><span class="pp-class-118 pa t22684 l22687">2025 </span><span class="pp-class-118 pa t22684 l22688">related </span><span class="pp-class-118 pa t22684 l13107">to </span><span class="pp-class-118 pa t22684 l13108">the </span><span class="pp-class-118 pa t22684 l22689">acquisition </span><span class="pp-class-118 pa t22684 l22690">of </span><span class="pp-class-118 pa t22684 l22691">Celebert </span><span class="pp-class-118 pa t22684 l22692">ApS, </span><span class="pp-class-118 pa t22684 l22693">DKK </span><span class="pp-class-118 pa t22684 l22694">107.7 </span><span class="pp-class-118 pa t22684 l22695">million. </span><span class="pp-class-118 pa t22684 l22696">Disposal </span><span class="pp-class-118 pa t22684 l22697 ls786">of </span><span class="pp-class-118 pa t22684 l22698 ls786">goodwill </span><span class="pp-class-118 pa t22684 l22699 ls786">in </span><span class="pp-class-118 pa t22684 l22700 ls786">2025 </span><span class="pp-class-118 pa t22701 l3">arose </span><span class="pp-class-118 pa t22701 l22702">from </span><span class="pp-class-118 pa t22701 l22703">the </span><span class="pp-class-118 pa t22701 l22704">divestment </span><span class="pp-class-118 pa t22701 l16898">of </span><span class="pp-class-118 pa t22701 l10892">Svane </span><span class="pp-class-118 pa t22701 l22705">Alnabru </span><span class="pp-class-118 pa t22701 l22706">AS, </span><span class="pp-class-118 pa t22701 l22707">DKK </span><span class="pp-class-118 pa t22701 l22708">3.4 </span><span class="pp-class-118 pa t22701 l22709">million, </span><span class="pp-class-118 pa t22701 l22710">which </span><span class="pp-class-118 pa t22701 l22711">was </span><span class="pp-class-118 pa t22701 l22712">fully </span><span class="pp-class-118 pa t22701 l22713">impaired </span><span class="pp-class-118 pa t22701 l22714 ls786">in </span><span class="pp-class-118 pa t22701 l22715">2023.</span></p></div></div><div class="pp-class-7" id="pp-id-3373" xmlns="http://www.w3.org/1999/xhtml"><div class="w15596 h22716 pa t2 l3 wtro4 xx30 tro6 xx31"><p class="pp-class-107 pp-area-text"><span class="pp-class-118 pa t19047 l3">Goodwill </span><span class="pp-class-118 pa t19047 l17225">is </span><span class="pp-class-118 pa t19047 l4126">tested </span><span class="pp-class-118 pa t19047 l9618">annually </span><span class="pp-class-118 pa t19047 l22717">for </span><span class="pp-class-118 pa t19047 l22718">impairment </span><span class="pp-class-118 pa t19047 l6579">by </span><span class="pp-class-118 pa t19047 l22719">calculating </span><span class="pp-class-118 pa t19047 l22720">the </span><span class="pp-class-118 pa t19047 l22721">expected </span><span class="pp-class-118 pa t19047 l22722">recoverable </span><span class="pp-class-118 pa t19047 l22723">amount </span><span class="pp-class-118 pa t19047 l22724 ls786">of </span><span class="pp-class-118 pa t19047 l22725 ls786">the </span><span class="pp-class-118 pa t19047 l22726 ls786">CGU. </span><span class="pp-class-118 pa t19047 l22727 ls786">The </span><span class="pp-class-118 pa t19047 l22728 ls786">recovera-</span><span class="pp-class-118 pa t19048 l3">ble </span><span class="pp-class-118 pa t19048 l22729">amount </span><span class="pp-class-118 pa t19048 l22730">is </span><span class="pp-class-118 pa t19048 l5946">calculated </span><span class="pp-class-118 pa t19048 l22731">as </span><span class="pp-class-118 pa t19048 l22732">the </span><span class="pp-class-118 pa t19048 l22733">expected </span><span class="pp-class-118 pa t19048 l22734">cash </span><span class="pp-class-118 pa t19048 l22735">flow </span><span class="pp-class-118 pa t19048 l22736">discounted </span><span class="pp-class-118 pa t19048 l22737">by </span><span class="pp-class-118 pa t19048 l22738">a </span><span class="pp-class-118 pa t19048 l22739">weighted </span><span class="pp-class-118 pa t19048 l22740 ls786">average </span><span class="pp-class-118 pa t19048 l22741 ls786">cost </span><span class="pp-class-118 pa t19048 l22742 ls786">of </span><span class="pp-class-118 pa t19048 l22743 ls786">capital </span><span class="pp-class-118 pa t19048 l22744 ls786">(WACC) </span><span class="pp-class-118 pa t19048 l22745">after </span><span class="pp-class-118 pa t19048 l22746">tax </span><span class="pp-class-118 pa t19052 l3">for </span><span class="pp-class-118 pa t19052 l2129">the </span><span class="pp-class-118 pa t19052 l6661">CGU. </span><span class="pp-class-118 pa t19052 l22747">The </span><span class="pp-class-118 pa t19052 l22748">recoverable </span><span class="pp-class-118 pa t19052 l1502">amount, </span><span class="pp-class-118 pa t19052 l10916">calculated </span><span class="pp-class-118 pa t19052 l22749">in </span><span class="pp-class-118 pa t19052 l12247">conjunction </span><span class="pp-class-118 pa t19052 l22750">with </span><span class="pp-class-118 pa t19052 l22751">this, </span><span class="pp-class-118 pa t19052 l22752">is </span><span class="pp-class-118 pa t19052 l22753 ls786">compared </span><span class="pp-class-118 pa t19052 l22754 ls786">to </span><span class="pp-class-118 pa t19052 l21204 ls786">the </span><span class="pp-class-118 pa t19052 l22755 ls786">carrying </span><span class="pp-class-118 pa t19052 l22756">amount </span><span class="pp-class-118 pa t19052 l22757">for </span><span class="pp-class-118 pa t19052 l22758 ls786">the </span><span class="pp-class-118 pa t19059 l3">CGU. </span><span class="pp-class-118 pa t19059 l9522">The </span><span class="pp-class-118 pa t19059 l7700">starting </span><span class="pp-class-118 pa t19059 l22759">point </span><span class="pp-class-118 pa t19059 l22760">of </span><span class="pp-class-118 pa t19059 l22761">the </span><span class="pp-class-118 pa t19059 l22762">calculation </span><span class="pp-class-118 pa t19059 l22763">is </span><span class="pp-class-118 pa t19059 l12950">the </span><span class="pp-class-118 pa t19059 l22764">estimated </span><span class="pp-class-118 pa t19059 l22765">future </span><span class="pp-class-118 pa t19059 l22766">cash </span><span class="pp-class-118 pa t19059 l22767">flows </span><span class="pp-class-118 pa t19059 l22768">based </span><span class="pp-class-118 pa t19059 l22769 ls786">on </span><span class="pp-class-118 pa t19059 l22770 ls786">the </span><span class="pp-class-118 pa t19059 l22771 ls786">financial </span><span class="pp-class-118 pa t19059 l22772 ls786">budget </span><span class="pp-class-118 pa t19059 l22773">for </span><span class="pp-class-118 pa t19059 l22774 ls786">the </span><span class="pp-class-118 pa t19063 l3">forthcoming </span><span class="pp-class-118 pa t19063 l22775">financial </span><span class="pp-class-118 pa t19063 l22776">year. </span><span class="pp-class-118 pa t19063 l22777">A </span><span class="pp-class-118 pa t19063 l12927">forecast </span><span class="pp-class-118 pa t19063 l17272">for </span><span class="pp-class-118 pa t19063 l22778">the </span><span class="pp-class-118 pa t19063 l20105">next </span><span class="pp-class-118 pa t19063 l760">four </span><span class="pp-class-118 pa t19063 l22779">years </span><span class="pp-class-118 pa t19063 l22780">is </span><span class="pp-class-118 pa t19063 l22781">prepared </span><span class="pp-class-118 pa t19063 l22782">based </span><span class="pp-class-118 pa t19063 l22783 ls786">on </span><span class="pp-class-118 pa t19063 l22784 ls786">this </span><span class="pp-class-118 pa t19063 l22785 ls786">budget </span><span class="pp-class-118 pa t19063 l22786">and </span><span class="pp-class-118 pa t19063 l22787 ls786">expectations </span><span class="pp-class-118 pa t19067 l3">regarding </span><span class="pp-class-118 pa t19067 l1520">market </span><span class="pp-class-118 pa t19067 l3271">trends </span><span class="pp-class-118 pa t19067 l22788">and </span><span class="pp-class-118 pa t19067 l22789">sales </span><span class="pp-class-118 pa t19067 l10722">mix </span><span class="pp-class-118 pa t19067 l22790">in </span><span class="pp-class-118 pa t19067 l2126">the </span><span class="pp-class-118 pa t19067 l22791">years </span><span class="pp-class-118 pa t19067 l22792">ahead, </span><span class="pp-class-118 pa t19067 l22793">reflecting </span><span class="pp-class-118 pa t19067 l22794">past </span><span class="pp-class-118 pa t19067 l22795">experience.</span></p><p class="pp-class-107 pp-area-text"><span class="pp-class-118 pa t19078 l3">When </span><span class="pp-class-118 pa t19078 l17303">estimating </span><span class="pp-class-118 pa t19078 l22796">expected </span><span class="pp-class-118 pa t19078 l1867">future </span><span class="pp-class-118 pa t19078 l740">cash </span><span class="pp-class-118 pa t19078 l11815">flows, </span><span class="pp-class-118 pa t19078 l20105">key </span><span class="pp-class-118 pa t19078 l22797">assumptions </span><span class="pp-class-118 pa t19078 l22798">include </span><span class="pp-class-118 pa t19078 l22799">projected </span><span class="pp-class-118 pa t19078 l22800 ls786">demand </span><span class="pp-class-118 pa t19078 l22801">growth, </span><span class="pp-class-118 pa t19078 l22802 ls786">increases </span><span class="pp-class-118 pa t19078 l22803 ls786">in </span><span class="pp-class-118 pa t19078 l22804">net </span><span class="pp-class-118 pa t19083 l3">sales, </span><span class="pp-class-118 pa t19083 l8693">improvements </span><span class="pp-class-118 pa t19083 l22805">in </span><span class="pp-class-118 pa t19083 l2503">gross </span><span class="pp-class-118 pa t19083 l22806">and </span><span class="pp-class-118 pa t19083 l22807">operating </span><span class="pp-class-118 pa t19083 l22808">margins, </span><span class="pp-class-118 pa t19083 l22809">as </span><span class="pp-class-118 pa t19083 l22810">well </span><span class="pp-class-118 pa t19083 l22811">as </span><span class="pp-class-118 pa t19083 l22812">requirements </span><span class="pp-class-118 pa t19083 l22813">for </span><span class="pp-class-118 pa t19083 l22814 ls786">working </span><span class="pp-class-118 pa t19083 l22815 ls786">capital </span><span class="pp-class-118 pa t19083 l22816">and </span><span class="pp-class-118 pa t19083 l22817 ls786">CapEx. </span><span class="pp-class-118 pa t19083 l22818">Various </span><span class="pp-class-118 pa t19087 l3">macroeconomic </span><span class="pp-class-118 pa t19087 l9302">indicators </span><span class="pp-class-118 pa t19087 l22819">- </span><span class="pp-class-118 pa t19087 l3230">such </span><span class="pp-class-118 pa t19087 l22820">as </span><span class="pp-class-118 pa t19087 l22821">data </span><span class="pp-class-118 pa t19087 l22822">on </span><span class="pp-class-118 pa t19087 l22823">residential </span><span class="pp-class-118 pa t19087 l22824">property </span><span class="pp-class-118 pa t19087 l22825">sales </span><span class="pp-class-118 pa t19087 l22826">in </span><span class="pp-class-118 pa t19087 l22827">the </span><span class="pp-class-118 pa t19087 l22828">markets </span><span class="pp-class-118 pa t19087 l22829">where </span><span class="pp-class-118 pa t19087 l22830 ls786">the </span><span class="pp-class-118 pa t19087 l22831 ls786">Group </span><span class="pp-class-118 pa t19087 l22832">operates </span><span class="pp-class-118 pa t19087 l22833">- </span><span class="pp-class-118 pa t19087 l22834">are </span><span class="pp-class-118 pa t19093 l3">considered </span><span class="pp-class-118 pa t19093 l8409">to </span><span class="pp-class-118 pa t19093 l22835">analyse </span><span class="pp-class-118 pa t19093 l18438">the </span><span class="pp-class-118 pa t19093 l22836">business </span><span class="pp-class-118 pa t19093 l13003">environment, </span><span class="pp-class-118 pa t19093 l22837">supported </span><span class="pp-class-118 pa t19093 l22838">by </span><span class="pp-class-118 pa t19093 l22839">both </span><span class="pp-class-118 pa t19093 l22840">external </span><span class="pp-class-118 pa t19093 l22841">and </span><span class="pp-class-118 pa t19093 l22842 ls786">internal </span><span class="pp-class-118 pa t19093 l22843 ls786">assessments. </span><span class="pp-class-118 pa t19093 l22844 ls786">Based </span><span class="pp-class-118 pa t19093 l22845 ls786">on </span><span class="pp-class-118 pa t19093 l22846 ls786">these </span><span class="pp-class-118 pa t19097 l3">analyses, </span><span class="pp-class-118 pa t19097 l22847">Management </span><span class="pp-class-118 pa t19097 l13482">has </span><span class="pp-class-118 pa t19097 l22848">applied </span><span class="pp-class-118 pa t19097 l14455">a </span><span class="pp-class-118 pa t19097 l15119">projected </span><span class="pp-class-118 pa t19097 l22849">low- </span><span class="pp-class-118 pa t19097 l22850">to </span><span class="pp-class-118 pa t19097 l22851">mid-single-digit </span><span class="pp-class-118 pa t19097 l22852">growth </span><span class="pp-class-118 pa t19097 l22853">rate </span><span class="pp-class-118 pa t19097 l22854 ls786">in </span><span class="pp-class-118 pa t19097 l22855">net </span><span class="pp-class-118 pa t19097 l22856 ls786">sales </span><span class="pp-class-118 pa t19097 l22857 ls786">over </span><span class="pp-class-118 pa t19097 l22858 ls786">the </span><span class="pp-class-118 pa t19097 l22859">forecast </span><span class="pp-class-118 pa t19804 l3">period, </span><span class="pp-class-118 pa t19804 l22860">driven </span><span class="pp-class-118 pa t19804 l22861">by </span><span class="pp-class-118 pa t19804 l10004">an </span><span class="pp-class-118 pa t19804 l15410">anticipated </span><span class="pp-class-118 pa t19804 l22862">positive </span><span class="pp-class-118 pa t19804 l22863">development </span><span class="pp-class-118 pa t19804 l22864">in </span><span class="pp-class-118 pa t19804 l22865">residential </span><span class="pp-class-118 pa t19804 l22866">property </span><span class="pp-class-118 pa t19804 l22867">sales </span><span class="pp-class-118 pa t19804 l22868">and </span><span class="pp-class-118 pa t19804 l22869">an </span><span class="pp-class-118 pa t19804 l22870">anticipated </span><span class="pp-class-118 pa t19804 l22871 ls786">recovery </span><span class="pp-class-118 pa t19804 l22872 ls786">in </span><span class="pp-class-118 pa t19804 l22873 ls786">the </span><span class="pp-class-118 pa t19099 l3">B2B </span><span class="pp-class-118 pa t19099 l22874">project </span><span class="pp-class-118 pa t19099 l22875">market, </span><span class="pp-class-118 pa t19099 l22876">as </span><span class="pp-class-118 pa t19099 l13521">described </span><span class="pp-class-118 pa t19099 l11677">in </span><span class="pp-class-118 pa t19099 l22877">the </span><span class="pp-class-118 pa t19099 l22878">Management </span><span class="pp-class-118 pa t19099 l22879">Review. </span><span class="pp-class-118 pa t19099 l22880">This </span><span class="pp-class-118 pa t19099 l22881">assumption </span><span class="pp-class-118 pa t19099 l22882">is </span><span class="pp-class-118 pa t19099 l22883 ls786">applicable </span><span class="pp-class-118 pa t19099 l22884">for </span><span class="pp-class-118 pa t19099 l22885 ls786">all </span><span class="pp-class-118 pa t19099 l22886 ls786">performed </span><span class="pp-class-118 pa t19099 l22887">impair-</span><span class="pp-class-118 pa t19105 l3">ment </span><span class="pp-class-118 pa t19105 l17839">tests.</span></p><p class="pp-class-107 pp-area-text"><span class="pp-class-118 pa t19118 l3">Gross </span><span class="pp-class-118 pa t19118 l2771">and </span><span class="pp-class-118 pa t19118 l22888">operating </span><span class="pp-class-118 pa t19118 l17717">margins </span><span class="pp-class-118 pa t19118 l22889">are </span><span class="pp-class-118 pa t19118 l5959">expected </span><span class="pp-class-118 pa t19118 l22890">to </span><span class="pp-class-118 pa t19118 l22891">improve </span><span class="pp-class-118 pa t19118 l22892">gradually </span><span class="pp-class-118 pa t19118 l22893">during </span><span class="pp-class-118 pa t19118 l22894">the </span><span class="pp-class-118 pa t19118 l22895 ls786">forecast </span><span class="pp-class-118 pa t19118 l22896 ls786">period, </span><span class="pp-class-118 pa t19118 l22897">reflecting </span><span class="pp-class-118 pa t19118 l22898">changes </span><span class="pp-class-118 pa t19118 l22899 ls786">in </span><span class="pp-class-118 pa t19118 l22900 ls786">the </span><span class="pp-class-118 pa t19123 l3">sales </span><span class="pp-class-118 pa t19123 l3350">mix </span><span class="pp-class-118 pa t19123 l22901">and </span><span class="pp-class-118 pa t19123 l10288">the </span><span class="pp-class-118 pa t19123 l22902">implementation </span><span class="pp-class-118 pa t19123 l22903">of </span><span class="pp-class-118 pa t19123 l22904">various </span><span class="pp-class-118 pa t19123 l22905">strategic </span><span class="pp-class-118 pa t19123 l22906">initiatives. </span><span class="pp-class-118 pa t19123 l22143">These </span><span class="pp-class-118 pa t19123 l22907 ls786">assumptions </span><span class="pp-class-118 pa t19123 l22908 ls786">also </span><span class="pp-class-118 pa t19123 l22909 ls786">account </span><span class="pp-class-118 pa t19123 l22910">for </span><span class="pp-class-118 pa t19123 l22911 ls786">the </span><span class="pp-class-118 pa t19123 l22912">Group’s </span><span class="pp-class-118 pa t19129 l3">long-term </span><span class="pp-class-118 pa t19129 l22913">strategic </span><span class="pp-class-118 pa t19129 l22914">efforts, </span><span class="pp-class-118 pa t19129 l20393">including </span><span class="pp-class-118 pa t19129 l11430">differentiated </span><span class="pp-class-118 pa t19129 l22915">branding, </span><span class="pp-class-118 pa t19129 l22916">central </span><span class="pp-class-118 pa t19129 l22917">sourcing, </span><span class="pp-class-118 pa t19129 l22918 ls786">manufacturing </span><span class="pp-class-118 pa t19129 l22919 ls786">optimisation </span><span class="pp-class-118 pa t19129 l22920">and </span><span class="pp-class-118 pa t19135 l3">product </span><span class="pp-class-118 pa t19135 l1964">development. </span><span class="pp-class-118 pa t19135 l22921">To </span><span class="pp-class-118 pa t19135 l7448">project </span><span class="pp-class-118 pa t19135 l8498">cash </span><span class="pp-class-118 pa t19135 l1093">flows </span><span class="pp-class-118 pa t19135 l22922">beyond </span><span class="pp-class-118 pa t19135 l22923">the </span><span class="pp-class-118 pa t19135 l22924">initial </span><span class="pp-class-118 pa t19135 l22925">5-year </span><span class="pp-class-118 pa t19135 l22926">period, </span><span class="pp-class-118 pa t19135 l22927">a </span><span class="pp-class-118 pa t19135 l22928 ls786">growth </span><span class="pp-class-118 pa t19135 l22929 ls786">rate </span><span class="pp-class-118 pa t19135 l22930 ls786">of </span><span class="pp-class-118 pa t19135 l22931 ls786">3% </span><span class="pp-class-118 pa t19135 l22932 ls786">(2024: </span><span class="pp-class-118 pa t19135 l22933 ls786">2%) </span><span class="pp-class-118 pa t19135 l22934 ls786">has </span><span class="pp-class-118 pa t19135 l22935 ls786">been </span><span class="pp-class-118 pa t19841 l3">applied.</span></p><p class="pp-class-107 pp-area-text"><span class="pp-class-118 pa t19143 l3">The </span><span class="pp-class-118 pa t19143 l550">WACC </span><span class="pp-class-118 pa t19143 l10438">is </span><span class="pp-class-118 pa t19143 l22936">calculated </span><span class="pp-class-118 pa t19143 l22937">based </span><span class="pp-class-118 pa t19143 l8787">on </span><span class="pp-class-118 pa t19143 l22938">the </span><span class="pp-class-118 pa t19143 l22939">average </span><span class="pp-class-118 pa t19143 l22940">debt-to-equity </span><span class="pp-class-118 pa t19143 l22941">ratio </span><span class="pp-class-118 pa t19143 l22942">of </span><span class="pp-class-118 pa t19143 l22943">large </span><span class="pp-class-118 pa t19143 l22944 ls786">companies </span><span class="pp-class-118 pa t19143 l22945 ls786">in </span><span class="pp-class-118 pa t19143 l22946 ls786">similar </span><span class="pp-class-118 pa t19143 l22947 ls786">industries </span><span class="pp-class-118 pa t19143 l22948">and </span><span class="pp-class-118 pa t19143 l22949 ls786">the </span><span class="pp-class-118 pa t19148 l3">respective </span><span class="pp-class-118 pa t19148 l22950">costs </span><span class="pp-class-118 pa t19148 l14428">of </span><span class="pp-class-118 pa t19148 l11953">debt </span><span class="pp-class-118 pa t19148 l22951">and </span><span class="pp-class-118 pa t19148 l10295">equity. </span><span class="pp-class-118 pa t19148 l22952">The </span><span class="pp-class-118 pa t19148 l16944">cost </span><span class="pp-class-118 pa t19148 l22953">of </span><span class="pp-class-118 pa t19148 l13477">shareholders’ </span><span class="pp-class-118 pa t19148 l22954">equity </span><span class="pp-class-118 pa t19148 l22955">is </span><span class="pp-class-118 pa t19148 l22956 ls786">determined </span><span class="pp-class-118 pa t19148 l22957">under </span><span class="pp-class-118 pa t19148 l22958 ls786">the </span><span class="pp-class-118 pa t19148 l22959 ls786">assumption </span><span class="pp-class-118 pa t19148 l22960 ls786">that </span><span class="pp-class-118 pa t19148 l22961 ls786">all </span><span class="pp-class-118 pa t19154 l3">investors </span><span class="pp-class-118 pa t19154 l9744">require </span><span class="pp-class-118 pa t19154 l22962">at </span><span class="pp-class-118 pa t19154 l1308">least </span><span class="pp-class-118 pa t19154 l9446">the </span><span class="pp-class-118 pa t19154 l22963">same </span><span class="pp-class-118 pa t19154 l22964">level </span><span class="pp-class-118 pa t19154 l22965">of </span><span class="pp-class-118 pa t19154 l1716">return </span><span class="pp-class-118 pa t19154 l22966">as </span><span class="pp-class-118 pa t19154 l22967">for </span><span class="pp-class-118 pa t19154 l22968">risk-free </span><span class="pp-class-118 pa t19154 l22969">government </span><span class="pp-class-118 pa t19154 l22970 ls786">bonds, </span><span class="pp-class-118 pa t19154 l22971 ls786">supplemented </span><span class="pp-class-118 pa t19154 l22972 ls786">by </span><span class="pp-class-118 pa t19154 l22973 ls786">a </span><span class="pp-class-118 pa t19154 l22974 ls786">risk </span><span class="pp-class-118 pa t19154 l22975">premium </span><span class="pp-class-118 pa t19159 l3">reflecting </span><span class="pp-class-118 pa t19159 l22976">the </span><span class="pp-class-118 pa t19159 l22977">estimated </span><span class="pp-class-118 pa t19159 l22978">risks </span><span class="pp-class-118 pa t19159 l10277">associated </span><span class="pp-class-118 pa t19159 l22979">with </span><span class="pp-class-118 pa t19159 l22980">investments </span><span class="pp-class-118 pa t19159 l22981">in </span><span class="pp-class-118 pa t19159 l22982">CGUs. </span><span class="pp-class-118 pa t19159 l22983">The </span><span class="pp-class-118 pa t19159 l22984">required </span><span class="pp-class-118 pa t19159 l22985">return </span><span class="pp-class-118 pa t19159 l22986 ls786">on </span><span class="pp-class-118 pa t19159 l22987 ls786">debt-financed </span><span class="pp-class-118 pa t19159 l22988">capital </span><span class="pp-class-118 pa t19159 l22989">is </span><span class="pp-class-118 pa t19165 l3">similarly </span><span class="pp-class-118 pa t19165 l18176">calculated </span><span class="pp-class-118 pa t19165 l18862">using </span><span class="pp-class-118 pa t19165 l6875">the </span><span class="pp-class-118 pa t19165 l22990">return </span><span class="pp-class-118 pa t19165 l22991">on </span><span class="pp-class-118 pa t19165 l22992">risk-free </span><span class="pp-class-118 pa t19165 l6447">government </span><span class="pp-class-118 pa t19165 l22993">bonds, </span><span class="pp-class-118 pa t19165 l22994">with </span><span class="pp-class-118 pa t19165 l22995">an </span><span class="pp-class-118 pa t19165 l22996">added </span><span class="pp-class-118 pa t19165 l22997">borrowing </span><span class="pp-class-118 pa t19165 l22998">margin </span><span class="pp-class-118 pa t19165 l22999 ls786">to </span><span class="pp-class-118 pa t19165 l23000 ls786">account </span><span class="pp-class-118 pa t19165 l23001">for </span><span class="pp-class-118 pa t19168 l3">estimated </span><span class="pp-class-118 pa t19168 l19258">company-specific </span><span class="pp-class-118 pa t19168 l6922">risk. </span><span class="pp-class-118 pa t19168 l18204">A </span><span class="pp-class-118 pa t19168 l7384">current </span><span class="pp-class-118 pa t19168 l16724">tax </span><span class="pp-class-118 pa t19168 l23002">rate </span><span class="pp-class-118 pa t19168 l23003">of </span><span class="pp-class-118 pa t19168 l23004">22% </span><span class="pp-class-118 pa t19168 l23005">is </span><span class="pp-class-118 pa t19168 l23006">applied.</span></p><p class="pp-class-107 pp-area-text"><span class="pp-class-118 pa t19180 l3">In </span><span class="pp-class-118 pa t19180 l669">2025, </span><span class="pp-class-118 pa t19180 l916">the </span><span class="pp-class-118 pa t19180 l21660">Group’s </span><span class="pp-class-118 pa t19180 l17818">weighted </span><span class="pp-class-118 pa t19180 l23007">cost </span><span class="pp-class-118 pa t19180 l23008">of </span><span class="pp-class-118 pa t19180 l23009">capital </span><span class="pp-class-118 pa t19180 l23010">before </span><span class="pp-class-118 pa t19180 l23011">tax </span><span class="pp-class-118 pa t19180 l23012">amounted </span><span class="pp-class-118 pa t19180 l23013">to </span><span class="pp-class-118 pa t19180 l23014">12.1% </span><span class="pp-class-118 pa t19180 l23015 ls786">(2024: </span><span class="pp-class-118 pa t19180 l23016 ls786">11.4%) </span><span class="pp-class-118 pa t19180 l23017">and </span><span class="pp-class-118 pa t19180 l23018">after </span><span class="pp-class-118 pa t19180 l23019 ls786">tax </span><span class="pp-class-118 pa t19180 l23020 ls786">to </span><span class="pp-class-118 pa t19180 l23021">9.97% </span><span class="pp-class-118 pa t19180 l23022">(2024: </span><span class="pp-class-118 pa t19187 l3">9.25%), </span><span class="pp-class-118 pa t19187 l10913">which </span><span class="pp-class-118 pa t19187 l23023">is </span><span class="pp-class-118 pa t19187 l20160">applicable </span><span class="pp-class-118 pa t19187 l23024">for </span><span class="pp-class-118 pa t19187 l23025">all </span><span class="pp-class-118 pa t19187 l19950">performed </span><span class="pp-class-118 pa t19187 l14890">impairment </span><span class="pp-class-118 pa t19187 l23026">tests.</span></p><p class="pp-class-107 pp-area-text"><span class="pp-class-118 pa t19198 l3">The </span><span class="pp-class-118 pa t19198 l550">acquisition </span><span class="pp-class-118 pa t19198 l14895">cost </span><span class="pp-class-118 pa t19198 l23027">of </span><span class="pp-class-118 pa t19198 l23028">the </span><span class="pp-class-118 pa t19198 l6529">Svane </span><span class="pp-class-118 pa t19198 l23029">brand, </span><span class="pp-class-118 pa t19198 l970">DKK </span><span class="pp-class-118 pa t19198 l11427">172.0 </span><span class="pp-class-118 pa t19198 l23030">million, </span><span class="pp-class-118 pa t19198 l23031">with </span><span class="pp-class-118 pa t19198 l23032">indefinite </span><span class="pp-class-118 pa t19198 l23033 ls786">useful </span><span class="pp-class-118 pa t19198 l23034 ls786">life </span><span class="pp-class-118 pa t19198 l23035">is </span><span class="pp-class-118 pa t19198 l23036 ls786">subject </span><span class="pp-class-118 pa t19198 l23037 ls786">to </span><span class="pp-class-118 pa t19198 l23038">an </span><span class="pp-class-118 pa t19198 l23039">annual </span><span class="pp-class-118 pa t19198 l23040">impair-</span><span class="pp-class-118 pa t19205 l3">ment </span><span class="pp-class-118 pa t19205 l17839">test </span><span class="pp-class-118 pa t19205 l3305">using </span><span class="pp-class-118 pa t19205 l23041">the </span><span class="pp-class-118 pa t19205 l23042">relief </span><span class="pp-class-118 pa t19205 l23043">from </span><span class="pp-class-118 pa t19205 l23044">royalty </span><span class="pp-class-118 pa t19205 l12876">method. </span><span class="pp-class-118 pa t19205 l23045">The </span><span class="pp-class-118 pa t19205 l23046">recoverable </span><span class="pp-class-118 pa t19205 l23047">amount </span><span class="pp-class-118 pa t19205 l23048">is </span><span class="pp-class-118 pa t19205 l23049 ls786">calculated </span><span class="pp-class-118 pa t19205 l23050 ls786">using </span><span class="pp-class-118 pa t19205 l23051 ls786">the </span><span class="pp-class-118 pa t19205 l23052">expected </span><span class="pp-class-118 pa t19205 l23053 ls786">cash </span><span class="pp-class-118 pa t19205 l23054">flow </span><span class="pp-class-118 pa t20438 l3">based </span><span class="pp-class-118 pa t20438 l2837">on </span><span class="pp-class-118 pa t20438 l9654">the </span><span class="pp-class-118 pa t20438 l17540">budget </span><span class="pp-class-118 pa t20438 l23055">for </span><span class="pp-class-118 pa t20438 l20373">the </span><span class="pp-class-118 pa t20438 l23056">forthcoming </span><span class="pp-class-118 pa t20438 l6924">financial </span><span class="pp-class-118 pa t20438 l23057">year, </span><span class="pp-class-118 pa t20438 l23058">a </span><span class="pp-class-118 pa t20438 l23059">forecast </span><span class="pp-class-118 pa t20438 l23060">for </span><span class="pp-class-118 pa t20438 l23061">the </span><span class="pp-class-118 pa t20438 l23062">next </span><span class="pp-class-118 pa t20438 l23063 ls786">four </span><span class="pp-class-118 pa t20438 l23064 ls786">years </span><span class="pp-class-118 pa t20438 l23065">and </span><span class="pp-class-118 pa t20438 l23066 ls786">a </span><span class="pp-class-118 pa t20438 l23067 ls786">royalty </span><span class="pp-class-118 pa t20438 l23068 ls786">on </span><span class="pp-class-118 pa t20438 l23069 ls786">the </span><span class="pp-class-118 pa t20438 l23070">expected </span><span class="pp-class-118 pa t19209 l3">brand </span><span class="pp-class-118 pa t19209 l22610">revenue, </span><span class="pp-class-118 pa t19209 l23071">discounted </span><span class="pp-class-118 pa t19209 l23072">by </span><span class="pp-class-118 pa t19209 l23073">a </span><span class="pp-class-118 pa t19209 l11557">WACC </span><span class="pp-class-118 pa t19209 l23074">after </span><span class="pp-class-118 pa t19209 l23075">tax. </span><span class="pp-class-118 pa t19209 l23076">The </span><span class="pp-class-118 pa t19209 l23077">WACC </span><span class="pp-class-118 pa t19209 l23078">is </span><span class="pp-class-118 pa t19209 l23079">based </span><span class="pp-class-118 pa t19209 l23080">on </span><span class="pp-class-118 pa t19209 l23081">similar </span><span class="pp-class-118 pa t19209 l23082">assumptions </span><span class="pp-class-118 pa t19209 l23083 ls786">to </span><span class="pp-class-118 pa t19209 l23084 ls786">the </span><span class="pp-class-118 pa t19209 l23085">above. </span><span class="pp-class-118 pa t19209 l23086 ls786">The </span><span class="pp-class-118 pa t19209 l23087 ls786">recovera-</span><span class="pp-class-118 pa t19212 l3">ble </span><span class="pp-class-118 pa t19212 l22729">amount </span><span class="pp-class-118 pa t19212 l22730">is </span><span class="pp-class-118 pa t19212 l5946">compared </span><span class="pp-class-118 pa t19212 l14827">to </span><span class="pp-class-118 pa t19212 l9750">the </span><span class="pp-class-118 pa t19212 l23088">carrying </span><span class="pp-class-118 pa t19212 l23089">amount. </span><span class="pp-class-118 pa t19212 l23090">The </span><span class="pp-class-118 pa t19212 l23091">acquisition </span><span class="pp-class-118 pa t19212 l23092">value </span><span class="pp-class-118 pa t19212 l23093">of </span><span class="pp-class-118 pa t19212 l23094">the </span><span class="pp-class-118 pa t19212 l23095 ls786">AUBO </span><span class="pp-class-118 pa t19212 l23096 ls786">brand </span><span class="pp-class-118 pa t19212 l23097">is </span><span class="pp-class-118 pa t19212 l23098">amortised </span><span class="pp-class-118 pa t19212 l23068 ls786">over </span><span class="pp-class-118 pa t19212 l23099 ls786">the </span><span class="pp-class-118 pa t19218 l3">expected </span><span class="pp-class-118 pa t19218 l17225">useful </span><span class="pp-class-118 pa t19218 l23100">life, </span><span class="pp-class-118 pa t19218 l4686">which </span><span class="pp-class-118 pa t19218 l23101">has </span><span class="pp-class-118 pa t19218 l11572">been </span><span class="pp-class-118 pa t19218 l23102">set </span><span class="pp-class-118 pa t19218 l23103">at </span><span class="pp-class-118 pa t19218 l11912">5 </span><span class="pp-class-118 pa t19218 l2216">years.</span></p><p class="pp-class-107 pp-area-text"><span class="pp-class-118 pa t19908 l3">Testing </span><span class="pp-class-118 pa t19908 l12255">of </span><span class="pp-class-118 pa t19908 l23104">goodwill </span><span class="pp-class-118 pa t19908 l18673">and </span><span class="pp-class-118 pa t19908 l23105">brand </span><span class="pp-class-118 pa t19908 l9419">did </span><span class="pp-class-118 pa t19908 l11980">not </span><span class="pp-class-118 pa t19908 l19146">lead </span><span class="pp-class-118 pa t19908 l19020">to </span><span class="pp-class-118 pa t19908 l23106">any </span><span class="pp-class-118 pa t19908 l11489">impairment </span><span class="pp-class-118 pa t19908 l23107">in </span><span class="pp-class-118 pa t19908 l23108">2025 </span><span class="pp-class-118 pa t19908 l23109">or </span><span class="pp-class-118 pa t19908 l23110">2024. </span><span class="pp-class-118 pa t19908 l23111">In </span><span class="pp-class-118 pa t19908 l23112 ls786">Management’s </span><span class="pp-class-118 pa t19908 l23113 ls786">assessment, </span><span class="pp-class-118 pa t19908 l23114 ls786">likely </span><span class="pp-class-118 pa t19228 l3">changes </span><span class="pp-class-118 pa t19228 l1541">in </span><span class="pp-class-118 pa t19228 l23115">the </span><span class="pp-class-118 pa t19228 l23116">basic </span><span class="pp-class-118 pa t19228 l11702">assumptions </span><span class="pp-class-118 pa t19228 l23117">will </span><span class="pp-class-118 pa t19228 l23118">not </span><span class="pp-class-118 pa t19228 l7285">lead </span><span class="pp-class-118 pa t19228 l23119">to </span><span class="pp-class-118 pa t19228 l18354">the </span><span class="pp-class-118 pa t19228 l23120">carrying </span><span class="pp-class-118 pa t19228 l23121">amount </span><span class="pp-class-118 pa t19228 l23122">exceeding </span><span class="pp-class-118 pa t19228 l23123 ls786">the </span><span class="pp-class-118 pa t19228 l23124 ls786">recoverable </span><span class="pp-class-118 pa t19228 l23125 ls786">amount.</span></p></div></div> <p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-120 pa t20198 l3 ls2759">Impairment </span><span class="pp-class-120 pa t20198 l20199 ls6169">testing </span><span class="pp-class-120 pa t20198 l20200 ls458">of </span><span class="pp-class-120 pa t20198 l20201 ls9542">goodwill </span><span class="pp-class-120 pa t20198 l20202 ls2759">and </span><span class="pp-class-120 pa t20198 l20203 ls176">brands</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-118 pa t20204 l3">Goodwill </span><span class="pp-class-118 pa t20204 l17225">and </span><span class="pp-class-118 pa t20204 l8742">brands </span><span class="pp-class-118 pa t20204 l20205">with </span><span class="pp-class-118 pa t20204 l20206">indefinite </span><span class="pp-class-118 pa t20204 l16867">useful </span><span class="pp-class-118 pa t20204 l20207">life </span><span class="pp-class-118 pa t20204 l20208">are </span><span class="pp-class-118 pa t20204 l20209">rec-</span><span class="pp-class-118 pa t20210 l3">ognised </span><span class="pp-class-118 pa t20210 l10501">at </span><span class="pp-class-118 pa t20210 l17145">cost </span><span class="pp-class-118 pa t20210 l20211">less </span><span class="pp-class-118 pa t20210 l20212">any </span><span class="pp-class-118 pa t20210 l20213">accumulated </span><span class="pp-class-118 pa t20210 l20214">impairment. </span><span class="pp-class-118 pa t20210 l18001">The </span><span class="pp-class-118 pa t20215 l3">Group </span><span class="pp-class-118 pa t20215 l875">performs </span><span class="pp-class-118 pa t20215 l20216">annual </span><span class="pp-class-118 pa t20215 l18027">impairment </span><span class="pp-class-118 pa t20215 l20217">tests </span><span class="pp-class-118 pa t20215 l20218">of </span><span class="pp-class-118 pa t20215 l20219">goodwill </span><span class="pp-class-118 pa t20220 l3">and </span><span class="pp-class-118 pa t20220 l1110">brands </span><span class="pp-class-118 pa t20220 l8373">in </span><span class="pp-class-118 pa t20220 l20221">accordance </span><span class="pp-class-118 pa t20220 l9586">with </span><span class="pp-class-118 pa t20220 l20222">the </span><span class="pp-class-118 pa t20220 l20223">accounting </span><span class="pp-class-118 pa t20220 l20224">policies. </span><span class="pp-class-118 pa t20225 l3">The </span><span class="pp-class-118 pa t20225 l550">assumptions </span><span class="pp-class-118 pa t20225 l20226">and </span><span class="pp-class-118 pa t20225 l20227">assessments </span><span class="pp-class-118 pa t20225 l20228">made </span><span class="pp-class-118 pa t20225 l20229">pertaining </span><span class="pp-class-118 pa t20225 l20230">to </span><span class="pp-class-118 pa t20231 l3">expected </span><span class="pp-class-118 pa t20231 l17225">cash </span><span class="pp-class-118 pa t20231 l4632">flows </span><span class="pp-class-118 pa t20231 l932">and </span><span class="pp-class-118 pa t20231 l20232">the </span><span class="pp-class-118 pa t20231 l20233">discount </span><span class="pp-class-118 pa t20231 l13703">rate </span><span class="pp-class-118 pa t20231 l20234">in </span><span class="pp-class-118 pa t20231 l20235">the </span><span class="pp-class-118 pa t20231 l20236">form </span><span class="pp-class-118 pa t20231 l20237">of </span><span class="pp-class-118 pa t20238 l3">weighted </span><span class="pp-class-118 pa t20238 l2499">average </span><span class="pp-class-118 pa t20238 l18797">cost </span><span class="pp-class-118 pa t20238 l2003">of </span><span class="pp-class-118 pa t20238 l19003">capital </span><span class="pp-class-118 pa t20238 l20239">are </span><span class="pp-class-118 pa t20238 l11102">described </span><span class="pp-class-118 pa t20238 l20240">in </span><span class="pp-class-118 pa t20238 l20241">note </span><span class="pp-class-118 pa t20238 l4644">12.</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-120 pa t20242 l3 ls20243">Acquisition </span><span class="pp-class-120 pa t20242 l20244 ls458">of </span><span class="pp-class-120 pa t20242 l17984 ls17748">entities</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-118 pa t20245 l3">In </span><span class="pp-class-118 pa t20245 l669">applying </span><span class="pp-class-118 pa t20245 l20246">the </span><span class="pp-class-118 pa t20245 l20247">acquisition </span><span class="pp-class-118 pa t20245 l20248">method </span><span class="pp-class-118 pa t20245 l4716">of </span><span class="pp-class-118 pa t20245 l20249">accounting, </span><span class="pp-class-118 pa t20245 l6915">esti-</span><span class="pp-class-118 pa t20250 l3">mates </span><span class="pp-class-118 pa t20250 l6563">are </span><span class="pp-class-118 pa t20250 l20251">an </span><span class="pp-class-118 pa t20250 l16941">integral </span><span class="pp-class-118 pa t20250 l2012">part </span><span class="pp-class-118 pa t20250 l20252">of </span><span class="pp-class-118 pa t20250 l11219">assessing </span><span class="pp-class-118 pa t20250 l20253">fair </span><span class="pp-class-118 pa t20250 l20254">values </span><span class="pp-class-118 pa t20250 l20255">of </span><span class="pp-class-118 pa t20256 l3">several </span><span class="pp-class-118 pa t20256 l20257">identifiable </span><span class="pp-class-118 pa t20256 l20258">assets </span><span class="pp-class-118 pa t20256 l20259">acquired </span><span class="pp-class-118 pa t20256 l14645">and </span><span class="pp-class-118 pa t20256 l20260">liabilities </span><span class="pp-class-118 pa t20261 l3">assumed, </span><span class="pp-class-118 pa t20261 l9400">as </span><span class="pp-class-118 pa t20261 l20262">observable </span><span class="pp-class-118 pa t20261 l20263">market </span><span class="pp-class-118 pa t20261 l7254">prices </span><span class="pp-class-118 pa t20261 l20264">are </span><span class="pp-class-118 pa t20261 l20265">typically </span><span class="pp-class-118 pa t20261 l20266">not </span><span class="pp-class-118 pa t20267 l3">available. </span><span class="pp-class-118 pa t20267 l20268">Valuation </span><span class="pp-class-118 pa t20267 l20269">techniques </span><span class="pp-class-118 pa t20267 l11096">where </span><span class="pp-class-118 pa t20267 l20270">estimates </span><span class="pp-class-118 pa t20267 l20271">are </span><span class="pp-class-118 pa t20272 l3">applied </span><span class="pp-class-118 pa t20272 l11239">typically </span><span class="pp-class-118 pa t20272 l7395">relate </span><span class="pp-class-118 pa t20272 l20273">to </span><span class="pp-class-118 pa t20272 l20274">determining </span><span class="pp-class-118 pa t20272 l20275">the </span><span class="pp-class-118 pa t20272 l19020">present </span><span class="pp-class-118 pa t20272 l20276">value </span><span class="pp-class-118 pa t20277 l3">of </span><span class="pp-class-118 pa t20277 l557">future </span><span class="pp-class-118 pa t20277 l20278">uncertain </span><span class="pp-class-118 pa t20277 l20279">cash </span><span class="pp-class-118 pa t20277 l20280">flows </span><span class="pp-class-118 pa t20277 l20281">or </span><span class="pp-class-118 pa t20277 l12943">assessing </span><span class="pp-class-118 pa t20277 l20282">other </span><span class="pp-class-118 pa t20277 l20283">events </span><span class="pp-class-118 pa t20284 l3">in </span><span class="pp-class-118 pa t20284 l1343">which </span><span class="pp-class-118 pa t20284 l6420">the </span><span class="pp-class-118 pa t20284 l20285">outcome </span><span class="pp-class-118 pa t20284 l20286">is </span><span class="pp-class-118 pa t20284 l20287">uncertain </span><span class="pp-class-118 pa t20284 l20288">at </span><span class="pp-class-118 pa t20284 l19515">the </span><span class="pp-class-118 pa t20284 l20289">date </span><span class="pp-class-118 pa t20284 l20290">of </span><span class="pp-class-118 pa t20284 l20291">acquisi-</span><span class="pp-class-118 pa t20292 l3">tion. </span><span class="pp-class-118 pa t20292 l1888">Significant </span><span class="pp-class-118 pa t20292 l20293">estimates </span><span class="pp-class-118 pa t20292 l4715">are </span><span class="pp-class-118 pa t20292 l20294">typically </span><span class="pp-class-118 pa t20292 l20295">applied </span><span class="pp-class-118 pa t20292 l15148">in </span><span class="pp-class-118 pa t20296 l3">accounting </span><span class="pp-class-118 pa t20296 l670">for </span><span class="pp-class-118 pa t20296 l20297">intangible </span><span class="pp-class-118 pa t20296 l20298">assets, </span><span class="pp-class-118 pa t20296 l20299">deferred </span><span class="pp-class-118 pa t20296 l20300">tax, </span><span class="pp-class-118 pa t20296 l20301">contin-</span><span class="pp-class-118 pa t20302 l3">gent </span><span class="pp-class-118 pa t20302 l20303">consideration </span><span class="pp-class-118 pa t20302 l6324">and </span><span class="pp-class-118 pa t20302 l20304">contingent </span><span class="pp-class-118 pa t20302 l20305">liabilities.</span></p><div class="pp-class-7" id="pp-id-3370" xmlns="http://www.w3.org/1999/xhtml"><div class="w15596 h22454 pa t2 l3 wtro4 xx16559 tro6 xx16560"><p class="pp-class-107 pp-area-text"><span class="pp-class-119 pa t16561 l3 ls15823">12. </span><span class="pp-class-119 pa t16561 l22455 ls142">Intangible </span><span class="pp-class-119 pa t16561 l22456 ls16342">assets</span></p><table><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t22457 l3 ls14110">DKK’000</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t22457 l22458 ls5830">Goodwill</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t22457 l22459 ls1116">Brands</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t22332 l22460 ls1896">Customer </span><span class="pp-class-112 pa t22457 l22461 ls20643">contracts</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t22333 l22462 ls21479">Other </span><span class="pp-class-112 pa t22332 l22463 ls21223">intangible </span><span class="pp-class-112 pa t22457 l22464 ls458">assets</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t21396 l22465 ls21479">Other </span><span class="pp-class-112 pa t22333 l21235 ls21223">intangible </span><span class="pp-class-112 pa t22332 l22466 ls16067">assets </span><span class="pp-class-112 pa t22332 l22467 ls21020">in </span><span class="pp-class-112 pa t22457 l22468 ls21031">progress</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22469 l3">Opening </span><span class="pp-class-114 pa t22469 l16085">cost </span><span class="pp-class-114 pa t22469 l22470">at </span><span class="pp-class-114 pa t22469 l22471">1 </span><span class="pp-class-114 pa t22469 l22472">January </span><span class="pp-class-114 pa t22469 l22473">2025</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22469 l22474">415,350</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22469 l22475">179,461</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22469 l22476">47,500</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22469 l22477">60,585</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22469 l22478">56,839</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22479 l3">Acquisition </span><span class="pp-class-113 pa t22479 l16257">of </span><span class="pp-class-113 pa t22479 l16258">entities</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22479 l22480 ls786">107,750</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22479 l22481 ls786">44,012</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22479 l22482">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22479 l22483 ls786">5,774</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22479 l22484">0</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22485 l3">Investments </span><span class="pp-class-113 pa t22485 l15869">for </span><span class="pp-class-113 pa t22485 l22486">the </span><span class="pp-class-113 pa t22485 l22487">period</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22485 l22488">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22485 l22489">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22485 l22482">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22485 l22490">59</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22485 l22491 ls786">34,245</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22492 l3">Disposals </span><span class="pp-class-113 pa t22492 l22493">for </span><span class="pp-class-113 pa t22492 l22494">the </span><span class="pp-class-113 pa t22492 l22495">period</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22492 l22496 ls786">(3,352) </span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22492 l22489">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22492 l22482">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22492 l22497">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22492 l22484">0</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22498 l3">Closing </span><span class="pp-class-114 pa t22498 l16156">cost </span><span class="pp-class-114 pa t22498 l22499">at </span><span class="pp-class-114 pa t22500 l3">31 </span><span class="pp-class-114 pa t22500 l22501">December </span><span class="pp-class-114 pa t22500 l22502">2025</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22500 l22503">519,748</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22500 l22504">223,473</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22500 l22476">47,500</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22500 l22505">66,418</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22500 l22506">91,084</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22507 l3">Opening </span><span class="pp-class-113 pa t22507 l22508">amortisation </span><span class="pp-class-113 pa t22507 l22509">and </span><span class="pp-class-113 pa t22510 l3">impairment </span><span class="pp-class-113 pa t22510 l22511">at </span><span class="pp-class-113 pa t22510 l22512">1 </span><span class="pp-class-113 pa t22510 l22513">January </span><span class="pp-class-113 pa t22510 l22514">2025</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22510 l22515 ls786">3,352</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22510 l22516 ls786">2,250</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22510 l22517 ls786">7,125</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22510 l22518 ls786">52,994</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22510 l22519 ls786">1,911</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22520 l3">Disposals </span><span class="pp-class-113 pa t22520 l22493">for </span><span class="pp-class-113 pa t22520 l22494">the </span><span class="pp-class-113 pa t22520 l22495">period</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22520 l22496 ls786">(3,352)</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22520 l22489">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22520 l22482">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22520 l22497">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22520 l22484">0</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22521 l3">Amortisation </span><span class="pp-class-113 pa t22521 l22522">for </span><span class="pp-class-113 pa t22521 l22523">the </span><span class="pp-class-113 pa t22521 l22524">period</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22521 l22488">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22521 l22525 ls786">1,867</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22521 l22526 ls786">4,750 </span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22521 l22527 ls786">5,245</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22521 l22484">0</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22528 l3 ls2618">Closing </span><span class="pp-class-114 pa t22528 l22529 ls7287">amortisation </span><span class="pp-class-114 pa t22528 l22530 ls22531">and </span><span class="pp-class-114 pa t22532 l3 ls22533">impairment </span><span class="pp-class-114 pa t22532 l10875 ls22534">at </span><span class="pp-class-114 pa t22532 l22535 ls22534">31 </span><span class="pp-class-114 pa t22532 l22536 ls22537">December </span><span class="pp-class-114 pa t22532 l22538 ls639">2025</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22532 l22539">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22532 l22540">4,117</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22532 l22541">11,875</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22532 l22542">58,239</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22532 l22543">1,911</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22544 l3">Closing </span><span class="pp-class-114 pa t22544 l16156">carrying </span><span class="pp-class-114 pa t22544 l22545">amount </span><span class="pp-class-114 pa t22544 l22546">at </span><span class="pp-class-114 pa t22547 l3">31 </span><span class="pp-class-114 pa t22547 l22501">December </span><span class="pp-class-114 pa t22547 l22502">2025</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22547 l22503">519,748</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22547 l22548">219,356</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22547 l22549">35,625</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22547 l22550">8,179</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22547 l22551">89,173</span></p></td></tr></table></div></div><div class="pp-class-7" id="pp-id-3371" xmlns="http://www.w3.org/1999/xhtml"><div class="w15596 h22554 pa t2 l3 wtro4 xx30 tro6 xx31"><table><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t22555 l3 ls14110">DKK’000</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t22555 l22458 ls5830">Goodwill</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t22555 l22459 ls1116">Brands</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t16059 l22460 ls1896">Customer </span><span class="pp-class-112 pa t22555 l22461 ls20643">contracts</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t16060 l22462 ls21479">Other </span><span class="pp-class-112 pa t16059 l22463 ls21223">intangible </span><span class="pp-class-112 pa t22555 l22464 ls458">assets</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t15598 l22465 ls21479">Other </span><span class="pp-class-112 pa t16060 l21235 ls21223">intangible </span><span class="pp-class-112 pa t16059 l22466 ls16067">assets </span><span class="pp-class-112 pa t16059 l22467 ls21020">in </span><span class="pp-class-112 pa t22555 l22468 ls21031">progress</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22556 l3">Opening </span><span class="pp-class-114 pa t22556 l16085">cost </span><span class="pp-class-114 pa t22556 l22470">at </span><span class="pp-class-114 pa t22556 l22471">1 </span><span class="pp-class-114 pa t22556 l22472">January </span><span class="pp-class-114 pa t22556 l22473">2024</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22556 l22474">415,350</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22556 l22475">179,461</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22556 l22476">47,500</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22556 l22557">53,578</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22556 l22558">35,576</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22559 l3">Investments </span><span class="pp-class-113 pa t22559 l15869">for </span><span class="pp-class-113 pa t22559 l22486">the </span><span class="pp-class-113 pa t22559 l22487">period</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22559 l22488">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22559 l22489">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22559 l22482">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22559 l22497">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22559 l22560 ls786">28,270</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22561 l3">Transfer</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22561 l22488">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22561 l22489">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22561 l22482">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22561 l22562 ls786">7,007</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22561 l22563 ls786">(7,007)</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22564 l3">Closing </span><span class="pp-class-114 pa t22564 l16156">cost </span><span class="pp-class-114 pa t22564 l22499">at </span><span class="pp-class-114 pa t22565 l3">31 </span><span class="pp-class-114 pa t22565 l22501">December </span><span class="pp-class-114 pa t22565 l22502">2024</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22566 l22474">415,350</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22566 l22475">179,461</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22566 l22476">47,500</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22566 l22477">60,585</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22566 l22478">56,839</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22567 l3">Opening </span><span class="pp-class-113 pa t22567 l22508">amortisation </span><span class="pp-class-113 pa t22567 l22509">and </span><span class="pp-class-113 pa t22568 l3">impairment </span><span class="pp-class-113 pa t22568 l22511">at </span><span class="pp-class-113 pa t22568 l22512">1 </span><span class="pp-class-113 pa t22568 l22513">January </span><span class="pp-class-113 pa t22568 l22514">2024</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22568 l22515 ls786">3,352</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22568 l22569">750</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22568 l22570 ls786">2,375</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22568 l22571 ls786">50,755</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22568 l22519 ls786">1,911</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22572 l3">Amortisation </span><span class="pp-class-113 pa t22572 l22522">for </span><span class="pp-class-113 pa t22572 l22523">the </span><span class="pp-class-113 pa t22572 l22524">period</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22572 l22488">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22572 l22573 ls786">1,500</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22572 l22526 ls786">4,750</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22572 l22574 ls786">2,239</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22572 l22484">0</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22575 l3">Closing </span><span class="pp-class-114 pa t22575 l16156">amortisation </span><span class="pp-class-114 pa t22576 l3">and </span><span class="pp-class-114 pa t22576 l22577">impairment </span><span class="pp-class-114 pa t22576 l22578">at </span><span class="pp-class-114 pa t22579 l3">31 </span><span class="pp-class-114 pa t22579 l22501">December </span><span class="pp-class-114 pa t22579 l22502">2024</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22576 l22580">3,352</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22576 l22581">2,250</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22576 l22582">7,125</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22576 l22583">52,994</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22576 l22543">1,911</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22584 l3">Closing </span><span class="pp-class-114 pa t22584 l16156">carrying </span><span class="pp-class-114 pa t22584 l22545">amount </span><span class="pp-class-114 pa t22584 l22546">at </span><span class="pp-class-114 pa t22585 l3">31 </span><span class="pp-class-114 pa t22585 l22586">December </span><span class="pp-class-114 pa t22585 l6788">2024</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22587 l22588">411,998</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22587 l8829">177,211</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22587 l22589">40,375</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22587 l22590">7,591</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22587 l22591">54,928</span></p></td></tr></table></div></div><div class="pp-class-7" id="pp-id-3372" xmlns="http://www.w3.org/1999/xhtml"><div class="w15596 h22592 pa t2 l3 wtro4 xx30 tro6 xx31"><p class="pp-class-107 pp-area-text"><span class="pp-class-120 pa t22593 l3 ls2759">Impairment </span><span class="pp-class-120 pa t22593 l20199 ls6169">testing </span><span class="pp-class-120 pa t22593 l20200 ls458">of </span><span class="pp-class-120 pa t22593 l20201 ls9542">goodwill </span><span class="pp-class-120 pa t22593 l20202 ls2759">and </span><span class="pp-class-120 pa t22593 l20203 ls458">brand </span></p><p class="pp-class-107 pp-area-text"><span class="pp-class-118 pa t22594 l3">At </span><span class="pp-class-118 pa t22594 l9308">the </span><span class="pp-class-118 pa t22594 l22595">end </span><span class="pp-class-118 pa t22594 l13110">of </span><span class="pp-class-118 pa t22594 l22596">2025, </span><span class="pp-class-118 pa t22594 l22597">recognised </span><span class="pp-class-118 pa t22594 l2201">goodwill </span><span class="pp-class-118 pa t22594 l22598">amounted </span><span class="pp-class-118 pa t22594 l22599">to </span><span class="pp-class-118 pa t22594 l22600">DKK </span><span class="pp-class-118 pa t22594 l22601">519.6 </span><span class="pp-class-118 pa t22594 l22602">million </span><span class="pp-class-118 pa t22594 l22603">(2024: </span><span class="pp-class-118 pa t22594 l22604">DKK </span><span class="pp-class-118 pa t22594 l22605 ls786">412.0 </span><span class="pp-class-118 pa t22594 l22606">million) </span><span class="pp-class-118 pa t22594 l22607">and </span><span class="pp-class-118 pa t22594 l22608 ls786">recognised </span><span class="pp-class-118 pa t22609 l3">brand </span><span class="pp-class-118 pa t22609 l22610">value </span><span class="pp-class-118 pa t22609 l6233">amounted </span><span class="pp-class-118 pa t22609 l22611">to </span><span class="pp-class-118 pa t22609 l22612">DKK </span><span class="pp-class-118 pa t22609 l22613">219.4 </span><span class="pp-class-118 pa t22609 l22614">million </span><span class="pp-class-118 pa t22609 l22615">(2024: </span><span class="pp-class-118 pa t22609 l22616">DKK </span><span class="pp-class-118 pa t22609 l22617">172.2 </span><span class="pp-class-118 pa t22609 l22618">million). </span></p><p class="pp-class-107 pp-area-text"><span class="pp-class-118 pa t22619 l3">Goodwill </span><span class="pp-class-118 pa t22619 l17225">is </span><span class="pp-class-118 pa t22619 l4126">allocated </span><span class="pp-class-118 pa t22619 l22620">to </span><span class="pp-class-118 pa t22619 l22621">a </span><span class="pp-class-118 pa t22619 l22622">cash-generating </span><span class="pp-class-118 pa t22619 l22623">unit </span><span class="pp-class-118 pa t22619 l22624">(CGU) </span><span class="pp-class-118 pa t22619 l22625">when </span><span class="pp-class-118 pa t22619 l22626">the </span><span class="pp-class-118 pa t22619 l22627">unit </span><span class="pp-class-118 pa t22619 l22628">is </span><span class="pp-class-118 pa t22619 l22629">acquired. </span><span class="pp-class-118 pa t22619 l22630 ls786">TCM </span><span class="pp-class-118 pa t22619 l22631 ls786">Group </span><span class="pp-class-118 pa t22619 l22632 ls786">currently </span><span class="pp-class-118 pa t22619 l22633 ls786">has </span><span class="pp-class-118 pa t22619 l22634 ls786">three </span><span class="pp-class-118 pa t22619 l22635 ls786">CGUs: </span><span class="pp-class-118 pa t22636 l3">TCM </span><span class="pp-class-118 pa t22636 l1586">Group </span><span class="pp-class-118 pa t22636 l1587">from </span><span class="pp-class-118 pa t22636 l794">the </span><span class="pp-class-118 pa t22636 l22637">acquisition </span><span class="pp-class-118 pa t22636 l22638">of </span><span class="pp-class-118 pa t22636 l22639">TCM </span><span class="pp-class-118 pa t22636 l22640">Group </span><span class="pp-class-118 pa t22636 l22641">in </span><span class="pp-class-118 pa t22636 l18001">2016, </span><span class="pp-class-118 pa t22636 l22642">DKK </span><span class="pp-class-118 pa t22636 l22643">370 </span><span class="pp-class-118 pa t22636 l22644">million </span><span class="pp-class-118 pa t22636 l22645">(2024: </span><span class="pp-class-118 pa t22636 l22646 ls786">DKK </span><span class="pp-class-118 pa t22636 l22647 ls786">370 </span><span class="pp-class-118 pa t22636 l22648 ls786">million), </span><span class="pp-class-118 pa t22636 l22649">AUBO </span><span class="pp-class-118 pa t22636 l22650 ls786">from </span><span class="pp-class-118 pa t22636 l22651 ls786">the </span><span class="pp-class-118 pa t22652 l3">acquisition </span><span class="pp-class-118 pa t22652 l861">of </span><span class="pp-class-118 pa t22652 l862">AUBO </span><span class="pp-class-118 pa t22652 l1472">Production </span><span class="pp-class-118 pa t22652 l6637">A/S </span><span class="pp-class-118 pa t22652 l6638">in </span><span class="pp-class-118 pa t22652 l20977">2023, </span><span class="pp-class-118 pa t22652 l22653">DKK </span><span class="pp-class-118 pa t22652 l22654">42 </span><span class="pp-class-118 pa t22652 l22655">million </span><span class="pp-class-118 pa t22652 l22656">(DKK </span><span class="pp-class-118 pa t22652 l22657">42 </span><span class="pp-class-118 pa t22652 l22658">million), </span><span class="pp-class-118 pa t22652 l22659 ls786">and </span><span class="pp-class-118 pa t22652 l22660 ls786">Celebert </span><span class="pp-class-118 pa t22652 l22661 ls786">from </span><span class="pp-class-118 pa t22652 l22662 ls786">the </span><span class="pp-class-118 pa t22652 l22663 ls786">acquisition </span><span class="pp-class-118 pa t22652 l22664 ls786">of </span><span class="pp-class-118 pa t22665 l3">Celebert </span><span class="pp-class-118 pa t22665 l868">ApS </span><span class="pp-class-118 pa t22665 l869">in </span><span class="pp-class-118 pa t22665 l9925">2025, </span><span class="pp-class-118 pa t22665 l22666">DKK </span><span class="pp-class-118 pa t22665 l22667">108 </span><span class="pp-class-118 pa t22665 l18956">million </span><span class="pp-class-118 pa t22665 l12860">(2024: </span><span class="pp-class-118 pa t22665 l19944">0 </span><span class="pp-class-118 pa t22665 l22668">million). </span><span class="pp-class-118 pa t22665 l22669">All </span><span class="pp-class-118 pa t22665 l22670">CGUs </span><span class="pp-class-118 pa t22665 l22671">are </span><span class="pp-class-118 pa t22665 l22672">part </span><span class="pp-class-118 pa t22665 l22673">of </span><span class="pp-class-118 pa t22665 l22674">the </span><span class="pp-class-118 pa t22665 l22675 ls786">Group’s </span><span class="pp-class-118 pa t22665 l22676 ls786">operating </span><span class="pp-class-118 pa t22665 l22677 ls786">segment </span><span class="pp-class-118 pa t22665 l22678 ls786">“Produc-</span><span class="pp-class-118 pa t22679 l3">ing </span><span class="pp-class-118 pa t22679 l18082">and </span><span class="pp-class-118 pa t22679 l22680">selling </span><span class="pp-class-118 pa t22679 l22681">kitchens, </span><span class="pp-class-118 pa t22679 l22682">bathrooms </span><span class="pp-class-118 pa t22679 l17646">and </span><span class="pp-class-118 pa t22679 l22683">storage”.</span></p><p class="pp-class-107 pp-area-text"><span class="pp-class-118 pa t22684 l3">Acquired </span><span class="pp-class-118 pa t22684 l22685">goodwill </span><span class="pp-class-118 pa t22684 l22686">in </span><span class="pp-class-118 pa t22684 l22687">2025 </span><span class="pp-class-118 pa t22684 l22688">related </span><span class="pp-class-118 pa t22684 l13107">to </span><span class="pp-class-118 pa t22684 l13108">the </span><span class="pp-class-118 pa t22684 l22689">acquisition </span><span class="pp-class-118 pa t22684 l22690">of </span><span class="pp-class-118 pa t22684 l22691">Celebert </span><span class="pp-class-118 pa t22684 l22692">ApS, </span><span class="pp-class-118 pa t22684 l22693">DKK </span><span class="pp-class-118 pa t22684 l22694">107.7 </span><span class="pp-class-118 pa t22684 l22695">million. </span><span class="pp-class-118 pa t22684 l22696">Disposal </span><span class="pp-class-118 pa t22684 l22697 ls786">of </span><span class="pp-class-118 pa t22684 l22698 ls786">goodwill </span><span class="pp-class-118 pa t22684 l22699 ls786">in </span><span class="pp-class-118 pa t22684 l22700 ls786">2025 </span><span class="pp-class-118 pa t22701 l3">arose </span><span class="pp-class-118 pa t22701 l22702">from </span><span class="pp-class-118 pa t22701 l22703">the </span><span class="pp-class-118 pa t22701 l22704">divestment </span><span class="pp-class-118 pa t22701 l16898">of </span><span class="pp-class-118 pa t22701 l10892">Svane </span><span class="pp-class-118 pa t22701 l22705">Alnabru </span><span class="pp-class-118 pa t22701 l22706">AS, </span><span class="pp-class-118 pa t22701 l22707">DKK </span><span class="pp-class-118 pa t22701 l22708">3.4 </span><span class="pp-class-118 pa t22701 l22709">million, </span><span class="pp-class-118 pa t22701 l22710">which </span><span class="pp-class-118 pa t22701 l22711">was </span><span class="pp-class-118 pa t22701 l22712">fully </span><span class="pp-class-118 pa t22701 l22713">impaired </span><span class="pp-class-118 pa t22701 l22714 ls786">in </span><span class="pp-class-118 pa t22701 l22715">2023.</span></p></div></div><div class="pp-class-7" id="pp-id-3373" xmlns="http://www.w3.org/1999/xhtml"><div class="w15596 h22716 pa t2 l3 wtro4 xx30 tro6 xx31"><p class="pp-class-107 pp-area-text"><span class="pp-class-118 pa t19047 l3">Goodwill </span><span class="pp-class-118 pa t19047 l17225">is </span><span class="pp-class-118 pa t19047 l4126">tested </span><span class="pp-class-118 pa t19047 l9618">annually </span><span class="pp-class-118 pa t19047 l22717">for </span><span class="pp-class-118 pa t19047 l22718">impairment </span><span class="pp-class-118 pa t19047 l6579">by </span><span class="pp-class-118 pa t19047 l22719">calculating </span><span class="pp-class-118 pa t19047 l22720">the </span><span class="pp-class-118 pa t19047 l22721">expected </span><span class="pp-class-118 pa t19047 l22722">recoverable </span><span class="pp-class-118 pa t19047 l22723">amount </span><span class="pp-class-118 pa t19047 l22724 ls786">of </span><span class="pp-class-118 pa t19047 l22725 ls786">the </span><span class="pp-class-118 pa t19047 l22726 ls786">CGU. </span><span class="pp-class-118 pa t19047 l22727 ls786">The </span><span class="pp-class-118 pa t19047 l22728 ls786">recovera-</span><span class="pp-class-118 pa t19048 l3">ble </span><span class="pp-class-118 pa t19048 l22729">amount </span><span class="pp-class-118 pa t19048 l22730">is </span><span class="pp-class-118 pa t19048 l5946">calculated </span><span class="pp-class-118 pa t19048 l22731">as </span><span class="pp-class-118 pa t19048 l22732">the </span><span class="pp-class-118 pa t19048 l22733">expected </span><span class="pp-class-118 pa t19048 l22734">cash </span><span class="pp-class-118 pa t19048 l22735">flow </span><span class="pp-class-118 pa t19048 l22736">discounted </span><span class="pp-class-118 pa t19048 l22737">by </span><span class="pp-class-118 pa t19048 l22738">a </span><span class="pp-class-118 pa t19048 l22739">weighted </span><span class="pp-class-118 pa t19048 l22740 ls786">average </span><span class="pp-class-118 pa t19048 l22741 ls786">cost </span><span class="pp-class-118 pa t19048 l22742 ls786">of </span><span class="pp-class-118 pa t19048 l22743 ls786">capital </span><span class="pp-class-118 pa t19048 l22744 ls786">(WACC) </span><span class="pp-class-118 pa t19048 l22745">after </span><span class="pp-class-118 pa t19048 l22746">tax </span><span class="pp-class-118 pa t19052 l3">for </span><span class="pp-class-118 pa t19052 l2129">the </span><span class="pp-class-118 pa t19052 l6661">CGU. </span><span class="pp-class-118 pa t19052 l22747">The </span><span class="pp-class-118 pa t19052 l22748">recoverable </span><span class="pp-class-118 pa t19052 l1502">amount, </span><span class="pp-class-118 pa t19052 l10916">calculated </span><span class="pp-class-118 pa t19052 l22749">in </span><span class="pp-class-118 pa t19052 l12247">conjunction </span><span class="pp-class-118 pa t19052 l22750">with </span><span class="pp-class-118 pa t19052 l22751">this, </span><span class="pp-class-118 pa t19052 l22752">is </span><span class="pp-class-118 pa t19052 l22753 ls786">compared </span><span class="pp-class-118 pa t19052 l22754 ls786">to </span><span class="pp-class-118 pa t19052 l21204 ls786">the </span><span class="pp-class-118 pa t19052 l22755 ls786">carrying </span><span class="pp-class-118 pa t19052 l22756">amount </span><span class="pp-class-118 pa t19052 l22757">for </span><span class="pp-class-118 pa t19052 l22758 ls786">the </span><span class="pp-class-118 pa t19059 l3">CGU. </span><span class="pp-class-118 pa t19059 l9522">The </span><span class="pp-class-118 pa t19059 l7700">starting </span><span class="pp-class-118 pa t19059 l22759">point </span><span class="pp-class-118 pa t19059 l22760">of </span><span class="pp-class-118 pa t19059 l22761">the </span><span class="pp-class-118 pa t19059 l22762">calculation </span><span class="pp-class-118 pa t19059 l22763">is </span><span class="pp-class-118 pa t19059 l12950">the </span><span class="pp-class-118 pa t19059 l22764">estimated </span><span class="pp-class-118 pa t19059 l22765">future </span><span class="pp-class-118 pa t19059 l22766">cash </span><span class="pp-class-118 pa t19059 l22767">flows </span><span class="pp-class-118 pa t19059 l22768">based </span><span class="pp-class-118 pa t19059 l22769 ls786">on </span><span class="pp-class-118 pa t19059 l22770 ls786">the </span><span class="pp-class-118 pa t19059 l22771 ls786">financial </span><span class="pp-class-118 pa t19059 l22772 ls786">budget </span><span class="pp-class-118 pa t19059 l22773">for </span><span class="pp-class-118 pa t19059 l22774 ls786">the </span><span class="pp-class-118 pa t19063 l3">forthcoming </span><span class="pp-class-118 pa t19063 l22775">financial </span><span class="pp-class-118 pa t19063 l22776">year. </span><span class="pp-class-118 pa t19063 l22777">A </span><span class="pp-class-118 pa t19063 l12927">forecast </span><span class="pp-class-118 pa t19063 l17272">for </span><span class="pp-class-118 pa t19063 l22778">the </span><span class="pp-class-118 pa t19063 l20105">next </span><span class="pp-class-118 pa t19063 l760">four </span><span class="pp-class-118 pa t19063 l22779">years </span><span class="pp-class-118 pa t19063 l22780">is </span><span class="pp-class-118 pa t19063 l22781">prepared </span><span class="pp-class-118 pa t19063 l22782">based </span><span class="pp-class-118 pa t19063 l22783 ls786">on </span><span class="pp-class-118 pa t19063 l22784 ls786">this </span><span class="pp-class-118 pa t19063 l22785 ls786">budget </span><span class="pp-class-118 pa t19063 l22786">and </span><span class="pp-class-118 pa t19063 l22787 ls786">expectations </span><span class="pp-class-118 pa t19067 l3">regarding </span><span class="pp-class-118 pa t19067 l1520">market </span><span class="pp-class-118 pa t19067 l3271">trends </span><span class="pp-class-118 pa t19067 l22788">and </span><span class="pp-class-118 pa t19067 l22789">sales </span><span class="pp-class-118 pa t19067 l10722">mix </span><span class="pp-class-118 pa t19067 l22790">in </span><span class="pp-class-118 pa t19067 l2126">the </span><span class="pp-class-118 pa t19067 l22791">years </span><span class="pp-class-118 pa t19067 l22792">ahead, </span><span class="pp-class-118 pa t19067 l22793">reflecting </span><span class="pp-class-118 pa t19067 l22794">past </span><span class="pp-class-118 pa t19067 l22795">experience.</span></p><p class="pp-class-107 pp-area-text"><span class="pp-class-118 pa t19078 l3">When </span><span class="pp-class-118 pa t19078 l17303">estimating </span><span class="pp-class-118 pa t19078 l22796">expected </span><span class="pp-class-118 pa t19078 l1867">future </span><span class="pp-class-118 pa t19078 l740">cash </span><span class="pp-class-118 pa t19078 l11815">flows, </span><span class="pp-class-118 pa t19078 l20105">key </span><span class="pp-class-118 pa t19078 l22797">assumptions </span><span class="pp-class-118 pa t19078 l22798">include </span><span class="pp-class-118 pa t19078 l22799">projected </span><span class="pp-class-118 pa t19078 l22800 ls786">demand </span><span class="pp-class-118 pa t19078 l22801">growth, </span><span class="pp-class-118 pa t19078 l22802 ls786">increases </span><span class="pp-class-118 pa t19078 l22803 ls786">in </span><span class="pp-class-118 pa t19078 l22804">net </span><span class="pp-class-118 pa t19083 l3">sales, </span><span class="pp-class-118 pa t19083 l8693">improvements </span><span class="pp-class-118 pa t19083 l22805">in </span><span class="pp-class-118 pa t19083 l2503">gross </span><span class="pp-class-118 pa t19083 l22806">and </span><span class="pp-class-118 pa t19083 l22807">operating </span><span class="pp-class-118 pa t19083 l22808">margins, </span><span class="pp-class-118 pa t19083 l22809">as </span><span class="pp-class-118 pa t19083 l22810">well </span><span class="pp-class-118 pa t19083 l22811">as </span><span class="pp-class-118 pa t19083 l22812">requirements </span><span class="pp-class-118 pa t19083 l22813">for </span><span class="pp-class-118 pa t19083 l22814 ls786">working </span><span class="pp-class-118 pa t19083 l22815 ls786">capital </span><span class="pp-class-118 pa t19083 l22816">and </span><span class="pp-class-118 pa t19083 l22817 ls786">CapEx. </span><span class="pp-class-118 pa t19083 l22818">Various </span><span class="pp-class-118 pa t19087 l3">macroeconomic </span><span class="pp-class-118 pa t19087 l9302">indicators </span><span class="pp-class-118 pa t19087 l22819">- </span><span class="pp-class-118 pa t19087 l3230">such </span><span class="pp-class-118 pa t19087 l22820">as </span><span class="pp-class-118 pa t19087 l22821">data </span><span class="pp-class-118 pa t19087 l22822">on </span><span class="pp-class-118 pa t19087 l22823">residential </span><span class="pp-class-118 pa t19087 l22824">property </span><span class="pp-class-118 pa t19087 l22825">sales </span><span class="pp-class-118 pa t19087 l22826">in </span><span class="pp-class-118 pa t19087 l22827">the </span><span class="pp-class-118 pa t19087 l22828">markets </span><span class="pp-class-118 pa t19087 l22829">where </span><span class="pp-class-118 pa t19087 l22830 ls786">the </span><span class="pp-class-118 pa t19087 l22831 ls786">Group </span><span class="pp-class-118 pa t19087 l22832">operates </span><span class="pp-class-118 pa t19087 l22833">- </span><span class="pp-class-118 pa t19087 l22834">are </span><span class="pp-class-118 pa t19093 l3">considered </span><span class="pp-class-118 pa t19093 l8409">to </span><span class="pp-class-118 pa t19093 l22835">analyse </span><span class="pp-class-118 pa t19093 l18438">the </span><span class="pp-class-118 pa t19093 l22836">business </span><span class="pp-class-118 pa t19093 l13003">environment, </span><span class="pp-class-118 pa t19093 l22837">supported </span><span class="pp-class-118 pa t19093 l22838">by </span><span class="pp-class-118 pa t19093 l22839">both </span><span class="pp-class-118 pa t19093 l22840">external </span><span class="pp-class-118 pa t19093 l22841">and </span><span class="pp-class-118 pa t19093 l22842 ls786">internal </span><span class="pp-class-118 pa t19093 l22843 ls786">assessments. </span><span class="pp-class-118 pa t19093 l22844 ls786">Based </span><span class="pp-class-118 pa t19093 l22845 ls786">on </span><span class="pp-class-118 pa t19093 l22846 ls786">these </span><span class="pp-class-118 pa t19097 l3">analyses, </span><span class="pp-class-118 pa t19097 l22847">Management </span><span class="pp-class-118 pa t19097 l13482">has </span><span class="pp-class-118 pa t19097 l22848">applied </span><span class="pp-class-118 pa t19097 l14455">a </span><span class="pp-class-118 pa t19097 l15119">projected </span><span class="pp-class-118 pa t19097 l22849">low- </span><span class="pp-class-118 pa t19097 l22850">to </span><span class="pp-class-118 pa t19097 l22851">mid-single-digit </span><span class="pp-class-118 pa t19097 l22852">growth </span><span class="pp-class-118 pa t19097 l22853">rate </span><span class="pp-class-118 pa t19097 l22854 ls786">in </span><span class="pp-class-118 pa t19097 l22855">net </span><span class="pp-class-118 pa t19097 l22856 ls786">sales </span><span class="pp-class-118 pa t19097 l22857 ls786">over </span><span class="pp-class-118 pa t19097 l22858 ls786">the </span><span class="pp-class-118 pa t19097 l22859">forecast </span><span class="pp-class-118 pa t19804 l3">period, </span><span class="pp-class-118 pa t19804 l22860">driven </span><span class="pp-class-118 pa t19804 l22861">by </span><span class="pp-class-118 pa t19804 l10004">an </span><span class="pp-class-118 pa t19804 l15410">anticipated </span><span class="pp-class-118 pa t19804 l22862">positive </span><span class="pp-class-118 pa t19804 l22863">development </span><span class="pp-class-118 pa t19804 l22864">in </span><span class="pp-class-118 pa t19804 l22865">residential </span><span class="pp-class-118 pa t19804 l22866">property </span><span class="pp-class-118 pa t19804 l22867">sales </span><span class="pp-class-118 pa t19804 l22868">and </span><span class="pp-class-118 pa t19804 l22869">an </span><span class="pp-class-118 pa t19804 l22870">anticipated </span><span class="pp-class-118 pa t19804 l22871 ls786">recovery </span><span class="pp-class-118 pa t19804 l22872 ls786">in </span><span class="pp-class-118 pa t19804 l22873 ls786">the </span><span class="pp-class-118 pa t19099 l3">B2B </span><span class="pp-class-118 pa t19099 l22874">project </span><span class="pp-class-118 pa t19099 l22875">market, </span><span class="pp-class-118 pa t19099 l22876">as </span><span class="pp-class-118 pa t19099 l13521">described </span><span class="pp-class-118 pa t19099 l11677">in </span><span class="pp-class-118 pa t19099 l22877">the </span><span class="pp-class-118 pa t19099 l22878">Management </span><span class="pp-class-118 pa t19099 l22879">Review. </span><span class="pp-class-118 pa t19099 l22880">This </span><span class="pp-class-118 pa t19099 l22881">assumption </span><span class="pp-class-118 pa t19099 l22882">is </span><span class="pp-class-118 pa t19099 l22883 ls786">applicable </span><span class="pp-class-118 pa t19099 l22884">for </span><span class="pp-class-118 pa t19099 l22885 ls786">all </span><span class="pp-class-118 pa t19099 l22886 ls786">performed </span><span class="pp-class-118 pa t19099 l22887">impair-</span><span class="pp-class-118 pa t19105 l3">ment </span><span class="pp-class-118 pa t19105 l17839">tests.</span></p><p class="pp-class-107 pp-area-text"><span class="pp-class-118 pa t19118 l3">Gross </span><span class="pp-class-118 pa t19118 l2771">and </span><span class="pp-class-118 pa t19118 l22888">operating </span><span class="pp-class-118 pa t19118 l17717">margins </span><span class="pp-class-118 pa t19118 l22889">are </span><span class="pp-class-118 pa t19118 l5959">expected </span><span class="pp-class-118 pa t19118 l22890">to </span><span class="pp-class-118 pa t19118 l22891">improve </span><span class="pp-class-118 pa t19118 l22892">gradually </span><span class="pp-class-118 pa t19118 l22893">during </span><span class="pp-class-118 pa t19118 l22894">the </span><span class="pp-class-118 pa t19118 l22895 ls786">forecast </span><span class="pp-class-118 pa t19118 l22896 ls786">period, </span><span class="pp-class-118 pa t19118 l22897">reflecting </span><span class="pp-class-118 pa t19118 l22898">changes </span><span class="pp-class-118 pa t19118 l22899 ls786">in </span><span class="pp-class-118 pa t19118 l22900 ls786">the </span><span class="pp-class-118 pa t19123 l3">sales </span><span class="pp-class-118 pa t19123 l3350">mix </span><span class="pp-class-118 pa t19123 l22901">and </span><span class="pp-class-118 pa t19123 l10288">the </span><span class="pp-class-118 pa t19123 l22902">implementation </span><span class="pp-class-118 pa t19123 l22903">of </span><span class="pp-class-118 pa t19123 l22904">various </span><span class="pp-class-118 pa t19123 l22905">strategic </span><span class="pp-class-118 pa t19123 l22906">initiatives. </span><span class="pp-class-118 pa t19123 l22143">These </span><span class="pp-class-118 pa t19123 l22907 ls786">assumptions </span><span class="pp-class-118 pa t19123 l22908 ls786">also </span><span class="pp-class-118 pa t19123 l22909 ls786">account </span><span class="pp-class-118 pa t19123 l22910">for </span><span class="pp-class-118 pa t19123 l22911 ls786">the </span><span class="pp-class-118 pa t19123 l22912">Group’s </span><span class="pp-class-118 pa t19129 l3">long-term </span><span class="pp-class-118 pa t19129 l22913">strategic </span><span class="pp-class-118 pa t19129 l22914">efforts, </span><span class="pp-class-118 pa t19129 l20393">including </span><span class="pp-class-118 pa t19129 l11430">differentiated </span><span class="pp-class-118 pa t19129 l22915">branding, </span><span class="pp-class-118 pa t19129 l22916">central </span><span class="pp-class-118 pa t19129 l22917">sourcing, </span><span class="pp-class-118 pa t19129 l22918 ls786">manufacturing </span><span class="pp-class-118 pa t19129 l22919 ls786">optimisation </span><span class="pp-class-118 pa t19129 l22920">and </span><span class="pp-class-118 pa t19135 l3">product </span><span class="pp-class-118 pa t19135 l1964">development. </span><span class="pp-class-118 pa t19135 l22921">To </span><span class="pp-class-118 pa t19135 l7448">project </span><span class="pp-class-118 pa t19135 l8498">cash </span><span class="pp-class-118 pa t19135 l1093">flows </span><span class="pp-class-118 pa t19135 l22922">beyond </span><span class="pp-class-118 pa t19135 l22923">the </span><span class="pp-class-118 pa t19135 l22924">initial </span><span class="pp-class-118 pa t19135 l22925">5-year </span><span class="pp-class-118 pa t19135 l22926">period, </span><span class="pp-class-118 pa t19135 l22927">a </span><span class="pp-class-118 pa t19135 l22928 ls786">growth </span><span class="pp-class-118 pa t19135 l22929 ls786">rate </span><span class="pp-class-118 pa t19135 l22930 ls786">of </span><span class="pp-class-118 pa t19135 l22931 ls786">3% </span><span class="pp-class-118 pa t19135 l22932 ls786">(2024: </span><span class="pp-class-118 pa t19135 l22933 ls786">2%) </span><span class="pp-class-118 pa t19135 l22934 ls786">has </span><span class="pp-class-118 pa t19135 l22935 ls786">been </span><span class="pp-class-118 pa t19841 l3">applied.</span></p><p class="pp-class-107 pp-area-text"><span class="pp-class-118 pa t19143 l3">The </span><span class="pp-class-118 pa t19143 l550">WACC </span><span class="pp-class-118 pa t19143 l10438">is </span><span class="pp-class-118 pa t19143 l22936">calculated </span><span class="pp-class-118 pa t19143 l22937">based </span><span class="pp-class-118 pa t19143 l8787">on </span><span class="pp-class-118 pa t19143 l22938">the </span><span class="pp-class-118 pa t19143 l22939">average </span><span class="pp-class-118 pa t19143 l22940">debt-to-equity </span><span class="pp-class-118 pa t19143 l22941">ratio </span><span class="pp-class-118 pa t19143 l22942">of </span><span class="pp-class-118 pa t19143 l22943">large </span><span class="pp-class-118 pa t19143 l22944 ls786">companies </span><span class="pp-class-118 pa t19143 l22945 ls786">in </span><span class="pp-class-118 pa t19143 l22946 ls786">similar </span><span class="pp-class-118 pa t19143 l22947 ls786">industries </span><span class="pp-class-118 pa t19143 l22948">and </span><span class="pp-class-118 pa t19143 l22949 ls786">the </span><span class="pp-class-118 pa t19148 l3">respective </span><span class="pp-class-118 pa t19148 l22950">costs </span><span class="pp-class-118 pa t19148 l14428">of </span><span class="pp-class-118 pa t19148 l11953">debt </span><span class="pp-class-118 pa t19148 l22951">and </span><span class="pp-class-118 pa t19148 l10295">equity. </span><span class="pp-class-118 pa t19148 l22952">The </span><span class="pp-class-118 pa t19148 l16944">cost </span><span class="pp-class-118 pa t19148 l22953">of </span><span class="pp-class-118 pa t19148 l13477">shareholders’ </span><span class="pp-class-118 pa t19148 l22954">equity </span><span class="pp-class-118 pa t19148 l22955">is </span><span class="pp-class-118 pa t19148 l22956 ls786">determined </span><span class="pp-class-118 pa t19148 l22957">under </span><span class="pp-class-118 pa t19148 l22958 ls786">the </span><span class="pp-class-118 pa t19148 l22959 ls786">assumption </span><span class="pp-class-118 pa t19148 l22960 ls786">that </span><span class="pp-class-118 pa t19148 l22961 ls786">all </span><span class="pp-class-118 pa t19154 l3">investors </span><span class="pp-class-118 pa t19154 l9744">require </span><span class="pp-class-118 pa t19154 l22962">at </span><span class="pp-class-118 pa t19154 l1308">least </span><span class="pp-class-118 pa t19154 l9446">the </span><span class="pp-class-118 pa t19154 l22963">same </span><span class="pp-class-118 pa t19154 l22964">level </span><span class="pp-class-118 pa t19154 l22965">of </span><span class="pp-class-118 pa t19154 l1716">return </span><span class="pp-class-118 pa t19154 l22966">as </span><span class="pp-class-118 pa t19154 l22967">for </span><span class="pp-class-118 pa t19154 l22968">risk-free </span><span class="pp-class-118 pa t19154 l22969">government </span><span class="pp-class-118 pa t19154 l22970 ls786">bonds, </span><span class="pp-class-118 pa t19154 l22971 ls786">supplemented </span><span class="pp-class-118 pa t19154 l22972 ls786">by </span><span class="pp-class-118 pa t19154 l22973 ls786">a </span><span class="pp-class-118 pa t19154 l22974 ls786">risk </span><span class="pp-class-118 pa t19154 l22975">premium </span><span class="pp-class-118 pa t19159 l3">reflecting </span><span class="pp-class-118 pa t19159 l22976">the </span><span class="pp-class-118 pa t19159 l22977">estimated </span><span class="pp-class-118 pa t19159 l22978">risks </span><span class="pp-class-118 pa t19159 l10277">associated </span><span class="pp-class-118 pa t19159 l22979">with </span><span class="pp-class-118 pa t19159 l22980">investments </span><span class="pp-class-118 pa t19159 l22981">in </span><span class="pp-class-118 pa t19159 l22982">CGUs. </span><span class="pp-class-118 pa t19159 l22983">The </span><span class="pp-class-118 pa t19159 l22984">required </span><span class="pp-class-118 pa t19159 l22985">return </span><span class="pp-class-118 pa t19159 l22986 ls786">on </span><span class="pp-class-118 pa t19159 l22987 ls786">debt-financed </span><span class="pp-class-118 pa t19159 l22988">capital </span><span class="pp-class-118 pa t19159 l22989">is </span><span class="pp-class-118 pa t19165 l3">similarly </span><span class="pp-class-118 pa t19165 l18176">calculated </span><span class="pp-class-118 pa t19165 l18862">using </span><span class="pp-class-118 pa t19165 l6875">the </span><span class="pp-class-118 pa t19165 l22990">return </span><span class="pp-class-118 pa t19165 l22991">on </span><span class="pp-class-118 pa t19165 l22992">risk-free </span><span class="pp-class-118 pa t19165 l6447">government </span><span class="pp-class-118 pa t19165 l22993">bonds, </span><span class="pp-class-118 pa t19165 l22994">with </span><span class="pp-class-118 pa t19165 l22995">an </span><span class="pp-class-118 pa t19165 l22996">added </span><span class="pp-class-118 pa t19165 l22997">borrowing </span><span class="pp-class-118 pa t19165 l22998">margin </span><span class="pp-class-118 pa t19165 l22999 ls786">to </span><span class="pp-class-118 pa t19165 l23000 ls786">account </span><span class="pp-class-118 pa t19165 l23001">for </span><span class="pp-class-118 pa t19168 l3">estimated </span><span class="pp-class-118 pa t19168 l19258">company-specific </span><span class="pp-class-118 pa t19168 l6922">risk. </span><span class="pp-class-118 pa t19168 l18204">A </span><span class="pp-class-118 pa t19168 l7384">current </span><span class="pp-class-118 pa t19168 l16724">tax </span><span class="pp-class-118 pa t19168 l23002">rate </span><span class="pp-class-118 pa t19168 l23003">of </span><span class="pp-class-118 pa t19168 l23004">22% </span><span class="pp-class-118 pa t19168 l23005">is </span><span class="pp-class-118 pa t19168 l23006">applied.</span></p><p class="pp-class-107 pp-area-text"><span class="pp-class-118 pa t19180 l3">In </span><span class="pp-class-118 pa t19180 l669">2025, </span><span class="pp-class-118 pa t19180 l916">the </span><span class="pp-class-118 pa t19180 l21660">Group’s </span><span class="pp-class-118 pa t19180 l17818">weighted </span><span class="pp-class-118 pa t19180 l23007">cost </span><span class="pp-class-118 pa t19180 l23008">of </span><span class="pp-class-118 pa t19180 l23009">capital </span><span class="pp-class-118 pa t19180 l23010">before </span><span class="pp-class-118 pa t19180 l23011">tax </span><span class="pp-class-118 pa t19180 l23012">amounted </span><span class="pp-class-118 pa t19180 l23013">to </span><span class="pp-class-118 pa t19180 l23014">12.1% </span><span class="pp-class-118 pa t19180 l23015 ls786">(2024: </span><span class="pp-class-118 pa t19180 l23016 ls786">11.4%) </span><span class="pp-class-118 pa t19180 l23017">and </span><span class="pp-class-118 pa t19180 l23018">after </span><span class="pp-class-118 pa t19180 l23019 ls786">tax </span><span class="pp-class-118 pa t19180 l23020 ls786">to </span><span class="pp-class-118 pa t19180 l23021">9.97% </span><span class="pp-class-118 pa t19180 l23022">(2024: </span><span class="pp-class-118 pa t19187 l3">9.25%), </span><span class="pp-class-118 pa t19187 l10913">which </span><span class="pp-class-118 pa t19187 l23023">is </span><span class="pp-class-118 pa t19187 l20160">applicable </span><span class="pp-class-118 pa t19187 l23024">for </span><span class="pp-class-118 pa t19187 l23025">all </span><span class="pp-class-118 pa t19187 l19950">performed </span><span class="pp-class-118 pa t19187 l14890">impairment </span><span class="pp-class-118 pa t19187 l23026">tests.</span></p><p class="pp-class-107 pp-area-text"><span class="pp-class-118 pa t19198 l3">The </span><span class="pp-class-118 pa t19198 l550">acquisition </span><span class="pp-class-118 pa t19198 l14895">cost </span><span class="pp-class-118 pa t19198 l23027">of </span><span class="pp-class-118 pa t19198 l23028">the </span><span class="pp-class-118 pa t19198 l6529">Svane </span><span class="pp-class-118 pa t19198 l23029">brand, </span><span class="pp-class-118 pa t19198 l970">DKK </span><span class="pp-class-118 pa t19198 l11427">172.0 </span><span class="pp-class-118 pa t19198 l23030">million, </span><span class="pp-class-118 pa t19198 l23031">with </span><span class="pp-class-118 pa t19198 l23032">indefinite </span><span class="pp-class-118 pa t19198 l23033 ls786">useful </span><span class="pp-class-118 pa t19198 l23034 ls786">life </span><span class="pp-class-118 pa t19198 l23035">is </span><span class="pp-class-118 pa t19198 l23036 ls786">subject </span><span class="pp-class-118 pa t19198 l23037 ls786">to </span><span class="pp-class-118 pa t19198 l23038">an </span><span class="pp-class-118 pa t19198 l23039">annual </span><span class="pp-class-118 pa t19198 l23040">impair-</span><span class="pp-class-118 pa t19205 l3">ment </span><span class="pp-class-118 pa t19205 l17839">test </span><span class="pp-class-118 pa t19205 l3305">using </span><span class="pp-class-118 pa t19205 l23041">the </span><span class="pp-class-118 pa t19205 l23042">relief </span><span class="pp-class-118 pa t19205 l23043">from </span><span class="pp-class-118 pa t19205 l23044">royalty </span><span class="pp-class-118 pa t19205 l12876">method. </span><span class="pp-class-118 pa t19205 l23045">The </span><span class="pp-class-118 pa t19205 l23046">recoverable </span><span class="pp-class-118 pa t19205 l23047">amount </span><span class="pp-class-118 pa t19205 l23048">is </span><span class="pp-class-118 pa t19205 l23049 ls786">calculated </span><span class="pp-class-118 pa t19205 l23050 ls786">using </span><span class="pp-class-118 pa t19205 l23051 ls786">the </span><span class="pp-class-118 pa t19205 l23052">expected </span><span class="pp-class-118 pa t19205 l23053 ls786">cash </span><span class="pp-class-118 pa t19205 l23054">flow </span><span class="pp-class-118 pa t20438 l3">based </span><span class="pp-class-118 pa t20438 l2837">on </span><span class="pp-class-118 pa t20438 l9654">the </span><span class="pp-class-118 pa t20438 l17540">budget </span><span class="pp-class-118 pa t20438 l23055">for </span><span class="pp-class-118 pa t20438 l20373">the </span><span class="pp-class-118 pa t20438 l23056">forthcoming </span><span class="pp-class-118 pa t20438 l6924">financial </span><span class="pp-class-118 pa t20438 l23057">year, </span><span class="pp-class-118 pa t20438 l23058">a </span><span class="pp-class-118 pa t20438 l23059">forecast </span><span class="pp-class-118 pa t20438 l23060">for </span><span class="pp-class-118 pa t20438 l23061">the </span><span class="pp-class-118 pa t20438 l23062">next </span><span class="pp-class-118 pa t20438 l23063 ls786">four </span><span class="pp-class-118 pa t20438 l23064 ls786">years </span><span class="pp-class-118 pa t20438 l23065">and </span><span class="pp-class-118 pa t20438 l23066 ls786">a </span><span class="pp-class-118 pa t20438 l23067 ls786">royalty </span><span class="pp-class-118 pa t20438 l23068 ls786">on </span><span class="pp-class-118 pa t20438 l23069 ls786">the </span><span class="pp-class-118 pa t20438 l23070">expected </span><span class="pp-class-118 pa t19209 l3">brand </span><span class="pp-class-118 pa t19209 l22610">revenue, </span><span class="pp-class-118 pa t19209 l23071">discounted </span><span class="pp-class-118 pa t19209 l23072">by </span><span class="pp-class-118 pa t19209 l23073">a </span><span class="pp-class-118 pa t19209 l11557">WACC </span><span class="pp-class-118 pa t19209 l23074">after </span><span class="pp-class-118 pa t19209 l23075">tax. </span><span class="pp-class-118 pa t19209 l23076">The </span><span class="pp-class-118 pa t19209 l23077">WACC </span><span class="pp-class-118 pa t19209 l23078">is </span><span class="pp-class-118 pa t19209 l23079">based </span><span class="pp-class-118 pa t19209 l23080">on </span><span class="pp-class-118 pa t19209 l23081">similar </span><span class="pp-class-118 pa t19209 l23082">assumptions </span><span class="pp-class-118 pa t19209 l23083 ls786">to </span><span class="pp-class-118 pa t19209 l23084 ls786">the </span><span class="pp-class-118 pa t19209 l23085">above. </span><span class="pp-class-118 pa t19209 l23086 ls786">The </span><span class="pp-class-118 pa t19209 l23087 ls786">recovera-</span><span class="pp-class-118 pa t19212 l3">ble </span><span class="pp-class-118 pa t19212 l22729">amount </span><span class="pp-class-118 pa t19212 l22730">is </span><span class="pp-class-118 pa t19212 l5946">compared </span><span class="pp-class-118 pa t19212 l14827">to </span><span class="pp-class-118 pa t19212 l9750">the </span><span class="pp-class-118 pa t19212 l23088">carrying </span><span class="pp-class-118 pa t19212 l23089">amount. </span><span class="pp-class-118 pa t19212 l23090">The </span><span class="pp-class-118 pa t19212 l23091">acquisition </span><span class="pp-class-118 pa t19212 l23092">value </span><span class="pp-class-118 pa t19212 l23093">of </span><span class="pp-class-118 pa t19212 l23094">the </span><span class="pp-class-118 pa t19212 l23095 ls786">AUBO </span><span class="pp-class-118 pa t19212 l23096 ls786">brand </span><span class="pp-class-118 pa t19212 l23097">is </span><span class="pp-class-118 pa t19212 l23098">amortised </span><span class="pp-class-118 pa t19212 l23068 ls786">over </span><span class="pp-class-118 pa t19212 l23099 ls786">the </span><span class="pp-class-118 pa t19218 l3">expected </span><span class="pp-class-118 pa t19218 l17225">useful </span><span class="pp-class-118 pa t19218 l23100">life, </span><span class="pp-class-118 pa t19218 l4686">which </span><span class="pp-class-118 pa t19218 l23101">has </span><span class="pp-class-118 pa t19218 l11572">been </span><span class="pp-class-118 pa t19218 l23102">set </span><span class="pp-class-118 pa t19218 l23103">at </span><span class="pp-class-118 pa t19218 l11912">5 </span><span class="pp-class-118 pa t19218 l2216">years.</span></p><p class="pp-class-107 pp-area-text"><span class="pp-class-118 pa t19908 l3">Testing </span><span class="pp-class-118 pa t19908 l12255">of </span><span class="pp-class-118 pa t19908 l23104">goodwill </span><span class="pp-class-118 pa t19908 l18673">and </span><span class="pp-class-118 pa t19908 l23105">brand </span><span class="pp-class-118 pa t19908 l9419">did </span><span class="pp-class-118 pa t19908 l11980">not </span><span class="pp-class-118 pa t19908 l19146">lead </span><span class="pp-class-118 pa t19908 l19020">to </span><span class="pp-class-118 pa t19908 l23106">any </span><span class="pp-class-118 pa t19908 l11489">impairment </span><span class="pp-class-118 pa t19908 l23107">in </span><span class="pp-class-118 pa t19908 l23108">2025 </span><span class="pp-class-118 pa t19908 l23109">or </span><span class="pp-class-118 pa t19908 l23110">2024. </span><span class="pp-class-118 pa t19908 l23111">In </span><span class="pp-class-118 pa t19908 l23112 ls786">Management’s </span><span class="pp-class-118 pa t19908 l23113 ls786">assessment, </span><span class="pp-class-118 pa t19908 l23114 ls786">likely </span><span class="pp-class-118 pa t19228 l3">changes </span><span class="pp-class-118 pa t19228 l1541">in </span><span class="pp-class-118 pa t19228 l23115">the </span><span class="pp-class-118 pa t19228 l23116">basic </span><span class="pp-class-118 pa t19228 l11702">assumptions </span><span class="pp-class-118 pa t19228 l23117">will </span><span class="pp-class-118 pa t19228 l23118">not </span><span class="pp-class-118 pa t19228 l7285">lead </span><span class="pp-class-118 pa t19228 l23119">to </span><span class="pp-class-118 pa t19228 l18354">the </span><span class="pp-class-118 pa t19228 l23120">carrying </span><span class="pp-class-118 pa t19228 l23121">amount </span><span class="pp-class-118 pa t19228 l23122">exceeding </span><span class="pp-class-118 pa t19228 l23123 ls786">the </span><span class="pp-class-118 pa t19228 l23124 ls786">recoverable </span><span class="pp-class-118 pa t19228 l23125 ls786">amount.</span></p></div></div> <p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-120 pa t20198 l3 ls2759">Impairment </span><span class="pp-class-120 pa t20198 l20199 ls6169">testing </span><span class="pp-class-120 pa t20198 l20200 ls458">of </span><span class="pp-class-120 pa t20198 l20201 ls9542">goodwill </span><span class="pp-class-120 pa t20198 l20202 ls2759">and </span><span class="pp-class-120 pa t20198 l20203 ls176">brands</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-118 pa t20204 l3">Goodwill </span><span class="pp-class-118 pa t20204 l17225">and </span><span class="pp-class-118 pa t20204 l8742">brands </span><span class="pp-class-118 pa t20204 l20205">with </span><span class="pp-class-118 pa t20204 l20206">indefinite </span><span class="pp-class-118 pa t20204 l16867">useful </span><span class="pp-class-118 pa t20204 l20207">life </span><span class="pp-class-118 pa t20204 l20208">are </span><span class="pp-class-118 pa t20204 l20209">rec-</span><span class="pp-class-118 pa t20210 l3">ognised </span><span class="pp-class-118 pa t20210 l10501">at </span><span class="pp-class-118 pa t20210 l17145">cost </span><span class="pp-class-118 pa t20210 l20211">less </span><span class="pp-class-118 pa t20210 l20212">any </span><span class="pp-class-118 pa t20210 l20213">accumulated </span><span class="pp-class-118 pa t20210 l20214">impairment. </span><span class="pp-class-118 pa t20210 l18001">The </span><span class="pp-class-118 pa t20215 l3">Group </span><span class="pp-class-118 pa t20215 l875">performs </span><span class="pp-class-118 pa t20215 l20216">annual </span><span class="pp-class-118 pa t20215 l18027">impairment </span><span class="pp-class-118 pa t20215 l20217">tests </span><span class="pp-class-118 pa t20215 l20218">of </span><span class="pp-class-118 pa t20215 l20219">goodwill </span><span class="pp-class-118 pa t20220 l3">and </span><span class="pp-class-118 pa t20220 l1110">brands </span><span class="pp-class-118 pa t20220 l8373">in </span><span class="pp-class-118 pa t20220 l20221">accordance </span><span class="pp-class-118 pa t20220 l9586">with </span><span class="pp-class-118 pa t20220 l20222">the </span><span class="pp-class-118 pa t20220 l20223">accounting </span><span class="pp-class-118 pa t20220 l20224">policies. </span><span class="pp-class-118 pa t20225 l3">The </span><span class="pp-class-118 pa t20225 l550">assumptions </span><span class="pp-class-118 pa t20225 l20226">and </span><span class="pp-class-118 pa t20225 l20227">assessments </span><span class="pp-class-118 pa t20225 l20228">made </span><span class="pp-class-118 pa t20225 l20229">pertaining </span><span class="pp-class-118 pa t20225 l20230">to </span><span class="pp-class-118 pa t20231 l3">expected </span><span class="pp-class-118 pa t20231 l17225">cash </span><span class="pp-class-118 pa t20231 l4632">flows </span><span class="pp-class-118 pa t20231 l932">and </span><span class="pp-class-118 pa t20231 l20232">the </span><span class="pp-class-118 pa t20231 l20233">discount </span><span class="pp-class-118 pa t20231 l13703">rate </span><span class="pp-class-118 pa t20231 l20234">in </span><span class="pp-class-118 pa t20231 l20235">the </span><span class="pp-class-118 pa t20231 l20236">form </span><span class="pp-class-118 pa t20231 l20237">of </span><span class="pp-class-118 pa t20238 l3">weighted </span><span class="pp-class-118 pa t20238 l2499">average </span><span class="pp-class-118 pa t20238 l18797">cost </span><span class="pp-class-118 pa t20238 l2003">of </span><span class="pp-class-118 pa t20238 l19003">capital </span><span class="pp-class-118 pa t20238 l20239">are </span><span class="pp-class-118 pa t20238 l11102">described </span><span class="pp-class-118 pa t20238 l20240">in </span><span class="pp-class-118 pa t20238 l20241">note </span><span class="pp-class-118 pa t20238 l4644">12.</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-120 pa t20242 l3 ls20243">Acquisition </span><span class="pp-class-120 pa t20242 l20244 ls458">of </span><span class="pp-class-120 pa t20242 l17984 ls17748">entities</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-118 pa t20245 l3">In </span><span class="pp-class-118 pa t20245 l669">applying </span><span class="pp-class-118 pa t20245 l20246">the </span><span class="pp-class-118 pa t20245 l20247">acquisition </span><span class="pp-class-118 pa t20245 l20248">method </span><span class="pp-class-118 pa t20245 l4716">of </span><span class="pp-class-118 pa t20245 l20249">accounting, </span><span class="pp-class-118 pa t20245 l6915">esti-</span><span class="pp-class-118 pa t20250 l3">mates </span><span class="pp-class-118 pa t20250 l6563">are </span><span class="pp-class-118 pa t20250 l20251">an </span><span class="pp-class-118 pa t20250 l16941">integral </span><span class="pp-class-118 pa t20250 l2012">part </span><span class="pp-class-118 pa t20250 l20252">of </span><span class="pp-class-118 pa t20250 l11219">assessing </span><span class="pp-class-118 pa t20250 l20253">fair </span><span class="pp-class-118 pa t20250 l20254">values </span><span class="pp-class-118 pa t20250 l20255">of </span><span class="pp-class-118 pa t20256 l3">several </span><span class="pp-class-118 pa t20256 l20257">identifiable </span><span class="pp-class-118 pa t20256 l20258">assets </span><span class="pp-class-118 pa t20256 l20259">acquired </span><span class="pp-class-118 pa t20256 l14645">and </span><span class="pp-class-118 pa t20256 l20260">liabilities </span><span class="pp-class-118 pa t20261 l3">assumed, </span><span class="pp-class-118 pa t20261 l9400">as </span><span class="pp-class-118 pa t20261 l20262">observable </span><span class="pp-class-118 pa t20261 l20263">market </span><span class="pp-class-118 pa t20261 l7254">prices </span><span class="pp-class-118 pa t20261 l20264">are </span><span class="pp-class-118 pa t20261 l20265">typically </span><span class="pp-class-118 pa t20261 l20266">not </span><span class="pp-class-118 pa t20267 l3">available. </span><span class="pp-class-118 pa t20267 l20268">Valuation </span><span class="pp-class-118 pa t20267 l20269">techniques </span><span class="pp-class-118 pa t20267 l11096">where </span><span class="pp-class-118 pa t20267 l20270">estimates </span><span class="pp-class-118 pa t20267 l20271">are </span><span class="pp-class-118 pa t20272 l3">applied </span><span class="pp-class-118 pa t20272 l11239">typically </span><span class="pp-class-118 pa t20272 l7395">relate </span><span class="pp-class-118 pa t20272 l20273">to </span><span class="pp-class-118 pa t20272 l20274">determining </span><span class="pp-class-118 pa t20272 l20275">the </span><span class="pp-class-118 pa t20272 l19020">present </span><span class="pp-class-118 pa t20272 l20276">value </span><span class="pp-class-118 pa t20277 l3">of </span><span class="pp-class-118 pa t20277 l557">future </span><span class="pp-class-118 pa t20277 l20278">uncertain </span><span class="pp-class-118 pa t20277 l20279">cash </span><span class="pp-class-118 pa t20277 l20280">flows </span><span class="pp-class-118 pa t20277 l20281">or </span><span class="pp-class-118 pa t20277 l12943">assessing </span><span class="pp-class-118 pa t20277 l20282">other </span><span class="pp-class-118 pa t20277 l20283">events </span><span class="pp-class-118 pa t20284 l3">in </span><span class="pp-class-118 pa t20284 l1343">which </span><span class="pp-class-118 pa t20284 l6420">the </span><span class="pp-class-118 pa t20284 l20285">outcome </span><span class="pp-class-118 pa t20284 l20286">is </span><span class="pp-class-118 pa t20284 l20287">uncertain </span><span class="pp-class-118 pa t20284 l20288">at </span><span class="pp-class-118 pa t20284 l19515">the </span><span class="pp-class-118 pa t20284 l20289">date </span><span class="pp-class-118 pa t20284 l20290">of </span><span class="pp-class-118 pa t20284 l20291">acquisi-</span><span class="pp-class-118 pa t20292 l3">tion. </span><span class="pp-class-118 pa t20292 l1888">Significant </span><span class="pp-class-118 pa t20292 l20293">estimates </span><span class="pp-class-118 pa t20292 l4715">are </span><span class="pp-class-118 pa t20292 l20294">typically </span><span class="pp-class-118 pa t20292 l20295">applied </span><span class="pp-class-118 pa t20292 l15148">in </span><span class="pp-class-118 pa t20296 l3">accounting </span><span class="pp-class-118 pa t20296 l670">for </span><span class="pp-class-118 pa t20296 l20297">intangible </span><span class="pp-class-118 pa t20296 l20298">assets, </span><span class="pp-class-118 pa t20296 l20299">deferred </span><span class="pp-class-118 pa t20296 l20300">tax, </span><span class="pp-class-118 pa t20296 l20301">contin-</span><span class="pp-class-118 pa t20302 l3">gent </span><span class="pp-class-118 pa t20302 l20303">consideration </span><span class="pp-class-118 pa t20302 l6324">and </span><span class="pp-class-118 pa t20302 l20304">contingent </span><span class="pp-class-118 pa t20302 l20305">liabilities.</span></p><div class="pp-class-7" id="pp-id-3362" xmlns="http://www.w3.org/1999/xhtml"><div class="w15596 h22154 pa t2 l3 wtro4 xx16559 tro6 xx16560"><p class="pp-class-107 pp-area-text"><span class="pp-class-119 pa t16561 l3 ls268">8. </span><span class="pp-class-119 pa t16561 l22155 ls15046">Depreciation/amortisation </span><span class="pp-class-119 pa t16561 l22156 ls122">and </span><span class="pp-class-119 pa t16561 l22157 ls448">impairment </span><span class="pp-class-119 pa t16561 l22158 ls5936">by </span><span class="pp-class-119 pa t16561 l22159 ls445">function</span></p><table><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t22160 l3 ls14110">DKK’000</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t22161 l22162 ls14105">Depreciation/</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t22163 l22164 ls22165">amortiSation</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t22160 l21220 ls458">2025</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t22163 l22166 ls22167">Impairment</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t22160 l21230 ls458">2025</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t22161 l22168 ls14105">Depreciation/</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t22163 l22169 ls22165">amortiSation</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t22160 l21234 ls1074">2024</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t22163 l22170 ls22167">Impairment</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t22160 l15602 ls1074">2024</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22171 l3">Cost </span><span class="pp-class-113 pa t22171 l15608">of </span><span class="pp-class-113 pa t22171 l15609">goods </span><span class="pp-class-113 pa t22171 l15610">sold</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22171 l22172 ls786">24,171</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22171 l21255">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22171 l22173 ls786">23,131</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22171 l15652">0</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22174 l3">Selling </span><span class="pp-class-113 pa t22174 l15620">expenses</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22174 l22175 ls786">9,715</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22174 l21255">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22174 l22176 ls786">7,689</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22174 l15652">0</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22177 l3">Administrative </span><span class="pp-class-113 pa t22177 l15624">expenses</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22177 l22178 ls786">3,618</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22177 l21255">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22177 l16265 ls786">4,767</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22177 l15652">0</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22179 l3">Total </span><span class="pp-class-114 pa t22179 l15778">depreciation/amortisation </span><span class="pp-class-114 pa t22179 l22180">and </span><span class="pp-class-114 pa t22181 l3">impairment</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22181 l22182 ls786">37,504</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22181 l22183">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22184 l22185 ls786">35,587</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22184 l21392">0</span></p></td></tr></table></div></div><div class="pp-class-7" id="pp-id-3370" xmlns="http://www.w3.org/1999/xhtml"><div class="w15596 h22454 pa t2 l3 wtro4 xx16559 tro6 xx16560"><p class="pp-class-107 pp-area-text"><span class="pp-class-119 pa t16561 l3 ls15823">12. </span><span class="pp-class-119 pa t16561 l22455 ls142">Intangible </span><span class="pp-class-119 pa t16561 l22456 ls16342">assets</span></p><table><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t22457 l3 ls14110">DKK’000</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t22457 l22458 ls5830">Goodwill</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t22457 l22459 ls1116">Brands</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t22332 l22460 ls1896">Customer </span><span class="pp-class-112 pa t22457 l22461 ls20643">contracts</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t22333 l22462 ls21479">Other </span><span class="pp-class-112 pa t22332 l22463 ls21223">intangible </span><span class="pp-class-112 pa t22457 l22464 ls458">assets</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t21396 l22465 ls21479">Other </span><span class="pp-class-112 pa t22333 l21235 ls21223">intangible </span><span class="pp-class-112 pa t22332 l22466 ls16067">assets </span><span class="pp-class-112 pa t22332 l22467 ls21020">in </span><span class="pp-class-112 pa t22457 l22468 ls21031">progress</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22469 l3">Opening </span><span class="pp-class-114 pa t22469 l16085">cost </span><span class="pp-class-114 pa t22469 l22470">at </span><span class="pp-class-114 pa t22469 l22471">1 </span><span class="pp-class-114 pa t22469 l22472">January </span><span class="pp-class-114 pa t22469 l22473">2025</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22469 l22474">415,350</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22469 l22475">179,461</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22469 l22476">47,500</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22469 l22477">60,585</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22469 l22478">56,839</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22479 l3">Acquisition </span><span class="pp-class-113 pa t22479 l16257">of </span><span class="pp-class-113 pa t22479 l16258">entities</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22479 l22480 ls786">107,750</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22479 l22481 ls786">44,012</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22479 l22482">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22479 l22483 ls786">5,774</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22479 l22484">0</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22485 l3">Investments </span><span class="pp-class-113 pa t22485 l15869">for </span><span class="pp-class-113 pa t22485 l22486">the </span><span class="pp-class-113 pa t22485 l22487">period</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22485 l22488">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22485 l22489">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22485 l22482">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22485 l22490">59</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22485 l22491 ls786">34,245</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22492 l3">Disposals </span><span class="pp-class-113 pa t22492 l22493">for </span><span class="pp-class-113 pa t22492 l22494">the </span><span class="pp-class-113 pa t22492 l22495">period</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22492 l22496 ls786">(3,352) </span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22492 l22489">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22492 l22482">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22492 l22497">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22492 l22484">0</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22498 l3">Closing </span><span class="pp-class-114 pa t22498 l16156">cost </span><span class="pp-class-114 pa t22498 l22499">at </span><span class="pp-class-114 pa t22500 l3">31 </span><span class="pp-class-114 pa t22500 l22501">December </span><span class="pp-class-114 pa t22500 l22502">2025</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22500 l22503">519,748</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22500 l22504">223,473</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22500 l22476">47,500</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22500 l22505">66,418</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22500 l22506">91,084</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22507 l3">Opening </span><span class="pp-class-113 pa t22507 l22508">amortisation </span><span class="pp-class-113 pa t22507 l22509">and </span><span class="pp-class-113 pa t22510 l3">impairment </span><span class="pp-class-113 pa t22510 l22511">at </span><span class="pp-class-113 pa t22510 l22512">1 </span><span class="pp-class-113 pa t22510 l22513">January </span><span class="pp-class-113 pa t22510 l22514">2025</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22510 l22515 ls786">3,352</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22510 l22516 ls786">2,250</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22510 l22517 ls786">7,125</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22510 l22518 ls786">52,994</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22510 l22519 ls786">1,911</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22520 l3">Disposals </span><span class="pp-class-113 pa t22520 l22493">for </span><span class="pp-class-113 pa t22520 l22494">the </span><span class="pp-class-113 pa t22520 l22495">period</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22520 l22496 ls786">(3,352)</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22520 l22489">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22520 l22482">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22520 l22497">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22520 l22484">0</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22521 l3">Amortisation </span><span class="pp-class-113 pa t22521 l22522">for </span><span class="pp-class-113 pa t22521 l22523">the </span><span class="pp-class-113 pa t22521 l22524">period</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22521 l22488">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22521 l22525 ls786">1,867</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22521 l22526 ls786">4,750 </span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22521 l22527 ls786">5,245</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22521 l22484">0</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22528 l3 ls2618">Closing </span><span class="pp-class-114 pa t22528 l22529 ls7287">amortisation </span><span class="pp-class-114 pa t22528 l22530 ls22531">and </span><span class="pp-class-114 pa t22532 l3 ls22533">impairment </span><span class="pp-class-114 pa t22532 l10875 ls22534">at </span><span class="pp-class-114 pa t22532 l22535 ls22534">31 </span><span class="pp-class-114 pa t22532 l22536 ls22537">December </span><span class="pp-class-114 pa t22532 l22538 ls639">2025</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22532 l22539">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22532 l22540">4,117</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22532 l22541">11,875</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22532 l22542">58,239</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22532 l22543">1,911</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22544 l3">Closing </span><span class="pp-class-114 pa t22544 l16156">carrying </span><span class="pp-class-114 pa t22544 l22545">amount </span><span class="pp-class-114 pa t22544 l22546">at </span><span class="pp-class-114 pa t22547 l3">31 </span><span class="pp-class-114 pa t22547 l22501">December </span><span class="pp-class-114 pa t22547 l22502">2025</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22547 l22503">519,748</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22547 l22548">219,356</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22547 l22549">35,625</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22547 l22550">8,179</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22547 l22551">89,173</span></p></td></tr></table></div></div><div class="pp-class-7" id="pp-id-3371" xmlns="http://www.w3.org/1999/xhtml"><div class="w15596 h22554 pa t2 l3 wtro4 xx30 tro6 xx31"><table><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t22555 l3 ls14110">DKK’000</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t22555 l22458 ls5830">Goodwill</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t22555 l22459 ls1116">Brands</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t16059 l22460 ls1896">Customer </span><span class="pp-class-112 pa t22555 l22461 ls20643">contracts</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t16060 l22462 ls21479">Other </span><span class="pp-class-112 pa t16059 l22463 ls21223">intangible </span><span class="pp-class-112 pa t22555 l22464 ls458">assets</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t15598 l22465 ls21479">Other </span><span class="pp-class-112 pa t16060 l21235 ls21223">intangible </span><span class="pp-class-112 pa t16059 l22466 ls16067">assets </span><span class="pp-class-112 pa t16059 l22467 ls21020">in </span><span class="pp-class-112 pa t22555 l22468 ls21031">progress</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22556 l3">Opening </span><span class="pp-class-114 pa t22556 l16085">cost </span><span class="pp-class-114 pa t22556 l22470">at </span><span class="pp-class-114 pa t22556 l22471">1 </span><span class="pp-class-114 pa t22556 l22472">January </span><span class="pp-class-114 pa t22556 l22473">2024</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22556 l22474">415,350</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22556 l22475">179,461</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22556 l22476">47,500</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22556 l22557">53,578</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22556 l22558">35,576</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22559 l3">Investments </span><span class="pp-class-113 pa t22559 l15869">for </span><span class="pp-class-113 pa t22559 l22486">the </span><span class="pp-class-113 pa t22559 l22487">period</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22559 l22488">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22559 l22489">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22559 l22482">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22559 l22497">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22559 l22560 ls786">28,270</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22561 l3">Transfer</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22561 l22488">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22561 l22489">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22561 l22482">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22561 l22562 ls786">7,007</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22561 l22563 ls786">(7,007)</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22564 l3">Closing </span><span class="pp-class-114 pa t22564 l16156">cost </span><span class="pp-class-114 pa t22564 l22499">at </span><span class="pp-class-114 pa t22565 l3">31 </span><span class="pp-class-114 pa t22565 l22501">December </span><span class="pp-class-114 pa t22565 l22502">2024</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22566 l22474">415,350</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22566 l22475">179,461</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22566 l22476">47,500</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22566 l22477">60,585</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22566 l22478">56,839</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22567 l3">Opening </span><span class="pp-class-113 pa t22567 l22508">amortisation </span><span class="pp-class-113 pa t22567 l22509">and </span><span class="pp-class-113 pa t22568 l3">impairment </span><span class="pp-class-113 pa t22568 l22511">at </span><span class="pp-class-113 pa t22568 l22512">1 </span><span class="pp-class-113 pa t22568 l22513">January </span><span class="pp-class-113 pa t22568 l22514">2024</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22568 l22515 ls786">3,352</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22568 l22569">750</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22568 l22570 ls786">2,375</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22568 l22571 ls786">50,755</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22568 l22519 ls786">1,911</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22572 l3">Amortisation </span><span class="pp-class-113 pa t22572 l22522">for </span><span class="pp-class-113 pa t22572 l22523">the </span><span class="pp-class-113 pa t22572 l22524">period</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22572 l22488">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22572 l22573 ls786">1,500</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22572 l22526 ls786">4,750</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22572 l22574 ls786">2,239</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22572 l22484">0</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22575 l3">Closing </span><span class="pp-class-114 pa t22575 l16156">amortisation </span><span class="pp-class-114 pa t22576 l3">and </span><span class="pp-class-114 pa t22576 l22577">impairment </span><span class="pp-class-114 pa t22576 l22578">at </span><span class="pp-class-114 pa t22579 l3">31 </span><span class="pp-class-114 pa t22579 l22501">December </span><span class="pp-class-114 pa t22579 l22502">2024</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22576 l22580">3,352</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22576 l22581">2,250</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22576 l22582">7,125</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22576 l22583">52,994</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22576 l22543">1,911</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22584 l3">Closing </span><span class="pp-class-114 pa t22584 l16156">carrying </span><span class="pp-class-114 pa t22584 l22545">amount </span><span class="pp-class-114 pa t22584 l22546">at </span><span class="pp-class-114 pa t22585 l3">31 </span><span class="pp-class-114 pa t22585 l22586">December </span><span class="pp-class-114 pa t22585 l6788">2024</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22587 l22588">411,998</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22587 l8829">177,211</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22587 l22589">40,375</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22587 l22590">7,591</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22587 l22591">54,928</span></p></td></tr></table></div></div><div class="pp-class-7" id="pp-id-3372" xmlns="http://www.w3.org/1999/xhtml"><div class="w15596 h22592 pa t2 l3 wtro4 xx30 tro6 xx31"><p class="pp-class-107 pp-area-text"><span class="pp-class-120 pa t22593 l3 ls2759">Impairment </span><span class="pp-class-120 pa t22593 l20199 ls6169">testing </span><span class="pp-class-120 pa t22593 l20200 ls458">of </span><span class="pp-class-120 pa t22593 l20201 ls9542">goodwill </span><span class="pp-class-120 pa t22593 l20202 ls2759">and </span><span class="pp-class-120 pa t22593 l20203 ls458">brand </span></p><p class="pp-class-107 pp-area-text"><span class="pp-class-118 pa t22594 l3">At </span><span class="pp-class-118 pa t22594 l9308">the </span><span class="pp-class-118 pa t22594 l22595">end </span><span class="pp-class-118 pa t22594 l13110">of </span><span class="pp-class-118 pa t22594 l22596">2025, </span><span class="pp-class-118 pa t22594 l22597">recognised </span><span class="pp-class-118 pa t22594 l2201">goodwill </span><span class="pp-class-118 pa t22594 l22598">amounted </span><span class="pp-class-118 pa t22594 l22599">to </span><span class="pp-class-118 pa t22594 l22600">DKK </span><span class="pp-class-118 pa t22594 l22601">519.6 </span><span class="pp-class-118 pa t22594 l22602">million </span><span class="pp-class-118 pa t22594 l22603">(2024: </span><span class="pp-class-118 pa t22594 l22604">DKK </span><span class="pp-class-118 pa t22594 l22605 ls786">412.0 </span><span class="pp-class-118 pa t22594 l22606">million) </span><span class="pp-class-118 pa t22594 l22607">and </span><span class="pp-class-118 pa t22594 l22608 ls786">recognised </span><span class="pp-class-118 pa t22609 l3">brand </span><span class="pp-class-118 pa t22609 l22610">value </span><span class="pp-class-118 pa t22609 l6233">amounted </span><span class="pp-class-118 pa t22609 l22611">to </span><span class="pp-class-118 pa t22609 l22612">DKK </span><span class="pp-class-118 pa t22609 l22613">219.4 </span><span class="pp-class-118 pa t22609 l22614">million </span><span class="pp-class-118 pa t22609 l22615">(2024: </span><span class="pp-class-118 pa t22609 l22616">DKK </span><span class="pp-class-118 pa t22609 l22617">172.2 </span><span class="pp-class-118 pa t22609 l22618">million). </span></p><p class="pp-class-107 pp-area-text"><span class="pp-class-118 pa t22619 l3">Goodwill </span><span class="pp-class-118 pa t22619 l17225">is </span><span class="pp-class-118 pa t22619 l4126">allocated </span><span class="pp-class-118 pa t22619 l22620">to </span><span class="pp-class-118 pa t22619 l22621">a </span><span class="pp-class-118 pa t22619 l22622">cash-generating </span><span class="pp-class-118 pa t22619 l22623">unit </span><span class="pp-class-118 pa t22619 l22624">(CGU) </span><span class="pp-class-118 pa t22619 l22625">when </span><span class="pp-class-118 pa t22619 l22626">the </span><span class="pp-class-118 pa t22619 l22627">unit </span><span class="pp-class-118 pa t22619 l22628">is </span><span class="pp-class-118 pa t22619 l22629">acquired. </span><span class="pp-class-118 pa t22619 l22630 ls786">TCM </span><span class="pp-class-118 pa t22619 l22631 ls786">Group </span><span class="pp-class-118 pa t22619 l22632 ls786">currently </span><span class="pp-class-118 pa t22619 l22633 ls786">has </span><span class="pp-class-118 pa t22619 l22634 ls786">three </span><span class="pp-class-118 pa t22619 l22635 ls786">CGUs: </span><span class="pp-class-118 pa t22636 l3">TCM </span><span class="pp-class-118 pa t22636 l1586">Group </span><span class="pp-class-118 pa t22636 l1587">from </span><span class="pp-class-118 pa t22636 l794">the </span><span class="pp-class-118 pa t22636 l22637">acquisition </span><span class="pp-class-118 pa t22636 l22638">of </span><span class="pp-class-118 pa t22636 l22639">TCM </span><span class="pp-class-118 pa t22636 l22640">Group </span><span class="pp-class-118 pa t22636 l22641">in </span><span class="pp-class-118 pa t22636 l18001">2016, </span><span class="pp-class-118 pa t22636 l22642">DKK </span><span class="pp-class-118 pa t22636 l22643">370 </span><span class="pp-class-118 pa t22636 l22644">million </span><span class="pp-class-118 pa t22636 l22645">(2024: </span><span class="pp-class-118 pa t22636 l22646 ls786">DKK </span><span class="pp-class-118 pa t22636 l22647 ls786">370 </span><span class="pp-class-118 pa t22636 l22648 ls786">million), </span><span class="pp-class-118 pa t22636 l22649">AUBO </span><span class="pp-class-118 pa t22636 l22650 ls786">from </span><span class="pp-class-118 pa t22636 l22651 ls786">the </span><span class="pp-class-118 pa t22652 l3">acquisition </span><span class="pp-class-118 pa t22652 l861">of </span><span class="pp-class-118 pa t22652 l862">AUBO </span><span class="pp-class-118 pa t22652 l1472">Production </span><span class="pp-class-118 pa t22652 l6637">A/S </span><span class="pp-class-118 pa t22652 l6638">in </span><span class="pp-class-118 pa t22652 l20977">2023, </span><span class="pp-class-118 pa t22652 l22653">DKK </span><span class="pp-class-118 pa t22652 l22654">42 </span><span class="pp-class-118 pa t22652 l22655">million </span><span class="pp-class-118 pa t22652 l22656">(DKK </span><span class="pp-class-118 pa t22652 l22657">42 </span><span class="pp-class-118 pa t22652 l22658">million), </span><span class="pp-class-118 pa t22652 l22659 ls786">and </span><span class="pp-class-118 pa t22652 l22660 ls786">Celebert </span><span class="pp-class-118 pa t22652 l22661 ls786">from </span><span class="pp-class-118 pa t22652 l22662 ls786">the </span><span class="pp-class-118 pa t22652 l22663 ls786">acquisition </span><span class="pp-class-118 pa t22652 l22664 ls786">of </span><span class="pp-class-118 pa t22665 l3">Celebert </span><span class="pp-class-118 pa t22665 l868">ApS </span><span class="pp-class-118 pa t22665 l869">in </span><span class="pp-class-118 pa t22665 l9925">2025, </span><span class="pp-class-118 pa t22665 l22666">DKK </span><span class="pp-class-118 pa t22665 l22667">108 </span><span class="pp-class-118 pa t22665 l18956">million </span><span class="pp-class-118 pa t22665 l12860">(2024: </span><span class="pp-class-118 pa t22665 l19944">0 </span><span class="pp-class-118 pa t22665 l22668">million). </span><span class="pp-class-118 pa t22665 l22669">All </span><span class="pp-class-118 pa t22665 l22670">CGUs </span><span class="pp-class-118 pa t22665 l22671">are </span><span class="pp-class-118 pa t22665 l22672">part </span><span class="pp-class-118 pa t22665 l22673">of </span><span class="pp-class-118 pa t22665 l22674">the </span><span class="pp-class-118 pa t22665 l22675 ls786">Group’s </span><span class="pp-class-118 pa t22665 l22676 ls786">operating </span><span class="pp-class-118 pa t22665 l22677 ls786">segment </span><span class="pp-class-118 pa t22665 l22678 ls786">“Produc-</span><span class="pp-class-118 pa t22679 l3">ing </span><span class="pp-class-118 pa t22679 l18082">and </span><span class="pp-class-118 pa t22679 l22680">selling </span><span class="pp-class-118 pa t22679 l22681">kitchens, </span><span class="pp-class-118 pa t22679 l22682">bathrooms </span><span class="pp-class-118 pa t22679 l17646">and </span><span class="pp-class-118 pa t22679 l22683">storage”.</span></p><p class="pp-class-107 pp-area-text"><span class="pp-class-118 pa t22684 l3">Acquired </span><span class="pp-class-118 pa t22684 l22685">goodwill </span><span class="pp-class-118 pa t22684 l22686">in </span><span class="pp-class-118 pa t22684 l22687">2025 </span><span class="pp-class-118 pa t22684 l22688">related </span><span class="pp-class-118 pa t22684 l13107">to </span><span class="pp-class-118 pa t22684 l13108">the </span><span class="pp-class-118 pa t22684 l22689">acquisition </span><span class="pp-class-118 pa t22684 l22690">of </span><span class="pp-class-118 pa t22684 l22691">Celebert </span><span class="pp-class-118 pa t22684 l22692">ApS, </span><span class="pp-class-118 pa t22684 l22693">DKK </span><span class="pp-class-118 pa t22684 l22694">107.7 </span><span class="pp-class-118 pa t22684 l22695">million. </span><span class="pp-class-118 pa t22684 l22696">Disposal </span><span class="pp-class-118 pa t22684 l22697 ls786">of </span><span class="pp-class-118 pa t22684 l22698 ls786">goodwill </span><span class="pp-class-118 pa t22684 l22699 ls786">in </span><span class="pp-class-118 pa t22684 l22700 ls786">2025 </span><span class="pp-class-118 pa t22701 l3">arose </span><span class="pp-class-118 pa t22701 l22702">from </span><span class="pp-class-118 pa t22701 l22703">the </span><span class="pp-class-118 pa t22701 l22704">divestment </span><span class="pp-class-118 pa t22701 l16898">of </span><span class="pp-class-118 pa t22701 l10892">Svane </span><span class="pp-class-118 pa t22701 l22705">Alnabru </span><span class="pp-class-118 pa t22701 l22706">AS, </span><span class="pp-class-118 pa t22701 l22707">DKK </span><span class="pp-class-118 pa t22701 l22708">3.4 </span><span class="pp-class-118 pa t22701 l22709">million, </span><span class="pp-class-118 pa t22701 l22710">which </span><span class="pp-class-118 pa t22701 l22711">was </span><span class="pp-class-118 pa t22701 l22712">fully </span><span class="pp-class-118 pa t22701 l22713">impaired </span><span class="pp-class-118 pa t22701 l22714 ls786">in </span><span class="pp-class-118 pa t22701 l22715">2023.</span></p></div></div><div class="pp-class-7" id="pp-id-3373" xmlns="http://www.w3.org/1999/xhtml"><div class="w15596 h22716 pa t2 l3 wtro4 xx30 tro6 xx31"><p class="pp-class-107 pp-area-text"><span class="pp-class-118 pa t19047 l3">Goodwill </span><span class="pp-class-118 pa t19047 l17225">is </span><span class="pp-class-118 pa t19047 l4126">tested </span><span class="pp-class-118 pa t19047 l9618">annually </span><span class="pp-class-118 pa t19047 l22717">for </span><span class="pp-class-118 pa t19047 l22718">impairment </span><span class="pp-class-118 pa t19047 l6579">by </span><span class="pp-class-118 pa t19047 l22719">calculating </span><span class="pp-class-118 pa t19047 l22720">the </span><span class="pp-class-118 pa t19047 l22721">expected </span><span class="pp-class-118 pa t19047 l22722">recoverable </span><span class="pp-class-118 pa t19047 l22723">amount </span><span class="pp-class-118 pa t19047 l22724 ls786">of </span><span class="pp-class-118 pa t19047 l22725 ls786">the </span><span class="pp-class-118 pa t19047 l22726 ls786">CGU. </span><span class="pp-class-118 pa t19047 l22727 ls786">The </span><span class="pp-class-118 pa t19047 l22728 ls786">recovera-</span><span class="pp-class-118 pa t19048 l3">ble </span><span class="pp-class-118 pa t19048 l22729">amount </span><span class="pp-class-118 pa t19048 l22730">is </span><span class="pp-class-118 pa t19048 l5946">calculated </span><span class="pp-class-118 pa t19048 l22731">as </span><span class="pp-class-118 pa t19048 l22732">the </span><span class="pp-class-118 pa t19048 l22733">expected </span><span class="pp-class-118 pa t19048 l22734">cash </span><span class="pp-class-118 pa t19048 l22735">flow </span><span class="pp-class-118 pa t19048 l22736">discounted </span><span class="pp-class-118 pa t19048 l22737">by </span><span class="pp-class-118 pa t19048 l22738">a </span><span class="pp-class-118 pa t19048 l22739">weighted </span><span class="pp-class-118 pa t19048 l22740 ls786">average </span><span class="pp-class-118 pa t19048 l22741 ls786">cost </span><span class="pp-class-118 pa t19048 l22742 ls786">of </span><span class="pp-class-118 pa t19048 l22743 ls786">capital </span><span class="pp-class-118 pa t19048 l22744 ls786">(WACC) </span><span class="pp-class-118 pa t19048 l22745">after </span><span class="pp-class-118 pa t19048 l22746">tax </span><span class="pp-class-118 pa t19052 l3">for </span><span class="pp-class-118 pa t19052 l2129">the </span><span class="pp-class-118 pa t19052 l6661">CGU. </span><span class="pp-class-118 pa t19052 l22747">The </span><span class="pp-class-118 pa t19052 l22748">recoverable </span><span class="pp-class-118 pa t19052 l1502">amount, </span><span class="pp-class-118 pa t19052 l10916">calculated </span><span class="pp-class-118 pa t19052 l22749">in </span><span class="pp-class-118 pa t19052 l12247">conjunction </span><span class="pp-class-118 pa t19052 l22750">with </span><span class="pp-class-118 pa t19052 l22751">this, </span><span class="pp-class-118 pa t19052 l22752">is </span><span class="pp-class-118 pa t19052 l22753 ls786">compared </span><span class="pp-class-118 pa t19052 l22754 ls786">to </span><span class="pp-class-118 pa t19052 l21204 ls786">the </span><span class="pp-class-118 pa t19052 l22755 ls786">carrying </span><span class="pp-class-118 pa t19052 l22756">amount </span><span class="pp-class-118 pa t19052 l22757">for </span><span class="pp-class-118 pa t19052 l22758 ls786">the </span><span class="pp-class-118 pa t19059 l3">CGU. </span><span class="pp-class-118 pa t19059 l9522">The </span><span class="pp-class-118 pa t19059 l7700">starting </span><span class="pp-class-118 pa t19059 l22759">point </span><span class="pp-class-118 pa t19059 l22760">of </span><span class="pp-class-118 pa t19059 l22761">the </span><span class="pp-class-118 pa t19059 l22762">calculation </span><span class="pp-class-118 pa t19059 l22763">is </span><span class="pp-class-118 pa t19059 l12950">the </span><span class="pp-class-118 pa t19059 l22764">estimated </span><span class="pp-class-118 pa t19059 l22765">future </span><span class="pp-class-118 pa t19059 l22766">cash </span><span class="pp-class-118 pa t19059 l22767">flows </span><span class="pp-class-118 pa t19059 l22768">based </span><span class="pp-class-118 pa t19059 l22769 ls786">on </span><span class="pp-class-118 pa t19059 l22770 ls786">the </span><span class="pp-class-118 pa t19059 l22771 ls786">financial </span><span class="pp-class-118 pa t19059 l22772 ls786">budget </span><span class="pp-class-118 pa t19059 l22773">for </span><span class="pp-class-118 pa t19059 l22774 ls786">the </span><span class="pp-class-118 pa t19063 l3">forthcoming </span><span class="pp-class-118 pa t19063 l22775">financial </span><span class="pp-class-118 pa t19063 l22776">year. </span><span class="pp-class-118 pa t19063 l22777">A </span><span class="pp-class-118 pa t19063 l12927">forecast </span><span class="pp-class-118 pa t19063 l17272">for </span><span class="pp-class-118 pa t19063 l22778">the </span><span class="pp-class-118 pa t19063 l20105">next </span><span class="pp-class-118 pa t19063 l760">four </span><span class="pp-class-118 pa t19063 l22779">years </span><span class="pp-class-118 pa t19063 l22780">is </span><span class="pp-class-118 pa t19063 l22781">prepared </span><span class="pp-class-118 pa t19063 l22782">based </span><span class="pp-class-118 pa t19063 l22783 ls786">on </span><span class="pp-class-118 pa t19063 l22784 ls786">this </span><span class="pp-class-118 pa t19063 l22785 ls786">budget </span><span class="pp-class-118 pa t19063 l22786">and </span><span class="pp-class-118 pa t19063 l22787 ls786">expectations </span><span class="pp-class-118 pa t19067 l3">regarding </span><span class="pp-class-118 pa t19067 l1520">market </span><span class="pp-class-118 pa t19067 l3271">trends </span><span class="pp-class-118 pa t19067 l22788">and </span><span class="pp-class-118 pa t19067 l22789">sales </span><span class="pp-class-118 pa t19067 l10722">mix </span><span class="pp-class-118 pa t19067 l22790">in </span><span class="pp-class-118 pa t19067 l2126">the </span><span class="pp-class-118 pa t19067 l22791">years </span><span class="pp-class-118 pa t19067 l22792">ahead, </span><span class="pp-class-118 pa t19067 l22793">reflecting </span><span class="pp-class-118 pa t19067 l22794">past </span><span class="pp-class-118 pa t19067 l22795">experience.</span></p><p class="pp-class-107 pp-area-text"><span class="pp-class-118 pa t19078 l3">When </span><span class="pp-class-118 pa t19078 l17303">estimating </span><span class="pp-class-118 pa t19078 l22796">expected </span><span class="pp-class-118 pa t19078 l1867">future </span><span class="pp-class-118 pa t19078 l740">cash </span><span class="pp-class-118 pa t19078 l11815">flows, </span><span class="pp-class-118 pa t19078 l20105">key </span><span class="pp-class-118 pa t19078 l22797">assumptions </span><span class="pp-class-118 pa t19078 l22798">include </span><span class="pp-class-118 pa t19078 l22799">projected </span><span class="pp-class-118 pa t19078 l22800 ls786">demand </span><span class="pp-class-118 pa t19078 l22801">growth, </span><span class="pp-class-118 pa t19078 l22802 ls786">increases </span><span class="pp-class-118 pa t19078 l22803 ls786">in </span><span class="pp-class-118 pa t19078 l22804">net </span><span class="pp-class-118 pa t19083 l3">sales, </span><span class="pp-class-118 pa t19083 l8693">improvements </span><span class="pp-class-118 pa t19083 l22805">in </span><span class="pp-class-118 pa t19083 l2503">gross </span><span class="pp-class-118 pa t19083 l22806">and </span><span class="pp-class-118 pa t19083 l22807">operating </span><span class="pp-class-118 pa t19083 l22808">margins, </span><span class="pp-class-118 pa t19083 l22809">as </span><span class="pp-class-118 pa t19083 l22810">well </span><span class="pp-class-118 pa t19083 l22811">as </span><span class="pp-class-118 pa t19083 l22812">requirements </span><span class="pp-class-118 pa t19083 l22813">for </span><span class="pp-class-118 pa t19083 l22814 ls786">working </span><span class="pp-class-118 pa t19083 l22815 ls786">capital </span><span class="pp-class-118 pa t19083 l22816">and </span><span class="pp-class-118 pa t19083 l22817 ls786">CapEx. </span><span class="pp-class-118 pa t19083 l22818">Various </span><span class="pp-class-118 pa t19087 l3">macroeconomic </span><span class="pp-class-118 pa t19087 l9302">indicators </span><span class="pp-class-118 pa t19087 l22819">- </span><span class="pp-class-118 pa t19087 l3230">such </span><span class="pp-class-118 pa t19087 l22820">as </span><span class="pp-class-118 pa t19087 l22821">data </span><span class="pp-class-118 pa t19087 l22822">on </span><span class="pp-class-118 pa t19087 l22823">residential </span><span class="pp-class-118 pa t19087 l22824">property </span><span class="pp-class-118 pa t19087 l22825">sales </span><span class="pp-class-118 pa t19087 l22826">in </span><span class="pp-class-118 pa t19087 l22827">the </span><span class="pp-class-118 pa t19087 l22828">markets </span><span class="pp-class-118 pa t19087 l22829">where </span><span class="pp-class-118 pa t19087 l22830 ls786">the </span><span class="pp-class-118 pa t19087 l22831 ls786">Group </span><span class="pp-class-118 pa t19087 l22832">operates </span><span class="pp-class-118 pa t19087 l22833">- </span><span class="pp-class-118 pa t19087 l22834">are </span><span class="pp-class-118 pa t19093 l3">considered </span><span class="pp-class-118 pa t19093 l8409">to </span><span class="pp-class-118 pa t19093 l22835">analyse </span><span class="pp-class-118 pa t19093 l18438">the </span><span class="pp-class-118 pa t19093 l22836">business </span><span class="pp-class-118 pa t19093 l13003">environment, </span><span class="pp-class-118 pa t19093 l22837">supported </span><span class="pp-class-118 pa t19093 l22838">by </span><span class="pp-class-118 pa t19093 l22839">both </span><span class="pp-class-118 pa t19093 l22840">external </span><span class="pp-class-118 pa t19093 l22841">and </span><span class="pp-class-118 pa t19093 l22842 ls786">internal </span><span class="pp-class-118 pa t19093 l22843 ls786">assessments. </span><span class="pp-class-118 pa t19093 l22844 ls786">Based </span><span class="pp-class-118 pa t19093 l22845 ls786">on </span><span class="pp-class-118 pa t19093 l22846 ls786">these </span><span class="pp-class-118 pa t19097 l3">analyses, </span><span class="pp-class-118 pa t19097 l22847">Management </span><span class="pp-class-118 pa t19097 l13482">has </span><span class="pp-class-118 pa t19097 l22848">applied </span><span class="pp-class-118 pa t19097 l14455">a </span><span class="pp-class-118 pa t19097 l15119">projected </span><span class="pp-class-118 pa t19097 l22849">low- </span><span class="pp-class-118 pa t19097 l22850">to </span><span class="pp-class-118 pa t19097 l22851">mid-single-digit </span><span class="pp-class-118 pa t19097 l22852">growth </span><span class="pp-class-118 pa t19097 l22853">rate </span><span class="pp-class-118 pa t19097 l22854 ls786">in </span><span class="pp-class-118 pa t19097 l22855">net </span><span class="pp-class-118 pa t19097 l22856 ls786">sales </span><span class="pp-class-118 pa t19097 l22857 ls786">over </span><span class="pp-class-118 pa t19097 l22858 ls786">the </span><span class="pp-class-118 pa t19097 l22859">forecast </span><span class="pp-class-118 pa t19804 l3">period, </span><span class="pp-class-118 pa t19804 l22860">driven </span><span class="pp-class-118 pa t19804 l22861">by </span><span class="pp-class-118 pa t19804 l10004">an </span><span class="pp-class-118 pa t19804 l15410">anticipated </span><span class="pp-class-118 pa t19804 l22862">positive </span><span class="pp-class-118 pa t19804 l22863">development </span><span class="pp-class-118 pa t19804 l22864">in </span><span class="pp-class-118 pa t19804 l22865">residential </span><span class="pp-class-118 pa t19804 l22866">property </span><span class="pp-class-118 pa t19804 l22867">sales </span><span class="pp-class-118 pa t19804 l22868">and </span><span class="pp-class-118 pa t19804 l22869">an </span><span class="pp-class-118 pa t19804 l22870">anticipated </span><span class="pp-class-118 pa t19804 l22871 ls786">recovery </span><span class="pp-class-118 pa t19804 l22872 ls786">in </span><span class="pp-class-118 pa t19804 l22873 ls786">the </span><span class="pp-class-118 pa t19099 l3">B2B </span><span class="pp-class-118 pa t19099 l22874">project </span><span class="pp-class-118 pa t19099 l22875">market, </span><span class="pp-class-118 pa t19099 l22876">as </span><span class="pp-class-118 pa t19099 l13521">described </span><span class="pp-class-118 pa t19099 l11677">in </span><span class="pp-class-118 pa t19099 l22877">the </span><span class="pp-class-118 pa t19099 l22878">Management </span><span class="pp-class-118 pa t19099 l22879">Review. </span><span class="pp-class-118 pa t19099 l22880">This </span><span class="pp-class-118 pa t19099 l22881">assumption </span><span class="pp-class-118 pa t19099 l22882">is </span><span class="pp-class-118 pa t19099 l22883 ls786">applicable </span><span class="pp-class-118 pa t19099 l22884">for </span><span class="pp-class-118 pa t19099 l22885 ls786">all </span><span class="pp-class-118 pa t19099 l22886 ls786">performed </span><span class="pp-class-118 pa t19099 l22887">impair-</span><span class="pp-class-118 pa t19105 l3">ment </span><span class="pp-class-118 pa t19105 l17839">tests.</span></p><p class="pp-class-107 pp-area-text"><span class="pp-class-118 pa t19118 l3">Gross </span><span class="pp-class-118 pa t19118 l2771">and </span><span class="pp-class-118 pa t19118 l22888">operating </span><span class="pp-class-118 pa t19118 l17717">margins </span><span class="pp-class-118 pa t19118 l22889">are </span><span class="pp-class-118 pa t19118 l5959">expected </span><span class="pp-class-118 pa t19118 l22890">to </span><span class="pp-class-118 pa t19118 l22891">improve </span><span class="pp-class-118 pa t19118 l22892">gradually </span><span class="pp-class-118 pa t19118 l22893">during </span><span class="pp-class-118 pa t19118 l22894">the </span><span class="pp-class-118 pa t19118 l22895 ls786">forecast </span><span class="pp-class-118 pa t19118 l22896 ls786">period, </span><span class="pp-class-118 pa t19118 l22897">reflecting </span><span class="pp-class-118 pa t19118 l22898">changes </span><span class="pp-class-118 pa t19118 l22899 ls786">in </span><span class="pp-class-118 pa t19118 l22900 ls786">the </span><span class="pp-class-118 pa t19123 l3">sales </span><span class="pp-class-118 pa t19123 l3350">mix </span><span class="pp-class-118 pa t19123 l22901">and </span><span class="pp-class-118 pa t19123 l10288">the </span><span class="pp-class-118 pa t19123 l22902">implementation </span><span class="pp-class-118 pa t19123 l22903">of </span><span class="pp-class-118 pa t19123 l22904">various </span><span class="pp-class-118 pa t19123 l22905">strategic </span><span class="pp-class-118 pa t19123 l22906">initiatives. </span><span class="pp-class-118 pa t19123 l22143">These </span><span class="pp-class-118 pa t19123 l22907 ls786">assumptions </span><span class="pp-class-118 pa t19123 l22908 ls786">also </span><span class="pp-class-118 pa t19123 l22909 ls786">account </span><span class="pp-class-118 pa t19123 l22910">for </span><span class="pp-class-118 pa t19123 l22911 ls786">the </span><span class="pp-class-118 pa t19123 l22912">Group’s </span><span class="pp-class-118 pa t19129 l3">long-term </span><span class="pp-class-118 pa t19129 l22913">strategic </span><span class="pp-class-118 pa t19129 l22914">efforts, </span><span class="pp-class-118 pa t19129 l20393">including </span><span class="pp-class-118 pa t19129 l11430">differentiated </span><span class="pp-class-118 pa t19129 l22915">branding, </span><span class="pp-class-118 pa t19129 l22916">central </span><span class="pp-class-118 pa t19129 l22917">sourcing, </span><span class="pp-class-118 pa t19129 l22918 ls786">manufacturing </span><span class="pp-class-118 pa t19129 l22919 ls786">optimisation </span><span class="pp-class-118 pa t19129 l22920">and </span><span class="pp-class-118 pa t19135 l3">product </span><span class="pp-class-118 pa t19135 l1964">development. </span><span class="pp-class-118 pa t19135 l22921">To </span><span class="pp-class-118 pa t19135 l7448">project </span><span class="pp-class-118 pa t19135 l8498">cash </span><span class="pp-class-118 pa t19135 l1093">flows </span><span class="pp-class-118 pa t19135 l22922">beyond </span><span class="pp-class-118 pa t19135 l22923">the </span><span class="pp-class-118 pa t19135 l22924">initial </span><span class="pp-class-118 pa t19135 l22925">5-year </span><span class="pp-class-118 pa t19135 l22926">period, </span><span class="pp-class-118 pa t19135 l22927">a </span><span class="pp-class-118 pa t19135 l22928 ls786">growth </span><span class="pp-class-118 pa t19135 l22929 ls786">rate </span><span class="pp-class-118 pa t19135 l22930 ls786">of </span><span class="pp-class-118 pa t19135 l22931 ls786">3% </span><span class="pp-class-118 pa t19135 l22932 ls786">(2024: </span><span class="pp-class-118 pa t19135 l22933 ls786">2%) </span><span class="pp-class-118 pa t19135 l22934 ls786">has </span><span class="pp-class-118 pa t19135 l22935 ls786">been </span><span class="pp-class-118 pa t19841 l3">applied.</span></p><p class="pp-class-107 pp-area-text"><span class="pp-class-118 pa t19143 l3">The </span><span class="pp-class-118 pa t19143 l550">WACC </span><span class="pp-class-118 pa t19143 l10438">is </span><span class="pp-class-118 pa t19143 l22936">calculated </span><span class="pp-class-118 pa t19143 l22937">based </span><span class="pp-class-118 pa t19143 l8787">on </span><span class="pp-class-118 pa t19143 l22938">the </span><span class="pp-class-118 pa t19143 l22939">average </span><span class="pp-class-118 pa t19143 l22940">debt-to-equity </span><span class="pp-class-118 pa t19143 l22941">ratio </span><span class="pp-class-118 pa t19143 l22942">of </span><span class="pp-class-118 pa t19143 l22943">large </span><span class="pp-class-118 pa t19143 l22944 ls786">companies </span><span class="pp-class-118 pa t19143 l22945 ls786">in </span><span class="pp-class-118 pa t19143 l22946 ls786">similar </span><span class="pp-class-118 pa t19143 l22947 ls786">industries </span><span class="pp-class-118 pa t19143 l22948">and </span><span class="pp-class-118 pa t19143 l22949 ls786">the </span><span class="pp-class-118 pa t19148 l3">respective </span><span class="pp-class-118 pa t19148 l22950">costs </span><span class="pp-class-118 pa t19148 l14428">of </span><span class="pp-class-118 pa t19148 l11953">debt </span><span class="pp-class-118 pa t19148 l22951">and </span><span class="pp-class-118 pa t19148 l10295">equity. </span><span class="pp-class-118 pa t19148 l22952">The </span><span class="pp-class-118 pa t19148 l16944">cost </span><span class="pp-class-118 pa t19148 l22953">of </span><span class="pp-class-118 pa t19148 l13477">shareholders’ </span><span class="pp-class-118 pa t19148 l22954">equity </span><span class="pp-class-118 pa t19148 l22955">is </span><span class="pp-class-118 pa t19148 l22956 ls786">determined </span><span class="pp-class-118 pa t19148 l22957">under </span><span class="pp-class-118 pa t19148 l22958 ls786">the </span><span class="pp-class-118 pa t19148 l22959 ls786">assumption </span><span class="pp-class-118 pa t19148 l22960 ls786">that </span><span class="pp-class-118 pa t19148 l22961 ls786">all </span><span class="pp-class-118 pa t19154 l3">investors </span><span class="pp-class-118 pa t19154 l9744">require </span><span class="pp-class-118 pa t19154 l22962">at </span><span class="pp-class-118 pa t19154 l1308">least </span><span class="pp-class-118 pa t19154 l9446">the </span><span class="pp-class-118 pa t19154 l22963">same </span><span class="pp-class-118 pa t19154 l22964">level </span><span class="pp-class-118 pa t19154 l22965">of </span><span class="pp-class-118 pa t19154 l1716">return </span><span class="pp-class-118 pa t19154 l22966">as </span><span class="pp-class-118 pa t19154 l22967">for </span><span class="pp-class-118 pa t19154 l22968">risk-free </span><span class="pp-class-118 pa t19154 l22969">government </span><span class="pp-class-118 pa t19154 l22970 ls786">bonds, </span><span class="pp-class-118 pa t19154 l22971 ls786">supplemented </span><span class="pp-class-118 pa t19154 l22972 ls786">by </span><span class="pp-class-118 pa t19154 l22973 ls786">a </span><span class="pp-class-118 pa t19154 l22974 ls786">risk </span><span class="pp-class-118 pa t19154 l22975">premium </span><span class="pp-class-118 pa t19159 l3">reflecting </span><span class="pp-class-118 pa t19159 l22976">the </span><span class="pp-class-118 pa t19159 l22977">estimated </span><span class="pp-class-118 pa t19159 l22978">risks </span><span class="pp-class-118 pa t19159 l10277">associated </span><span class="pp-class-118 pa t19159 l22979">with </span><span class="pp-class-118 pa t19159 l22980">investments </span><span class="pp-class-118 pa t19159 l22981">in </span><span class="pp-class-118 pa t19159 l22982">CGUs. </span><span class="pp-class-118 pa t19159 l22983">The </span><span class="pp-class-118 pa t19159 l22984">required </span><span class="pp-class-118 pa t19159 l22985">return </span><span class="pp-class-118 pa t19159 l22986 ls786">on </span><span class="pp-class-118 pa t19159 l22987 ls786">debt-financed </span><span class="pp-class-118 pa t19159 l22988">capital </span><span class="pp-class-118 pa t19159 l22989">is </span><span class="pp-class-118 pa t19165 l3">similarly </span><span class="pp-class-118 pa t19165 l18176">calculated </span><span class="pp-class-118 pa t19165 l18862">using </span><span class="pp-class-118 pa t19165 l6875">the </span><span class="pp-class-118 pa t19165 l22990">return </span><span class="pp-class-118 pa t19165 l22991">on </span><span class="pp-class-118 pa t19165 l22992">risk-free </span><span class="pp-class-118 pa t19165 l6447">government </span><span class="pp-class-118 pa t19165 l22993">bonds, </span><span class="pp-class-118 pa t19165 l22994">with </span><span class="pp-class-118 pa t19165 l22995">an </span><span class="pp-class-118 pa t19165 l22996">added </span><span class="pp-class-118 pa t19165 l22997">borrowing </span><span class="pp-class-118 pa t19165 l22998">margin </span><span class="pp-class-118 pa t19165 l22999 ls786">to </span><span class="pp-class-118 pa t19165 l23000 ls786">account </span><span class="pp-class-118 pa t19165 l23001">for </span><span class="pp-class-118 pa t19168 l3">estimated </span><span class="pp-class-118 pa t19168 l19258">company-specific </span><span class="pp-class-118 pa t19168 l6922">risk. </span><span class="pp-class-118 pa t19168 l18204">A </span><span class="pp-class-118 pa t19168 l7384">current </span><span class="pp-class-118 pa t19168 l16724">tax </span><span class="pp-class-118 pa t19168 l23002">rate </span><span class="pp-class-118 pa t19168 l23003">of </span><span class="pp-class-118 pa t19168 l23004">22% </span><span class="pp-class-118 pa t19168 l23005">is </span><span class="pp-class-118 pa t19168 l23006">applied.</span></p><p class="pp-class-107 pp-area-text"><span class="pp-class-118 pa t19180 l3">In </span><span class="pp-class-118 pa t19180 l669">2025, </span><span class="pp-class-118 pa t19180 l916">the </span><span class="pp-class-118 pa t19180 l21660">Group’s </span><span class="pp-class-118 pa t19180 l17818">weighted </span><span class="pp-class-118 pa t19180 l23007">cost </span><span class="pp-class-118 pa t19180 l23008">of </span><span class="pp-class-118 pa t19180 l23009">capital </span><span class="pp-class-118 pa t19180 l23010">before </span><span class="pp-class-118 pa t19180 l23011">tax </span><span class="pp-class-118 pa t19180 l23012">amounted </span><span class="pp-class-118 pa t19180 l23013">to </span><span class="pp-class-118 pa t19180 l23014">12.1% </span><span class="pp-class-118 pa t19180 l23015 ls786">(2024: </span><span class="pp-class-118 pa t19180 l23016 ls786">11.4%) </span><span class="pp-class-118 pa t19180 l23017">and </span><span class="pp-class-118 pa t19180 l23018">after </span><span class="pp-class-118 pa t19180 l23019 ls786">tax </span><span class="pp-class-118 pa t19180 l23020 ls786">to </span><span class="pp-class-118 pa t19180 l23021">9.97% </span><span class="pp-class-118 pa t19180 l23022">(2024: </span><span class="pp-class-118 pa t19187 l3">9.25%), </span><span class="pp-class-118 pa t19187 l10913">which </span><span class="pp-class-118 pa t19187 l23023">is </span><span class="pp-class-118 pa t19187 l20160">applicable </span><span class="pp-class-118 pa t19187 l23024">for </span><span class="pp-class-118 pa t19187 l23025">all </span><span class="pp-class-118 pa t19187 l19950">performed </span><span class="pp-class-118 pa t19187 l14890">impairment </span><span class="pp-class-118 pa t19187 l23026">tests.</span></p><p class="pp-class-107 pp-area-text"><span class="pp-class-118 pa t19198 l3">The </span><span class="pp-class-118 pa t19198 l550">acquisition </span><span class="pp-class-118 pa t19198 l14895">cost </span><span class="pp-class-118 pa t19198 l23027">of </span><span class="pp-class-118 pa t19198 l23028">the </span><span class="pp-class-118 pa t19198 l6529">Svane </span><span class="pp-class-118 pa t19198 l23029">brand, </span><span class="pp-class-118 pa t19198 l970">DKK </span><span class="pp-class-118 pa t19198 l11427">172.0 </span><span class="pp-class-118 pa t19198 l23030">million, </span><span class="pp-class-118 pa t19198 l23031">with </span><span class="pp-class-118 pa t19198 l23032">indefinite </span><span class="pp-class-118 pa t19198 l23033 ls786">useful </span><span class="pp-class-118 pa t19198 l23034 ls786">life </span><span class="pp-class-118 pa t19198 l23035">is </span><span class="pp-class-118 pa t19198 l23036 ls786">subject </span><span class="pp-class-118 pa t19198 l23037 ls786">to </span><span class="pp-class-118 pa t19198 l23038">an </span><span class="pp-class-118 pa t19198 l23039">annual </span><span class="pp-class-118 pa t19198 l23040">impair-</span><span class="pp-class-118 pa t19205 l3">ment </span><span class="pp-class-118 pa t19205 l17839">test </span><span class="pp-class-118 pa t19205 l3305">using </span><span class="pp-class-118 pa t19205 l23041">the </span><span class="pp-class-118 pa t19205 l23042">relief </span><span class="pp-class-118 pa t19205 l23043">from </span><span class="pp-class-118 pa t19205 l23044">royalty </span><span class="pp-class-118 pa t19205 l12876">method. </span><span class="pp-class-118 pa t19205 l23045">The </span><span class="pp-class-118 pa t19205 l23046">recoverable </span><span class="pp-class-118 pa t19205 l23047">amount </span><span class="pp-class-118 pa t19205 l23048">is </span><span class="pp-class-118 pa t19205 l23049 ls786">calculated </span><span class="pp-class-118 pa t19205 l23050 ls786">using </span><span class="pp-class-118 pa t19205 l23051 ls786">the </span><span class="pp-class-118 pa t19205 l23052">expected </span><span class="pp-class-118 pa t19205 l23053 ls786">cash </span><span class="pp-class-118 pa t19205 l23054">flow </span><span class="pp-class-118 pa t20438 l3">based </span><span class="pp-class-118 pa t20438 l2837">on </span><span class="pp-class-118 pa t20438 l9654">the </span><span class="pp-class-118 pa t20438 l17540">budget </span><span class="pp-class-118 pa t20438 l23055">for </span><span class="pp-class-118 pa t20438 l20373">the </span><span class="pp-class-118 pa t20438 l23056">forthcoming </span><span class="pp-class-118 pa t20438 l6924">financial </span><span class="pp-class-118 pa t20438 l23057">year, </span><span class="pp-class-118 pa t20438 l23058">a </span><span class="pp-class-118 pa t20438 l23059">forecast </span><span class="pp-class-118 pa t20438 l23060">for </span><span class="pp-class-118 pa t20438 l23061">the </span><span class="pp-class-118 pa t20438 l23062">next </span><span class="pp-class-118 pa t20438 l23063 ls786">four </span><span class="pp-class-118 pa t20438 l23064 ls786">years </span><span class="pp-class-118 pa t20438 l23065">and </span><span class="pp-class-118 pa t20438 l23066 ls786">a </span><span class="pp-class-118 pa t20438 l23067 ls786">royalty </span><span class="pp-class-118 pa t20438 l23068 ls786">on </span><span class="pp-class-118 pa t20438 l23069 ls786">the </span><span class="pp-class-118 pa t20438 l23070">expected </span><span class="pp-class-118 pa t19209 l3">brand </span><span class="pp-class-118 pa t19209 l22610">revenue, </span><span class="pp-class-118 pa t19209 l23071">discounted </span><span class="pp-class-118 pa t19209 l23072">by </span><span class="pp-class-118 pa t19209 l23073">a </span><span class="pp-class-118 pa t19209 l11557">WACC </span><span class="pp-class-118 pa t19209 l23074">after </span><span class="pp-class-118 pa t19209 l23075">tax. </span><span class="pp-class-118 pa t19209 l23076">The </span><span class="pp-class-118 pa t19209 l23077">WACC </span><span class="pp-class-118 pa t19209 l23078">is </span><span class="pp-class-118 pa t19209 l23079">based </span><span class="pp-class-118 pa t19209 l23080">on </span><span class="pp-class-118 pa t19209 l23081">similar </span><span class="pp-class-118 pa t19209 l23082">assumptions </span><span class="pp-class-118 pa t19209 l23083 ls786">to </span><span class="pp-class-118 pa t19209 l23084 ls786">the </span><span class="pp-class-118 pa t19209 l23085">above. </span><span class="pp-class-118 pa t19209 l23086 ls786">The </span><span class="pp-class-118 pa t19209 l23087 ls786">recovera-</span><span class="pp-class-118 pa t19212 l3">ble </span><span class="pp-class-118 pa t19212 l22729">amount </span><span class="pp-class-118 pa t19212 l22730">is </span><span class="pp-class-118 pa t19212 l5946">compared </span><span class="pp-class-118 pa t19212 l14827">to </span><span class="pp-class-118 pa t19212 l9750">the </span><span class="pp-class-118 pa t19212 l23088">carrying </span><span class="pp-class-118 pa t19212 l23089">amount. </span><span class="pp-class-118 pa t19212 l23090">The </span><span class="pp-class-118 pa t19212 l23091">acquisition </span><span class="pp-class-118 pa t19212 l23092">value </span><span class="pp-class-118 pa t19212 l23093">of </span><span class="pp-class-118 pa t19212 l23094">the </span><span class="pp-class-118 pa t19212 l23095 ls786">AUBO </span><span class="pp-class-118 pa t19212 l23096 ls786">brand </span><span class="pp-class-118 pa t19212 l23097">is </span><span class="pp-class-118 pa t19212 l23098">amortised </span><span class="pp-class-118 pa t19212 l23068 ls786">over </span><span class="pp-class-118 pa t19212 l23099 ls786">the </span><span class="pp-class-118 pa t19218 l3">expected </span><span class="pp-class-118 pa t19218 l17225">useful </span><span class="pp-class-118 pa t19218 l23100">life, </span><span class="pp-class-118 pa t19218 l4686">which </span><span class="pp-class-118 pa t19218 l23101">has </span><span class="pp-class-118 pa t19218 l11572">been </span><span class="pp-class-118 pa t19218 l23102">set </span><span class="pp-class-118 pa t19218 l23103">at </span><span class="pp-class-118 pa t19218 l11912">5 </span><span class="pp-class-118 pa t19218 l2216">years.</span></p><p class="pp-class-107 pp-area-text"><span class="pp-class-118 pa t19908 l3">Testing </span><span class="pp-class-118 pa t19908 l12255">of </span><span class="pp-class-118 pa t19908 l23104">goodwill </span><span class="pp-class-118 pa t19908 l18673">and </span><span class="pp-class-118 pa t19908 l23105">brand </span><span class="pp-class-118 pa t19908 l9419">did </span><span class="pp-class-118 pa t19908 l11980">not </span><span class="pp-class-118 pa t19908 l19146">lead </span><span class="pp-class-118 pa t19908 l19020">to </span><span class="pp-class-118 pa t19908 l23106">any </span><span class="pp-class-118 pa t19908 l11489">impairment </span><span class="pp-class-118 pa t19908 l23107">in </span><span class="pp-class-118 pa t19908 l23108">2025 </span><span class="pp-class-118 pa t19908 l23109">or </span><span class="pp-class-118 pa t19908 l23110">2024. </span><span class="pp-class-118 pa t19908 l23111">In </span><span class="pp-class-118 pa t19908 l23112 ls786">Management’s </span><span class="pp-class-118 pa t19908 l23113 ls786">assessment, </span><span class="pp-class-118 pa t19908 l23114 ls786">likely </span><span class="pp-class-118 pa t19228 l3">changes </span><span class="pp-class-118 pa t19228 l1541">in </span><span class="pp-class-118 pa t19228 l23115">the </span><span class="pp-class-118 pa t19228 l23116">basic </span><span class="pp-class-118 pa t19228 l11702">assumptions </span><span class="pp-class-118 pa t19228 l23117">will </span><span class="pp-class-118 pa t19228 l23118">not </span><span class="pp-class-118 pa t19228 l7285">lead </span><span class="pp-class-118 pa t19228 l23119">to </span><span class="pp-class-118 pa t19228 l18354">the </span><span class="pp-class-118 pa t19228 l23120">carrying </span><span class="pp-class-118 pa t19228 l23121">amount </span><span class="pp-class-118 pa t19228 l23122">exceeding </span><span class="pp-class-118 pa t19228 l23123 ls786">the </span><span class="pp-class-118 pa t19228 l23124 ls786">recoverable </span><span class="pp-class-118 pa t19228 l23125 ls786">amount.</span></p></div></div> <div class="pp-class-7" id="pp-id-3336" xmlns="http://www.w3.org/1999/xhtml"><div class="w485 h20306 pa t2 l3 wtro4 xx16559 tro6 xx16560"><p class="pp-class-107 pp-area-text"><span class="pp-class-119 pa t16561 l3 ls268">3. </span><span class="pp-class-119 pa t16561 l20307 ls15595">Financial </span><span class="pp-class-119 pa t16561 l20308 ls448">risks</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-120 pa t20309 l3 ls15165">Foreign </span><span class="pp-class-120 pa t20309 l20310 ls11035">exchange </span><span class="pp-class-120 pa t20309 l20311 ls161">risk</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-118 pa t19059 l3">TCM </span><span class="pp-class-118 pa t19059 l1586">Group </span><span class="pp-class-118 pa t19059 l1587">has </span><span class="pp-class-118 pa t19059 l1996">currency </span><span class="pp-class-118 pa t19059 l20312">exposure </span><span class="pp-class-118 pa t19059 l20313">and </span><span class="pp-class-118 pa t19059 l20314">risks </span><span class="pp-class-118 pa t19059 l20315">related </span><span class="pp-class-118 pa t19059 l20316">to </span><span class="pp-class-118 pa t19063 l3">sales </span><span class="pp-class-118 pa t19063 l3350">in </span><span class="pp-class-118 pa t19063 l20317">NOK. </span><span class="pp-class-118 pa t19063 l15400">In </span><span class="pp-class-118 pa t19063 l9714">accordance </span><span class="pp-class-118 pa t19063 l20318">with </span><span class="pp-class-118 pa t19063 l20319">the </span><span class="pp-class-118 pa t19063 l20320">Group’s </span><span class="pp-class-118 pa t19063 l20321">foreign </span><span class="pp-class-118 pa t19067 l3">currency </span><span class="pp-class-118 pa t19067 l12998">policy, </span><span class="pp-class-118 pa t19067 l14389">forward </span><span class="pp-class-118 pa t19067 l20322">contracts </span><span class="pp-class-118 pa t19067 l9868">are </span><span class="pp-class-118 pa t19067 l19868">used </span><span class="pp-class-118 pa t19067 l20323">to </span><span class="pp-class-118 pa t19067 l9677">mitigate </span><span class="pp-class-118 pa t19073 l3">such </span><span class="pp-class-118 pa t19073 l20324">risks. </span><span class="pp-class-118 pa t19073 l20325">Forward </span><span class="pp-class-118 pa t19073 l20326">contracts </span><span class="pp-class-118 pa t19073 l20327">are </span><span class="pp-class-118 pa t19073 l19697">used </span><span class="pp-class-118 pa t19073 l20328">to </span><span class="pp-class-118 pa t19073 l20329">hedge </span><span class="pp-class-118 pa t19078 l3">50-100% </span><span class="pp-class-118 pa t19078 l18382">of </span><span class="pp-class-118 pa t19078 l5986">the </span><span class="pp-class-118 pa t19078 l18557">expected </span><span class="pp-class-118 pa t19078 l20330">cash </span><span class="pp-class-118 pa t19078 l20331">flows </span><span class="pp-class-118 pa t19078 l20332">in </span><span class="pp-class-118 pa t19078 l20333">NOK </span><span class="pp-class-118 pa t19078 l20334">on </span><span class="pp-class-118 pa t19078 l20335">a </span><span class="pp-class-118 pa t19083 l3">6-month </span><span class="pp-class-118 pa t19083 l1678">rolling </span><span class="pp-class-118 pa t19083 l20336">basis. </span><span class="pp-class-118 pa t19083 l20337">Based </span><span class="pp-class-118 pa t19083 l20338">on </span><span class="pp-class-118 pa t19083 l20339">the </span><span class="pp-class-118 pa t19083 l20340">net </span><span class="pp-class-118 pa t19083 l20341">position </span><span class="pp-class-118 pa t19083 l20342">(trade </span><span class="pp-class-118 pa t19087 l3">receivables </span><span class="pp-class-118 pa t19087 l12100">and </span><span class="pp-class-118 pa t19087 l20343">bank </span><span class="pp-class-118 pa t19087 l9854">deposits </span><span class="pp-class-118 pa t19087 l20344">less </span><span class="pp-class-118 pa t19087 l20345">trade </span><span class="pp-class-118 pa t19087 l20346">payables) </span><span class="pp-class-118 pa t19087 l20347">in </span><span class="pp-class-118 pa t19093 l3">NOK </span><span class="pp-class-118 pa t19093 l20348">at </span><span class="pp-class-118 pa t19093 l13241">the </span><span class="pp-class-118 pa t19093 l10648">balance </span><span class="pp-class-118 pa t19093 l20349">sheet </span><span class="pp-class-118 pa t19093 l20350">date, </span><span class="pp-class-118 pa t19093 l20351">a </span><span class="pp-class-118 pa t19093 l20352">10% </span><span class="pp-class-118 pa t19093 l20353">change </span><span class="pp-class-118 pa t19093 l20354">in </span><span class="pp-class-118 pa t19093 l20355">the </span><span class="pp-class-118 pa t19097 l3">year-end </span><span class="pp-class-118 pa t19097 l20356">rate </span><span class="pp-class-118 pa t19097 l20357">would </span><span class="pp-class-118 pa t19097 l10118">impact </span><span class="pp-class-118 pa t19097 l20358">net </span><span class="pp-class-118 pa t19097 l6297">profit </span><span class="pp-class-118 pa t19097 l20359">and </span><span class="pp-class-118 pa t19097 l20360">equity </span><span class="pp-class-118 pa t19097 l20361">by </span><span class="pp-class-118 pa t19804 l3">DKK </span><span class="pp-class-118 pa t19804 l1485">3.5 </span><span class="pp-class-118 pa t19804 l7387">million. </span><span class="pp-class-118 pa t19804 l20362">Apart </span><span class="pp-class-118 pa t19804 l20363">from </span><span class="pp-class-118 pa t19804 l9512">NOK, </span><span class="pp-class-118 pa t19804 l19637">revenue </span><span class="pp-class-118 pa t19804 l20364">is </span><span class="pp-class-118 pa t19804 l673">only </span><span class="pp-class-118 pa t19099 l3">invoiced </span><span class="pp-class-118 pa t19099 l20365">in </span><span class="pp-class-118 pa t19099 l8409">DKK, </span><span class="pp-class-118 pa t19099 l20366">and </span><span class="pp-class-118 pa t19099 l20367">purchases </span><span class="pp-class-118 pa t19099 l18997">are </span><span class="pp-class-118 pa t19099 l20368">mainly </span><span class="pp-class-118 pa t19099 l20369">in </span><span class="pp-class-118 pa t19099 l20370">DKK </span><span class="pp-class-118 pa t19099 l20371">or </span><span class="pp-class-118 pa t19105 l3">EUR. </span><span class="pp-class-118 pa t19105 l20372">Due </span><span class="pp-class-118 pa t19105 l16807">to </span><span class="pp-class-118 pa t19105 l7860">the </span><span class="pp-class-118 pa t19105 l7486">current </span><span class="pp-class-118 pa t19105 l20373">fixed </span><span class="pp-class-118 pa t19105 l20374">rate </span><span class="pp-class-118 pa t19105 l20375">of </span><span class="pp-class-118 pa t19105 l19109">the </span><span class="pp-class-118 pa t19105 l13216">DKK </span><span class="pp-class-118 pa t19105 l20376">vis-à-vis </span><span class="pp-class-118 pa t19112 l3">EUR, </span><span class="pp-class-118 pa t19112 l20377">EUR </span><span class="pp-class-118 pa t19112 l20378">cash </span><span class="pp-class-118 pa t19112 l20379">flows </span><span class="pp-class-118 pa t19112 l11988">related </span><span class="pp-class-118 pa t19112 l7521">to </span><span class="pp-class-118 pa t19112 l20380">purchases </span><span class="pp-class-118 pa t19112 l8746">were </span><span class="pp-class-118 pa t19112 l13466">not </span><span class="pp-class-118 pa t19118 l3">hedged </span><span class="pp-class-118 pa t19118 l762">during </span><span class="pp-class-118 pa t19118 l20381">the </span><span class="pp-class-118 pa t19118 l13533">year. </span><span class="pp-class-118 pa t19118 l20382">Purchase-related </span><span class="pp-class-118 pa t19118 l9442">cash </span><span class="pp-class-118 pa t19118 l20383">flows </span><span class="pp-class-118 pa t19118 l20384">in </span><span class="pp-class-118 pa t19123 l3">currencies </span><span class="pp-class-118 pa t19123 l20385">other </span><span class="pp-class-118 pa t19123 l20386">than </span><span class="pp-class-118 pa t19123 l13183">DKK, </span><span class="pp-class-118 pa t19123 l1932">EUR </span><span class="pp-class-118 pa t19123 l20387">and </span><span class="pp-class-118 pa t19123 l20388">NOK </span><span class="pp-class-118 pa t19123 l20389">amounted </span><span class="pp-class-118 pa t19123 l20390">to </span><span class="pp-class-118 pa t19129 l3">DKK </span><span class="pp-class-118 pa t19129 l1485">2.0 </span><span class="pp-class-118 pa t19129 l20391">million </span><span class="pp-class-118 pa t19129 l20392">(2024: </span><span class="pp-class-118 pa t19129 l739">DKK </span><span class="pp-class-118 pa t19129 l20393">1.4 </span><span class="pp-class-118 pa t19129 l20394">million) </span><span class="pp-class-118 pa t19129 l11659">and </span><span class="pp-class-118 pa t19129 l20395">were </span><span class="pp-class-118 pa t19129 l20396">not </span><span class="pp-class-118 pa t19135 l3">hedged </span><span class="pp-class-118 pa t19135 l762">during </span><span class="pp-class-118 pa t19135 l20381">the </span><span class="pp-class-118 pa t19135 l13533">year.</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-120 pa t20397 l3 ls20398">Credit </span><span class="pp-class-120 pa t20397 l20399 ls161">risk</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-118 pa t19143 l3">TCM </span><span class="pp-class-118 pa t19143 l1586">Group’s </span><span class="pp-class-118 pa t19143 l3202">customer </span><span class="pp-class-118 pa t19143 l14892">base </span><span class="pp-class-118 pa t19143 l10898">comprises </span><span class="pp-class-118 pa t19143 l20400">professional </span><span class="pp-class-118 pa t19148 l3">customers. </span><span class="pp-class-118 pa t19148 l1792">Credit </span><span class="pp-class-118 pa t19148 l20401">management </span><span class="pp-class-118 pa t19148 l20402">and </span><span class="pp-class-118 pa t19148 l20403">payment </span><span class="pp-class-118 pa t19148 l20404">terms </span><span class="pp-class-118 pa t19148 l675">are </span><span class="pp-class-118 pa t19154 l3">monitored </span><span class="pp-class-118 pa t19154 l20405">for </span><span class="pp-class-118 pa t19154 l20406">each </span><span class="pp-class-118 pa t19154 l20407">customer </span><span class="pp-class-118 pa t19154 l20408">group. </span><span class="pp-class-118 pa t19154 l20409">Customers </span><span class="pp-class-118 pa t19154 l19687">who </span><span class="pp-class-118 pa t19159 l3">make </span><span class="pp-class-118 pa t19159 l20096">regular </span><span class="pp-class-118 pa t19159 l20410">purchases </span><span class="pp-class-118 pa t19159 l20411">are </span><span class="pp-class-118 pa t19159 l18365">subject </span><span class="pp-class-118 pa t19159 l1636">to </span><span class="pp-class-118 pa t19159 l19918">continuous </span><span class="pp-class-118 pa t19159 l18554">credit </span><span class="pp-class-118 pa t19165 l3">assessments. </span><span class="pp-class-118 pa t19165 l20147">Credit </span><span class="pp-class-118 pa t19165 l20412">insurance, </span><span class="pp-class-118 pa t19165 l20413">bank </span><span class="pp-class-118 pa t19165 l3395">guarantees </span><span class="pp-class-118 pa t19165 l20414">and </span><span class="pp-class-118 pa t19168 l3">other </span><span class="pp-class-118 pa t19168 l11647">collateral </span><span class="pp-class-118 pa t19168 l9802">are </span><span class="pp-class-118 pa t19168 l11218">utilised </span><span class="pp-class-118 pa t19168 l19207">for </span><span class="pp-class-118 pa t19168 l20222">the </span><span class="pp-class-118 pa t19168 l20415">different </span><span class="pp-class-118 pa t19168 l20416">markets </span><span class="pp-class-118 pa t19168 l18857">and </span><span class="pp-class-118 pa t19173 l3">customer </span><span class="pp-class-118 pa t19173 l19098">categories. </span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-118 pa t19187 l3">Actual </span><span class="pp-class-118 pa t19187 l20417">losses </span><span class="pp-class-118 pa t19187 l20418">on </span><span class="pp-class-118 pa t19187 l20419">trade </span><span class="pp-class-118 pa t19187 l20420">receivables </span><span class="pp-class-118 pa t19187 l18204">in </span><span class="pp-class-118 pa t19187 l1390">2025 </span><span class="pp-class-118 pa t19187 l19745">amounted </span><span class="pp-class-118 pa t19187 l20421">to </span><span class="pp-class-118 pa t19192 l3">DKK </span><span class="pp-class-118 pa t19192 l1485">2.2 </span><span class="pp-class-118 pa t19192 l13152">million </span><span class="pp-class-118 pa t19192 l20422">(2024: </span><span class="pp-class-118 pa t19192 l20423">DKK </span><span class="pp-class-118 pa t19192 l20424">4.3 </span><span class="pp-class-118 pa t19192 l20425">million), </span><span class="pp-class-118 pa t19192 l20426">primarily </span><span class="pp-class-118 pa t19198 l3">related </span><span class="pp-class-118 pa t19198 l11176">to </span><span class="pp-class-118 pa t19198 l20427">bankruptcies </span><span class="pp-class-118 pa t19198 l20428">of </span><span class="pp-class-118 pa t19198 l20429">two </span><span class="pp-class-118 pa t19198 l20430">stores </span><span class="pp-class-118 pa t19198 l20431">in </span><span class="pp-class-118 pa t19198 l6591">Denmark </span><span class="pp-class-118 pa t19198 l20432">and </span><span class="pp-class-118 pa t19205 l3">Norway. </span><span class="pp-class-118 pa t19205 l14353">Expensed </span><span class="pp-class-118 pa t19205 l20433">actual </span><span class="pp-class-118 pa t19205 l20434">losses </span><span class="pp-class-118 pa t19205 l6838">of </span><span class="pp-class-118 pa t19205 l20435">DKK </span><span class="pp-class-118 pa t19205 l20436">2.2 </span><span class="pp-class-118 pa t19205 l15644">million </span><span class="pp-class-118 pa t19205 l20437">and </span><span class="pp-class-118 pa t20438 l3">the </span><span class="pp-class-118 pa t20438 l1444">decrease </span><span class="pp-class-118 pa t20438 l20439">in </span><span class="pp-class-118 pa t20438 l11757">provisions </span><span class="pp-class-118 pa t20438 l1309">of </span><span class="pp-class-118 pa t20438 l3240">DKK </span><span class="pp-class-118 pa t20438 l20440">0.1 </span><span class="pp-class-118 pa t20438 l20441">million </span><span class="pp-class-118 pa t20438 l20442">amounted </span><span class="pp-class-118 pa t19209 l3">to </span><span class="pp-class-118 pa t19209 l12958">a </span><span class="pp-class-118 pa t19209 l20443">total </span><span class="pp-class-118 pa t19209 l20444">of </span><span class="pp-class-118 pa t19209 l20445">DKK </span><span class="pp-class-118 pa t19209 l20446">2.1 </span><span class="pp-class-118 pa t19209 l20447">million, </span><span class="pp-class-118 pa t19209 l20448">equal </span><span class="pp-class-118 pa t19209 l20449">to </span><span class="pp-class-118 pa t19209 l20450">0.2% </span><span class="pp-class-118 pa t19209 l20451">of </span><span class="pp-class-118 pa t19209 l9114">net </span><span class="pp-class-118 pa t19209 l20452">revenue </span><span class="pp-class-118 pa t19212 l3">for </span><span class="pp-class-118 pa t19212 l2129">the </span><span class="pp-class-118 pa t19212 l6661">year. </span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-120 pa t20453 l3 ls16577">Financial </span><span class="pp-class-120 pa t20453 l17745 ls3601">exposure </span><span class="pp-class-120 pa t20453 l20454 ls2759">and </span><span class="pp-class-120 pa t20453 l20455 ls16577">Liquidity </span><span class="pp-class-120 pa t20453 l20456 ls161">risk</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-118 pa t19908 l3">The </span><span class="pp-class-118 pa t19908 l550">Group </span><span class="pp-class-118 pa t19908 l6239">maintains </span><span class="pp-class-118 pa t19908 l20457">four </span><span class="pp-class-118 pa t19908 l20458">credit </span><span class="pp-class-118 pa t19908 l20459">facilities </span><span class="pp-class-118 pa t19908 l20460">with </span><span class="pp-class-118 pa t19908 l20461">Nykredit </span><span class="pp-class-118 pa t19228 l3">Bank:</span></p></div></div><div class="pp-class-7" id="pp-id-3337" xmlns="http://www.w3.org/1999/xhtml"><div class="w485 h20462 pa t2 l3 wtro4 xx30 tro6 xx31"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-118 pa t20463 l3">1) </span><span class="pp-class-118 pa t20463 l20464">DKK </span><span class="pp-class-118 pa t20463 l20465">220 </span><span class="pp-class-118 pa t20463 l20466">million </span><span class="pp-class-118 pa t20463 l20467">committed </span><span class="pp-class-118 pa t20463 l20468">facility: </span><span class="pp-class-118 pa t20463 l20469">This </span><span class="pp-class-118 pa t20463 l20470">facility </span><span class="pp-class-118 pa t20463 l20471">has </span><span class="pp-class-118 pa t20472 l3">been </span><span class="pp-class-118 pa t20472 l18938">extended </span><span class="pp-class-118 pa t20472 l9583">by </span><span class="pp-class-118 pa t20472 l20473">1 </span><span class="pp-class-118 pa t20472 l20474">year </span><span class="pp-class-118 pa t20472 l4460">and </span><span class="pp-class-118 pa t20472 l20475">expires </span><span class="pp-class-118 pa t20472 l20476">in </span><span class="pp-class-118 pa t20472 l20477">March </span><span class="pp-class-118 pa t20472 l20478">2027. </span><span class="pp-class-118 pa t20472 l20479">It </span><span class="pp-class-118 pa t20480 l3">includes </span><span class="pp-class-118 pa t20480 l7314">one </span><span class="pp-class-118 pa t20480 l20481">further </span><span class="pp-class-118 pa t20480 l20482">1-year </span><span class="pp-class-118 pa t20480 l20483">extension </span><span class="pp-class-118 pa t20480 l8806">option </span><span class="pp-class-118 pa t20480 l20484">available </span><span class="pp-class-118 pa t20485 l3">on </span><span class="pp-class-118 pa t20485 l9773">similar </span><span class="pp-class-118 pa t20485 l20486">terms.</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-118 pa t20487 l3">2) </span><span class="pp-class-118 pa t20487 l20488">DKK </span><span class="pp-class-118 pa t20487 l1790">110 </span><span class="pp-class-118 pa t20487 l20405">million </span><span class="pp-class-118 pa t20487 l2668">committed </span><span class="pp-class-118 pa t20487 l11327">facility: </span><span class="pp-class-118 pa t20487 l20489">Established </span><span class="pp-class-118 pa t20487 l20490">in </span><span class="pp-class-118 pa t20491 l3">2023 </span><span class="pp-class-118 pa t20491 l20492">to </span><span class="pp-class-118 pa t20491 l11239">support </span><span class="pp-class-118 pa t20491 l17621">the </span><span class="pp-class-118 pa t20491 l18873">acquisition </span><span class="pp-class-118 pa t20491 l20493">of </span><span class="pp-class-118 pa t20491 l20494">AUBO </span><span class="pp-class-118 pa t20491 l20495">Production </span><span class="pp-class-118 pa t20491 l20496">A/S, </span><span class="pp-class-118 pa t20497 l3">this </span><span class="pp-class-118 pa t20497 l6953">facility </span><span class="pp-class-118 pa t20497 l20498">has </span><span class="pp-class-118 pa t20497 l20499">been </span><span class="pp-class-118 pa t20497 l19590">extended </span><span class="pp-class-118 pa t20497 l20500">by </span><span class="pp-class-118 pa t20497 l4270">2 </span><span class="pp-class-118 pa t20497 l20501">years </span><span class="pp-class-118 pa t20497 l20502">and </span><span class="pp-class-118 pa t20497 l20503">expires </span><span class="pp-class-118 pa t20497 l20504">in </span><span class="pp-class-118 pa t20505 l3">2028. </span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-118 pa t20506 l3">3) </span><span class="pp-class-118 pa t20506 l20507">DKK </span><span class="pp-class-118 pa t20506 l7168">50 </span><span class="pp-class-118 pa t20506 l15065">million </span><span class="pp-class-118 pa t20506 l20508">uncommitted </span><span class="pp-class-118 pa t20506 l20509">facility: </span><span class="pp-class-118 pa t20506 l10711">This </span><span class="pp-class-118 pa t20506 l20510">1-year </span><span class="pp-class-118 pa t20511 l3">facility </span><span class="pp-class-118 pa t20511 l4183">expires </span><span class="pp-class-118 pa t20511 l20512">in </span><span class="pp-class-118 pa t20511 l3344">March </span><span class="pp-class-118 pa t20511 l20513">2026. </span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-118 pa t20514 l3">4) </span><span class="pp-class-118 pa t20514 l20515">DKK </span><span class="pp-class-118 pa t20514 l20516">50 </span><span class="pp-class-118 pa t20514 l20517">million </span><span class="pp-class-118 pa t20514 l10476">committed </span><span class="pp-class-118 pa t20514 l20518">facility: </span><span class="pp-class-118 pa t20514 l20519">Established </span><span class="pp-class-118 pa t20514 l20520">in </span><span class="pp-class-118 pa t20521 l3">2025 </span><span class="pp-class-118 pa t20521 l498">to </span><span class="pp-class-118 pa t20521 l20522">support </span><span class="pp-class-118 pa t20521 l20523">the </span><span class="pp-class-118 pa t20521 l20524">acquisition </span><span class="pp-class-118 pa t20521 l20525">of </span><span class="pp-class-118 pa t20521 l20526">Celebert </span><span class="pp-class-118 pa t20521 l13540">ApS, </span><span class="pp-class-118 pa t20521 l12060">this </span><span class="pp-class-118 pa t20527 l3">facility </span><span class="pp-class-118 pa t20527 l4183">expires </span><span class="pp-class-118 pa t20527 l20512">in </span><span class="pp-class-118 pa t20527 l3344">2030. </span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-118 pa t20528 l3 ls2711">At </span><span class="pp-class-118 pa t20528 l20529 ls2711">31 </span><span class="pp-class-118 pa t20528 l20530 ls7271">December </span><span class="pp-class-118 pa t20528 l20531 ls2716">2025, </span><span class="pp-class-118 pa t20528 l20532 ls683">the </span><span class="pp-class-118 pa t20528 l20533 ls2713">book </span><span class="pp-class-118 pa t20528 l20534 ls2716">value </span><span class="pp-class-118 pa t20528 l20535 ls2711">of </span><span class="pp-class-118 pa t20528 l10652 ls683">the </span><span class="pp-class-118 pa t20528 l10814 ls2721">credit </span><span class="pp-class-118 pa t20528 l20536 ls2716">facil-</span><span class="pp-class-118 pa t20537 l3 ls2716">ities </span><span class="pp-class-118 pa t20537 l20538 ls683">was </span><span class="pp-class-118 pa t20537 l20539 ls4645">DKK </span><span class="pp-class-118 pa t20537 l2524 ls683">322 </span><span class="pp-class-118 pa t20537 l4090 ls7275">million </span><span class="pp-class-118 pa t20537 l20540 ls683">and </span><span class="pp-class-118 pa t20537 l20541 ls683">the </span><span class="pp-class-118 pa t20537 l20542 ls4643">facilities </span><span class="pp-class-118 pa t20537 l20543 ls692">comprised </span><span class="pp-class-118 pa t20537 l20544 ls615">an </span><span class="pp-class-118 pa t20545 l3 ls2721">unused </span><span class="pp-class-118 pa t20545 l20546 ls2721">amount </span><span class="pp-class-118 pa t20545 l20547 ls2711">of </span><span class="pp-class-118 pa t20545 l20548 ls4645">DKK </span><span class="pp-class-118 pa t20545 l20549 ls683">108 </span><span class="pp-class-118 pa t20545 l20550 ls7275">million </span><span class="pp-class-118 pa t20545 l9441 ls2713">with </span><span class="pp-class-118 pa t20545 l10880 ls7287">a </span><span class="pp-class-118 pa t20545 l20551 ls7275">further </span><span class="pp-class-118 pa t20545 l20552 ls4645">DKK </span><span class="pp-class-118 pa t20545 l20553 ls615">31 </span><span class="pp-class-118 pa t20554 l3 ls7275">million </span><span class="pp-class-118 pa t20554 l20555 ls2711">in </span><span class="pp-class-118 pa t20554 l6135 ls2716">cash. </span><span class="pp-class-118 pa t20554 l20556 ls2716">Based </span><span class="pp-class-118 pa t20554 l7736 ls2711">on </span><span class="pp-class-118 pa t20554 l20557 ls683">our </span><span class="pp-class-118 pa t20554 l20558 ls692">scenarios </span><span class="pp-class-118 pa t20554 l10806 ls683">for </span><span class="pp-class-118 pa t20554 l20559 ls2716">2026, </span><span class="pp-class-118 pa t20554 l20560 ls4645">the </span><span class="pp-class-118 pa t20554 l20561 ls4645">cur-</span><span class="pp-class-118 pa t20562 l3 ls2713">rent </span><span class="pp-class-118 pa t20562 l20563 ls2721">credit </span><span class="pp-class-118 pa t20562 l3413 ls4643">facilities </span><span class="pp-class-118 pa t20562 l20564 ls7275">provide </span><span class="pp-class-118 pa t20562 l18430 ls4643">sufficient </span><span class="pp-class-118 pa t20562 l20565 ls692">headroom, </span><span class="pp-class-118 pa t20562 l20566 ls683">and </span><span class="pp-class-118 pa t20562 l20567 ls7287">the </span><span class="pp-class-118 pa t20568 l3 ls7271">forecast </span><span class="pp-class-118 pa t20568 l18275 ls7271">leverage </span><span class="pp-class-118 pa t20568 l20569 ls2713">will </span><span class="pp-class-118 pa t20568 l20570 ls2711">be </span><span class="pp-class-118 pa t20568 l12888 ls2721">within </span><span class="pp-class-118 pa t20568 l20571 ls683">the </span><span class="pp-class-118 pa t20568 l20572 ls692">covenants </span><span class="pp-class-118 pa t20568 l20573 ls2721">agreed </span><span class="pp-class-118 pa t20568 l20574 ls615">in </span><span class="pp-class-118 pa t20575 l3 ls683">the </span><span class="pp-class-118 pa t20575 l7278 ls2721">credit </span><span class="pp-class-118 pa t20575 l20576 ls7271">facility </span><span class="pp-class-118 pa t20575 l20577 ls4643">agreements.</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-118 pa t20578 l3">The </span><span class="pp-class-118 pa t20578 l550">facility </span><span class="pp-class-118 pa t20578 l20579">agreements </span><span class="pp-class-118 pa t20578 l20580">with </span><span class="pp-class-118 pa t20578 l9747">Nykredit </span><span class="pp-class-118 pa t20578 l20581">Bank </span><span class="pp-class-118 pa t20578 l19497">contain </span><span class="pp-class-118 pa t20578 l20582">a </span><span class="pp-class-118 pa t20583 l3">leverage </span><span class="pp-class-118 pa t20583 l12802">covenant </span><span class="pp-class-118 pa t20583 l20584">of </span><span class="pp-class-118 pa t20583 l8410">4.0 </span><span class="pp-class-118 pa t20583 l20585">for </span><span class="pp-class-118 pa t20583 l11195">the </span><span class="pp-class-118 pa t20583 l20586">remaining </span><span class="pp-class-118 pa t20583 l20587">financing </span><span class="pp-class-118 pa t20588 l3">period. </span><span class="pp-class-118 pa t20588 l11584">No </span><span class="pp-class-118 pa t20588 l20589">covenants </span><span class="pp-class-118 pa t20588 l20590">were </span><span class="pp-class-118 pa t20588 l20591">breached </span><span class="pp-class-118 pa t20588 l20592">during </span><span class="pp-class-118 pa t20588 l20593">the </span><span class="pp-class-118 pa t20588 l2065">period.</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-118 pa t20594 l3">Mortgage </span><span class="pp-class-118 pa t20594 l1477">loans </span><span class="pp-class-118 pa t20594 l20595">with </span><span class="pp-class-118 pa t20594 l19069">a </span><span class="pp-class-118 pa t20594 l20596">nominal </span><span class="pp-class-118 pa t20594 l8406">amount </span><span class="pp-class-118 pa t20594 l8793">of </span><span class="pp-class-118 pa t20594 l20597">DKK </span><span class="pp-class-118 pa t20594 l20598">35 </span><span class="pp-class-118 pa t20594 l20599">mil-</span><span class="pp-class-118 pa t20600 l3">lion </span><span class="pp-class-118 pa t20600 l20601">(2024: </span><span class="pp-class-118 pa t20600 l20602">DKK </span><span class="pp-class-118 pa t20600 l12709">36 </span><span class="pp-class-118 pa t20600 l2277">million) </span><span class="pp-class-118 pa t20600 l20603">are </span><span class="pp-class-118 pa t20600 l20604">amortised </span><span class="pp-class-118 pa t20600 l20605">over </span><span class="pp-class-118 pa t20600 l20606">20 </span><span class="pp-class-118 pa t20600 l20607">years </span><span class="pp-class-118 pa t20608 l3">and </span><span class="pp-class-118 pa t20608 l1110">expire </span><span class="pp-class-118 pa t20608 l20609">in </span><span class="pp-class-118 pa t20608 l15400">2044. </span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-120 pa t20610 l3 ls20611">Interest-rate </span><span class="pp-class-120 pa t20610 l20612 ls161">risk</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-118 pa t20613 l3">It </span><span class="pp-class-118 pa t20613 l10036">is </span><span class="pp-class-118 pa t20613 l10037">Group </span><span class="pp-class-118 pa t20613 l20609">policy </span><span class="pp-class-118 pa t20613 l20614">to </span><span class="pp-class-118 pa t20613 l20615">hedge </span><span class="pp-class-118 pa t20613 l20616">interest </span><span class="pp-class-118 pa t20613 l20617">rate </span><span class="pp-class-118 pa t20613 l12292">risk </span><span class="pp-class-118 pa t20613 l20618">on </span><span class="pp-class-118 pa t20613 l20619">loans </span><span class="pp-class-118 pa t20620 l3">when </span><span class="pp-class-118 pa t20620 l1306">it </span><span class="pp-class-118 pa t20620 l20621">is </span><span class="pp-class-118 pa t20620 l20622">assessed </span><span class="pp-class-118 pa t20620 l20623">that </span><span class="pp-class-118 pa t20620 l20624">the </span><span class="pp-class-118 pa t20620 l20625">debt </span><span class="pp-class-118 pa t20620 l19057">is </span><span class="pp-class-118 pa t20620 l20626">material. </span><span class="pp-class-118 pa t20620 l20627">The </span><span class="pp-class-118 pa t20620 l20628">Group </span><span class="pp-class-118 pa t20629 l3">manages </span><span class="pp-class-118 pa t20629 l20630">interest </span><span class="pp-class-118 pa t20629 l20631">rate </span><span class="pp-class-118 pa t20629 l20056">risk </span><span class="pp-class-118 pa t20629 l18115">by </span><span class="pp-class-118 pa t20629 l1401">maintaining </span><span class="pp-class-118 pa t20629 l20632">an </span><span class="pp-class-118 pa t20629 l12884">appropri-</span><span class="pp-class-118 pa t20633 l3">ate </span><span class="pp-class-118 pa t20633 l12036">mix </span><span class="pp-class-118 pa t20633 l20634">of </span><span class="pp-class-118 pa t20633 l20635">fixed- </span><span class="pp-class-118 pa t20633 l20636">and </span><span class="pp-class-118 pa t20633 l13397">floating-rate </span><span class="pp-class-118 pa t20633 l20637">borrowings, </span><span class="pp-class-118 pa t20633 l20638">and </span><span class="pp-class-118 pa t20633 l20639">by </span><span class="pp-class-118 pa t20640 l3">using </span><span class="pp-class-118 pa t20640 l8481">interest </span><span class="pp-class-118 pa t20640 l13987">rate </span><span class="pp-class-118 pa t20640 l2668">swaps. </span></p></div></div><div class="pp-class-7" id="pp-id-3338" xmlns="http://www.w3.org/1999/xhtml"><div class="w15596 h20641 pa t2 l3 wtro4 xx30 tro6 xx31"><table><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t15598 l3 ls7062">Forward </span><span class="pp-class-112 pa t15598 l20642 ls20643">Exchange </span><span class="pp-class-112 pa t15598 l20644 ls20643">contracts</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t15598 l15601 ls458">2025</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t16060 l20645 ls14110">DKK’000</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t15598 l15602 ls1074">2024</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t16060 l20646 ls14110">DKK’000</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t20647 l3">NOK </span><span class="pp-class-113 pa t20647 l20648">forward </span><span class="pp-class-113 pa t20647 l20649">contracts, </span><span class="pp-class-113 pa t20647 l20650">contract </span><span class="pp-class-113 pa t20647 l20651">value</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t20647 l20652 ls786">14,958</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t20647 l20653"/><span class="pp-class-113 pa t20647 l8013 ls786">18,300 </span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t20654 l3">NOK </span><span class="pp-class-113 pa t20654 l20648">forward </span><span class="pp-class-113 pa t20654 l20649">contracts, </span><span class="pp-class-113 pa t20654 l20650">average </span><span class="pp-class-113 pa t20654 l20655">forward </span><span class="pp-class-113 pa t20654 l20656">rate</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t20654 l20657 ls786">65.0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t20654 l20658"/><span class="pp-class-113 pa t20654 l20659">63.1 </span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t20660 l3">NOK </span><span class="pp-class-113 pa t20660 l20648">forward </span><span class="pp-class-113 pa t20660 l20649">contracts, </span><span class="pp-class-113 pa t20660 l20650">maturity </span><span class="pp-class-113 pa t20660 l20661">– </span><span class="pp-class-113 pa t20660 l20662">months </span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t20660 l20663">1-3</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t20660 l20664"/><span class="pp-class-113 pa t20660 l20665">1-4</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t20666 l3">NOK </span><span class="pp-class-113 pa t20666 l20648">forward </span><span class="pp-class-113 pa t20666 l20649">contracts, </span><span class="pp-class-113 pa t20666 l20650">carrying </span><span class="pp-class-113 pa t20666 l20667">amount </span><span class="pp-class-113 pa t20666 l20668">(fair </span><span class="pp-class-113 pa t20666 l20669">value)</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t20666 l20670">155</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t20666 l20671"/><span class="pp-class-113 pa t20666 l15747">127 </span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t20672 l3">NOK </span><span class="pp-class-113 pa t20672 l20648">forward </span><span class="pp-class-113 pa t20672 l20649">contracts, </span><span class="pp-class-113 pa t20672 l20650">fair </span><span class="pp-class-113 pa t20672 l20673">value </span><span class="pp-class-113 pa t20672 l20674">adjustment</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t20672 l20675">27</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t20672 l20676"/><span class="pp-class-113 pa t20672 l20677 ls786">1,347 </span></p></td></tr></table></div></div><div class="pp-class-7" id="pp-id-3339" xmlns="http://www.w3.org/1999/xhtml"><div class="w15596 h20678 pa t2 l3 wtro4 xx30 tro6 xx31"><table><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t15598 l3 ls1074">Age </span><span class="pp-class-112 pa t15598 l20679 ls5868">analysis, </span><span class="pp-class-112 pa t15598 l20680 ls1116">trade </span><span class="pp-class-112 pa t15598 l20681 ls2116">receivables</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t15598 l15601 ls458">2025</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t16060 l20645 ls14110">DKK’000</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t15598 l15602 ls1074">2024</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t16060 l20646 ls14110">DKK’000</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t20647 l3">Trade </span><span class="pp-class-114 pa t20647 l20682">receivables </span><span class="pp-class-114 pa t20647 l20683">before </span><span class="pp-class-114 pa t20647 l20684">impairment</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t20654 l3">Non-due </span><span class="pp-class-113 pa t20654 l20685">trade </span><span class="pp-class-113 pa t20654 l20686">receivables</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t20654 l20687 ls786">83,393</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t20654 l16021 ls786">52,179</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t20660 l3">Past </span><span class="pp-class-113 pa t20660 l20688">due </span><span class="pp-class-113 pa t20660 l20689">trade </span><span class="pp-class-113 pa t20660 l20690">receivables, </span><span class="pp-class-113 pa t20660 l20691">0-30 </span><span class="pp-class-113 pa t20660 l20692">days</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t20660 l20693 ls786">7,418</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t20660 l20694 ls786">4,455</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t20666 l3">Past </span><span class="pp-class-113 pa t20666 l20688">due </span><span class="pp-class-113 pa t20666 l20689">trade </span><span class="pp-class-113 pa t20666 l20690">receivables, </span><span class="pp-class-113 pa t20666 l20691">30-90 </span><span class="pp-class-113 pa t20666 l20695">days</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t20666 l20696">540</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t20666 l20697">134</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t20672 l3">Past </span><span class="pp-class-113 pa t20672 l20688">due </span><span class="pp-class-113 pa t20672 l20689">trade </span><span class="pp-class-113 pa t20672 l20690">receivables, </span><span class="pp-class-113 pa t20672 l20691">&gt;90 </span><span class="pp-class-113 pa t20672 l20698">days</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t20672 l20699 ls786">6,581</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t20672 l20700 ls786">8,764</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t20701 l3">Trade </span><span class="pp-class-114 pa t20701 l20682">receivables </span><span class="pp-class-114 pa t20701 l20683">before </span><span class="pp-class-114 pa t20701 l20684">impairment</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t20701 l20702 ls786">97,932</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t20701 l20703 ls786">65,532</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t20704 l3">Of </span><span class="pp-class-113 pa t20704 l20705">which </span><span class="pp-class-113 pa t20704 l20706">overdue</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t20704 l16300 ls786">14,539</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t20704 l20707 ls786">13,353</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t20708 l3">Overdue </span><span class="pp-class-113 pa t20708 l20709">secured </span><span class="pp-class-113 pa t20708 l20710">receivables</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t20708 l20711 ls786">4,404</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t20708 l20712 ls786">4,774</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t20713 l3">- </span><span class="pp-class-113 pa t20713 l20714">Impaired</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t20713 l15872">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t20713 l15652">0</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t20715 l3">Total </span><span class="pp-class-114 pa t20715 l15778">overdue </span><span class="pp-class-114 pa t20715 l20716">secured </span><span class="pp-class-114 pa t20715 l20717">receivables </span><span class="pp-class-114 pa t20715 l20718">after </span><span class="pp-class-114 pa t20715 l20719">impairment</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t20715 l20720 ls786">4,404</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t20715 l20721 ls786">4,774</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t20722 l3">Overdue </span><span class="pp-class-113 pa t20722 l20709">unsecured </span><span class="pp-class-113 pa t20722 l20723">receivables</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t20722 l20724 ls786">10,135</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t20722 l20725 ls786">8,579</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t20726 l3">- </span><span class="pp-class-113 pa t20726 l20714">Impaired</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t20726 l20727 ls786">(7,543)</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t20726 l20728 ls786">(7,618)</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t20729 l3">Total </span><span class="pp-class-114 pa t20729 l15778">overdue </span><span class="pp-class-114 pa t20729 l20716">unsecured </span><span class="pp-class-114 pa t20729 l16703">receivables </span><span class="pp-class-114 pa t20729 l20730">after </span><span class="pp-class-114 pa t20729 l20731">impairment</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t20729 l20732 ls786">2,592</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t20729 l20733">961</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t20734 l3">Impairment </span><span class="pp-class-114 pa t20734 l20735">loss </span><span class="pp-class-114 pa t20734 l20736">recognised </span><span class="pp-class-114 pa t20734 l20737">in </span><span class="pp-class-114 pa t20734 l20738">the </span><span class="pp-class-114 pa t20734 l20739">income </span><span class="pp-class-114 pa t20734 l20740">statement </span><span class="pp-class-114 pa t20734 l20741">during </span><span class="pp-class-114 pa t20734 l20742">the </span><span class="pp-class-114 pa t20734 l20743">period</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t20734 l20744 ls786">2,198</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t20734 l20745 ls786">4,314</span></p></td></tr></table></div></div><div class="pp-class-7" id="pp-id-3341" xmlns="http://www.w3.org/1999/xhtml"><div class="w485 h20748 pa t2 l3 wtro4 xx30 tro6 xx31"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-118 pa t16755 l3">The </span><span class="pp-class-118 pa t16755 l550">interest </span><span class="pp-class-118 pa t16755 l19310">rates </span><span class="pp-class-118 pa t16755 l20749">on </span><span class="pp-class-118 pa t16755 l8415">the </span><span class="pp-class-118 pa t16755 l20750">Nykredit </span><span class="pp-class-118 pa t16755 l20751">facilities </span><span class="pp-class-118 pa t16755 l20752">are </span><span class="pp-class-118 pa t16755 l20753">currently </span><span class="pp-class-118 pa t16757 l3">variable, </span><span class="pp-class-118 pa t16757 l20754">and </span><span class="pp-class-118 pa t16757 l1115">the </span><span class="pp-class-118 pa t16757 l20755">interest </span><span class="pp-class-118 pa t16757 l20756">rates </span><span class="pp-class-118 pa t16757 l16873">on </span><span class="pp-class-118 pa t16757 l20757">the </span><span class="pp-class-118 pa t16757 l20758">mortgage </span><span class="pp-class-118 pa t16757 l20759">loans </span><span class="pp-class-118 pa t18376 l3">are </span><span class="pp-class-118 pa t18376 l2545">currently </span><span class="pp-class-118 pa t18376 l20760">fixed.</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-118 pa t16766 l3">For </span><span class="pp-class-118 pa t16766 l1476">the </span><span class="pp-class-118 pa t16766 l15305">Group’s </span><span class="pp-class-118 pa t16766 l20761">floating-rate </span><span class="pp-class-118 pa t16766 l20762">cash </span><span class="pp-class-118 pa t16766 l20763">and </span><span class="pp-class-118 pa t16766 l20764">cash </span><span class="pp-class-118 pa t16766 l20765">equivalents </span><span class="pp-class-118 pa t16773 l3">and </span><span class="pp-class-118 pa t16773 l1110">debt </span><span class="pp-class-118 pa t16773 l19325">to </span><span class="pp-class-118 pa t16773 l10075">banks, </span><span class="pp-class-118 pa t16773 l2678">an </span><span class="pp-class-118 pa t16773 l20766">increase </span><span class="pp-class-118 pa t16773 l20767">in </span><span class="pp-class-118 pa t16773 l20768">the </span><span class="pp-class-118 pa t16773 l20769">interest </span><span class="pp-class-118 pa t16773 l20770">rate </span><span class="pp-class-118 pa t16773 l798">level </span><span class="pp-class-118 pa t16780 l3">of </span><span class="pp-class-118 pa t16780 l557">1% </span><span class="pp-class-118 pa t16780 l20771">p.a. </span><span class="pp-class-118 pa t16780 l18891">relative </span><span class="pp-class-118 pa t16780 l6845">to </span><span class="pp-class-118 pa t16780 l1189">the </span><span class="pp-class-118 pa t16780 l20772">actual </span><span class="pp-class-118 pa t16780 l17342">interest </span><span class="pp-class-118 pa t16780 l20773">rates </span><span class="pp-class-118 pa t16780 l20774">would </span><span class="pp-class-118 pa t16780 l20775">have </span><span class="pp-class-118 pa t16788 l3">had </span><span class="pp-class-118 pa t16788 l20776">a </span><span class="pp-class-118 pa t16788 l20777">negative </span><span class="pp-class-118 pa t16788 l14592">impact </span><span class="pp-class-118 pa t16788 l13160">on </span><span class="pp-class-118 pa t16788 l20778">net </span><span class="pp-class-118 pa t16788 l20779">profit </span><span class="pp-class-118 pa t16788 l20780">for </span><span class="pp-class-118 pa t16788 l20781">the </span><span class="pp-class-118 pa t16788 l20782">year </span><span class="pp-class-118 pa t16788 l20783">and </span><span class="pp-class-118 pa t16788 l20784">on </span><span class="pp-class-118 pa t16794 l3">equity </span><span class="pp-class-118 pa t16794 l20048">at </span><span class="pp-class-118 pa t16794 l7136">31 </span><span class="pp-class-118 pa t16794 l17808">December </span><span class="pp-class-118 pa t16794 l20785">2025 </span><span class="pp-class-118 pa t16794 l20786">of </span><span class="pp-class-118 pa t16794 l20787">DKK </span><span class="pp-class-118 pa t16794 l20788">2.8 </span><span class="pp-class-118 pa t16794 l20789">million </span><span class="pp-class-118 pa t16794 l20790">(2024: </span><span class="pp-class-118 pa t16801 l3">DKK </span><span class="pp-class-118 pa t16801 l1485">2.2 </span><span class="pp-class-118 pa t16801 l13152">million). </span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-121 pa t18417 l3">Assumptions </span><span class="pp-class-121 pa t18417 l20791">for </span><span class="pp-class-121 pa t18417 l20792">analysis </span><span class="pp-class-121 pa t18417 l20793">of </span><span class="pp-class-121 pa t18417 l20794">interest </span><span class="pp-class-121 pa t18417 l20795">rate </span><span class="pp-class-121 pa t18417 l20796">sensitivity</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-118 pa t16810 l3">The </span><span class="pp-class-118 pa t16810 l550">stated </span><span class="pp-class-118 pa t16810 l20797">sensitivities </span><span class="pp-class-118 pa t16810 l20798">are </span><span class="pp-class-118 pa t16810 l7383">calculated </span><span class="pp-class-118 pa t16810 l6495">based </span><span class="pp-class-118 pa t16810 l20799">on </span><span class="pp-class-118 pa t16810 l20800">the </span><span class="pp-class-118 pa t16817 l3">financial </span><span class="pp-class-118 pa t16817 l1386">assets </span><span class="pp-class-118 pa t16817 l14895">and </span><span class="pp-class-118 pa t16817 l20801">liabilities </span><span class="pp-class-118 pa t16817 l20802">recognised </span><span class="pp-class-118 pa t16817 l20803">at </span><span class="pp-class-118 pa t16817 l20804">31 </span><span class="pp-class-118 pa t16817 l20805">December </span><span class="pp-class-118 pa t16824 l3">2025. </span><span class="pp-class-118 pa t16824 l6569">No </span><span class="pp-class-118 pa t16824 l20806">adjustments </span><span class="pp-class-118 pa t16824 l4176">have </span><span class="pp-class-118 pa t16824 l20807">been </span><span class="pp-class-118 pa t16824 l20808">made </span><span class="pp-class-118 pa t16824 l20809">for </span><span class="pp-class-118 pa t16824 l20810">instalments, </span><span class="pp-class-118 pa t16828 l3">raising </span><span class="pp-class-118 pa t16828 l20811">of </span><span class="pp-class-118 pa t16828 l20812">loans, </span><span class="pp-class-118 pa t16828 l20813">etc. </span><span class="pp-class-118 pa t16828 l7219">during </span><span class="pp-class-118 pa t16828 l20625">the </span><span class="pp-class-118 pa t16828 l11905">year. </span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-118 pa t16843 l3">The </span><span class="pp-class-118 pa t16843 l550">computed </span><span class="pp-class-118 pa t16843 l20814">expected </span><span class="pp-class-118 pa t16843 l1623">fluctuations </span><span class="pp-class-118 pa t16843 l11172">are </span><span class="pp-class-118 pa t16843 l20815">based </span><span class="pp-class-118 pa t16843 l11134">on </span><span class="pp-class-118 pa t16843 l20816">the </span><span class="pp-class-118 pa t16850 l3">current </span><span class="pp-class-118 pa t16850 l20817">market </span><span class="pp-class-118 pa t16850 l20818">situation </span><span class="pp-class-118 pa t16850 l20819">and </span><span class="pp-class-118 pa t16850 l20820">expectations </span><span class="pp-class-118 pa t16850 l20821">for </span><span class="pp-class-118 pa t16850 l20822">market </span><span class="pp-class-118 pa t18450 l3">developments </span><span class="pp-class-118 pa t18450 l5996">in </span><span class="pp-class-118 pa t18450 l20823">the </span><span class="pp-class-118 pa t18450 l20824">interest </span><span class="pp-class-118 pa t18450 l11151">rate </span><span class="pp-class-118 pa t18450 l9668">level. </span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-120 pa t20825 l3 ls20826">Capital </span><span class="pp-class-120 pa t20825 l20827 ls4753">management</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-118 pa t16857 l3">The </span><span class="pp-class-118 pa t16857 l550">Board </span><span class="pp-class-118 pa t16857 l7380">of </span><span class="pp-class-118 pa t16857 l7381">Directors </span><span class="pp-class-118 pa t16857 l7382">has </span><span class="pp-class-118 pa t16857 l12922">adopted </span><span class="pp-class-118 pa t16857 l12923">a </span><span class="pp-class-118 pa t16857 l12924">dividend </span><span class="pp-class-118 pa t16857 l15320">policy </span><span class="pp-class-118 pa t16863 l3">with </span><span class="pp-class-118 pa t16863 l2056">a </span><span class="pp-class-118 pa t16863 l20828">target </span><span class="pp-class-118 pa t16863 l20829">payout </span><span class="pp-class-118 pa t16863 l20830">ratio </span><span class="pp-class-118 pa t16863 l20831">of </span><span class="pp-class-118 pa t16863 l20832">40-60% </span><span class="pp-class-118 pa t16863 l7478">of </span><span class="pp-class-118 pa t16863 l7101">consolidated </span><span class="pp-class-118 pa t16863 l20833">net </span><span class="pp-class-118 pa t16869 l3">profit </span><span class="pp-class-118 pa t16869 l17665">for </span><span class="pp-class-118 pa t16869 l17666">the </span><span class="pp-class-118 pa t16869 l17105">year, </span><span class="pp-class-118 pa t16869 l9492">subject </span><span class="pp-class-118 pa t16869 l20834">to </span><span class="pp-class-118 pa t16869 l9163">the </span><span class="pp-class-118 pa t16869 l3231">overall </span><span class="pp-class-118 pa t16869 l13499">financial </span><span class="pp-class-118 pa t16869 l20835">posi-</span><span class="pp-class-118 pa t16875 l3">tion </span><span class="pp-class-118 pa t16875 l11323">and </span><span class="pp-class-118 pa t16875 l20836">leverage. </span></p></div></div><div class="pp-class-7" id="pp-id-3342" xmlns="http://www.w3.org/1999/xhtml"><div class="w485 h20748 pa t2 l3 wtro4 xx30 tro6 xx31"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-118 pa t16755 l3">The </span><span class="pp-class-118 pa t16755 l550">Board </span><span class="pp-class-118 pa t16755 l7380">of </span><span class="pp-class-118 pa t16755 l7381">Directors </span><span class="pp-class-118 pa t16755 l7382">proposes </span><span class="pp-class-118 pa t16755 l20837">to </span><span class="pp-class-118 pa t16755 l13875">the </span><span class="pp-class-118 pa t16755 l7847">Annual </span><span class="pp-class-118 pa t16755 l17241">General </span><span class="pp-class-118 pa t16757 l3">Meeting </span><span class="pp-class-118 pa t16757 l13532">to </span><span class="pp-class-118 pa t16757 l10935">distribute </span><span class="pp-class-118 pa t16757 l8647">an </span><span class="pp-class-118 pa t16757 l20838">ordinary </span><span class="pp-class-118 pa t16757 l20839">dividend </span><span class="pp-class-118 pa t16757 l20840">of </span><span class="pp-class-118 pa t16757 l6779">DKK </span><span class="pp-class-118 pa t16757 l20841">4.50 </span><span class="pp-class-118 pa t18376 l3">per </span><span class="pp-class-118 pa t18376 l15302">share. </span><span class="pp-class-118 pa t18376 l15303">Excluding </span><span class="pp-class-118 pa t18376 l15304">treasury </span><span class="pp-class-118 pa t18376 l7309">shares, </span><span class="pp-class-118 pa t18376 l11220">this </span><span class="pp-class-118 pa t18376 l6965">corresponds </span><span class="pp-class-118 pa t18376 l20842">to </span><span class="pp-class-118 pa t16759 l3">DKK </span><span class="pp-class-118 pa t16759 l1485">46 </span><span class="pp-class-118 pa t16759 l7400">million.</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-120 pa t20843 l3 ls2554">Fair </span><span class="pp-class-120 pa t20843 l20844 ls20845">value </span><span class="pp-class-120 pa t20843 l20846 ls4753">hierarchy </span><span class="pp-class-120 pa t20843 l20847 ls458">of </span><span class="pp-class-120 pa t20843 l20848 ls16577">financial </span><span class="pp-class-120 pa t20843 l20849 ls20850">instruments </span><span class="pp-class-120 pa t20851 l3 ls15027">measured </span><span class="pp-class-120 pa t20851 l20852 ls17824">at </span><span class="pp-class-120 pa t20851 l20853 ls2554">fair </span><span class="pp-class-120 pa t20851 l20854 ls20845">value </span><span class="pp-class-120 pa t20851 l20855 ls458">in </span><span class="pp-class-120 pa t20851 l20856 ls2759">the </span><span class="pp-class-120 pa t20851 l20857 ls17748">balance </span><span class="pp-class-120 pa t20851 l20858 ls1351">sheet </span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-118 pa t16788 l3">Interest </span><span class="pp-class-118 pa t16788 l17765">rate </span><span class="pp-class-118 pa t16788 l17947">swaps </span><span class="pp-class-118 pa t16788 l20859">are </span><span class="pp-class-118 pa t16788 l11384">valued </span><span class="pp-class-118 pa t16788 l4487">using </span><span class="pp-class-118 pa t16788 l20860">an </span><span class="pp-class-118 pa t16788 l6828">income </span><span class="pp-class-118 pa t16788 l20861">approach </span><span class="pp-class-118 pa t16794 l3">(discounted </span><span class="pp-class-118 pa t16794 l18025">cash </span><span class="pp-class-118 pa t16794 l1604">flow). </span><span class="pp-class-118 pa t16794 l20862">Expected </span><span class="pp-class-118 pa t16794 l20863">future </span><span class="pp-class-118 pa t16794 l20864">cash </span><span class="pp-class-118 pa t16794 l20865">flows </span><span class="pp-class-118 pa t16794 l20866">are </span><span class="pp-class-118 pa t16801 l3">based </span><span class="pp-class-118 pa t16801 l2837">on </span><span class="pp-class-118 pa t16801 l9654">relevant </span><span class="pp-class-118 pa t16801 l20867">observable </span><span class="pp-class-118 pa t16801 l19080">swap </span><span class="pp-class-118 pa t16801 l18972">rates </span><span class="pp-class-118 pa t16801 l20868">and </span><span class="pp-class-118 pa t16801 l20869">discounted </span><span class="pp-class-118 pa t16806 l3">using </span><span class="pp-class-118 pa t16806 l8481">a </span><span class="pp-class-118 pa t16806 l20870">discount </span><span class="pp-class-118 pa t16806 l17925">rate </span><span class="pp-class-118 pa t16806 l19733">that </span><span class="pp-class-118 pa t16806 l20871">reflects </span><span class="pp-class-118 pa t16806 l20872">the </span><span class="pp-class-118 pa t16806 l18855">credit </span><span class="pp-class-118 pa t16806 l20873">risk </span><span class="pp-class-118 pa t16806 l20874">of </span><span class="pp-class-118 pa t16806 l20875">the </span><span class="pp-class-118 pa t18417 l3">relevant </span><span class="pp-class-118 pa t18417 l9813">counterparties </span><span class="pp-class-118 pa t18417 l12573">(level </span><span class="pp-class-118 pa t18417 l12809">2).</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-118 pa t16817 l3">The </span><span class="pp-class-118 pa t16817 l550">classification </span><span class="pp-class-118 pa t16817 l20876">of </span><span class="pp-class-118 pa t16817 l20877">financial </span><span class="pp-class-118 pa t16817 l20878">instruments </span><span class="pp-class-118 pa t16817 l20879">measured </span><span class="pp-class-118 pa t16817 l20880">at </span><span class="pp-class-118 pa t16824 l3">fair </span><span class="pp-class-118 pa t16824 l6806">value </span><span class="pp-class-118 pa t16824 l17268">is </span><span class="pp-class-118 pa t16824 l20881">disaggregated </span><span class="pp-class-118 pa t16824 l8750">in </span><span class="pp-class-118 pa t16824 l12817">accordance </span><span class="pp-class-118 pa t16824 l20882">with </span><span class="pp-class-118 pa t16824 l20883">the </span><span class="pp-class-118 pa t16824 l20884">fair </span><span class="pp-class-118 pa t16828 l3">value </span><span class="pp-class-118 pa t16828 l1282">hierarchy:</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-118 pa t16836 l2299">Quoted </span><span class="pp-class-118 pa t16836 l20885">prices </span><span class="pp-class-118 pa t16836 l20886">in </span><span class="pp-class-118 pa t16836 l20887">an </span><span class="pp-class-118 pa t16836 l20888">active </span><span class="pp-class-118 pa t16836 l20889">market </span><span class="pp-class-118 pa t16836 l20890">for </span><span class="pp-class-118 pa t16836 l20891">identical </span><span class="pp-class-118 pa t16843 l2299 ls960">instruments </span><span class="pp-class-118 pa t16843 l20892">(level </span><span class="pp-class-118 pa t16843 l20893">1)</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-118 pa t16850 l2299 ls2721">Quoted </span><span class="pp-class-118 pa t16850 l20894 ls2721">prices </span><span class="pp-class-118 pa t16850 l20895 ls2711">in </span><span class="pp-class-118 pa t16850 l20896 ls2711">an </span><span class="pp-class-118 pa t16850 l20897 ls2721">active </span><span class="pp-class-118 pa t16850 l20898 ls2721">market </span><span class="pp-class-118 pa t16850 l20899 ls683">for </span><span class="pp-class-118 pa t16850 l20900 ls7275">similar </span><span class="pp-class-118 pa t16850 l20901 ls14080">assets </span><span class="pp-class-118 pa t18450 l2299 ls2711">or </span><span class="pp-class-118 pa t18450 l20902 ls2718">liabilities, </span><span class="pp-class-118 pa t18450 l20903 ls2711">or </span><span class="pp-class-118 pa t18450 l20904 ls2716">other </span><span class="pp-class-118 pa t18450 l20905 ls692">valuation </span><span class="pp-class-118 pa t18450 l20906 ls7275">methods </span><span class="pp-class-118 pa t18450 l20907 ls2716">where </span><span class="pp-class-118 pa t18450 l20908 ls7287">all </span><span class="pp-class-118 pa t18458 l2299 ls4640">significant </span><span class="pp-class-118 pa t18458 l20909 ls2721">inputs </span><span class="pp-class-118 pa t18458 l20910 ls683">are </span><span class="pp-class-118 pa t18458 l20911 ls2716">based </span><span class="pp-class-118 pa t18458 l20912 ls2711">on </span><span class="pp-class-118 pa t18458 l20913 ls4643">observable </span><span class="pp-class-118 pa t18458 l20914 ls14080">market </span><span class="pp-class-118 pa t16853 l2299 ls2713">data </span><span class="pp-class-118 pa t16853 l20915 ls2721">(level </span><span class="pp-class-118 pa t16853 l20916 ls7287">2)</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-118 pa t16857 l2299">Valuation </span><span class="pp-class-118 pa t16857 l20917">methods </span><span class="pp-class-118 pa t16857 l20918">where </span><span class="pp-class-118 pa t16857 l20919">no </span><span class="pp-class-118 pa t16857 l20920">significant </span><span class="pp-class-118 pa t16857 l20921">input </span><span class="pp-class-118 pa t16857 l20922">is </span><span class="pp-class-118 pa t16863 l2299">based </span><span class="pp-class-118 pa t16863 l20923">on </span><span class="pp-class-118 pa t16863 l20924">observable </span><span class="pp-class-118 pa t16863 l20925">market </span><span class="pp-class-118 pa t16863 l20926">data </span><span class="pp-class-118 pa t16863 l20927">(level </span><span class="pp-class-118 pa t16863 l20928">3)</span></p></div></div><div class="pp-class-7" id="pp-id-3343" xmlns="http://www.w3.org/1999/xhtml"><div class="w15596 h20929 pa t2 l3 wtro4 xx30 tro6 xx31"><table><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t15598 l3 ls20930">Carrying </span><span class="pp-class-112 pa t15598 l20931 ls16067">amount </span><span class="pp-class-112 pa t15598 l20932 ls1762">of </span><span class="pp-class-112 pa t15598 l20933 ls20934">derivative </span><span class="pp-class-112 pa t15598 l20935 ls2559">financial </span><span class="pp-class-112 pa t15598 l20936 ls1847">instruments</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t15598 l15601 ls458">2025</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t16060 l20645 ls14110">DKK’000</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t15598 l15602 ls1074">2024</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t16060 l20646 ls14110">DKK’000</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t20937 l3">Hedging </span><span class="pp-class-113 pa t20937 l20938">– </span><span class="pp-class-113 pa t20937 l20939">currency </span><span class="pp-class-113 pa t20937 l20940">fluctuation </span><span class="pp-class-113 pa t20937 l20941">(level </span><span class="pp-class-113 pa t20937 l20942">2)</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t20937 l20943">(154)</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t20937 l20944">(127)</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t20945 l3">Contingent </span><span class="pp-class-113 pa t20945 l20946">payment </span><span class="pp-class-113 pa t20945 l20947">obligation, </span><span class="pp-class-113 pa t20945 l20948">AUBO </span><span class="pp-class-113 pa t20945 l20949">Production </span><span class="pp-class-113 pa t20945 l20950">A/S </span><span class="pp-class-113 pa t20945 l20951">(level </span><span class="pp-class-113 pa t20945 l20952">3)</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t20945 l20953 ls786">3,500</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t20945 l20954 ls786">8,000</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t20955 l20956 ls786">3,346</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t20957 l20958 ls786">7,873</span></p></td></tr></table></div></div><div class="pp-class-7" id="pp-id-3344" xmlns="http://www.w3.org/1999/xhtml"><div class="w15596 h20959 pa t2 l3 wtro4 xx30 tro6 xx31"><p class="pp-class-107 pp-area-text"><span class="pp-class-118 pa t20960 l3">The </span><span class="pp-class-118 pa t20960 l550">fair </span><span class="pp-class-118 pa t20960 l20961">value </span><span class="pp-class-118 pa t20960 l20962">of </span><span class="pp-class-118 pa t20960 l20963">financial </span><span class="pp-class-118 pa t20960 l20964">assets </span><span class="pp-class-118 pa t20960 l17078">and </span><span class="pp-class-118 pa t20960 l20965">financial </span><span class="pp-class-118 pa t20960 l4451">liabilities </span><span class="pp-class-118 pa t20960 l20966">measured </span><span class="pp-class-118 pa t20960 l20967">at </span><span class="pp-class-118 pa t20960 l20968">amortised </span><span class="pp-class-118 pa t20960 l20969">cost </span><span class="pp-class-118 pa t20960 l20970">is </span><span class="pp-class-118 pa t20960 l20971">approximately </span><span class="pp-class-118 pa t20960 l20972 ls786">equal </span><span class="pp-class-118 pa t20960 l20973 ls786">to </span><span class="pp-class-118 pa t20960 l20974 ls786">the </span><span class="pp-class-118 pa t20975 l3 ls2400">carrying </span><span class="pp-class-118 pa t20975 l17296">amount, </span><span class="pp-class-118 pa t20975 l20976">because </span><span class="pp-class-118 pa t20975 l14879">of </span><span class="pp-class-118 pa t20975 l9128">the </span><span class="pp-class-118 pa t20975 l8732">short </span><span class="pp-class-118 pa t20975 l20977">maturity </span><span class="pp-class-118 pa t20975 l18516">of </span><span class="pp-class-118 pa t20975 l20978">the </span><span class="pp-class-118 pa t20975 l20979">financial </span><span class="pp-class-118 pa t20975 l20980">assets </span><span class="pp-class-118 pa t20975 l20981">and </span><span class="pp-class-118 pa t20975 l20982">the </span><span class="pp-class-118 pa t20975 l20983 ls786">floating </span><span class="pp-class-118 pa t20975 l20984 ls786">rate </span><span class="pp-class-118 pa t20975 l20985 ls786">on </span><span class="pp-class-118 pa t20975 l20986 ls786">the </span><span class="pp-class-118 pa t20975 l20987 ls786">financial </span><span class="pp-class-118 pa t20975 l20988 ls786">liabilities.</span></p></div></div><div class="pp-class-7" id="pp-id-3345" xmlns="http://www.w3.org/1999/xhtml"><div class="w20989 h20990 pa t2 l3 wtro4 xx20991 tro6 xx20992"><p class="pp-class-107 pp-area-text"><span class="pp-class-123 pa t20993 l3 ls20994">MATurity </span><span class="pp-class-123 pa t20993 l20995 ls20996">structure, </span><span class="pp-class-123 pa t20993 l20997 ls1845">financial </span><span class="pp-class-123 pa t20993 l20998 ls14031">and </span><span class="pp-class-123 pa t20993 l10058 ls1497">operational </span><span class="pp-class-123 pa t20993 l20999 ls4498">liabilities </span><span class="pp-class-123 pa t20993 l21000 ls21001">– </span><span class="pp-class-123 pa t20993 l21002 ls21003">undiscounted </span><span class="pp-class-123 pa t20993 l21004 ls1219">cash </span><span class="pp-class-123 pa t20993 l21005 ls21006">flows</span></p><table><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-124 pa t21007 l3 ls458">DKK </span><span class="pp-class-124 pa t21007 l21008 ls21009">million </span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t21010 l21011 ls1966">Nominal </span><span class="pp-class-112 pa t21012 l21013 ls1894">amount, </span><span class="pp-class-112 pa t21014 l21015 ls14105">functional </span><span class="pp-class-112 pa t21016 l21017 ls21018">currency</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t21014 l21019 ls21020">0-6</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t21016 l21021 ls1116">months</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t21014 l21022 ls5868">6-12</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t21016 l21023 ls1116">months</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t21014 l21024 ls21020">2-3</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t21016 l21025 ls2756">years</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t21014 l21026 ls21020">4-5</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t21016 l21027 ls2756">years</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t21012 l21028 ls21029">Later </span><span class="pp-class-112 pa t21014 l21030 ls21031">than </span><span class="pp-class-112 pa t21014 l21032 ls786">5 </span><span class="pp-class-112 pa t21016 l21033 ls2756">years</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t21016 l21034 ls11452">Total</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-125 pa t21035 l3">2025</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-126 pa t21036 l3">Bank </span><span class="pp-class-126 pa t21036 l21037">loans</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-126 pa t21036 l21038 ls786">321.5</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-126 pa t21036 l21039">78.6</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-126 pa t21036 l21040">16.0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-126 pa t21036 l21041">230.3</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-126 pa t21036 l21042">21.2</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-126 pa t21036 l21043">0.0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-126 pa t21036 l21044">346.1</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-126 pa t21045 l3">Mortgage </span><span class="pp-class-126 pa t21045 l21046">loans</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-126 pa t21045 l21047 ls786">35.2</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-126 pa t21045 l21048">1.5</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-126 pa t21045 l21049">1.5</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-126 pa t21045 l21050">5.9</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-126 pa t21045 l21051">5.9</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-126 pa t21045 l21052">38.6</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-126 pa t21045 l21053">53.4</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-126 pa t21054 l3">Lease </span><span class="pp-class-126 pa t21054 l21055">liabilities</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-126 pa t21054 l21056 ls786">50.8</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-126 pa t21054 l21057">8.7</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-126 pa t21054 l21058">7.4</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-126 pa t21054 l21059">15.6</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-126 pa t21054 l21060">7.6</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-126 pa t21054 l21061">16.1</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-126 pa t21054 l21062">55.4</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-126 pa t21063 l3">Trade </span><span class="pp-class-126 pa t21063 l21064">payables</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-126 pa t21063 l21065 ls786">127.9</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-126 pa t21063 l21066">127.9</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-126 pa t21063 l21067">0.0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-126 pa t21063 l21068">0.0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-126 pa t21063 l21069">0.0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-126 pa t21063 l21043">0.0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-126 pa t21063 l21070">127.9</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-126 pa t21071 l3">Other </span><span class="pp-class-126 pa t21071 l21072">liabilities</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-126 pa t21071 l21073 ls786">127.8</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-126 pa t21071 l21074">81.9</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-126 pa t21071 l21075">8.6</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-126 pa t21071 l21076">42.6</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-126 pa t21071 l21069">0.0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-126 pa t21071 l21043">0.0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-126 pa t21071 l16255">133.1</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-125 pa t21077 l3">Financial </span><span class="pp-class-125 pa t21077 l21078">and </span><span class="pp-class-125 pa t21077 l21079">operational </span><span class="pp-class-125 pa t21080 l3">liabilities </span><span class="pp-class-125 pa t21080 l21081">at </span><span class="pp-class-125 pa t21080 l21082">31 </span><span class="pp-class-125 pa t21080 l21083">December </span><span class="pp-class-125 pa t21080 l21084">2025</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-125 pa t21080 l21085">298.6</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-125 pa t21080 l21086">33.5</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-125 pa t21080 l21087">294.4</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-125 pa t21080 l21088">34.7</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-125 pa t21080 l21089">54.7</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-125 pa t21080 l21090">715.9</span></p></td></tr></table><p class="pp-class-107 pp-area-text"><span class="pp-class-118 pa t16843 l3">The </span><span class="pp-class-118 pa t16843 l550">fair </span><span class="pp-class-118 pa t16843 l20961">value </span><span class="pp-class-118 pa t16843 l20962">of </span><span class="pp-class-118 pa t16843 l20963">mortgage </span><span class="pp-class-118 pa t16843 l21091">loans </span><span class="pp-class-118 pa t16843 l18266">at </span><span class="pp-class-118 pa t16843 l21092">31 </span><span class="pp-class-118 pa t16843 l12688">December </span><span class="pp-class-118 pa t16843 l21093">2025 </span><span class="pp-class-118 pa t16843 l21094">amounted </span><span class="pp-class-118 pa t16843 l21095">to </span><span class="pp-class-118 pa t16843 l21096">DKK </span><span class="pp-class-118 pa t16843 l21097">35.8 </span><span class="pp-class-118 pa t16843 l21098 ls786">million </span><span class="pp-class-118 pa t16843 l21099 ls786">(2024: </span><span class="pp-class-118 pa t16843 l21100 ls786">DKK </span><span class="pp-class-118 pa t16843 l21101 ls786">36.7 </span><span class="pp-class-118 pa t16843 l21102 ls786">million). </span><span class="pp-class-118 pa t16843 l21103">All </span><span class="pp-class-118 pa t16843 l21104">other </span><span class="pp-class-118 pa t16850 l3">financial </span><span class="pp-class-118 pa t16850 l1386">liabilities </span><span class="pp-class-118 pa t16850 l21105">are </span><span class="pp-class-118 pa t16850 l21106">measured </span><span class="pp-class-118 pa t16850 l21107">at </span><span class="pp-class-118 pa t16850 l21108">cost </span><span class="pp-class-118 pa t16850 l21109">or </span><span class="pp-class-118 pa t16850 l15403">amortised </span><span class="pp-class-118 pa t16850 l21110">cost, </span><span class="pp-class-118 pa t16850 l21111">which </span><span class="pp-class-118 pa t16850 l21112">constitutes </span><span class="pp-class-118 pa t16850 l21113">fair </span><span class="pp-class-118 pa t16850 l21114">value.</span></p><table><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-124 pa t21115 l3 ls458">DKK </span><span class="pp-class-124 pa t21115 l21008 ls21009">million </span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t21116 l21011 ls1966">Nominal </span><span class="pp-class-112 pa t21117 l21013 ls1894">amount, </span><span class="pp-class-112 pa t21118 l21015 ls14105">functional </span><span class="pp-class-112 pa t21119 l21017 ls21018">currency</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t21118 l21019 ls21020">0-6</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t21119 l21021 ls1116">months</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t21118 l21022 ls5868">6-12</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t21119 l21023 ls1116">months</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t21118 l21024 ls21020">2-3</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t21119 l21025 ls2756">years</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t21118 l21026 ls21020">4-5</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t21119 l21027 ls2756">years</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t21117 l21028 ls21029">Later </span><span class="pp-class-112 pa t21118 l21030 ls21031">than </span><span class="pp-class-112 pa t21118 l21032 ls786">5 </span><span class="pp-class-112 pa t21119 l21033 ls2756">years</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t21119 l21034 ls11452">Total</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-125 pa t21120 l3">2024</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-126 pa t21121 l3">Bank </span><span class="pp-class-126 pa t21121 l21037">loans</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21122 l21123">215.4</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21122 l21124 ls786">28.5</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21122 l21125 ls786">5.8</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21122 l21126 ls786">198.3</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21122 l21127 ls786">0.0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21122 l21128 ls786">0.0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21122 l21129">232.6</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-126 pa t21130 l3">Mortgage </span><span class="pp-class-126 pa t21130 l21046">loans</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21131 l21132">36.5</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21131 l21133 ls786">1.5</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21131 l21134 ls786">1.5</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21131 l21135 ls786">5.9</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21131 l21136 ls786">5.9</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21131 l21137 ls786">41.5</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21131 l21138">56.3</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-126 pa t21139 l3">Lease </span><span class="pp-class-126 pa t21139 l21055">liabilities</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21140 l21141">56.0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21140 l21142 ls786">7.8</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21140 l21143 ls786">7.0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21140 l21144 ls786">20.1</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21140 l21145 ls786">9.8</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21140 l21146 ls786">19.7</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21140 l21147">64.4</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-126 pa t21148 l3">Trade </span><span class="pp-class-126 pa t21148 l21064">payables</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21149 l21150">122.3</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21149 l21151 ls786">122.3</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21149 l21152 ls786">0.0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21149 l21153 ls786">0.0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21149 l21127 ls786">0.0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21149 l21128 ls786">0.0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21149 l21154">122.3</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-126 pa t21155 l3">Other </span><span class="pp-class-126 pa t21155 l21072">liabilities</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21156 l21157">118.6</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21156 l21158 ls786">68.8</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21156 l21159 ls786">8.2</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21156 l21160 ls786">6.9</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21156 l21161 ls786">43.5</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21156 l21128 ls786">0.0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21156 l21162">127.4</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-125 pa t21163 l3">Financial </span><span class="pp-class-125 pa t21163 l21078">and </span><span class="pp-class-125 pa t21163 l21079">operational </span><span class="pp-class-125 pa t21164 l3">liabilities </span><span class="pp-class-125 pa t21164 l21165">at </span><span class="pp-class-125 pa t21164 l18160">31 </span><span class="pp-class-125 pa t21164 l15648">December </span><span class="pp-class-125 pa t21164 l21166">2024</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-125 pa t21164 l21167">228.9</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-125 pa t21164 l21168">22.5</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t21169 l21170">231.2</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-125 pa t21164 l21171">59.2</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-125 pa t21164 l21172">61.2</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-125 pa t21164 l21173">603.0</span></p></td></tr></table></div></div> <p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-120 pa t20309 l3 ls15165">Foreign </span><span class="pp-class-120 pa t20309 l20310 ls11035">exchange </span><span class="pp-class-120 pa t20309 l20311 ls161">risk</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-118 pa t19059 l3">TCM </span><span class="pp-class-118 pa t19059 l1586">Group </span><span class="pp-class-118 pa t19059 l1587">has </span><span class="pp-class-118 pa t19059 l1996">currency </span><span class="pp-class-118 pa t19059 l20312">exposure </span><span class="pp-class-118 pa t19059 l20313">and </span><span class="pp-class-118 pa t19059 l20314">risks </span><span class="pp-class-118 pa t19059 l20315">related </span><span class="pp-class-118 pa t19059 l20316">to </span><span class="pp-class-118 pa t19063 l3">sales </span><span class="pp-class-118 pa t19063 l3350">in </span><span class="pp-class-118 pa t19063 l20317">NOK. </span><span class="pp-class-118 pa t19063 l15400">In </span><span class="pp-class-118 pa t19063 l9714">accordance </span><span class="pp-class-118 pa t19063 l20318">with </span><span class="pp-class-118 pa t19063 l20319">the </span><span class="pp-class-118 pa t19063 l20320">Group’s </span><span class="pp-class-118 pa t19063 l20321">foreign </span><span class="pp-class-118 pa t19067 l3">currency </span><span class="pp-class-118 pa t19067 l12998">policy, </span><span class="pp-class-118 pa t19067 l14389">forward </span><span class="pp-class-118 pa t19067 l20322">contracts </span><span class="pp-class-118 pa t19067 l9868">are </span><span class="pp-class-118 pa t19067 l19868">used </span><span class="pp-class-118 pa t19067 l20323">to </span><span class="pp-class-118 pa t19067 l9677">mitigate </span><span class="pp-class-118 pa t19073 l3">such </span><span class="pp-class-118 pa t19073 l20324">risks. </span><span class="pp-class-118 pa t19073 l20325">Forward </span><span class="pp-class-118 pa t19073 l20326">contracts </span><span class="pp-class-118 pa t19073 l20327">are </span><span class="pp-class-118 pa t19073 l19697">used </span><span class="pp-class-118 pa t19073 l20328">to </span><span class="pp-class-118 pa t19073 l20329">hedge </span><span class="pp-class-118 pa t19078 l3">50-100% </span><span class="pp-class-118 pa t19078 l18382">of </span><span class="pp-class-118 pa t19078 l5986">the </span><span class="pp-class-118 pa t19078 l18557">expected </span><span class="pp-class-118 pa t19078 l20330">cash </span><span class="pp-class-118 pa t19078 l20331">flows </span><span class="pp-class-118 pa t19078 l20332">in </span><span class="pp-class-118 pa t19078 l20333">NOK </span><span class="pp-class-118 pa t19078 l20334">on </span><span class="pp-class-118 pa t19078 l20335">a </span><span class="pp-class-118 pa t19083 l3">6-month </span><span class="pp-class-118 pa t19083 l1678">rolling </span><span class="pp-class-118 pa t19083 l20336">basis. </span><span class="pp-class-118 pa t19083 l20337">Based </span><span class="pp-class-118 pa t19083 l20338">on </span><span class="pp-class-118 pa t19083 l20339">the </span><span class="pp-class-118 pa t19083 l20340">net </span><span class="pp-class-118 pa t19083 l20341">position </span><span class="pp-class-118 pa t19083 l20342">(trade </span><span class="pp-class-118 pa t19087 l3">receivables </span><span class="pp-class-118 pa t19087 l12100">and </span><span class="pp-class-118 pa t19087 l20343">bank </span><span class="pp-class-118 pa t19087 l9854">deposits </span><span class="pp-class-118 pa t19087 l20344">less </span><span class="pp-class-118 pa t19087 l20345">trade </span><span class="pp-class-118 pa t19087 l20346">payables) </span><span class="pp-class-118 pa t19087 l20347">in </span><span class="pp-class-118 pa t19093 l3">NOK </span><span class="pp-class-118 pa t19093 l20348">at </span><span class="pp-class-118 pa t19093 l13241">the </span><span class="pp-class-118 pa t19093 l10648">balance </span><span class="pp-class-118 pa t19093 l20349">sheet </span><span class="pp-class-118 pa t19093 l20350">date, </span><span class="pp-class-118 pa t19093 l20351">a </span><span class="pp-class-118 pa t19093 l20352">10% </span><span class="pp-class-118 pa t19093 l20353">change </span><span class="pp-class-118 pa t19093 l20354">in </span><span class="pp-class-118 pa t19093 l20355">the </span><span class="pp-class-118 pa t19097 l3">year-end </span><span class="pp-class-118 pa t19097 l20356">rate </span><span class="pp-class-118 pa t19097 l20357">would </span><span class="pp-class-118 pa t19097 l10118">impact </span><span class="pp-class-118 pa t19097 l20358">net </span><span class="pp-class-118 pa t19097 l6297">profit </span><span class="pp-class-118 pa t19097 l20359">and </span><span class="pp-class-118 pa t19097 l20360">equity </span><span class="pp-class-118 pa t19097 l20361">by </span><span class="pp-class-118 pa t19804 l3">DKK </span><span class="pp-class-118 pa t19804 l1485">3.5 </span><span class="pp-class-118 pa t19804 l7387">million. </span><span class="pp-class-118 pa t19804 l20362">Apart </span><span class="pp-class-118 pa t19804 l20363">from </span><span class="pp-class-118 pa t19804 l9512">NOK, </span><span class="pp-class-118 pa t19804 l19637">revenue </span><span class="pp-class-118 pa t19804 l20364">is </span><span class="pp-class-118 pa t19804 l673">only </span><span class="pp-class-118 pa t19099 l3">invoiced </span><span class="pp-class-118 pa t19099 l20365">in </span><span class="pp-class-118 pa t19099 l8409">DKK, </span><span class="pp-class-118 pa t19099 l20366">and </span><span class="pp-class-118 pa t19099 l20367">purchases </span><span class="pp-class-118 pa t19099 l18997">are </span><span class="pp-class-118 pa t19099 l20368">mainly </span><span class="pp-class-118 pa t19099 l20369">in </span><span class="pp-class-118 pa t19099 l20370">DKK </span><span class="pp-class-118 pa t19099 l20371">or </span><span class="pp-class-118 pa t19105 l3">EUR. </span><span class="pp-class-118 pa t19105 l20372">Due </span><span class="pp-class-118 pa t19105 l16807">to </span><span class="pp-class-118 pa t19105 l7860">the </span><span class="pp-class-118 pa t19105 l7486">current </span><span class="pp-class-118 pa t19105 l20373">fixed </span><span class="pp-class-118 pa t19105 l20374">rate </span><span class="pp-class-118 pa t19105 l20375">of </span><span class="pp-class-118 pa t19105 l19109">the </span><span class="pp-class-118 pa t19105 l13216">DKK </span><span class="pp-class-118 pa t19105 l20376">vis-à-vis </span><span class="pp-class-118 pa t19112 l3">EUR, </span><span class="pp-class-118 pa t19112 l20377">EUR </span><span class="pp-class-118 pa t19112 l20378">cash </span><span class="pp-class-118 pa t19112 l20379">flows </span><span class="pp-class-118 pa t19112 l11988">related </span><span class="pp-class-118 pa t19112 l7521">to </span><span class="pp-class-118 pa t19112 l20380">purchases </span><span class="pp-class-118 pa t19112 l8746">were </span><span class="pp-class-118 pa t19112 l13466">not </span><span class="pp-class-118 pa t19118 l3">hedged </span><span class="pp-class-118 pa t19118 l762">during </span><span class="pp-class-118 pa t19118 l20381">the </span><span class="pp-class-118 pa t19118 l13533">year. </span><span class="pp-class-118 pa t19118 l20382">Purchase-related </span><span class="pp-class-118 pa t19118 l9442">cash </span><span class="pp-class-118 pa t19118 l20383">flows </span><span class="pp-class-118 pa t19118 l20384">in </span><span class="pp-class-118 pa t19123 l3">currencies </span><span class="pp-class-118 pa t19123 l20385">other </span><span class="pp-class-118 pa t19123 l20386">than </span><span class="pp-class-118 pa t19123 l13183">DKK, </span><span class="pp-class-118 pa t19123 l1932">EUR </span><span class="pp-class-118 pa t19123 l20387">and </span><span class="pp-class-118 pa t19123 l20388">NOK </span><span class="pp-class-118 pa t19123 l20389">amounted </span><span class="pp-class-118 pa t19123 l20390">to </span><span class="pp-class-118 pa t19129 l3">DKK </span><span class="pp-class-118 pa t19129 l1485">2.0 </span><span class="pp-class-118 pa t19129 l20391">million </span><span class="pp-class-118 pa t19129 l20392">(2024: </span><span class="pp-class-118 pa t19129 l739">DKK </span><span class="pp-class-118 pa t19129 l20393">1.4 </span><span class="pp-class-118 pa t19129 l20394">million) </span><span class="pp-class-118 pa t19129 l11659">and </span><span class="pp-class-118 pa t19129 l20395">were </span><span class="pp-class-118 pa t19129 l20396">not </span><span class="pp-class-118 pa t19135 l3">hedged </span><span class="pp-class-118 pa t19135 l762">during </span><span class="pp-class-118 pa t19135 l20381">the </span><span class="pp-class-118 pa t19135 l13533">year.</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-120 pa t20610 l3 ls20611">Interest-rate </span><span class="pp-class-120 pa t20610 l20612 ls161">risk</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-118 pa t20613 l3">It </span><span class="pp-class-118 pa t20613 l10036">is </span><span class="pp-class-118 pa t20613 l10037">Group </span><span class="pp-class-118 pa t20613 l20609">policy </span><span class="pp-class-118 pa t20613 l20614">to </span><span class="pp-class-118 pa t20613 l20615">hedge </span><span class="pp-class-118 pa t20613 l20616">interest </span><span class="pp-class-118 pa t20613 l20617">rate </span><span class="pp-class-118 pa t20613 l12292">risk </span><span class="pp-class-118 pa t20613 l20618">on </span><span class="pp-class-118 pa t20613 l20619">loans </span><span class="pp-class-118 pa t20620 l3">when </span><span class="pp-class-118 pa t20620 l1306">it </span><span class="pp-class-118 pa t20620 l20621">is </span><span class="pp-class-118 pa t20620 l20622">assessed </span><span class="pp-class-118 pa t20620 l20623">that </span><span class="pp-class-118 pa t20620 l20624">the </span><span class="pp-class-118 pa t20620 l20625">debt </span><span class="pp-class-118 pa t20620 l19057">is </span><span class="pp-class-118 pa t20620 l20626">material. </span><span class="pp-class-118 pa t20620 l20627">The </span><span class="pp-class-118 pa t20620 l20628">Group </span><span class="pp-class-118 pa t20629 l3">manages </span><span class="pp-class-118 pa t20629 l20630">interest </span><span class="pp-class-118 pa t20629 l20631">rate </span><span class="pp-class-118 pa t20629 l20056">risk </span><span class="pp-class-118 pa t20629 l18115">by </span><span class="pp-class-118 pa t20629 l1401">maintaining </span><span class="pp-class-118 pa t20629 l20632">an </span><span class="pp-class-118 pa t20629 l12884">appropri-</span><span class="pp-class-118 pa t20633 l3">ate </span><span class="pp-class-118 pa t20633 l12036">mix </span><span class="pp-class-118 pa t20633 l20634">of </span><span class="pp-class-118 pa t20633 l20635">fixed- </span><span class="pp-class-118 pa t20633 l20636">and </span><span class="pp-class-118 pa t20633 l13397">floating-rate </span><span class="pp-class-118 pa t20633 l20637">borrowings, </span><span class="pp-class-118 pa t20633 l20638">and </span><span class="pp-class-118 pa t20633 l20639">by </span><span class="pp-class-118 pa t20640 l3">using </span><span class="pp-class-118 pa t20640 l8481">interest </span><span class="pp-class-118 pa t20640 l13987">rate </span><span class="pp-class-118 pa t20640 l2668">swaps. </span></p><div class="pp-class-7" id="pp-id-3338" xmlns="http://www.w3.org/1999/xhtml"><div class="w15596 h20641 pa t2 l3 wtro4 xx30 tro6 xx31"><table><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t15598 l3 ls7062">Forward </span><span class="pp-class-112 pa t15598 l20642 ls20643">Exchange </span><span class="pp-class-112 pa t15598 l20644 ls20643">contracts</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t15598 l15601 ls458">2025</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t16060 l20645 ls14110">DKK’000</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t15598 l15602 ls1074">2024</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t16060 l20646 ls14110">DKK’000</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t20647 l3">NOK </span><span class="pp-class-113 pa t20647 l20648">forward </span><span class="pp-class-113 pa t20647 l20649">contracts, </span><span class="pp-class-113 pa t20647 l20650">contract </span><span class="pp-class-113 pa t20647 l20651">value</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t20647 l20652 ls786">14,958</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t20647 l20653"/><span class="pp-class-113 pa t20647 l8013 ls786">18,300 </span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t20654 l3">NOK </span><span class="pp-class-113 pa t20654 l20648">forward </span><span class="pp-class-113 pa t20654 l20649">contracts, </span><span class="pp-class-113 pa t20654 l20650">average </span><span class="pp-class-113 pa t20654 l20655">forward </span><span class="pp-class-113 pa t20654 l20656">rate</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t20654 l20657 ls786">65.0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t20654 l20658"/><span class="pp-class-113 pa t20654 l20659">63.1 </span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t20660 l3">NOK </span><span class="pp-class-113 pa t20660 l20648">forward </span><span class="pp-class-113 pa t20660 l20649">contracts, </span><span class="pp-class-113 pa t20660 l20650">maturity </span><span class="pp-class-113 pa t20660 l20661">– </span><span class="pp-class-113 pa t20660 l20662">months </span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t20660 l20663">1-3</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t20660 l20664"/><span class="pp-class-113 pa t20660 l20665">1-4</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t20666 l3">NOK </span><span class="pp-class-113 pa t20666 l20648">forward </span><span class="pp-class-113 pa t20666 l20649">contracts, </span><span class="pp-class-113 pa t20666 l20650">carrying </span><span class="pp-class-113 pa t20666 l20667">amount </span><span class="pp-class-113 pa t20666 l20668">(fair </span><span class="pp-class-113 pa t20666 l20669">value)</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t20666 l20670">155</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t20666 l20671"/><span class="pp-class-113 pa t20666 l15747">127 </span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t20672 l3">NOK </span><span class="pp-class-113 pa t20672 l20648">forward </span><span class="pp-class-113 pa t20672 l20649">contracts, </span><span class="pp-class-113 pa t20672 l20650">fair </span><span class="pp-class-113 pa t20672 l20673">value </span><span class="pp-class-113 pa t20672 l20674">adjustment</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t20672 l20675">27</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t20672 l20676"/><span class="pp-class-113 pa t20672 l20677 ls786">1,347 </span></p></td></tr></table></div></div><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-118 pa t16755 l3">The </span><span class="pp-class-118 pa t16755 l550">interest </span><span class="pp-class-118 pa t16755 l19310">rates </span><span class="pp-class-118 pa t16755 l20749">on </span><span class="pp-class-118 pa t16755 l8415">the </span><span class="pp-class-118 pa t16755 l20750">Nykredit </span><span class="pp-class-118 pa t16755 l20751">facilities </span><span class="pp-class-118 pa t16755 l20752">are </span><span class="pp-class-118 pa t16755 l20753">currently </span><span class="pp-class-118 pa t16757 l3">variable, </span><span class="pp-class-118 pa t16757 l20754">and </span><span class="pp-class-118 pa t16757 l1115">the </span><span class="pp-class-118 pa t16757 l20755">interest </span><span class="pp-class-118 pa t16757 l20756">rates </span><span class="pp-class-118 pa t16757 l16873">on </span><span class="pp-class-118 pa t16757 l20757">the </span><span class="pp-class-118 pa t16757 l20758">mortgage </span><span class="pp-class-118 pa t16757 l20759">loans </span><span class="pp-class-118 pa t18376 l3">are </span><span class="pp-class-118 pa t18376 l2545">currently </span><span class="pp-class-118 pa t18376 l20760">fixed.</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-118 pa t16766 l3">For </span><span class="pp-class-118 pa t16766 l1476">the </span><span class="pp-class-118 pa t16766 l15305">Group’s </span><span class="pp-class-118 pa t16766 l20761">floating-rate </span><span class="pp-class-118 pa t16766 l20762">cash </span><span class="pp-class-118 pa t16766 l20763">and </span><span class="pp-class-118 pa t16766 l20764">cash </span><span class="pp-class-118 pa t16766 l20765">equivalents </span><span class="pp-class-118 pa t16773 l3">and </span><span class="pp-class-118 pa t16773 l1110">debt </span><span class="pp-class-118 pa t16773 l19325">to </span><span class="pp-class-118 pa t16773 l10075">banks, </span><span class="pp-class-118 pa t16773 l2678">an </span><span class="pp-class-118 pa t16773 l20766">increase </span><span class="pp-class-118 pa t16773 l20767">in </span><span class="pp-class-118 pa t16773 l20768">the </span><span class="pp-class-118 pa t16773 l20769">interest </span><span class="pp-class-118 pa t16773 l20770">rate </span><span class="pp-class-118 pa t16773 l798">level </span><span class="pp-class-118 pa t16780 l3">of </span><span class="pp-class-118 pa t16780 l557">1% </span><span class="pp-class-118 pa t16780 l20771">p.a. </span><span class="pp-class-118 pa t16780 l18891">relative </span><span class="pp-class-118 pa t16780 l6845">to </span><span class="pp-class-118 pa t16780 l1189">the </span><span class="pp-class-118 pa t16780 l20772">actual </span><span class="pp-class-118 pa t16780 l17342">interest </span><span class="pp-class-118 pa t16780 l20773">rates </span><span class="pp-class-118 pa t16780 l20774">would </span><span class="pp-class-118 pa t16780 l20775">have </span><span class="pp-class-118 pa t16788 l3">had </span><span class="pp-class-118 pa t16788 l20776">a </span><span class="pp-class-118 pa t16788 l20777">negative </span><span class="pp-class-118 pa t16788 l14592">impact </span><span class="pp-class-118 pa t16788 l13160">on </span><span class="pp-class-118 pa t16788 l20778">net </span><span class="pp-class-118 pa t16788 l20779">profit </span><span class="pp-class-118 pa t16788 l20780">for </span><span class="pp-class-118 pa t16788 l20781">the </span><span class="pp-class-118 pa t16788 l20782">year </span><span class="pp-class-118 pa t16788 l20783">and </span><span class="pp-class-118 pa t16788 l20784">on </span><span class="pp-class-118 pa t16794 l3">equity </span><span class="pp-class-118 pa t16794 l20048">at </span><span class="pp-class-118 pa t16794 l7136">31 </span><span class="pp-class-118 pa t16794 l17808">December </span><span class="pp-class-118 pa t16794 l20785">2025 </span><span class="pp-class-118 pa t16794 l20786">of </span><span class="pp-class-118 pa t16794 l20787">DKK </span><span class="pp-class-118 pa t16794 l20788">2.8 </span><span class="pp-class-118 pa t16794 l20789">million </span><span class="pp-class-118 pa t16794 l20790">(2024: </span><span class="pp-class-118 pa t16801 l3">DKK </span><span class="pp-class-118 pa t16801 l1485">2.2 </span><span class="pp-class-118 pa t16801 l13152">million). </span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-121 pa t18417 l3">Assumptions </span><span class="pp-class-121 pa t18417 l20791">for </span><span class="pp-class-121 pa t18417 l20792">analysis </span><span class="pp-class-121 pa t18417 l20793">of </span><span class="pp-class-121 pa t18417 l20794">interest </span><span class="pp-class-121 pa t18417 l20795">rate </span><span class="pp-class-121 pa t18417 l20796">sensitivity</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-118 pa t16810 l3">The </span><span class="pp-class-118 pa t16810 l550">stated </span><span class="pp-class-118 pa t16810 l20797">sensitivities </span><span class="pp-class-118 pa t16810 l20798">are </span><span class="pp-class-118 pa t16810 l7383">calculated </span><span class="pp-class-118 pa t16810 l6495">based </span><span class="pp-class-118 pa t16810 l20799">on </span><span class="pp-class-118 pa t16810 l20800">the </span><span class="pp-class-118 pa t16817 l3">financial </span><span class="pp-class-118 pa t16817 l1386">assets </span><span class="pp-class-118 pa t16817 l14895">and </span><span class="pp-class-118 pa t16817 l20801">liabilities </span><span class="pp-class-118 pa t16817 l20802">recognised </span><span class="pp-class-118 pa t16817 l20803">at </span><span class="pp-class-118 pa t16817 l20804">31 </span><span class="pp-class-118 pa t16817 l20805">December </span><span class="pp-class-118 pa t16824 l3">2025. </span><span class="pp-class-118 pa t16824 l6569">No </span><span class="pp-class-118 pa t16824 l20806">adjustments </span><span class="pp-class-118 pa t16824 l4176">have </span><span class="pp-class-118 pa t16824 l20807">been </span><span class="pp-class-118 pa t16824 l20808">made </span><span class="pp-class-118 pa t16824 l20809">for </span><span class="pp-class-118 pa t16824 l20810">instalments, </span><span class="pp-class-118 pa t16828 l3">raising </span><span class="pp-class-118 pa t16828 l20811">of </span><span class="pp-class-118 pa t16828 l20812">loans, </span><span class="pp-class-118 pa t16828 l20813">etc. </span><span class="pp-class-118 pa t16828 l7219">during </span><span class="pp-class-118 pa t16828 l20625">the </span><span class="pp-class-118 pa t16828 l11905">year. </span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-118 pa t16843 l3">The </span><span class="pp-class-118 pa t16843 l550">computed </span><span class="pp-class-118 pa t16843 l20814">expected </span><span class="pp-class-118 pa t16843 l1623">fluctuations </span><span class="pp-class-118 pa t16843 l11172">are </span><span class="pp-class-118 pa t16843 l20815">based </span><span class="pp-class-118 pa t16843 l11134">on </span><span class="pp-class-118 pa t16843 l20816">the </span><span class="pp-class-118 pa t16850 l3">current </span><span class="pp-class-118 pa t16850 l20817">market </span><span class="pp-class-118 pa t16850 l20818">situation </span><span class="pp-class-118 pa t16850 l20819">and </span><span class="pp-class-118 pa t16850 l20820">expectations </span><span class="pp-class-118 pa t16850 l20821">for </span><span class="pp-class-118 pa t16850 l20822">market </span><span class="pp-class-118 pa t18450 l3">developments </span><span class="pp-class-118 pa t18450 l5996">in </span><span class="pp-class-118 pa t18450 l20823">the </span><span class="pp-class-118 pa t18450 l20824">interest </span><span class="pp-class-118 pa t18450 l11151">rate </span><span class="pp-class-118 pa t18450 l9668">level. </span></p> <p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-120 pa t20309 l3 ls15165">Foreign </span><span class="pp-class-120 pa t20309 l20310 ls11035">exchange </span><span class="pp-class-120 pa t20309 l20311 ls161">risk</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-118 pa t19059 l3">TCM </span><span class="pp-class-118 pa t19059 l1586">Group </span><span class="pp-class-118 pa t19059 l1587">has </span><span class="pp-class-118 pa t19059 l1996">currency </span><span class="pp-class-118 pa t19059 l20312">exposure </span><span class="pp-class-118 pa t19059 l20313">and </span><span class="pp-class-118 pa t19059 l20314">risks </span><span class="pp-class-118 pa t19059 l20315">related </span><span class="pp-class-118 pa t19059 l20316">to </span><span class="pp-class-118 pa t19063 l3">sales </span><span class="pp-class-118 pa t19063 l3350">in </span><span class="pp-class-118 pa t19063 l20317">NOK. </span><span class="pp-class-118 pa t19063 l15400">In </span><span class="pp-class-118 pa t19063 l9714">accordance </span><span class="pp-class-118 pa t19063 l20318">with </span><span class="pp-class-118 pa t19063 l20319">the </span><span class="pp-class-118 pa t19063 l20320">Group’s </span><span class="pp-class-118 pa t19063 l20321">foreign </span><span class="pp-class-118 pa t19067 l3">currency </span><span class="pp-class-118 pa t19067 l12998">policy, </span><span class="pp-class-118 pa t19067 l14389">forward </span><span class="pp-class-118 pa t19067 l20322">contracts </span><span class="pp-class-118 pa t19067 l9868">are </span><span class="pp-class-118 pa t19067 l19868">used </span><span class="pp-class-118 pa t19067 l20323">to </span><span class="pp-class-118 pa t19067 l9677">mitigate </span><span class="pp-class-118 pa t19073 l3">such </span><span class="pp-class-118 pa t19073 l20324">risks. </span><span class="pp-class-118 pa t19073 l20325">Forward </span><span class="pp-class-118 pa t19073 l20326">contracts </span><span class="pp-class-118 pa t19073 l20327">are </span><span class="pp-class-118 pa t19073 l19697">used </span><span class="pp-class-118 pa t19073 l20328">to </span><span class="pp-class-118 pa t19073 l20329">hedge </span><span class="pp-class-118 pa t19078 l3">50-100% </span><span class="pp-class-118 pa t19078 l18382">of </span><span class="pp-class-118 pa t19078 l5986">the </span><span class="pp-class-118 pa t19078 l18557">expected </span><span class="pp-class-118 pa t19078 l20330">cash </span><span class="pp-class-118 pa t19078 l20331">flows </span><span class="pp-class-118 pa t19078 l20332">in </span><span class="pp-class-118 pa t19078 l20333">NOK </span><span class="pp-class-118 pa t19078 l20334">on </span><span class="pp-class-118 pa t19078 l20335">a </span><span class="pp-class-118 pa t19083 l3">6-month </span><span class="pp-class-118 pa t19083 l1678">rolling </span><span class="pp-class-118 pa t19083 l20336">basis. </span><span class="pp-class-118 pa t19083 l20337">Based </span><span class="pp-class-118 pa t19083 l20338">on </span><span class="pp-class-118 pa t19083 l20339">the </span><span class="pp-class-118 pa t19083 l20340">net </span><span class="pp-class-118 pa t19083 l20341">position </span><span class="pp-class-118 pa t19083 l20342">(trade </span><span class="pp-class-118 pa t19087 l3">receivables </span><span class="pp-class-118 pa t19087 l12100">and </span><span class="pp-class-118 pa t19087 l20343">bank </span><span class="pp-class-118 pa t19087 l9854">deposits </span><span class="pp-class-118 pa t19087 l20344">less </span><span class="pp-class-118 pa t19087 l20345">trade </span><span class="pp-class-118 pa t19087 l20346">payables) </span><span class="pp-class-118 pa t19087 l20347">in </span><span class="pp-class-118 pa t19093 l3">NOK </span><span class="pp-class-118 pa t19093 l20348">at </span><span class="pp-class-118 pa t19093 l13241">the </span><span class="pp-class-118 pa t19093 l10648">balance </span><span class="pp-class-118 pa t19093 l20349">sheet </span><span class="pp-class-118 pa t19093 l20350">date, </span><span class="pp-class-118 pa t19093 l20351">a </span><span class="pp-class-118 pa t19093 l20352">10% </span><span class="pp-class-118 pa t19093 l20353">change </span><span class="pp-class-118 pa t19093 l20354">in </span><span class="pp-class-118 pa t19093 l20355">the </span><span class="pp-class-118 pa t19097 l3">year-end </span><span class="pp-class-118 pa t19097 l20356">rate </span><span class="pp-class-118 pa t19097 l20357">would </span><span class="pp-class-118 pa t19097 l10118">impact </span><span class="pp-class-118 pa t19097 l20358">net </span><span class="pp-class-118 pa t19097 l6297">profit </span><span class="pp-class-118 pa t19097 l20359">and </span><span class="pp-class-118 pa t19097 l20360">equity </span><span class="pp-class-118 pa t19097 l20361">by </span><span class="pp-class-118 pa t19804 l3">DKK </span><span class="pp-class-118 pa t19804 l1485">3.5 </span><span class="pp-class-118 pa t19804 l7387">million. </span><span class="pp-class-118 pa t19804 l20362">Apart </span><span class="pp-class-118 pa t19804 l20363">from </span><span class="pp-class-118 pa t19804 l9512">NOK, </span><span class="pp-class-118 pa t19804 l19637">revenue </span><span class="pp-class-118 pa t19804 l20364">is </span><span class="pp-class-118 pa t19804 l673">only </span><span class="pp-class-118 pa t19099 l3">invoiced </span><span class="pp-class-118 pa t19099 l20365">in </span><span class="pp-class-118 pa t19099 l8409">DKK, </span><span class="pp-class-118 pa t19099 l20366">and </span><span class="pp-class-118 pa t19099 l20367">purchases </span><span class="pp-class-118 pa t19099 l18997">are </span><span class="pp-class-118 pa t19099 l20368">mainly </span><span class="pp-class-118 pa t19099 l20369">in </span><span class="pp-class-118 pa t19099 l20370">DKK </span><span class="pp-class-118 pa t19099 l20371">or </span><span class="pp-class-118 pa t19105 l3">EUR. </span><span class="pp-class-118 pa t19105 l20372">Due </span><span class="pp-class-118 pa t19105 l16807">to </span><span class="pp-class-118 pa t19105 l7860">the </span><span class="pp-class-118 pa t19105 l7486">current </span><span class="pp-class-118 pa t19105 l20373">fixed </span><span class="pp-class-118 pa t19105 l20374">rate </span><span class="pp-class-118 pa t19105 l20375">of </span><span class="pp-class-118 pa t19105 l19109">the </span><span class="pp-class-118 pa t19105 l13216">DKK </span><span class="pp-class-118 pa t19105 l20376">vis-à-vis </span><span class="pp-class-118 pa t19112 l3">EUR, </span><span class="pp-class-118 pa t19112 l20377">EUR </span><span class="pp-class-118 pa t19112 l20378">cash </span><span class="pp-class-118 pa t19112 l20379">flows </span><span class="pp-class-118 pa t19112 l11988">related </span><span class="pp-class-118 pa t19112 l7521">to </span><span class="pp-class-118 pa t19112 l20380">purchases </span><span class="pp-class-118 pa t19112 l8746">were </span><span class="pp-class-118 pa t19112 l13466">not </span><span class="pp-class-118 pa t19118 l3">hedged </span><span class="pp-class-118 pa t19118 l762">during </span><span class="pp-class-118 pa t19118 l20381">the </span><span class="pp-class-118 pa t19118 l13533">year. </span><span class="pp-class-118 pa t19118 l20382">Purchase-related </span><span class="pp-class-118 pa t19118 l9442">cash </span><span class="pp-class-118 pa t19118 l20383">flows </span><span class="pp-class-118 pa t19118 l20384">in </span><span class="pp-class-118 pa t19123 l3">currencies </span><span class="pp-class-118 pa t19123 l20385">other </span><span class="pp-class-118 pa t19123 l20386">than </span><span class="pp-class-118 pa t19123 l13183">DKK, </span><span class="pp-class-118 pa t19123 l1932">EUR </span><span class="pp-class-118 pa t19123 l20387">and </span><span class="pp-class-118 pa t19123 l20388">NOK </span><span class="pp-class-118 pa t19123 l20389">amounted </span><span class="pp-class-118 pa t19123 l20390">to </span><span class="pp-class-118 pa t19129 l3">DKK </span><span class="pp-class-118 pa t19129 l1485">2.0 </span><span class="pp-class-118 pa t19129 l20391">million </span><span class="pp-class-118 pa t19129 l20392">(2024: </span><span class="pp-class-118 pa t19129 l739">DKK </span><span class="pp-class-118 pa t19129 l20393">1.4 </span><span class="pp-class-118 pa t19129 l20394">million) </span><span class="pp-class-118 pa t19129 l11659">and </span><span class="pp-class-118 pa t19129 l20395">were </span><span class="pp-class-118 pa t19129 l20396">not </span><span class="pp-class-118 pa t19135 l3">hedged </span><span class="pp-class-118 pa t19135 l762">during </span><span class="pp-class-118 pa t19135 l20381">the </span><span class="pp-class-118 pa t19135 l13533">year.</span></p> <p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-120 pa t20397 l3 ls20398">Credit </span><span class="pp-class-120 pa t20397 l20399 ls161">risk</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-118 pa t19143 l3">TCM </span><span class="pp-class-118 pa t19143 l1586">Group’s </span><span class="pp-class-118 pa t19143 l3202">customer </span><span class="pp-class-118 pa t19143 l14892">base </span><span class="pp-class-118 pa t19143 l10898">comprises </span><span class="pp-class-118 pa t19143 l20400">professional </span><span class="pp-class-118 pa t19148 l3">customers. </span><span class="pp-class-118 pa t19148 l1792">Credit </span><span class="pp-class-118 pa t19148 l20401">management </span><span class="pp-class-118 pa t19148 l20402">and </span><span class="pp-class-118 pa t19148 l20403">payment </span><span class="pp-class-118 pa t19148 l20404">terms </span><span class="pp-class-118 pa t19148 l675">are </span><span class="pp-class-118 pa t19154 l3">monitored </span><span class="pp-class-118 pa t19154 l20405">for </span><span class="pp-class-118 pa t19154 l20406">each </span><span class="pp-class-118 pa t19154 l20407">customer </span><span class="pp-class-118 pa t19154 l20408">group. </span><span class="pp-class-118 pa t19154 l20409">Customers </span><span class="pp-class-118 pa t19154 l19687">who </span><span class="pp-class-118 pa t19159 l3">make </span><span class="pp-class-118 pa t19159 l20096">regular </span><span class="pp-class-118 pa t19159 l20410">purchases </span><span class="pp-class-118 pa t19159 l20411">are </span><span class="pp-class-118 pa t19159 l18365">subject </span><span class="pp-class-118 pa t19159 l1636">to </span><span class="pp-class-118 pa t19159 l19918">continuous </span><span class="pp-class-118 pa t19159 l18554">credit </span><span class="pp-class-118 pa t19165 l3">assessments. </span><span class="pp-class-118 pa t19165 l20147">Credit </span><span class="pp-class-118 pa t19165 l20412">insurance, </span><span class="pp-class-118 pa t19165 l20413">bank </span><span class="pp-class-118 pa t19165 l3395">guarantees </span><span class="pp-class-118 pa t19165 l20414">and </span><span class="pp-class-118 pa t19168 l3">other </span><span class="pp-class-118 pa t19168 l11647">collateral </span><span class="pp-class-118 pa t19168 l9802">are </span><span class="pp-class-118 pa t19168 l11218">utilised </span><span class="pp-class-118 pa t19168 l19207">for </span><span class="pp-class-118 pa t19168 l20222">the </span><span class="pp-class-118 pa t19168 l20415">different </span><span class="pp-class-118 pa t19168 l20416">markets </span><span class="pp-class-118 pa t19168 l18857">and </span><span class="pp-class-118 pa t19173 l3">customer </span><span class="pp-class-118 pa t19173 l19098">categories. </span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-118 pa t19187 l3">Actual </span><span class="pp-class-118 pa t19187 l20417">losses </span><span class="pp-class-118 pa t19187 l20418">on </span><span class="pp-class-118 pa t19187 l20419">trade </span><span class="pp-class-118 pa t19187 l20420">receivables </span><span class="pp-class-118 pa t19187 l18204">in </span><span class="pp-class-118 pa t19187 l1390">2025 </span><span class="pp-class-118 pa t19187 l19745">amounted </span><span class="pp-class-118 pa t19187 l20421">to </span><span class="pp-class-118 pa t19192 l3">DKK </span><span class="pp-class-118 pa t19192 l1485">2.2 </span><span class="pp-class-118 pa t19192 l13152">million </span><span class="pp-class-118 pa t19192 l20422">(2024: </span><span class="pp-class-118 pa t19192 l20423">DKK </span><span class="pp-class-118 pa t19192 l20424">4.3 </span><span class="pp-class-118 pa t19192 l20425">million), </span><span class="pp-class-118 pa t19192 l20426">primarily </span><span class="pp-class-118 pa t19198 l3">related </span><span class="pp-class-118 pa t19198 l11176">to </span><span class="pp-class-118 pa t19198 l20427">bankruptcies </span><span class="pp-class-118 pa t19198 l20428">of </span><span class="pp-class-118 pa t19198 l20429">two </span><span class="pp-class-118 pa t19198 l20430">stores </span><span class="pp-class-118 pa t19198 l20431">in </span><span class="pp-class-118 pa t19198 l6591">Denmark </span><span class="pp-class-118 pa t19198 l20432">and </span><span class="pp-class-118 pa t19205 l3">Norway. </span><span class="pp-class-118 pa t19205 l14353">Expensed </span><span class="pp-class-118 pa t19205 l20433">actual </span><span class="pp-class-118 pa t19205 l20434">losses </span><span class="pp-class-118 pa t19205 l6838">of </span><span class="pp-class-118 pa t19205 l20435">DKK </span><span class="pp-class-118 pa t19205 l20436">2.2 </span><span class="pp-class-118 pa t19205 l15644">million </span><span class="pp-class-118 pa t19205 l20437">and </span><span class="pp-class-118 pa t20438 l3">the </span><span class="pp-class-118 pa t20438 l1444">decrease </span><span class="pp-class-118 pa t20438 l20439">in </span><span class="pp-class-118 pa t20438 l11757">provisions </span><span class="pp-class-118 pa t20438 l1309">of </span><span class="pp-class-118 pa t20438 l3240">DKK </span><span class="pp-class-118 pa t20438 l20440">0.1 </span><span class="pp-class-118 pa t20438 l20441">million </span><span class="pp-class-118 pa t20438 l20442">amounted </span><span class="pp-class-118 pa t19209 l3">to </span><span class="pp-class-118 pa t19209 l12958">a </span><span class="pp-class-118 pa t19209 l20443">total </span><span class="pp-class-118 pa t19209 l20444">of </span><span class="pp-class-118 pa t19209 l20445">DKK </span><span class="pp-class-118 pa t19209 l20446">2.1 </span><span class="pp-class-118 pa t19209 l20447">million, </span><span class="pp-class-118 pa t19209 l20448">equal </span><span class="pp-class-118 pa t19209 l20449">to </span><span class="pp-class-118 pa t19209 l20450">0.2% </span><span class="pp-class-118 pa t19209 l20451">of </span><span class="pp-class-118 pa t19209 l9114">net </span><span class="pp-class-118 pa t19209 l20452">revenue </span><span class="pp-class-118 pa t19212 l3">for </span><span class="pp-class-118 pa t19212 l2129">the </span><span class="pp-class-118 pa t19212 l6661">year. </span></p><div class="pp-class-7" id="pp-id-3339" xmlns="http://www.w3.org/1999/xhtml"><div class="w15596 h20678 pa t2 l3 wtro4 xx30 tro6 xx31"><table><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t15598 l3 ls1074">Age </span><span class="pp-class-112 pa t15598 l20679 ls5868">analysis, </span><span class="pp-class-112 pa t15598 l20680 ls1116">trade </span><span class="pp-class-112 pa t15598 l20681 ls2116">receivables</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t15598 l15601 ls458">2025</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t16060 l20645 ls14110">DKK’000</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t15598 l15602 ls1074">2024</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t16060 l20646 ls14110">DKK’000</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t20647 l3">Trade </span><span class="pp-class-114 pa t20647 l20682">receivables </span><span class="pp-class-114 pa t20647 l20683">before </span><span class="pp-class-114 pa t20647 l20684">impairment</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t20654 l3">Non-due </span><span class="pp-class-113 pa t20654 l20685">trade </span><span class="pp-class-113 pa t20654 l20686">receivables</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t20654 l20687 ls786">83,393</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t20654 l16021 ls786">52,179</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t20660 l3">Past </span><span class="pp-class-113 pa t20660 l20688">due </span><span class="pp-class-113 pa t20660 l20689">trade </span><span class="pp-class-113 pa t20660 l20690">receivables, </span><span class="pp-class-113 pa t20660 l20691">0-30 </span><span class="pp-class-113 pa t20660 l20692">days</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t20660 l20693 ls786">7,418</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t20660 l20694 ls786">4,455</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t20666 l3">Past </span><span class="pp-class-113 pa t20666 l20688">due </span><span class="pp-class-113 pa t20666 l20689">trade </span><span class="pp-class-113 pa t20666 l20690">receivables, </span><span class="pp-class-113 pa t20666 l20691">30-90 </span><span class="pp-class-113 pa t20666 l20695">days</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t20666 l20696">540</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t20666 l20697">134</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t20672 l3">Past </span><span class="pp-class-113 pa t20672 l20688">due </span><span class="pp-class-113 pa t20672 l20689">trade </span><span class="pp-class-113 pa t20672 l20690">receivables, </span><span class="pp-class-113 pa t20672 l20691">&gt;90 </span><span class="pp-class-113 pa t20672 l20698">days</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t20672 l20699 ls786">6,581</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t20672 l20700 ls786">8,764</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t20701 l3">Trade </span><span class="pp-class-114 pa t20701 l20682">receivables </span><span class="pp-class-114 pa t20701 l20683">before </span><span class="pp-class-114 pa t20701 l20684">impairment</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t20701 l20702 ls786">97,932</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t20701 l20703 ls786">65,532</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t20704 l3">Of </span><span class="pp-class-113 pa t20704 l20705">which </span><span class="pp-class-113 pa t20704 l20706">overdue</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t20704 l16300 ls786">14,539</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t20704 l20707 ls786">13,353</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t20708 l3">Overdue </span><span class="pp-class-113 pa t20708 l20709">secured </span><span class="pp-class-113 pa t20708 l20710">receivables</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t20708 l20711 ls786">4,404</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t20708 l20712 ls786">4,774</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t20713 l3">- </span><span class="pp-class-113 pa t20713 l20714">Impaired</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t20713 l15872">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t20713 l15652">0</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t20715 l3">Total </span><span class="pp-class-114 pa t20715 l15778">overdue </span><span class="pp-class-114 pa t20715 l20716">secured </span><span class="pp-class-114 pa t20715 l20717">receivables </span><span class="pp-class-114 pa t20715 l20718">after </span><span class="pp-class-114 pa t20715 l20719">impairment</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t20715 l20720 ls786">4,404</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t20715 l20721 ls786">4,774</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t20722 l3">Overdue </span><span class="pp-class-113 pa t20722 l20709">unsecured </span><span class="pp-class-113 pa t20722 l20723">receivables</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t20722 l20724 ls786">10,135</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t20722 l20725 ls786">8,579</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t20726 l3">- </span><span class="pp-class-113 pa t20726 l20714">Impaired</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t20726 l20727 ls786">(7,543)</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t20726 l20728 ls786">(7,618)</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t20729 l3">Total </span><span class="pp-class-114 pa t20729 l15778">overdue </span><span class="pp-class-114 pa t20729 l20716">unsecured </span><span class="pp-class-114 pa t20729 l16703">receivables </span><span class="pp-class-114 pa t20729 l20730">after </span><span class="pp-class-114 pa t20729 l20731">impairment</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t20729 l20732 ls786">2,592</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t20729 l20733">961</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t20734 l3">Impairment </span><span class="pp-class-114 pa t20734 l20735">loss </span><span class="pp-class-114 pa t20734 l20736">recognised </span><span class="pp-class-114 pa t20734 l20737">in </span><span class="pp-class-114 pa t20734 l20738">the </span><span class="pp-class-114 pa t20734 l20739">income </span><span class="pp-class-114 pa t20734 l20740">statement </span><span class="pp-class-114 pa t20734 l20741">during </span><span class="pp-class-114 pa t20734 l20742">the </span><span class="pp-class-114 pa t20734 l20743">period</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t20734 l20744 ls786">2,198</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t20734 l20745 ls786">4,314</span></p></td></tr></table></div></div> <p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-120 pa t20397 l3 ls20398">Credit </span><span class="pp-class-120 pa t20397 l20399 ls161">risk</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-118 pa t19143 l3">TCM </span><span class="pp-class-118 pa t19143 l1586">Group’s </span><span class="pp-class-118 pa t19143 l3202">customer </span><span class="pp-class-118 pa t19143 l14892">base </span><span class="pp-class-118 pa t19143 l10898">comprises </span><span class="pp-class-118 pa t19143 l20400">professional </span><span class="pp-class-118 pa t19148 l3">customers. </span><span class="pp-class-118 pa t19148 l1792">Credit </span><span class="pp-class-118 pa t19148 l20401">management </span><span class="pp-class-118 pa t19148 l20402">and </span><span class="pp-class-118 pa t19148 l20403">payment </span><span class="pp-class-118 pa t19148 l20404">terms </span><span class="pp-class-118 pa t19148 l675">are </span><span class="pp-class-118 pa t19154 l3">monitored </span><span class="pp-class-118 pa t19154 l20405">for </span><span class="pp-class-118 pa t19154 l20406">each </span><span class="pp-class-118 pa t19154 l20407">customer </span><span class="pp-class-118 pa t19154 l20408">group. </span><span class="pp-class-118 pa t19154 l20409">Customers </span><span class="pp-class-118 pa t19154 l19687">who </span><span class="pp-class-118 pa t19159 l3">make </span><span class="pp-class-118 pa t19159 l20096">regular </span><span class="pp-class-118 pa t19159 l20410">purchases </span><span class="pp-class-118 pa t19159 l20411">are </span><span class="pp-class-118 pa t19159 l18365">subject </span><span class="pp-class-118 pa t19159 l1636">to </span><span class="pp-class-118 pa t19159 l19918">continuous </span><span class="pp-class-118 pa t19159 l18554">credit </span><span class="pp-class-118 pa t19165 l3">assessments. </span><span class="pp-class-118 pa t19165 l20147">Credit </span><span class="pp-class-118 pa t19165 l20412">insurance, </span><span class="pp-class-118 pa t19165 l20413">bank </span><span class="pp-class-118 pa t19165 l3395">guarantees </span><span class="pp-class-118 pa t19165 l20414">and </span><span class="pp-class-118 pa t19168 l3">other </span><span class="pp-class-118 pa t19168 l11647">collateral </span><span class="pp-class-118 pa t19168 l9802">are </span><span class="pp-class-118 pa t19168 l11218">utilised </span><span class="pp-class-118 pa t19168 l19207">for </span><span class="pp-class-118 pa t19168 l20222">the </span><span class="pp-class-118 pa t19168 l20415">different </span><span class="pp-class-118 pa t19168 l20416">markets </span><span class="pp-class-118 pa t19168 l18857">and </span><span class="pp-class-118 pa t19173 l3">customer </span><span class="pp-class-118 pa t19173 l19098">categories. </span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-118 pa t19187 l3">Actual </span><span class="pp-class-118 pa t19187 l20417">losses </span><span class="pp-class-118 pa t19187 l20418">on </span><span class="pp-class-118 pa t19187 l20419">trade </span><span class="pp-class-118 pa t19187 l20420">receivables </span><span class="pp-class-118 pa t19187 l18204">in </span><span class="pp-class-118 pa t19187 l1390">2025 </span><span class="pp-class-118 pa t19187 l19745">amounted </span><span class="pp-class-118 pa t19187 l20421">to </span><span class="pp-class-118 pa t19192 l3">DKK </span><span class="pp-class-118 pa t19192 l1485">2.2 </span><span class="pp-class-118 pa t19192 l13152">million </span><span class="pp-class-118 pa t19192 l20422">(2024: </span><span class="pp-class-118 pa t19192 l20423">DKK </span><span class="pp-class-118 pa t19192 l20424">4.3 </span><span class="pp-class-118 pa t19192 l20425">million), </span><span class="pp-class-118 pa t19192 l20426">primarily </span><span class="pp-class-118 pa t19198 l3">related </span><span class="pp-class-118 pa t19198 l11176">to </span><span class="pp-class-118 pa t19198 l20427">bankruptcies </span><span class="pp-class-118 pa t19198 l20428">of </span><span class="pp-class-118 pa t19198 l20429">two </span><span class="pp-class-118 pa t19198 l20430">stores </span><span class="pp-class-118 pa t19198 l20431">in </span><span class="pp-class-118 pa t19198 l6591">Denmark </span><span class="pp-class-118 pa t19198 l20432">and </span><span class="pp-class-118 pa t19205 l3">Norway. </span><span class="pp-class-118 pa t19205 l14353">Expensed </span><span class="pp-class-118 pa t19205 l20433">actual </span><span class="pp-class-118 pa t19205 l20434">losses </span><span class="pp-class-118 pa t19205 l6838">of </span><span class="pp-class-118 pa t19205 l20435">DKK </span><span class="pp-class-118 pa t19205 l20436">2.2 </span><span class="pp-class-118 pa t19205 l15644">million </span><span class="pp-class-118 pa t19205 l20437">and </span><span class="pp-class-118 pa t20438 l3">the </span><span class="pp-class-118 pa t20438 l1444">decrease </span><span class="pp-class-118 pa t20438 l20439">in </span><span class="pp-class-118 pa t20438 l11757">provisions </span><span class="pp-class-118 pa t20438 l1309">of </span><span class="pp-class-118 pa t20438 l3240">DKK </span><span class="pp-class-118 pa t20438 l20440">0.1 </span><span class="pp-class-118 pa t20438 l20441">million </span><span class="pp-class-118 pa t20438 l20442">amounted </span><span class="pp-class-118 pa t19209 l3">to </span><span class="pp-class-118 pa t19209 l12958">a </span><span class="pp-class-118 pa t19209 l20443">total </span><span class="pp-class-118 pa t19209 l20444">of </span><span class="pp-class-118 pa t19209 l20445">DKK </span><span class="pp-class-118 pa t19209 l20446">2.1 </span><span class="pp-class-118 pa t19209 l20447">million, </span><span class="pp-class-118 pa t19209 l20448">equal </span><span class="pp-class-118 pa t19209 l20449">to </span><span class="pp-class-118 pa t19209 l20450">0.2% </span><span class="pp-class-118 pa t19209 l20451">of </span><span class="pp-class-118 pa t19209 l9114">net </span><span class="pp-class-118 pa t19209 l20452">revenue </span><span class="pp-class-118 pa t19212 l3">for </span><span class="pp-class-118 pa t19212 l2129">the </span><span class="pp-class-118 pa t19212 l6661">year. </span></p><div class="pp-class-7" id="pp-id-3339" xmlns="http://www.w3.org/1999/xhtml"><div class="w15596 h20678 pa t2 l3 wtro4 xx30 tro6 xx31"><table><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t15598 l3 ls1074">Age </span><span class="pp-class-112 pa t15598 l20679 ls5868">analysis, </span><span class="pp-class-112 pa t15598 l20680 ls1116">trade </span><span class="pp-class-112 pa t15598 l20681 ls2116">receivables</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t15598 l15601 ls458">2025</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t16060 l20645 ls14110">DKK’000</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t15598 l15602 ls1074">2024</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t16060 l20646 ls14110">DKK’000</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t20647 l3">Trade </span><span class="pp-class-114 pa t20647 l20682">receivables </span><span class="pp-class-114 pa t20647 l20683">before </span><span class="pp-class-114 pa t20647 l20684">impairment</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t20654 l3">Non-due </span><span class="pp-class-113 pa t20654 l20685">trade </span><span class="pp-class-113 pa t20654 l20686">receivables</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t20654 l20687 ls786">83,393</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t20654 l16021 ls786">52,179</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t20660 l3">Past </span><span class="pp-class-113 pa t20660 l20688">due </span><span class="pp-class-113 pa t20660 l20689">trade </span><span class="pp-class-113 pa t20660 l20690">receivables, </span><span class="pp-class-113 pa t20660 l20691">0-30 </span><span class="pp-class-113 pa t20660 l20692">days</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t20660 l20693 ls786">7,418</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t20660 l20694 ls786">4,455</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t20666 l3">Past </span><span class="pp-class-113 pa t20666 l20688">due </span><span class="pp-class-113 pa t20666 l20689">trade </span><span class="pp-class-113 pa t20666 l20690">receivables, </span><span class="pp-class-113 pa t20666 l20691">30-90 </span><span class="pp-class-113 pa t20666 l20695">days</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t20666 l20696">540</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t20666 l20697">134</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t20672 l3">Past </span><span class="pp-class-113 pa t20672 l20688">due </span><span class="pp-class-113 pa t20672 l20689">trade </span><span class="pp-class-113 pa t20672 l20690">receivables, </span><span class="pp-class-113 pa t20672 l20691">&gt;90 </span><span class="pp-class-113 pa t20672 l20698">days</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t20672 l20699 ls786">6,581</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t20672 l20700 ls786">8,764</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t20701 l3">Trade </span><span class="pp-class-114 pa t20701 l20682">receivables </span><span class="pp-class-114 pa t20701 l20683">before </span><span class="pp-class-114 pa t20701 l20684">impairment</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t20701 l20702 ls786">97,932</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t20701 l20703 ls786">65,532</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t20704 l3">Of </span><span class="pp-class-113 pa t20704 l20705">which </span><span class="pp-class-113 pa t20704 l20706">overdue</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t20704 l16300 ls786">14,539</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t20704 l20707 ls786">13,353</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t20708 l3">Overdue </span><span class="pp-class-113 pa t20708 l20709">secured </span><span class="pp-class-113 pa t20708 l20710">receivables</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t20708 l20711 ls786">4,404</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t20708 l20712 ls786">4,774</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t20713 l3">- </span><span class="pp-class-113 pa t20713 l20714">Impaired</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t20713 l15872">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t20713 l15652">0</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t20715 l3">Total </span><span class="pp-class-114 pa t20715 l15778">overdue </span><span class="pp-class-114 pa t20715 l20716">secured </span><span class="pp-class-114 pa t20715 l20717">receivables </span><span class="pp-class-114 pa t20715 l20718">after </span><span class="pp-class-114 pa t20715 l20719">impairment</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t20715 l20720 ls786">4,404</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t20715 l20721 ls786">4,774</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t20722 l3">Overdue </span><span class="pp-class-113 pa t20722 l20709">unsecured </span><span class="pp-class-113 pa t20722 l20723">receivables</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t20722 l20724 ls786">10,135</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t20722 l20725 ls786">8,579</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t20726 l3">- </span><span class="pp-class-113 pa t20726 l20714">Impaired</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t20726 l20727 ls786">(7,543)</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t20726 l20728 ls786">(7,618)</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t20729 l3">Total </span><span class="pp-class-114 pa t20729 l15778">overdue </span><span class="pp-class-114 pa t20729 l20716">unsecured </span><span class="pp-class-114 pa t20729 l16703">receivables </span><span class="pp-class-114 pa t20729 l20730">after </span><span class="pp-class-114 pa t20729 l20731">impairment</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t20729 l20732 ls786">2,592</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t20729 l20733">961</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t20734 l3">Impairment </span><span class="pp-class-114 pa t20734 l20735">loss </span><span class="pp-class-114 pa t20734 l20736">recognised </span><span class="pp-class-114 pa t20734 l20737">in </span><span class="pp-class-114 pa t20734 l20738">the </span><span class="pp-class-114 pa t20734 l20739">income </span><span class="pp-class-114 pa t20734 l20740">statement </span><span class="pp-class-114 pa t20734 l20741">during </span><span class="pp-class-114 pa t20734 l20742">the </span><span class="pp-class-114 pa t20734 l20743">period</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t20734 l20744 ls786">2,198</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t20734 l20745 ls786">4,314</span></p></td></tr></table></div></div> <p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-120 pa t20397 l3 ls20398">Credit </span><span class="pp-class-120 pa t20397 l20399 ls161">risk</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-118 pa t19143 l3">TCM </span><span class="pp-class-118 pa t19143 l1586">Group’s </span><span class="pp-class-118 pa t19143 l3202">customer </span><span class="pp-class-118 pa t19143 l14892">base </span><span class="pp-class-118 pa t19143 l10898">comprises </span><span class="pp-class-118 pa t19143 l20400">professional </span><span class="pp-class-118 pa t19148 l3">customers. </span><span class="pp-class-118 pa t19148 l1792">Credit </span><span class="pp-class-118 pa t19148 l20401">management </span><span class="pp-class-118 pa t19148 l20402">and </span><span class="pp-class-118 pa t19148 l20403">payment </span><span class="pp-class-118 pa t19148 l20404">terms </span><span class="pp-class-118 pa t19148 l675">are </span><span class="pp-class-118 pa t19154 l3">monitored </span><span class="pp-class-118 pa t19154 l20405">for </span><span class="pp-class-118 pa t19154 l20406">each </span><span class="pp-class-118 pa t19154 l20407">customer </span><span class="pp-class-118 pa t19154 l20408">group. </span><span class="pp-class-118 pa t19154 l20409">Customers </span><span class="pp-class-118 pa t19154 l19687">who </span><span class="pp-class-118 pa t19159 l3">make </span><span class="pp-class-118 pa t19159 l20096">regular </span><span class="pp-class-118 pa t19159 l20410">purchases </span><span class="pp-class-118 pa t19159 l20411">are </span><span class="pp-class-118 pa t19159 l18365">subject </span><span class="pp-class-118 pa t19159 l1636">to </span><span class="pp-class-118 pa t19159 l19918">continuous </span><span class="pp-class-118 pa t19159 l18554">credit </span><span class="pp-class-118 pa t19165 l3">assessments. </span><span class="pp-class-118 pa t19165 l20147">Credit </span><span class="pp-class-118 pa t19165 l20412">insurance, </span><span class="pp-class-118 pa t19165 l20413">bank </span><span class="pp-class-118 pa t19165 l3395">guarantees </span><span class="pp-class-118 pa t19165 l20414">and </span><span class="pp-class-118 pa t19168 l3">other </span><span class="pp-class-118 pa t19168 l11647">collateral </span><span class="pp-class-118 pa t19168 l9802">are </span><span class="pp-class-118 pa t19168 l11218">utilised </span><span class="pp-class-118 pa t19168 l19207">for </span><span class="pp-class-118 pa t19168 l20222">the </span><span class="pp-class-118 pa t19168 l20415">different </span><span class="pp-class-118 pa t19168 l20416">markets </span><span class="pp-class-118 pa t19168 l18857">and </span><span class="pp-class-118 pa t19173 l3">customer </span><span class="pp-class-118 pa t19173 l19098">categories. </span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-118 pa t19187 l3">Actual </span><span class="pp-class-118 pa t19187 l20417">losses </span><span class="pp-class-118 pa t19187 l20418">on </span><span class="pp-class-118 pa t19187 l20419">trade </span><span class="pp-class-118 pa t19187 l20420">receivables </span><span class="pp-class-118 pa t19187 l18204">in </span><span class="pp-class-118 pa t19187 l1390">2025 </span><span class="pp-class-118 pa t19187 l19745">amounted </span><span class="pp-class-118 pa t19187 l20421">to </span><span class="pp-class-118 pa t19192 l3">DKK </span><span class="pp-class-118 pa t19192 l1485">2.2 </span><span class="pp-class-118 pa t19192 l13152">million </span><span class="pp-class-118 pa t19192 l20422">(2024: </span><span class="pp-class-118 pa t19192 l20423">DKK </span><span class="pp-class-118 pa t19192 l20424">4.3 </span><span class="pp-class-118 pa t19192 l20425">million), </span><span class="pp-class-118 pa t19192 l20426">primarily </span><span class="pp-class-118 pa t19198 l3">related </span><span class="pp-class-118 pa t19198 l11176">to </span><span class="pp-class-118 pa t19198 l20427">bankruptcies </span><span class="pp-class-118 pa t19198 l20428">of </span><span class="pp-class-118 pa t19198 l20429">two </span><span class="pp-class-118 pa t19198 l20430">stores </span><span class="pp-class-118 pa t19198 l20431">in </span><span class="pp-class-118 pa t19198 l6591">Denmark </span><span class="pp-class-118 pa t19198 l20432">and </span><span class="pp-class-118 pa t19205 l3">Norway. </span><span class="pp-class-118 pa t19205 l14353">Expensed </span><span class="pp-class-118 pa t19205 l20433">actual </span><span class="pp-class-118 pa t19205 l20434">losses </span><span class="pp-class-118 pa t19205 l6838">of </span><span class="pp-class-118 pa t19205 l20435">DKK </span><span class="pp-class-118 pa t19205 l20436">2.2 </span><span class="pp-class-118 pa t19205 l15644">million </span><span class="pp-class-118 pa t19205 l20437">and </span><span class="pp-class-118 pa t20438 l3">the </span><span class="pp-class-118 pa t20438 l1444">decrease </span><span class="pp-class-118 pa t20438 l20439">in </span><span class="pp-class-118 pa t20438 l11757">provisions </span><span class="pp-class-118 pa t20438 l1309">of </span><span class="pp-class-118 pa t20438 l3240">DKK </span><span class="pp-class-118 pa t20438 l20440">0.1 </span><span class="pp-class-118 pa t20438 l20441">million </span><span class="pp-class-118 pa t20438 l20442">amounted </span><span class="pp-class-118 pa t19209 l3">to </span><span class="pp-class-118 pa t19209 l12958">a </span><span class="pp-class-118 pa t19209 l20443">total </span><span class="pp-class-118 pa t19209 l20444">of </span><span class="pp-class-118 pa t19209 l20445">DKK </span><span class="pp-class-118 pa t19209 l20446">2.1 </span><span class="pp-class-118 pa t19209 l20447">million, </span><span class="pp-class-118 pa t19209 l20448">equal </span><span class="pp-class-118 pa t19209 l20449">to </span><span class="pp-class-118 pa t19209 l20450">0.2% </span><span class="pp-class-118 pa t19209 l20451">of </span><span class="pp-class-118 pa t19209 l9114">net </span><span class="pp-class-118 pa t19209 l20452">revenue </span><span class="pp-class-118 pa t19212 l3">for </span><span class="pp-class-118 pa t19212 l2129">the </span><span class="pp-class-118 pa t19212 l6661">year. </span></p><div class="pp-class-7" id="pp-id-3339" xmlns="http://www.w3.org/1999/xhtml"><div class="w15596 h20678 pa t2 l3 wtro4 xx30 tro6 xx31"><table><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t15598 l3 ls1074">Age </span><span class="pp-class-112 pa t15598 l20679 ls5868">analysis, </span><span class="pp-class-112 pa t15598 l20680 ls1116">trade </span><span class="pp-class-112 pa t15598 l20681 ls2116">receivables</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t15598 l15601 ls458">2025</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t16060 l20645 ls14110">DKK’000</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t15598 l15602 ls1074">2024</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t16060 l20646 ls14110">DKK’000</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t20647 l3">Trade </span><span class="pp-class-114 pa t20647 l20682">receivables </span><span class="pp-class-114 pa t20647 l20683">before </span><span class="pp-class-114 pa t20647 l20684">impairment</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t20654 l3">Non-due </span><span class="pp-class-113 pa t20654 l20685">trade </span><span class="pp-class-113 pa t20654 l20686">receivables</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t20654 l20687 ls786">83,393</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t20654 l16021 ls786">52,179</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t20660 l3">Past </span><span class="pp-class-113 pa t20660 l20688">due </span><span class="pp-class-113 pa t20660 l20689">trade </span><span class="pp-class-113 pa t20660 l20690">receivables, </span><span class="pp-class-113 pa t20660 l20691">0-30 </span><span class="pp-class-113 pa t20660 l20692">days</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t20660 l20693 ls786">7,418</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t20660 l20694 ls786">4,455</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t20666 l3">Past </span><span class="pp-class-113 pa t20666 l20688">due </span><span class="pp-class-113 pa t20666 l20689">trade </span><span class="pp-class-113 pa t20666 l20690">receivables, </span><span class="pp-class-113 pa t20666 l20691">30-90 </span><span class="pp-class-113 pa t20666 l20695">days</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t20666 l20696">540</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t20666 l20697">134</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t20672 l3">Past </span><span class="pp-class-113 pa t20672 l20688">due </span><span class="pp-class-113 pa t20672 l20689">trade </span><span class="pp-class-113 pa t20672 l20690">receivables, </span><span class="pp-class-113 pa t20672 l20691">&gt;90 </span><span class="pp-class-113 pa t20672 l20698">days</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t20672 l20699 ls786">6,581</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t20672 l20700 ls786">8,764</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t20701 l3">Trade </span><span class="pp-class-114 pa t20701 l20682">receivables </span><span class="pp-class-114 pa t20701 l20683">before </span><span class="pp-class-114 pa t20701 l20684">impairment</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t20701 l20702 ls786">97,932</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t20701 l20703 ls786">65,532</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t20704 l3">Of </span><span class="pp-class-113 pa t20704 l20705">which </span><span class="pp-class-113 pa t20704 l20706">overdue</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t20704 l16300 ls786">14,539</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t20704 l20707 ls786">13,353</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t20708 l3">Overdue </span><span class="pp-class-113 pa t20708 l20709">secured </span><span class="pp-class-113 pa t20708 l20710">receivables</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t20708 l20711 ls786">4,404</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t20708 l20712 ls786">4,774</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t20713 l3">- </span><span class="pp-class-113 pa t20713 l20714">Impaired</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t20713 l15872">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t20713 l15652">0</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t20715 l3">Total </span><span class="pp-class-114 pa t20715 l15778">overdue </span><span class="pp-class-114 pa t20715 l20716">secured </span><span class="pp-class-114 pa t20715 l20717">receivables </span><span class="pp-class-114 pa t20715 l20718">after </span><span class="pp-class-114 pa t20715 l20719">impairment</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t20715 l20720 ls786">4,404</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t20715 l20721 ls786">4,774</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t20722 l3">Overdue </span><span class="pp-class-113 pa t20722 l20709">unsecured </span><span class="pp-class-113 pa t20722 l20723">receivables</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t20722 l20724 ls786">10,135</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t20722 l20725 ls786">8,579</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t20726 l3">- </span><span class="pp-class-113 pa t20726 l20714">Impaired</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t20726 l20727 ls786">(7,543)</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t20726 l20728 ls786">(7,618)</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t20729 l3">Total </span><span class="pp-class-114 pa t20729 l15778">overdue </span><span class="pp-class-114 pa t20729 l20716">unsecured </span><span class="pp-class-114 pa t20729 l16703">receivables </span><span class="pp-class-114 pa t20729 l20730">after </span><span class="pp-class-114 pa t20729 l20731">impairment</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t20729 l20732 ls786">2,592</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t20729 l20733">961</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t20734 l3">Impairment </span><span class="pp-class-114 pa t20734 l20735">loss </span><span class="pp-class-114 pa t20734 l20736">recognised </span><span class="pp-class-114 pa t20734 l20737">in </span><span class="pp-class-114 pa t20734 l20738">the </span><span class="pp-class-114 pa t20734 l20739">income </span><span class="pp-class-114 pa t20734 l20740">statement </span><span class="pp-class-114 pa t20734 l20741">during </span><span class="pp-class-114 pa t20734 l20742">the </span><span class="pp-class-114 pa t20734 l20743">period</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t20734 l20744 ls786">2,198</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t20734 l20745 ls786">4,314</span></p></td></tr></table></div></div> <p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-120 pa t20453 l3 ls16577">Financial </span><span class="pp-class-120 pa t20453 l17745 ls3601">exposure </span><span class="pp-class-120 pa t20453 l20454 ls2759">and </span><span class="pp-class-120 pa t20453 l20455 ls16577">Liquidity </span><span class="pp-class-120 pa t20453 l20456 ls161">risk</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-118 pa t19908 l3">The </span><span class="pp-class-118 pa t19908 l550">Group </span><span class="pp-class-118 pa t19908 l6239">maintains </span><span class="pp-class-118 pa t19908 l20457">four </span><span class="pp-class-118 pa t19908 l20458">credit </span><span class="pp-class-118 pa t19908 l20459">facilities </span><span class="pp-class-118 pa t19908 l20460">with </span><span class="pp-class-118 pa t19908 l20461">Nykredit </span><span class="pp-class-118 pa t19228 l3">Bank:</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-118 pa t20463 l3">1) </span><span class="pp-class-118 pa t20463 l20464">DKK </span><span class="pp-class-118 pa t20463 l20465">220 </span><span class="pp-class-118 pa t20463 l20466">million </span><span class="pp-class-118 pa t20463 l20467">committed </span><span class="pp-class-118 pa t20463 l20468">facility: </span><span class="pp-class-118 pa t20463 l20469">This </span><span class="pp-class-118 pa t20463 l20470">facility </span><span class="pp-class-118 pa t20463 l20471">has </span><span class="pp-class-118 pa t20472 l3">been </span><span class="pp-class-118 pa t20472 l18938">extended </span><span class="pp-class-118 pa t20472 l9583">by </span><span class="pp-class-118 pa t20472 l20473">1 </span><span class="pp-class-118 pa t20472 l20474">year </span><span class="pp-class-118 pa t20472 l4460">and </span><span class="pp-class-118 pa t20472 l20475">expires </span><span class="pp-class-118 pa t20472 l20476">in </span><span class="pp-class-118 pa t20472 l20477">March </span><span class="pp-class-118 pa t20472 l20478">2027. </span><span class="pp-class-118 pa t20472 l20479">It </span><span class="pp-class-118 pa t20480 l3">includes </span><span class="pp-class-118 pa t20480 l7314">one </span><span class="pp-class-118 pa t20480 l20481">further </span><span class="pp-class-118 pa t20480 l20482">1-year </span><span class="pp-class-118 pa t20480 l20483">extension </span><span class="pp-class-118 pa t20480 l8806">option </span><span class="pp-class-118 pa t20480 l20484">available </span><span class="pp-class-118 pa t20485 l3">on </span><span class="pp-class-118 pa t20485 l9773">similar </span><span class="pp-class-118 pa t20485 l20486">terms.</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-118 pa t20487 l3">2) </span><span class="pp-class-118 pa t20487 l20488">DKK </span><span class="pp-class-118 pa t20487 l1790">110 </span><span class="pp-class-118 pa t20487 l20405">million </span><span class="pp-class-118 pa t20487 l2668">committed </span><span class="pp-class-118 pa t20487 l11327">facility: </span><span class="pp-class-118 pa t20487 l20489">Established </span><span class="pp-class-118 pa t20487 l20490">in </span><span class="pp-class-118 pa t20491 l3">2023 </span><span class="pp-class-118 pa t20491 l20492">to </span><span class="pp-class-118 pa t20491 l11239">support </span><span class="pp-class-118 pa t20491 l17621">the </span><span class="pp-class-118 pa t20491 l18873">acquisition </span><span class="pp-class-118 pa t20491 l20493">of </span><span class="pp-class-118 pa t20491 l20494">AUBO </span><span class="pp-class-118 pa t20491 l20495">Production </span><span class="pp-class-118 pa t20491 l20496">A/S, </span><span class="pp-class-118 pa t20497 l3">this </span><span class="pp-class-118 pa t20497 l6953">facility </span><span class="pp-class-118 pa t20497 l20498">has </span><span class="pp-class-118 pa t20497 l20499">been </span><span class="pp-class-118 pa t20497 l19590">extended </span><span class="pp-class-118 pa t20497 l20500">by </span><span class="pp-class-118 pa t20497 l4270">2 </span><span class="pp-class-118 pa t20497 l20501">years </span><span class="pp-class-118 pa t20497 l20502">and </span><span class="pp-class-118 pa t20497 l20503">expires </span><span class="pp-class-118 pa t20497 l20504">in </span><span class="pp-class-118 pa t20505 l3">2028. </span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-118 pa t20506 l3">3) </span><span class="pp-class-118 pa t20506 l20507">DKK </span><span class="pp-class-118 pa t20506 l7168">50 </span><span class="pp-class-118 pa t20506 l15065">million </span><span class="pp-class-118 pa t20506 l20508">uncommitted </span><span class="pp-class-118 pa t20506 l20509">facility: </span><span class="pp-class-118 pa t20506 l10711">This </span><span class="pp-class-118 pa t20506 l20510">1-year </span><span class="pp-class-118 pa t20511 l3">facility </span><span class="pp-class-118 pa t20511 l4183">expires </span><span class="pp-class-118 pa t20511 l20512">in </span><span class="pp-class-118 pa t20511 l3344">March </span><span class="pp-class-118 pa t20511 l20513">2026. </span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-118 pa t20514 l3">4) </span><span class="pp-class-118 pa t20514 l20515">DKK </span><span class="pp-class-118 pa t20514 l20516">50 </span><span class="pp-class-118 pa t20514 l20517">million </span><span class="pp-class-118 pa t20514 l10476">committed </span><span class="pp-class-118 pa t20514 l20518">facility: </span><span class="pp-class-118 pa t20514 l20519">Established </span><span class="pp-class-118 pa t20514 l20520">in </span><span class="pp-class-118 pa t20521 l3">2025 </span><span class="pp-class-118 pa t20521 l498">to </span><span class="pp-class-118 pa t20521 l20522">support </span><span class="pp-class-118 pa t20521 l20523">the </span><span class="pp-class-118 pa t20521 l20524">acquisition </span><span class="pp-class-118 pa t20521 l20525">of </span><span class="pp-class-118 pa t20521 l20526">Celebert </span><span class="pp-class-118 pa t20521 l13540">ApS, </span><span class="pp-class-118 pa t20521 l12060">this </span><span class="pp-class-118 pa t20527 l3">facility </span><span class="pp-class-118 pa t20527 l4183">expires </span><span class="pp-class-118 pa t20527 l20512">in </span><span class="pp-class-118 pa t20527 l3344">2030. </span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-118 pa t20528 l3 ls2711">At </span><span class="pp-class-118 pa t20528 l20529 ls2711">31 </span><span class="pp-class-118 pa t20528 l20530 ls7271">December </span><span class="pp-class-118 pa t20528 l20531 ls2716">2025, </span><span class="pp-class-118 pa t20528 l20532 ls683">the </span><span class="pp-class-118 pa t20528 l20533 ls2713">book </span><span class="pp-class-118 pa t20528 l20534 ls2716">value </span><span class="pp-class-118 pa t20528 l20535 ls2711">of </span><span class="pp-class-118 pa t20528 l10652 ls683">the </span><span class="pp-class-118 pa t20528 l10814 ls2721">credit </span><span class="pp-class-118 pa t20528 l20536 ls2716">facil-</span><span class="pp-class-118 pa t20537 l3 ls2716">ities </span><span class="pp-class-118 pa t20537 l20538 ls683">was </span><span class="pp-class-118 pa t20537 l20539 ls4645">DKK </span><span class="pp-class-118 pa t20537 l2524 ls683">322 </span><span class="pp-class-118 pa t20537 l4090 ls7275">million </span><span class="pp-class-118 pa t20537 l20540 ls683">and </span><span class="pp-class-118 pa t20537 l20541 ls683">the </span><span class="pp-class-118 pa t20537 l20542 ls4643">facilities </span><span class="pp-class-118 pa t20537 l20543 ls692">comprised </span><span class="pp-class-118 pa t20537 l20544 ls615">an </span><span class="pp-class-118 pa t20545 l3 ls2721">unused </span><span class="pp-class-118 pa t20545 l20546 ls2721">amount </span><span class="pp-class-118 pa t20545 l20547 ls2711">of </span><span class="pp-class-118 pa t20545 l20548 ls4645">DKK </span><span class="pp-class-118 pa t20545 l20549 ls683">108 </span><span class="pp-class-118 pa t20545 l20550 ls7275">million </span><span class="pp-class-118 pa t20545 l9441 ls2713">with </span><span class="pp-class-118 pa t20545 l10880 ls7287">a </span><span class="pp-class-118 pa t20545 l20551 ls7275">further </span><span class="pp-class-118 pa t20545 l20552 ls4645">DKK </span><span class="pp-class-118 pa t20545 l20553 ls615">31 </span><span class="pp-class-118 pa t20554 l3 ls7275">million </span><span class="pp-class-118 pa t20554 l20555 ls2711">in </span><span class="pp-class-118 pa t20554 l6135 ls2716">cash. </span><span class="pp-class-118 pa t20554 l20556 ls2716">Based </span><span class="pp-class-118 pa t20554 l7736 ls2711">on </span><span class="pp-class-118 pa t20554 l20557 ls683">our </span><span class="pp-class-118 pa t20554 l20558 ls692">scenarios </span><span class="pp-class-118 pa t20554 l10806 ls683">for </span><span class="pp-class-118 pa t20554 l20559 ls2716">2026, </span><span class="pp-class-118 pa t20554 l20560 ls4645">the </span><span class="pp-class-118 pa t20554 l20561 ls4645">cur-</span><span class="pp-class-118 pa t20562 l3 ls2713">rent </span><span class="pp-class-118 pa t20562 l20563 ls2721">credit </span><span class="pp-class-118 pa t20562 l3413 ls4643">facilities </span><span class="pp-class-118 pa t20562 l20564 ls7275">provide </span><span class="pp-class-118 pa t20562 l18430 ls4643">sufficient </span><span class="pp-class-118 pa t20562 l20565 ls692">headroom, </span><span class="pp-class-118 pa t20562 l20566 ls683">and </span><span class="pp-class-118 pa t20562 l20567 ls7287">the </span><span class="pp-class-118 pa t20568 l3 ls7271">forecast </span><span class="pp-class-118 pa t20568 l18275 ls7271">leverage </span><span class="pp-class-118 pa t20568 l20569 ls2713">will </span><span class="pp-class-118 pa t20568 l20570 ls2711">be </span><span class="pp-class-118 pa t20568 l12888 ls2721">within </span><span class="pp-class-118 pa t20568 l20571 ls683">the </span><span class="pp-class-118 pa t20568 l20572 ls692">covenants </span><span class="pp-class-118 pa t20568 l20573 ls2721">agreed </span><span class="pp-class-118 pa t20568 l20574 ls615">in </span><span class="pp-class-118 pa t20575 l3 ls683">the </span><span class="pp-class-118 pa t20575 l7278 ls2721">credit </span><span class="pp-class-118 pa t20575 l20576 ls7271">facility </span><span class="pp-class-118 pa t20575 l20577 ls4643">agreements.</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-118 pa t20578 l3">The </span><span class="pp-class-118 pa t20578 l550">facility </span><span class="pp-class-118 pa t20578 l20579">agreements </span><span class="pp-class-118 pa t20578 l20580">with </span><span class="pp-class-118 pa t20578 l9747">Nykredit </span><span class="pp-class-118 pa t20578 l20581">Bank </span><span class="pp-class-118 pa t20578 l19497">contain </span><span class="pp-class-118 pa t20578 l20582">a </span><span class="pp-class-118 pa t20583 l3">leverage </span><span class="pp-class-118 pa t20583 l12802">covenant </span><span class="pp-class-118 pa t20583 l20584">of </span><span class="pp-class-118 pa t20583 l8410">4.0 </span><span class="pp-class-118 pa t20583 l20585">for </span><span class="pp-class-118 pa t20583 l11195">the </span><span class="pp-class-118 pa t20583 l20586">remaining </span><span class="pp-class-118 pa t20583 l20587">financing </span><span class="pp-class-118 pa t20588 l3">period. </span><span class="pp-class-118 pa t20588 l11584">No </span><span class="pp-class-118 pa t20588 l20589">covenants </span><span class="pp-class-118 pa t20588 l20590">were </span><span class="pp-class-118 pa t20588 l20591">breached </span><span class="pp-class-118 pa t20588 l20592">during </span><span class="pp-class-118 pa t20588 l20593">the </span><span class="pp-class-118 pa t20588 l2065">period.</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-118 pa t20594 l3">Mortgage </span><span class="pp-class-118 pa t20594 l1477">loans </span><span class="pp-class-118 pa t20594 l20595">with </span><span class="pp-class-118 pa t20594 l19069">a </span><span class="pp-class-118 pa t20594 l20596">nominal </span><span class="pp-class-118 pa t20594 l8406">amount </span><span class="pp-class-118 pa t20594 l8793">of </span><span class="pp-class-118 pa t20594 l20597">DKK </span><span class="pp-class-118 pa t20594 l20598">35 </span><span class="pp-class-118 pa t20594 l20599">mil-</span><span class="pp-class-118 pa t20600 l3">lion </span><span class="pp-class-118 pa t20600 l20601">(2024: </span><span class="pp-class-118 pa t20600 l20602">DKK </span><span class="pp-class-118 pa t20600 l12709">36 </span><span class="pp-class-118 pa t20600 l2277">million) </span><span class="pp-class-118 pa t20600 l20603">are </span><span class="pp-class-118 pa t20600 l20604">amortised </span><span class="pp-class-118 pa t20600 l20605">over </span><span class="pp-class-118 pa t20600 l20606">20 </span><span class="pp-class-118 pa t20600 l20607">years </span><span class="pp-class-118 pa t20608 l3">and </span><span class="pp-class-118 pa t20608 l1110">expire </span><span class="pp-class-118 pa t20608 l20609">in </span><span class="pp-class-118 pa t20608 l15400">2044. </span></p><div class="pp-class-7" id="pp-id-3345" xmlns="http://www.w3.org/1999/xhtml"><div class="w20989 h20990 pa t2 l3 wtro4 xx20991 tro6 xx20992"><p class="pp-class-107 pp-area-text"><span class="pp-class-123 pa t20993 l3 ls20994">MATurity </span><span class="pp-class-123 pa t20993 l20995 ls20996">structure, </span><span class="pp-class-123 pa t20993 l20997 ls1845">financial </span><span class="pp-class-123 pa t20993 l20998 ls14031">and </span><span class="pp-class-123 pa t20993 l10058 ls1497">operational </span><span class="pp-class-123 pa t20993 l20999 ls4498">liabilities </span><span class="pp-class-123 pa t20993 l21000 ls21001">– </span><span class="pp-class-123 pa t20993 l21002 ls21003">undiscounted </span><span class="pp-class-123 pa t20993 l21004 ls1219">cash </span><span class="pp-class-123 pa t20993 l21005 ls21006">flows</span></p><table><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-124 pa t21007 l3 ls458">DKK </span><span class="pp-class-124 pa t21007 l21008 ls21009">million </span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t21010 l21011 ls1966">Nominal </span><span class="pp-class-112 pa t21012 l21013 ls1894">amount, </span><span class="pp-class-112 pa t21014 l21015 ls14105">functional </span><span class="pp-class-112 pa t21016 l21017 ls21018">currency</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t21014 l21019 ls21020">0-6</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t21016 l21021 ls1116">months</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t21014 l21022 ls5868">6-12</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t21016 l21023 ls1116">months</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t21014 l21024 ls21020">2-3</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t21016 l21025 ls2756">years</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t21014 l21026 ls21020">4-5</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t21016 l21027 ls2756">years</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t21012 l21028 ls21029">Later </span><span class="pp-class-112 pa t21014 l21030 ls21031">than </span><span class="pp-class-112 pa t21014 l21032 ls786">5 </span><span class="pp-class-112 pa t21016 l21033 ls2756">years</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t21016 l21034 ls11452">Total</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-125 pa t21035 l3">2025</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-126 pa t21036 l3">Bank </span><span class="pp-class-126 pa t21036 l21037">loans</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-126 pa t21036 l21038 ls786">321.5</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-126 pa t21036 l21039">78.6</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-126 pa t21036 l21040">16.0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-126 pa t21036 l21041">230.3</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-126 pa t21036 l21042">21.2</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-126 pa t21036 l21043">0.0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-126 pa t21036 l21044">346.1</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-126 pa t21045 l3">Mortgage </span><span class="pp-class-126 pa t21045 l21046">loans</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-126 pa t21045 l21047 ls786">35.2</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-126 pa t21045 l21048">1.5</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-126 pa t21045 l21049">1.5</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-126 pa t21045 l21050">5.9</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-126 pa t21045 l21051">5.9</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-126 pa t21045 l21052">38.6</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-126 pa t21045 l21053">53.4</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-126 pa t21054 l3">Lease </span><span class="pp-class-126 pa t21054 l21055">liabilities</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-126 pa t21054 l21056 ls786">50.8</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-126 pa t21054 l21057">8.7</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-126 pa t21054 l21058">7.4</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-126 pa t21054 l21059">15.6</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-126 pa t21054 l21060">7.6</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-126 pa t21054 l21061">16.1</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-126 pa t21054 l21062">55.4</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-126 pa t21063 l3">Trade </span><span class="pp-class-126 pa t21063 l21064">payables</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-126 pa t21063 l21065 ls786">127.9</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-126 pa t21063 l21066">127.9</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-126 pa t21063 l21067">0.0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-126 pa t21063 l21068">0.0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-126 pa t21063 l21069">0.0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-126 pa t21063 l21043">0.0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-126 pa t21063 l21070">127.9</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-126 pa t21071 l3">Other </span><span class="pp-class-126 pa t21071 l21072">liabilities</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-126 pa t21071 l21073 ls786">127.8</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-126 pa t21071 l21074">81.9</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-126 pa t21071 l21075">8.6</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-126 pa t21071 l21076">42.6</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-126 pa t21071 l21069">0.0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-126 pa t21071 l21043">0.0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-126 pa t21071 l16255">133.1</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-125 pa t21077 l3">Financial </span><span class="pp-class-125 pa t21077 l21078">and </span><span class="pp-class-125 pa t21077 l21079">operational </span><span class="pp-class-125 pa t21080 l3">liabilities </span><span class="pp-class-125 pa t21080 l21081">at </span><span class="pp-class-125 pa t21080 l21082">31 </span><span class="pp-class-125 pa t21080 l21083">December </span><span class="pp-class-125 pa t21080 l21084">2025</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-125 pa t21080 l21085">298.6</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-125 pa t21080 l21086">33.5</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-125 pa t21080 l21087">294.4</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-125 pa t21080 l21088">34.7</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-125 pa t21080 l21089">54.7</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-125 pa t21080 l21090">715.9</span></p></td></tr></table><p class="pp-class-107 pp-area-text"><span class="pp-class-118 pa t16843 l3">The </span><span class="pp-class-118 pa t16843 l550">fair </span><span class="pp-class-118 pa t16843 l20961">value </span><span class="pp-class-118 pa t16843 l20962">of </span><span class="pp-class-118 pa t16843 l20963">mortgage </span><span class="pp-class-118 pa t16843 l21091">loans </span><span class="pp-class-118 pa t16843 l18266">at </span><span class="pp-class-118 pa t16843 l21092">31 </span><span class="pp-class-118 pa t16843 l12688">December </span><span class="pp-class-118 pa t16843 l21093">2025 </span><span class="pp-class-118 pa t16843 l21094">amounted </span><span class="pp-class-118 pa t16843 l21095">to </span><span class="pp-class-118 pa t16843 l21096">DKK </span><span class="pp-class-118 pa t16843 l21097">35.8 </span><span class="pp-class-118 pa t16843 l21098 ls786">million </span><span class="pp-class-118 pa t16843 l21099 ls786">(2024: </span><span class="pp-class-118 pa t16843 l21100 ls786">DKK </span><span class="pp-class-118 pa t16843 l21101 ls786">36.7 </span><span class="pp-class-118 pa t16843 l21102 ls786">million). </span><span class="pp-class-118 pa t16843 l21103">All </span><span class="pp-class-118 pa t16843 l21104">other </span><span class="pp-class-118 pa t16850 l3">financial </span><span class="pp-class-118 pa t16850 l1386">liabilities </span><span class="pp-class-118 pa t16850 l21105">are </span><span class="pp-class-118 pa t16850 l21106">measured </span><span class="pp-class-118 pa t16850 l21107">at </span><span class="pp-class-118 pa t16850 l21108">cost </span><span class="pp-class-118 pa t16850 l21109">or </span><span class="pp-class-118 pa t16850 l15403">amortised </span><span class="pp-class-118 pa t16850 l21110">cost, </span><span class="pp-class-118 pa t16850 l21111">which </span><span class="pp-class-118 pa t16850 l21112">constitutes </span><span class="pp-class-118 pa t16850 l21113">fair </span><span class="pp-class-118 pa t16850 l21114">value.</span></p><table><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-124 pa t21115 l3 ls458">DKK </span><span class="pp-class-124 pa t21115 l21008 ls21009">million </span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t21116 l21011 ls1966">Nominal </span><span class="pp-class-112 pa t21117 l21013 ls1894">amount, </span><span class="pp-class-112 pa t21118 l21015 ls14105">functional </span><span class="pp-class-112 pa t21119 l21017 ls21018">currency</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t21118 l21019 ls21020">0-6</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t21119 l21021 ls1116">months</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t21118 l21022 ls5868">6-12</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t21119 l21023 ls1116">months</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t21118 l21024 ls21020">2-3</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t21119 l21025 ls2756">years</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t21118 l21026 ls21020">4-5</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t21119 l21027 ls2756">years</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t21117 l21028 ls21029">Later </span><span class="pp-class-112 pa t21118 l21030 ls21031">than </span><span class="pp-class-112 pa t21118 l21032 ls786">5 </span><span class="pp-class-112 pa t21119 l21033 ls2756">years</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t21119 l21034 ls11452">Total</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-125 pa t21120 l3">2024</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-126 pa t21121 l3">Bank </span><span class="pp-class-126 pa t21121 l21037">loans</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21122 l21123">215.4</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21122 l21124 ls786">28.5</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21122 l21125 ls786">5.8</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21122 l21126 ls786">198.3</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21122 l21127 ls786">0.0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21122 l21128 ls786">0.0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21122 l21129">232.6</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-126 pa t21130 l3">Mortgage </span><span class="pp-class-126 pa t21130 l21046">loans</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21131 l21132">36.5</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21131 l21133 ls786">1.5</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21131 l21134 ls786">1.5</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21131 l21135 ls786">5.9</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21131 l21136 ls786">5.9</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21131 l21137 ls786">41.5</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21131 l21138">56.3</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-126 pa t21139 l3">Lease </span><span class="pp-class-126 pa t21139 l21055">liabilities</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21140 l21141">56.0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21140 l21142 ls786">7.8</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21140 l21143 ls786">7.0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21140 l21144 ls786">20.1</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21140 l21145 ls786">9.8</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21140 l21146 ls786">19.7</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21140 l21147">64.4</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-126 pa t21148 l3">Trade </span><span class="pp-class-126 pa t21148 l21064">payables</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21149 l21150">122.3</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21149 l21151 ls786">122.3</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21149 l21152 ls786">0.0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21149 l21153 ls786">0.0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21149 l21127 ls786">0.0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21149 l21128 ls786">0.0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21149 l21154">122.3</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-126 pa t21155 l3">Other </span><span class="pp-class-126 pa t21155 l21072">liabilities</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21156 l21157">118.6</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21156 l21158 ls786">68.8</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21156 l21159 ls786">8.2</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21156 l21160 ls786">6.9</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21156 l21161 ls786">43.5</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21156 l21128 ls786">0.0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21156 l21162">127.4</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-125 pa t21163 l3">Financial </span><span class="pp-class-125 pa t21163 l21078">and </span><span class="pp-class-125 pa t21163 l21079">operational </span><span class="pp-class-125 pa t21164 l3">liabilities </span><span class="pp-class-125 pa t21164 l21165">at </span><span class="pp-class-125 pa t21164 l18160">31 </span><span class="pp-class-125 pa t21164 l15648">December </span><span class="pp-class-125 pa t21164 l21166">2024</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-125 pa t21164 l21167">228.9</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-125 pa t21164 l21168">22.5</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t21169 l21170">231.2</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-125 pa t21164 l21171">59.2</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-125 pa t21164 l21172">61.2</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-125 pa t21164 l21173">603.0</span></p></td></tr></table></div></div><div class="pp-class-7" id="pp-id-3385" xmlns="http://www.w3.org/1999/xhtml"><div class="w15596 h23379 pa t2 l3 wtro4 xx18880 tro6 xx18881"><p class="pp-class-107 pp-area-text"><span class="pp-class-120 pa t18882 l3 ls23380">Lease </span><span class="pp-class-120 pa t18882 l23381 ls20643">receivables</span></p><p class="pp-class-107 pp-area-text"><span class="pp-class-118 pa t16757 l3">Subleases </span><span class="pp-class-118 pa t16757 l1498">are </span><span class="pp-class-118 pa t16757 l23382">specified </span><span class="pp-class-118 pa t16757 l23383">as </span><span class="pp-class-118 pa t16757 l10766">follows:</span></p></div></div><div class="pp-class-7" id="pp-id-3386" xmlns="http://www.w3.org/1999/xhtml"><div class="w15596 h23384 pa t2 l3 wtro4 xx23385 tro6 xx23386"><table><tr><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t23387 l23388 ls458">2025</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t23387 l23389 ls1074">2024</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"/></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t23390 l3 ls14110">DKK’000</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t23390 l23391 ls15600">Book </span><span class="pp-class-112 pa t23390 l23392 ls2728">value</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t23393 l23394 ls23395">Undiscounted </span><span class="pp-class-112 pa t23390 l23396 ls2728">value</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t23390 l23397 ls15600">Book </span><span class="pp-class-112 pa t23390 l23398 ls2728">value</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t23393 l23399 ls23395">Undiscounted </span><span class="pp-class-112 pa t23390 l23400 ls2728">value</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23401 l3">Falling </span><span class="pp-class-113 pa t23401 l23402">due </span><span class="pp-class-113 pa t23401 l23403">for </span><span class="pp-class-113 pa t23401 l23404">payment </span><span class="pp-class-113 pa t23401 l23405">within </span><span class="pp-class-113 pa t23401 l23406">1 </span><span class="pp-class-113 pa t23401 l23407">year</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23401 l23408 ls786">5,640</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23401 l23409 ls786">5,699</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23401 l23410 ls786">6,715</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23401 l23411 ls786">7,029</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23412 l3">Falling </span><span class="pp-class-113 pa t23412 l23402">due </span><span class="pp-class-113 pa t23412 l23403">for </span><span class="pp-class-113 pa t23412 l23404">payment </span><span class="pp-class-113 pa t23412 l23405">within </span><span class="pp-class-113 pa t23412 l23406">1-2 </span><span class="pp-class-113 pa t23412 l23413">years</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23412 l23414">395</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23412 l23415">396</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23412 l23416 ls786">5,146</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23412 l23417 ls786">5,321</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23418 l3">Falling </span><span class="pp-class-113 pa t23418 l23402">due </span><span class="pp-class-113 pa t23418 l23403">for </span><span class="pp-class-113 pa t23418 l23404">payment </span><span class="pp-class-113 pa t23418 l23405">within </span><span class="pp-class-113 pa t23418 l23406">2-3 </span><span class="pp-class-113 pa t23418 l23419">years</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23418 l23420">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23418 l23421">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23418 l23422 ls786">1,539</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23418 l23423 ls786">1,626</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23424 l3">Falling </span><span class="pp-class-113 pa t23424 l23402">due </span><span class="pp-class-113 pa t23424 l23403">for </span><span class="pp-class-113 pa t23424 l23404">payment </span><span class="pp-class-113 pa t23424 l23405">within </span><span class="pp-class-113 pa t23424 l23406">3-4 </span><span class="pp-class-113 pa t23424 l23425">years</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23424 l23420">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23424 l23421">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23424 l23426">901</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23424 l16042">923</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23427 l3">Falling </span><span class="pp-class-113 pa t23427 l23402">due </span><span class="pp-class-113 pa t23427 l23403">for </span><span class="pp-class-113 pa t23427 l23404">payment </span><span class="pp-class-113 pa t23427 l23405">within </span><span class="pp-class-113 pa t23427 l23406">4-5 </span><span class="pp-class-113 pa t23427 l23428">years</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23427 l23420">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23427 l23421">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23427 l15872">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23427 l15652">0</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23429 l3">Falling </span><span class="pp-class-113 pa t23429 l23402">due </span><span class="pp-class-113 pa t23429 l23403">for </span><span class="pp-class-113 pa t23429 l23404">payment </span><span class="pp-class-113 pa t23429 l23405">after </span><span class="pp-class-113 pa t23429 l23430">5 </span><span class="pp-class-113 pa t23429 l23431">years</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23429 l23420">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23429 l23421">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23429 l15872">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23429 l15652">0</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t23432 l3">Total</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t23432 l23433 ls786">6,035</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t23432 l23434 ls786">6,095</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t23432 l23435 ls786">14,301</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t23432 l23436 ls786">14,899</span></p></td></tr></table><p class="pp-class-107 pp-area-text"><span class="pp-class-118 pa t23437 l3">Subleases </span><span class="pp-class-118 pa t23437 l1498">falling </span><span class="pp-class-118 pa t23437 l23438">due </span><span class="pp-class-118 pa t23437 l23439">for </span><span class="pp-class-118 pa t23437 l23440">payment </span><span class="pp-class-118 pa t23437 l23441">later </span><span class="pp-class-118 pa t23437 l23442">than </span><span class="pp-class-118 pa t23437 l23443">1 </span><span class="pp-class-118 pa t23437 l23444">year </span><span class="pp-class-118 pa t23437 l23445">after </span><span class="pp-class-118 pa t23437 l23446">the </span><span class="pp-class-118 pa t23437 l23447">balance </span><span class="pp-class-118 pa t23437 l23448">sheet </span><span class="pp-class-118 pa t23437 l23449">date </span><span class="pp-class-118 pa t23437 l23450 ls786">are </span><span class="pp-class-118 pa t23437 l23451">presented </span><span class="pp-class-118 pa t23437 l23452 ls786">as </span><span class="pp-class-118 pa t23437 l23453 ls786">financial </span><span class="pp-class-118 pa t23437 l23454 ls786">assets. </span><span class="pp-class-118 pa t23455 l3 ls2489">Subleases </span><span class="pp-class-118 pa t23455 l1498">falling </span><span class="pp-class-118 pa t23455 l23438">due </span><span class="pp-class-118 pa t23455 l23439">for </span><span class="pp-class-118 pa t23455 l23440">payment </span><span class="pp-class-118 pa t23455 l23441">within </span><span class="pp-class-118 pa t23455 l13091">1 </span><span class="pp-class-118 pa t23455 l23456">year </span><span class="pp-class-118 pa t23455 l23457">from </span><span class="pp-class-118 pa t23455 l761">the </span><span class="pp-class-118 pa t23455 l23458">balance </span><span class="pp-class-118 pa t23455 l23459">sheet </span><span class="pp-class-118 pa t23455 l23460">date </span><span class="pp-class-118 pa t23455 l23461">are </span><span class="pp-class-118 pa t23455 l23462 ls786">presented </span><span class="pp-class-118 pa t23455 l23463 ls786">as </span><span class="pp-class-118 pa t23455 l23464">current </span><span class="pp-class-118 pa t23455 l23465 ls786">receivables, </span><span class="pp-class-118 pa t23466 l3">but </span><span class="pp-class-118 pa t23466 l4142">are </span><span class="pp-class-118 pa t23466 l17429">not </span><span class="pp-class-118 pa t23466 l1920">included </span><span class="pp-class-118 pa t23466 l19956">in </span><span class="pp-class-118 pa t23466 l6064">the </span><span class="pp-class-118 pa t23466 l23467">calculation </span><span class="pp-class-118 pa t23466 l23468">of </span><span class="pp-class-118 pa t23466 l17993">net </span><span class="pp-class-118 pa t23466 l18491">working </span><span class="pp-class-118 pa t23466 l18293">capital.</span></p></div></div> <p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-120 pa t20825 l3 ls20826">Capital </span><span class="pp-class-120 pa t20825 l20827 ls4753">management</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-118 pa t16857 l3">The </span><span class="pp-class-118 pa t16857 l550">Board </span><span class="pp-class-118 pa t16857 l7380">of </span><span class="pp-class-118 pa t16857 l7381">Directors </span><span class="pp-class-118 pa t16857 l7382">has </span><span class="pp-class-118 pa t16857 l12922">adopted </span><span class="pp-class-118 pa t16857 l12923">a </span><span class="pp-class-118 pa t16857 l12924">dividend </span><span class="pp-class-118 pa t16857 l15320">policy </span><span class="pp-class-118 pa t16863 l3">with </span><span class="pp-class-118 pa t16863 l2056">a </span><span class="pp-class-118 pa t16863 l20828">target </span><span class="pp-class-118 pa t16863 l20829">payout </span><span class="pp-class-118 pa t16863 l20830">ratio </span><span class="pp-class-118 pa t16863 l20831">of </span><span class="pp-class-118 pa t16863 l20832">40-60% </span><span class="pp-class-118 pa t16863 l7478">of </span><span class="pp-class-118 pa t16863 l7101">consolidated </span><span class="pp-class-118 pa t16863 l20833">net </span><span class="pp-class-118 pa t16869 l3">profit </span><span class="pp-class-118 pa t16869 l17665">for </span><span class="pp-class-118 pa t16869 l17666">the </span><span class="pp-class-118 pa t16869 l17105">year, </span><span class="pp-class-118 pa t16869 l9492">subject </span><span class="pp-class-118 pa t16869 l20834">to </span><span class="pp-class-118 pa t16869 l9163">the </span><span class="pp-class-118 pa t16869 l3231">overall </span><span class="pp-class-118 pa t16869 l13499">financial </span><span class="pp-class-118 pa t16869 l20835">posi-</span><span class="pp-class-118 pa t16875 l3">tion </span><span class="pp-class-118 pa t16875 l11323">and </span><span class="pp-class-118 pa t16875 l20836">leverage. </span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-118 pa t16755 l3">The </span><span class="pp-class-118 pa t16755 l550">Board </span><span class="pp-class-118 pa t16755 l7380">of </span><span class="pp-class-118 pa t16755 l7381">Directors </span><span class="pp-class-118 pa t16755 l7382">proposes </span><span class="pp-class-118 pa t16755 l20837">to </span><span class="pp-class-118 pa t16755 l13875">the </span><span class="pp-class-118 pa t16755 l7847">Annual </span><span class="pp-class-118 pa t16755 l17241">General </span><span class="pp-class-118 pa t16757 l3">Meeting </span><span class="pp-class-118 pa t16757 l13532">to </span><span class="pp-class-118 pa t16757 l10935">distribute </span><span class="pp-class-118 pa t16757 l8647">an </span><span class="pp-class-118 pa t16757 l20838">ordinary </span><span class="pp-class-118 pa t16757 l20839">dividend </span><span class="pp-class-118 pa t16757 l20840">of </span><span class="pp-class-118 pa t16757 l6779">DKK </span><span class="pp-class-118 pa t16757 l20841">4.50 </span><span class="pp-class-118 pa t18376 l3">per </span><span class="pp-class-118 pa t18376 l15302">share. </span><span class="pp-class-118 pa t18376 l15303">Excluding </span><span class="pp-class-118 pa t18376 l15304">treasury </span><span class="pp-class-118 pa t18376 l7309">shares, </span><span class="pp-class-118 pa t18376 l11220">this </span><span class="pp-class-118 pa t18376 l6965">corresponds </span><span class="pp-class-118 pa t18376 l20842">to </span><span class="pp-class-118 pa t16759 l3">DKK </span><span class="pp-class-118 pa t16759 l1485">46 </span><span class="pp-class-118 pa t16759 l7400">million.</span></p> <p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-120 pa t20843 l3 ls2554">Fair </span><span class="pp-class-120 pa t20843 l20844 ls20845">value </span><span class="pp-class-120 pa t20843 l20846 ls4753">hierarchy </span><span class="pp-class-120 pa t20843 l20847 ls458">of </span><span class="pp-class-120 pa t20843 l20848 ls16577">financial </span><span class="pp-class-120 pa t20843 l20849 ls20850">instruments </span><span class="pp-class-120 pa t20851 l3 ls15027">measured </span><span class="pp-class-120 pa t20851 l20852 ls17824">at </span><span class="pp-class-120 pa t20851 l20853 ls2554">fair </span><span class="pp-class-120 pa t20851 l20854 ls20845">value </span><span class="pp-class-120 pa t20851 l20855 ls458">in </span><span class="pp-class-120 pa t20851 l20856 ls2759">the </span><span class="pp-class-120 pa t20851 l20857 ls17748">balance </span><span class="pp-class-120 pa t20851 l20858 ls1351">sheet </span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-118 pa t16788 l3">Interest </span><span class="pp-class-118 pa t16788 l17765">rate </span><span class="pp-class-118 pa t16788 l17947">swaps </span><span class="pp-class-118 pa t16788 l20859">are </span><span class="pp-class-118 pa t16788 l11384">valued </span><span class="pp-class-118 pa t16788 l4487">using </span><span class="pp-class-118 pa t16788 l20860">an </span><span class="pp-class-118 pa t16788 l6828">income </span><span class="pp-class-118 pa t16788 l20861">approach </span><span class="pp-class-118 pa t16794 l3">(discounted </span><span class="pp-class-118 pa t16794 l18025">cash </span><span class="pp-class-118 pa t16794 l1604">flow). </span><span class="pp-class-118 pa t16794 l20862">Expected </span><span class="pp-class-118 pa t16794 l20863">future </span><span class="pp-class-118 pa t16794 l20864">cash </span><span class="pp-class-118 pa t16794 l20865">flows </span><span class="pp-class-118 pa t16794 l20866">are </span><span class="pp-class-118 pa t16801 l3">based </span><span class="pp-class-118 pa t16801 l2837">on </span><span class="pp-class-118 pa t16801 l9654">relevant </span><span class="pp-class-118 pa t16801 l20867">observable </span><span class="pp-class-118 pa t16801 l19080">swap </span><span class="pp-class-118 pa t16801 l18972">rates </span><span class="pp-class-118 pa t16801 l20868">and </span><span class="pp-class-118 pa t16801 l20869">discounted </span><span class="pp-class-118 pa t16806 l3">using </span><span class="pp-class-118 pa t16806 l8481">a </span><span class="pp-class-118 pa t16806 l20870">discount </span><span class="pp-class-118 pa t16806 l17925">rate </span><span class="pp-class-118 pa t16806 l19733">that </span><span class="pp-class-118 pa t16806 l20871">reflects </span><span class="pp-class-118 pa t16806 l20872">the </span><span class="pp-class-118 pa t16806 l18855">credit </span><span class="pp-class-118 pa t16806 l20873">risk </span><span class="pp-class-118 pa t16806 l20874">of </span><span class="pp-class-118 pa t16806 l20875">the </span><span class="pp-class-118 pa t18417 l3">relevant </span><span class="pp-class-118 pa t18417 l9813">counterparties </span><span class="pp-class-118 pa t18417 l12573">(level </span><span class="pp-class-118 pa t18417 l12809">2).</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-118 pa t16817 l3">The </span><span class="pp-class-118 pa t16817 l550">classification </span><span class="pp-class-118 pa t16817 l20876">of </span><span class="pp-class-118 pa t16817 l20877">financial </span><span class="pp-class-118 pa t16817 l20878">instruments </span><span class="pp-class-118 pa t16817 l20879">measured </span><span class="pp-class-118 pa t16817 l20880">at </span><span class="pp-class-118 pa t16824 l3">fair </span><span class="pp-class-118 pa t16824 l6806">value </span><span class="pp-class-118 pa t16824 l17268">is </span><span class="pp-class-118 pa t16824 l20881">disaggregated </span><span class="pp-class-118 pa t16824 l8750">in </span><span class="pp-class-118 pa t16824 l12817">accordance </span><span class="pp-class-118 pa t16824 l20882">with </span><span class="pp-class-118 pa t16824 l20883">the </span><span class="pp-class-118 pa t16824 l20884">fair </span><span class="pp-class-118 pa t16828 l3">value </span><span class="pp-class-118 pa t16828 l1282">hierarchy:</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-118 pa t16836 l2299">Quoted </span><span class="pp-class-118 pa t16836 l20885">prices </span><span class="pp-class-118 pa t16836 l20886">in </span><span class="pp-class-118 pa t16836 l20887">an </span><span class="pp-class-118 pa t16836 l20888">active </span><span class="pp-class-118 pa t16836 l20889">market </span><span class="pp-class-118 pa t16836 l20890">for </span><span class="pp-class-118 pa t16836 l20891">identical </span><span class="pp-class-118 pa t16843 l2299 ls960">instruments </span><span class="pp-class-118 pa t16843 l20892">(level </span><span class="pp-class-118 pa t16843 l20893">1)</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-118 pa t16850 l2299 ls2721">Quoted </span><span class="pp-class-118 pa t16850 l20894 ls2721">prices </span><span class="pp-class-118 pa t16850 l20895 ls2711">in </span><span class="pp-class-118 pa t16850 l20896 ls2711">an </span><span class="pp-class-118 pa t16850 l20897 ls2721">active </span><span class="pp-class-118 pa t16850 l20898 ls2721">market </span><span class="pp-class-118 pa t16850 l20899 ls683">for </span><span class="pp-class-118 pa t16850 l20900 ls7275">similar </span><span class="pp-class-118 pa t16850 l20901 ls14080">assets </span><span class="pp-class-118 pa t18450 l2299 ls2711">or </span><span class="pp-class-118 pa t18450 l20902 ls2718">liabilities, </span><span class="pp-class-118 pa t18450 l20903 ls2711">or </span><span class="pp-class-118 pa t18450 l20904 ls2716">other </span><span class="pp-class-118 pa t18450 l20905 ls692">valuation </span><span class="pp-class-118 pa t18450 l20906 ls7275">methods </span><span class="pp-class-118 pa t18450 l20907 ls2716">where </span><span class="pp-class-118 pa t18450 l20908 ls7287">all </span><span class="pp-class-118 pa t18458 l2299 ls4640">significant </span><span class="pp-class-118 pa t18458 l20909 ls2721">inputs </span><span class="pp-class-118 pa t18458 l20910 ls683">are </span><span class="pp-class-118 pa t18458 l20911 ls2716">based </span><span class="pp-class-118 pa t18458 l20912 ls2711">on </span><span class="pp-class-118 pa t18458 l20913 ls4643">observable </span><span class="pp-class-118 pa t18458 l20914 ls14080">market </span><span class="pp-class-118 pa t16853 l2299 ls2713">data </span><span class="pp-class-118 pa t16853 l20915 ls2721">(level </span><span class="pp-class-118 pa t16853 l20916 ls7287">2)</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-118 pa t16857 l2299">Valuation </span><span class="pp-class-118 pa t16857 l20917">methods </span><span class="pp-class-118 pa t16857 l20918">where </span><span class="pp-class-118 pa t16857 l20919">no </span><span class="pp-class-118 pa t16857 l20920">significant </span><span class="pp-class-118 pa t16857 l20921">input </span><span class="pp-class-118 pa t16857 l20922">is </span><span class="pp-class-118 pa t16863 l2299">based </span><span class="pp-class-118 pa t16863 l20923">on </span><span class="pp-class-118 pa t16863 l20924">observable </span><span class="pp-class-118 pa t16863 l20925">market </span><span class="pp-class-118 pa t16863 l20926">data </span><span class="pp-class-118 pa t16863 l20927">(level </span><span class="pp-class-118 pa t16863 l20928">3)</span></p><div class="pp-class-7" id="pp-id-3343" xmlns="http://www.w3.org/1999/xhtml"><div class="w15596 h20929 pa t2 l3 wtro4 xx30 tro6 xx31"><table><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t15598 l3 ls20930">Carrying </span><span class="pp-class-112 pa t15598 l20931 ls16067">amount </span><span class="pp-class-112 pa t15598 l20932 ls1762">of </span><span class="pp-class-112 pa t15598 l20933 ls20934">derivative </span><span class="pp-class-112 pa t15598 l20935 ls2559">financial </span><span class="pp-class-112 pa t15598 l20936 ls1847">instruments</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t15598 l15601 ls458">2025</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t16060 l20645 ls14110">DKK’000</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t15598 l15602 ls1074">2024</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t16060 l20646 ls14110">DKK’000</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t20937 l3">Hedging </span><span class="pp-class-113 pa t20937 l20938">– </span><span class="pp-class-113 pa t20937 l20939">currency </span><span class="pp-class-113 pa t20937 l20940">fluctuation </span><span class="pp-class-113 pa t20937 l20941">(level </span><span class="pp-class-113 pa t20937 l20942">2)</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t20937 l20943">(154)</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t20937 l20944">(127)</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t20945 l3">Contingent </span><span class="pp-class-113 pa t20945 l20946">payment </span><span class="pp-class-113 pa t20945 l20947">obligation, </span><span class="pp-class-113 pa t20945 l20948">AUBO </span><span class="pp-class-113 pa t20945 l20949">Production </span><span class="pp-class-113 pa t20945 l20950">A/S </span><span class="pp-class-113 pa t20945 l20951">(level </span><span class="pp-class-113 pa t20945 l20952">3)</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t20945 l20953 ls786">3,500</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t20945 l20954 ls786">8,000</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t20955 l20956 ls786">3,346</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t20957 l20958 ls786">7,873</span></p></td></tr></table></div></div><div class="pp-class-7" id="pp-id-3344" xmlns="http://www.w3.org/1999/xhtml"><div class="w15596 h20959 pa t2 l3 wtro4 xx30 tro6 xx31"><p class="pp-class-107 pp-area-text"><span class="pp-class-118 pa t20960 l3">The </span><span class="pp-class-118 pa t20960 l550">fair </span><span class="pp-class-118 pa t20960 l20961">value </span><span class="pp-class-118 pa t20960 l20962">of </span><span class="pp-class-118 pa t20960 l20963">financial </span><span class="pp-class-118 pa t20960 l20964">assets </span><span class="pp-class-118 pa t20960 l17078">and </span><span class="pp-class-118 pa t20960 l20965">financial </span><span class="pp-class-118 pa t20960 l4451">liabilities </span><span class="pp-class-118 pa t20960 l20966">measured </span><span class="pp-class-118 pa t20960 l20967">at </span><span class="pp-class-118 pa t20960 l20968">amortised </span><span class="pp-class-118 pa t20960 l20969">cost </span><span class="pp-class-118 pa t20960 l20970">is </span><span class="pp-class-118 pa t20960 l20971">approximately </span><span class="pp-class-118 pa t20960 l20972 ls786">equal </span><span class="pp-class-118 pa t20960 l20973 ls786">to </span><span class="pp-class-118 pa t20960 l20974 ls786">the </span><span class="pp-class-118 pa t20975 l3 ls2400">carrying </span><span class="pp-class-118 pa t20975 l17296">amount, </span><span class="pp-class-118 pa t20975 l20976">because </span><span class="pp-class-118 pa t20975 l14879">of </span><span class="pp-class-118 pa t20975 l9128">the </span><span class="pp-class-118 pa t20975 l8732">short </span><span class="pp-class-118 pa t20975 l20977">maturity </span><span class="pp-class-118 pa t20975 l18516">of </span><span class="pp-class-118 pa t20975 l20978">the </span><span class="pp-class-118 pa t20975 l20979">financial </span><span class="pp-class-118 pa t20975 l20980">assets </span><span class="pp-class-118 pa t20975 l20981">and </span><span class="pp-class-118 pa t20975 l20982">the </span><span class="pp-class-118 pa t20975 l20983 ls786">floating </span><span class="pp-class-118 pa t20975 l20984 ls786">rate </span><span class="pp-class-118 pa t20975 l20985 ls786">on </span><span class="pp-class-118 pa t20975 l20986 ls786">the </span><span class="pp-class-118 pa t20975 l20987 ls786">financial </span><span class="pp-class-118 pa t20975 l20988 ls786">liabilities.</span></p></div></div> <p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-120 pa t20843 l3 ls2554">Fair </span><span class="pp-class-120 pa t20843 l20844 ls20845">value </span><span class="pp-class-120 pa t20843 l20846 ls4753">hierarchy </span><span class="pp-class-120 pa t20843 l20847 ls458">of </span><span class="pp-class-120 pa t20843 l20848 ls16577">financial </span><span class="pp-class-120 pa t20843 l20849 ls20850">instruments </span><span class="pp-class-120 pa t20851 l3 ls15027">measured </span><span class="pp-class-120 pa t20851 l20852 ls17824">at </span><span class="pp-class-120 pa t20851 l20853 ls2554">fair </span><span class="pp-class-120 pa t20851 l20854 ls20845">value </span><span class="pp-class-120 pa t20851 l20855 ls458">in </span><span class="pp-class-120 pa t20851 l20856 ls2759">the </span><span class="pp-class-120 pa t20851 l20857 ls17748">balance </span><span class="pp-class-120 pa t20851 l20858 ls1351">sheet </span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-118 pa t16788 l3">Interest </span><span class="pp-class-118 pa t16788 l17765">rate </span><span class="pp-class-118 pa t16788 l17947">swaps </span><span class="pp-class-118 pa t16788 l20859">are </span><span class="pp-class-118 pa t16788 l11384">valued </span><span class="pp-class-118 pa t16788 l4487">using </span><span class="pp-class-118 pa t16788 l20860">an </span><span class="pp-class-118 pa t16788 l6828">income </span><span class="pp-class-118 pa t16788 l20861">approach </span><span class="pp-class-118 pa t16794 l3">(discounted </span><span class="pp-class-118 pa t16794 l18025">cash </span><span class="pp-class-118 pa t16794 l1604">flow). </span><span class="pp-class-118 pa t16794 l20862">Expected </span><span class="pp-class-118 pa t16794 l20863">future </span><span class="pp-class-118 pa t16794 l20864">cash </span><span class="pp-class-118 pa t16794 l20865">flows </span><span class="pp-class-118 pa t16794 l20866">are </span><span class="pp-class-118 pa t16801 l3">based </span><span class="pp-class-118 pa t16801 l2837">on </span><span class="pp-class-118 pa t16801 l9654">relevant </span><span class="pp-class-118 pa t16801 l20867">observable </span><span class="pp-class-118 pa t16801 l19080">swap </span><span class="pp-class-118 pa t16801 l18972">rates </span><span class="pp-class-118 pa t16801 l20868">and </span><span class="pp-class-118 pa t16801 l20869">discounted </span><span class="pp-class-118 pa t16806 l3">using </span><span class="pp-class-118 pa t16806 l8481">a </span><span class="pp-class-118 pa t16806 l20870">discount </span><span class="pp-class-118 pa t16806 l17925">rate </span><span class="pp-class-118 pa t16806 l19733">that </span><span class="pp-class-118 pa t16806 l20871">reflects </span><span class="pp-class-118 pa t16806 l20872">the </span><span class="pp-class-118 pa t16806 l18855">credit </span><span class="pp-class-118 pa t16806 l20873">risk </span><span class="pp-class-118 pa t16806 l20874">of </span><span class="pp-class-118 pa t16806 l20875">the </span><span class="pp-class-118 pa t18417 l3">relevant </span><span class="pp-class-118 pa t18417 l9813">counterparties </span><span class="pp-class-118 pa t18417 l12573">(level </span><span class="pp-class-118 pa t18417 l12809">2).</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-118 pa t16817 l3">The </span><span class="pp-class-118 pa t16817 l550">classification </span><span class="pp-class-118 pa t16817 l20876">of </span><span class="pp-class-118 pa t16817 l20877">financial </span><span class="pp-class-118 pa t16817 l20878">instruments </span><span class="pp-class-118 pa t16817 l20879">measured </span><span class="pp-class-118 pa t16817 l20880">at </span><span class="pp-class-118 pa t16824 l3">fair </span><span class="pp-class-118 pa t16824 l6806">value </span><span class="pp-class-118 pa t16824 l17268">is </span><span class="pp-class-118 pa t16824 l20881">disaggregated </span><span class="pp-class-118 pa t16824 l8750">in </span><span class="pp-class-118 pa t16824 l12817">accordance </span><span class="pp-class-118 pa t16824 l20882">with </span><span class="pp-class-118 pa t16824 l20883">the </span><span class="pp-class-118 pa t16824 l20884">fair </span><span class="pp-class-118 pa t16828 l3">value </span><span class="pp-class-118 pa t16828 l1282">hierarchy:</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-118 pa t16836 l2299">Quoted </span><span class="pp-class-118 pa t16836 l20885">prices </span><span class="pp-class-118 pa t16836 l20886">in </span><span class="pp-class-118 pa t16836 l20887">an </span><span class="pp-class-118 pa t16836 l20888">active </span><span class="pp-class-118 pa t16836 l20889">market </span><span class="pp-class-118 pa t16836 l20890">for </span><span class="pp-class-118 pa t16836 l20891">identical </span><span class="pp-class-118 pa t16843 l2299 ls960">instruments </span><span class="pp-class-118 pa t16843 l20892">(level </span><span class="pp-class-118 pa t16843 l20893">1)</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-118 pa t16850 l2299 ls2721">Quoted </span><span class="pp-class-118 pa t16850 l20894 ls2721">prices </span><span class="pp-class-118 pa t16850 l20895 ls2711">in </span><span class="pp-class-118 pa t16850 l20896 ls2711">an </span><span class="pp-class-118 pa t16850 l20897 ls2721">active </span><span class="pp-class-118 pa t16850 l20898 ls2721">market </span><span class="pp-class-118 pa t16850 l20899 ls683">for </span><span class="pp-class-118 pa t16850 l20900 ls7275">similar </span><span class="pp-class-118 pa t16850 l20901 ls14080">assets </span><span class="pp-class-118 pa t18450 l2299 ls2711">or </span><span class="pp-class-118 pa t18450 l20902 ls2718">liabilities, </span><span class="pp-class-118 pa t18450 l20903 ls2711">or </span><span class="pp-class-118 pa t18450 l20904 ls2716">other </span><span class="pp-class-118 pa t18450 l20905 ls692">valuation </span><span class="pp-class-118 pa t18450 l20906 ls7275">methods </span><span class="pp-class-118 pa t18450 l20907 ls2716">where </span><span class="pp-class-118 pa t18450 l20908 ls7287">all </span><span class="pp-class-118 pa t18458 l2299 ls4640">significant </span><span class="pp-class-118 pa t18458 l20909 ls2721">inputs </span><span class="pp-class-118 pa t18458 l20910 ls683">are </span><span class="pp-class-118 pa t18458 l20911 ls2716">based </span><span class="pp-class-118 pa t18458 l20912 ls2711">on </span><span class="pp-class-118 pa t18458 l20913 ls4643">observable </span><span class="pp-class-118 pa t18458 l20914 ls14080">market </span><span class="pp-class-118 pa t16853 l2299 ls2713">data </span><span class="pp-class-118 pa t16853 l20915 ls2721">(level </span><span class="pp-class-118 pa t16853 l20916 ls7287">2)</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-118 pa t16857 l2299">Valuation </span><span class="pp-class-118 pa t16857 l20917">methods </span><span class="pp-class-118 pa t16857 l20918">where </span><span class="pp-class-118 pa t16857 l20919">no </span><span class="pp-class-118 pa t16857 l20920">significant </span><span class="pp-class-118 pa t16857 l20921">input </span><span class="pp-class-118 pa t16857 l20922">is </span><span class="pp-class-118 pa t16863 l2299">based </span><span class="pp-class-118 pa t16863 l20923">on </span><span class="pp-class-118 pa t16863 l20924">observable </span><span class="pp-class-118 pa t16863 l20925">market </span><span class="pp-class-118 pa t16863 l20926">data </span><span class="pp-class-118 pa t16863 l20927">(level </span><span class="pp-class-118 pa t16863 l20928">3)</span></p><div class="pp-class-7" id="pp-id-3343" xmlns="http://www.w3.org/1999/xhtml"><div class="w15596 h20929 pa t2 l3 wtro4 xx30 tro6 xx31"><table><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t15598 l3 ls20930">Carrying </span><span class="pp-class-112 pa t15598 l20931 ls16067">amount </span><span class="pp-class-112 pa t15598 l20932 ls1762">of </span><span class="pp-class-112 pa t15598 l20933 ls20934">derivative </span><span class="pp-class-112 pa t15598 l20935 ls2559">financial </span><span class="pp-class-112 pa t15598 l20936 ls1847">instruments</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t15598 l15601 ls458">2025</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t16060 l20645 ls14110">DKK’000</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t15598 l15602 ls1074">2024</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t16060 l20646 ls14110">DKK’000</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t20937 l3">Hedging </span><span class="pp-class-113 pa t20937 l20938">– </span><span class="pp-class-113 pa t20937 l20939">currency </span><span class="pp-class-113 pa t20937 l20940">fluctuation </span><span class="pp-class-113 pa t20937 l20941">(level </span><span class="pp-class-113 pa t20937 l20942">2)</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t20937 l20943">(154)</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t20937 l20944">(127)</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t20945 l3">Contingent </span><span class="pp-class-113 pa t20945 l20946">payment </span><span class="pp-class-113 pa t20945 l20947">obligation, </span><span class="pp-class-113 pa t20945 l20948">AUBO </span><span class="pp-class-113 pa t20945 l20949">Production </span><span class="pp-class-113 pa t20945 l20950">A/S </span><span class="pp-class-113 pa t20945 l20951">(level </span><span class="pp-class-113 pa t20945 l20952">3)</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t20945 l20953 ls786">3,500</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t20945 l20954 ls786">8,000</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t20955 l20956 ls786">3,346</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t20957 l20958 ls786">7,873</span></p></td></tr></table></div></div><div class="pp-class-7" id="pp-id-3344" xmlns="http://www.w3.org/1999/xhtml"><div class="w15596 h20959 pa t2 l3 wtro4 xx30 tro6 xx31"><p class="pp-class-107 pp-area-text"><span class="pp-class-118 pa t20960 l3">The </span><span class="pp-class-118 pa t20960 l550">fair </span><span class="pp-class-118 pa t20960 l20961">value </span><span class="pp-class-118 pa t20960 l20962">of </span><span class="pp-class-118 pa t20960 l20963">financial </span><span class="pp-class-118 pa t20960 l20964">assets </span><span class="pp-class-118 pa t20960 l17078">and </span><span class="pp-class-118 pa t20960 l20965">financial </span><span class="pp-class-118 pa t20960 l4451">liabilities </span><span class="pp-class-118 pa t20960 l20966">measured </span><span class="pp-class-118 pa t20960 l20967">at </span><span class="pp-class-118 pa t20960 l20968">amortised </span><span class="pp-class-118 pa t20960 l20969">cost </span><span class="pp-class-118 pa t20960 l20970">is </span><span class="pp-class-118 pa t20960 l20971">approximately </span><span class="pp-class-118 pa t20960 l20972 ls786">equal </span><span class="pp-class-118 pa t20960 l20973 ls786">to </span><span class="pp-class-118 pa t20960 l20974 ls786">the </span><span class="pp-class-118 pa t20975 l3 ls2400">carrying </span><span class="pp-class-118 pa t20975 l17296">amount, </span><span class="pp-class-118 pa t20975 l20976">because </span><span class="pp-class-118 pa t20975 l14879">of </span><span class="pp-class-118 pa t20975 l9128">the </span><span class="pp-class-118 pa t20975 l8732">short </span><span class="pp-class-118 pa t20975 l20977">maturity </span><span class="pp-class-118 pa t20975 l18516">of </span><span class="pp-class-118 pa t20975 l20978">the </span><span class="pp-class-118 pa t20975 l20979">financial </span><span class="pp-class-118 pa t20975 l20980">assets </span><span class="pp-class-118 pa t20975 l20981">and </span><span class="pp-class-118 pa t20975 l20982">the </span><span class="pp-class-118 pa t20975 l20983 ls786">floating </span><span class="pp-class-118 pa t20975 l20984 ls786">rate </span><span class="pp-class-118 pa t20975 l20985 ls786">on </span><span class="pp-class-118 pa t20975 l20986 ls786">the </span><span class="pp-class-118 pa t20975 l20987 ls786">financial </span><span class="pp-class-118 pa t20975 l20988 ls786">liabilities.</span></p></div></div> <p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-120 pa t20843 l3 ls2554">Fair </span><span class="pp-class-120 pa t20843 l20844 ls20845">value </span><span class="pp-class-120 pa t20843 l20846 ls4753">hierarchy </span><span class="pp-class-120 pa t20843 l20847 ls458">of </span><span class="pp-class-120 pa t20843 l20848 ls16577">financial </span><span class="pp-class-120 pa t20843 l20849 ls20850">instruments </span><span class="pp-class-120 pa t20851 l3 ls15027">measured </span><span class="pp-class-120 pa t20851 l20852 ls17824">at </span><span class="pp-class-120 pa t20851 l20853 ls2554">fair </span><span class="pp-class-120 pa t20851 l20854 ls20845">value </span><span class="pp-class-120 pa t20851 l20855 ls458">in </span><span class="pp-class-120 pa t20851 l20856 ls2759">the </span><span class="pp-class-120 pa t20851 l20857 ls17748">balance </span><span class="pp-class-120 pa t20851 l20858 ls1351">sheet </span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-118 pa t16788 l3">Interest </span><span class="pp-class-118 pa t16788 l17765">rate </span><span class="pp-class-118 pa t16788 l17947">swaps </span><span class="pp-class-118 pa t16788 l20859">are </span><span class="pp-class-118 pa t16788 l11384">valued </span><span class="pp-class-118 pa t16788 l4487">using </span><span class="pp-class-118 pa t16788 l20860">an </span><span class="pp-class-118 pa t16788 l6828">income </span><span class="pp-class-118 pa t16788 l20861">approach </span><span class="pp-class-118 pa t16794 l3">(discounted </span><span class="pp-class-118 pa t16794 l18025">cash </span><span class="pp-class-118 pa t16794 l1604">flow). </span><span class="pp-class-118 pa t16794 l20862">Expected </span><span class="pp-class-118 pa t16794 l20863">future </span><span class="pp-class-118 pa t16794 l20864">cash </span><span class="pp-class-118 pa t16794 l20865">flows </span><span class="pp-class-118 pa t16794 l20866">are </span><span class="pp-class-118 pa t16801 l3">based </span><span class="pp-class-118 pa t16801 l2837">on </span><span class="pp-class-118 pa t16801 l9654">relevant </span><span class="pp-class-118 pa t16801 l20867">observable </span><span class="pp-class-118 pa t16801 l19080">swap </span><span class="pp-class-118 pa t16801 l18972">rates </span><span class="pp-class-118 pa t16801 l20868">and </span><span class="pp-class-118 pa t16801 l20869">discounted </span><span class="pp-class-118 pa t16806 l3">using </span><span class="pp-class-118 pa t16806 l8481">a </span><span class="pp-class-118 pa t16806 l20870">discount </span><span class="pp-class-118 pa t16806 l17925">rate </span><span class="pp-class-118 pa t16806 l19733">that </span><span class="pp-class-118 pa t16806 l20871">reflects </span><span class="pp-class-118 pa t16806 l20872">the </span><span class="pp-class-118 pa t16806 l18855">credit </span><span class="pp-class-118 pa t16806 l20873">risk </span><span class="pp-class-118 pa t16806 l20874">of </span><span class="pp-class-118 pa t16806 l20875">the </span><span class="pp-class-118 pa t18417 l3">relevant </span><span class="pp-class-118 pa t18417 l9813">counterparties </span><span class="pp-class-118 pa t18417 l12573">(level </span><span class="pp-class-118 pa t18417 l12809">2).</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-118 pa t16817 l3">The </span><span class="pp-class-118 pa t16817 l550">classification </span><span class="pp-class-118 pa t16817 l20876">of </span><span class="pp-class-118 pa t16817 l20877">financial </span><span class="pp-class-118 pa t16817 l20878">instruments </span><span class="pp-class-118 pa t16817 l20879">measured </span><span class="pp-class-118 pa t16817 l20880">at </span><span class="pp-class-118 pa t16824 l3">fair </span><span class="pp-class-118 pa t16824 l6806">value </span><span class="pp-class-118 pa t16824 l17268">is </span><span class="pp-class-118 pa t16824 l20881">disaggregated </span><span class="pp-class-118 pa t16824 l8750">in </span><span class="pp-class-118 pa t16824 l12817">accordance </span><span class="pp-class-118 pa t16824 l20882">with </span><span class="pp-class-118 pa t16824 l20883">the </span><span class="pp-class-118 pa t16824 l20884">fair </span><span class="pp-class-118 pa t16828 l3">value </span><span class="pp-class-118 pa t16828 l1282">hierarchy:</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-118 pa t16836 l2299">Quoted </span><span class="pp-class-118 pa t16836 l20885">prices </span><span class="pp-class-118 pa t16836 l20886">in </span><span class="pp-class-118 pa t16836 l20887">an </span><span class="pp-class-118 pa t16836 l20888">active </span><span class="pp-class-118 pa t16836 l20889">market </span><span class="pp-class-118 pa t16836 l20890">for </span><span class="pp-class-118 pa t16836 l20891">identical </span><span class="pp-class-118 pa t16843 l2299 ls960">instruments </span><span class="pp-class-118 pa t16843 l20892">(level </span><span class="pp-class-118 pa t16843 l20893">1)</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-118 pa t16850 l2299 ls2721">Quoted </span><span class="pp-class-118 pa t16850 l20894 ls2721">prices </span><span class="pp-class-118 pa t16850 l20895 ls2711">in </span><span class="pp-class-118 pa t16850 l20896 ls2711">an </span><span class="pp-class-118 pa t16850 l20897 ls2721">active </span><span class="pp-class-118 pa t16850 l20898 ls2721">market </span><span class="pp-class-118 pa t16850 l20899 ls683">for </span><span class="pp-class-118 pa t16850 l20900 ls7275">similar </span><span class="pp-class-118 pa t16850 l20901 ls14080">assets </span><span class="pp-class-118 pa t18450 l2299 ls2711">or </span><span class="pp-class-118 pa t18450 l20902 ls2718">liabilities, </span><span class="pp-class-118 pa t18450 l20903 ls2711">or </span><span class="pp-class-118 pa t18450 l20904 ls2716">other </span><span class="pp-class-118 pa t18450 l20905 ls692">valuation </span><span class="pp-class-118 pa t18450 l20906 ls7275">methods </span><span class="pp-class-118 pa t18450 l20907 ls2716">where </span><span class="pp-class-118 pa t18450 l20908 ls7287">all </span><span class="pp-class-118 pa t18458 l2299 ls4640">significant </span><span class="pp-class-118 pa t18458 l20909 ls2721">inputs </span><span class="pp-class-118 pa t18458 l20910 ls683">are </span><span class="pp-class-118 pa t18458 l20911 ls2716">based </span><span class="pp-class-118 pa t18458 l20912 ls2711">on </span><span class="pp-class-118 pa t18458 l20913 ls4643">observable </span><span class="pp-class-118 pa t18458 l20914 ls14080">market </span><span class="pp-class-118 pa t16853 l2299 ls2713">data </span><span class="pp-class-118 pa t16853 l20915 ls2721">(level </span><span class="pp-class-118 pa t16853 l20916 ls7287">2)</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-118 pa t16857 l2299">Valuation </span><span class="pp-class-118 pa t16857 l20917">methods </span><span class="pp-class-118 pa t16857 l20918">where </span><span class="pp-class-118 pa t16857 l20919">no </span><span class="pp-class-118 pa t16857 l20920">significant </span><span class="pp-class-118 pa t16857 l20921">input </span><span class="pp-class-118 pa t16857 l20922">is </span><span class="pp-class-118 pa t16863 l2299">based </span><span class="pp-class-118 pa t16863 l20923">on </span><span class="pp-class-118 pa t16863 l20924">observable </span><span class="pp-class-118 pa t16863 l20925">market </span><span class="pp-class-118 pa t16863 l20926">data </span><span class="pp-class-118 pa t16863 l20927">(level </span><span class="pp-class-118 pa t16863 l20928">3)</span></p><div class="pp-class-7" id="pp-id-3343" xmlns="http://www.w3.org/1999/xhtml"><div class="w15596 h20929 pa t2 l3 wtro4 xx30 tro6 xx31"><table><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t15598 l3 ls20930">Carrying </span><span class="pp-class-112 pa t15598 l20931 ls16067">amount </span><span class="pp-class-112 pa t15598 l20932 ls1762">of </span><span class="pp-class-112 pa t15598 l20933 ls20934">derivative </span><span class="pp-class-112 pa t15598 l20935 ls2559">financial </span><span class="pp-class-112 pa t15598 l20936 ls1847">instruments</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t15598 l15601 ls458">2025</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t16060 l20645 ls14110">DKK’000</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t15598 l15602 ls1074">2024</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t16060 l20646 ls14110">DKK’000</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t20937 l3">Hedging </span><span class="pp-class-113 pa t20937 l20938">– </span><span class="pp-class-113 pa t20937 l20939">currency </span><span class="pp-class-113 pa t20937 l20940">fluctuation </span><span class="pp-class-113 pa t20937 l20941">(level </span><span class="pp-class-113 pa t20937 l20942">2)</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t20937 l20943">(154)</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t20937 l20944">(127)</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t20945 l3">Contingent </span><span class="pp-class-113 pa t20945 l20946">payment </span><span class="pp-class-113 pa t20945 l20947">obligation, </span><span class="pp-class-113 pa t20945 l20948">AUBO </span><span class="pp-class-113 pa t20945 l20949">Production </span><span class="pp-class-113 pa t20945 l20950">A/S </span><span class="pp-class-113 pa t20945 l20951">(level </span><span class="pp-class-113 pa t20945 l20952">3)</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t20945 l20953 ls786">3,500</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t20945 l20954 ls786">8,000</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t20955 l20956 ls786">3,346</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t20957 l20958 ls786">7,873</span></p></td></tr></table></div></div><div class="pp-class-7" id="pp-id-3344" xmlns="http://www.w3.org/1999/xhtml"><div class="w15596 h20959 pa t2 l3 wtro4 xx30 tro6 xx31"><p class="pp-class-107 pp-area-text"><span class="pp-class-118 pa t20960 l3">The </span><span class="pp-class-118 pa t20960 l550">fair </span><span class="pp-class-118 pa t20960 l20961">value </span><span class="pp-class-118 pa t20960 l20962">of </span><span class="pp-class-118 pa t20960 l20963">financial </span><span class="pp-class-118 pa t20960 l20964">assets </span><span class="pp-class-118 pa t20960 l17078">and </span><span class="pp-class-118 pa t20960 l20965">financial </span><span class="pp-class-118 pa t20960 l4451">liabilities </span><span class="pp-class-118 pa t20960 l20966">measured </span><span class="pp-class-118 pa t20960 l20967">at </span><span class="pp-class-118 pa t20960 l20968">amortised </span><span class="pp-class-118 pa t20960 l20969">cost </span><span class="pp-class-118 pa t20960 l20970">is </span><span class="pp-class-118 pa t20960 l20971">approximately </span><span class="pp-class-118 pa t20960 l20972 ls786">equal </span><span class="pp-class-118 pa t20960 l20973 ls786">to </span><span class="pp-class-118 pa t20960 l20974 ls786">the </span><span class="pp-class-118 pa t20975 l3 ls2400">carrying </span><span class="pp-class-118 pa t20975 l17296">amount, </span><span class="pp-class-118 pa t20975 l20976">because </span><span class="pp-class-118 pa t20975 l14879">of </span><span class="pp-class-118 pa t20975 l9128">the </span><span class="pp-class-118 pa t20975 l8732">short </span><span class="pp-class-118 pa t20975 l20977">maturity </span><span class="pp-class-118 pa t20975 l18516">of </span><span class="pp-class-118 pa t20975 l20978">the </span><span class="pp-class-118 pa t20975 l20979">financial </span><span class="pp-class-118 pa t20975 l20980">assets </span><span class="pp-class-118 pa t20975 l20981">and </span><span class="pp-class-118 pa t20975 l20982">the </span><span class="pp-class-118 pa t20975 l20983 ls786">floating </span><span class="pp-class-118 pa t20975 l20984 ls786">rate </span><span class="pp-class-118 pa t20975 l20985 ls786">on </span><span class="pp-class-118 pa t20975 l20986 ls786">the </span><span class="pp-class-118 pa t20975 l20987 ls786">financial </span><span class="pp-class-118 pa t20975 l20988 ls786">liabilities.</span></p></div></div> <div class="pp-class-7" id="pp-id-3343" xmlns="http://www.w3.org/1999/xhtml"><div class="w15596 h20929 pa t2 l3 wtro4 xx30 tro6 xx31"><table><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t15598 l3 ls20930">Carrying </span><span class="pp-class-112 pa t15598 l20931 ls16067">amount </span><span class="pp-class-112 pa t15598 l20932 ls1762">of </span><span class="pp-class-112 pa t15598 l20933 ls20934">derivative </span><span class="pp-class-112 pa t15598 l20935 ls2559">financial </span><span class="pp-class-112 pa t15598 l20936 ls1847">instruments</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t15598 l15601 ls458">2025</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t16060 l20645 ls14110">DKK’000</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t15598 l15602 ls1074">2024</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t16060 l20646 ls14110">DKK’000</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t20937 l3">Hedging </span><span class="pp-class-113 pa t20937 l20938">– </span><span class="pp-class-113 pa t20937 l20939">currency </span><span class="pp-class-113 pa t20937 l20940">fluctuation </span><span class="pp-class-113 pa t20937 l20941">(level </span><span class="pp-class-113 pa t20937 l20942">2)</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t20937 l20943">(154)</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t20937 l20944">(127)</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t20945 l3">Contingent </span><span class="pp-class-113 pa t20945 l20946">payment </span><span class="pp-class-113 pa t20945 l20947">obligation, </span><span class="pp-class-113 pa t20945 l20948">AUBO </span><span class="pp-class-113 pa t20945 l20949">Production </span><span class="pp-class-113 pa t20945 l20950">A/S </span><span class="pp-class-113 pa t20945 l20951">(level </span><span class="pp-class-113 pa t20945 l20952">3)</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t20945 l20953 ls786">3,500</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t20945 l20954 ls786">8,000</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t20955 l20956 ls786">3,346</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t20957 l20958 ls786">7,873</span></p></td></tr></table></div></div><div class="pp-class-7" id="pp-id-3344" xmlns="http://www.w3.org/1999/xhtml"><div class="w15596 h20959 pa t2 l3 wtro4 xx30 tro6 xx31"><p class="pp-class-107 pp-area-text"><span class="pp-class-118 pa t20960 l3">The </span><span class="pp-class-118 pa t20960 l550">fair </span><span class="pp-class-118 pa t20960 l20961">value </span><span class="pp-class-118 pa t20960 l20962">of </span><span class="pp-class-118 pa t20960 l20963">financial </span><span class="pp-class-118 pa t20960 l20964">assets </span><span class="pp-class-118 pa t20960 l17078">and </span><span class="pp-class-118 pa t20960 l20965">financial </span><span class="pp-class-118 pa t20960 l4451">liabilities </span><span class="pp-class-118 pa t20960 l20966">measured </span><span class="pp-class-118 pa t20960 l20967">at </span><span class="pp-class-118 pa t20960 l20968">amortised </span><span class="pp-class-118 pa t20960 l20969">cost </span><span class="pp-class-118 pa t20960 l20970">is </span><span class="pp-class-118 pa t20960 l20971">approximately </span><span class="pp-class-118 pa t20960 l20972 ls786">equal </span><span class="pp-class-118 pa t20960 l20973 ls786">to </span><span class="pp-class-118 pa t20960 l20974 ls786">the </span><span class="pp-class-118 pa t20975 l3 ls2400">carrying </span><span class="pp-class-118 pa t20975 l17296">amount, </span><span class="pp-class-118 pa t20975 l20976">because </span><span class="pp-class-118 pa t20975 l14879">of </span><span class="pp-class-118 pa t20975 l9128">the </span><span class="pp-class-118 pa t20975 l8732">short </span><span class="pp-class-118 pa t20975 l20977">maturity </span><span class="pp-class-118 pa t20975 l18516">of </span><span class="pp-class-118 pa t20975 l20978">the </span><span class="pp-class-118 pa t20975 l20979">financial </span><span class="pp-class-118 pa t20975 l20980">assets </span><span class="pp-class-118 pa t20975 l20981">and </span><span class="pp-class-118 pa t20975 l20982">the </span><span class="pp-class-118 pa t20975 l20983 ls786">floating </span><span class="pp-class-118 pa t20975 l20984 ls786">rate </span><span class="pp-class-118 pa t20975 l20985 ls786">on </span><span class="pp-class-118 pa t20975 l20986 ls786">the </span><span class="pp-class-118 pa t20975 l20987 ls786">financial </span><span class="pp-class-118 pa t20975 l20988 ls786">liabilities.</span></p></div></div><div class="pp-class-7" id="pp-id-3403" xmlns="http://www.w3.org/1999/xhtml"><div class="w15596 h24426 pa t2 l3 wtro4 xx16559 tro6 xx16560"><p class="pp-class-107 pp-area-text"><span class="pp-class-119 pa t16561 l3 ls15713">25. </span><span class="pp-class-119 pa t16561 l24427 ls15595">Financial </span><span class="pp-class-119 pa t16561 l24428 ls15569">assets </span><span class="pp-class-119 pa t16561 l24429 ls122">and </span><span class="pp-class-119 pa t16561 l24430 ls4578">liabilities</span></p><table><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t21396 l3 ls458">2025</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t24431 l3 ls14110">DKK’000</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t21396 l24432 ls458">Financial </span><span class="pp-class-112 pa t22333 l24433 ls16067">assets </span><span class="pp-class-112 pa t22333 l24434 ls5868">and </span><span class="pp-class-112 pa t22332 l24435 ls24292">liabilities </span><span class="pp-class-112 pa t22457 l24436 ls14110">measured </span><span class="pp-class-112 pa t22457 l24437 ls685">at </span><span class="pp-class-112 pa t24431 l24438 ls5868">fair </span><span class="pp-class-112 pa t24431 l24439 ls2728">value</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t22333 l24440 ls458">Financial </span><span class="pp-class-112 pa t22332 l24235 ls16076">assets </span><span class="pp-class-112 pa t22457 l24441 ls14110">measured </span><span class="pp-class-112 pa t22457 l24442 ls685">at </span><span class="pp-class-112 pa t24431 l24443 ls24444">amortised </span><span class="pp-class-112 pa t24431 l24445 ls24318">cost</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t22333 l24446 ls458">Financial </span><span class="pp-class-112 pa t22332 l24238 ls24292">liabilities </span><span class="pp-class-112 pa t22457 l24447 ls14110">measured </span><span class="pp-class-112 pa t22457 l24448 ls685">at </span><span class="pp-class-112 pa t24431 l24449 ls24444">amortised </span><span class="pp-class-112 pa t24431 l24450 ls24318">cost</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t22457 l24451 ls21397">Total </span><span class="pp-class-112 pa t22457 l24452 ls1762">carrYing </span><span class="pp-class-112 pa t24431 l24453 ls16076">amount </span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t24454 l3">Other </span><span class="pp-class-113 pa t24454 l15637">long-term </span><span class="pp-class-113 pa t24454 l24455">receivables</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t24454 l21639">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t24454 l24456 ls786">3,829</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t24454 l15872">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t24454 l24457 ls786">3,829</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t24458 l3">Trade </span><span class="pp-class-113 pa t24458 l15913">receivables</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t24458 l21639">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t24458 l24459 ls786">90,389</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t24458 l15872">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t24458 l24460 ls786">90,389</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t24461 l3">Other </span><span class="pp-class-113 pa t24461 l15637">receivables</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t24461 l24462">154</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t24461 l24463 ls786">32,298</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t24461 l15872">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t24461 l24464 ls786">32,452</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t24465 l3">Cash </span><span class="pp-class-113 pa t24465 l15941">and </span><span class="pp-class-113 pa t24465 l15942">cash </span><span class="pp-class-113 pa t24465 l15943">equivalents</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t24465 l21639">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t24465 l24466 ls786">30,816</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t24465 l15872">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t24465 l24467 ls786">30,816</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t24468 l3">Total</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t24468 l24469">154</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t24468 l24470 ls786">157,332</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t24468 l23647">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t24468 l24471 ls786">157,486</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t24472 l3">Non-current </span><span class="pp-class-113 pa t24472 l24473">interest-bearing </span><span class="pp-class-113 pa t24472 l24474">liabilities</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t24472 l21639">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t24472 l21255">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t24472 l24475 ls786">331,212</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t24472 l24476 ls786">331,212</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t24477 l3">Current </span><span class="pp-class-113 pa t24477 l16033">interest-bearing </span><span class="pp-class-113 pa t24477 l24478">liabilities</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t24477 l21639">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t24477 l21255">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t24477 l24479 ls786">76,350</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t24477 l24480 ls786">76,350</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t24481 l3">Accounts </span><span class="pp-class-113 pa t24481 l24482">payable</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t24481 l21639">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t24481 l21255">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t24481 l16030 ls786">127,893</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t24481 l24483 ls786">127,893</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t24484 l3">Other </span><span class="pp-class-113 pa t24484 l15637">non-current </span><span class="pp-class-113 pa t24484 l24485">liabilities</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t24484 l24486 ls786">3,500</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t24484 l21255">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t24484 l24487 ls786">35,000</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t24484 l24488 ls786">38,500</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t24489 l3">Other </span><span class="pp-class-113 pa t24489 l15637">current </span><span class="pp-class-113 pa t24489 l6115">liabilities</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t24489 l21639">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t24489 l21255">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t24489 l16038 ls786">89,321</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t24489 l24490 ls786">89,321</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t24491 l3">Total</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t24491 l24492 ls786">3,500</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t24491 l22183">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t24491 l24493 ls786">659,776</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t24491 l24494 ls786">663,276</span></p></td></tr></table></div></div><div class="pp-class-7" id="pp-id-3409" xmlns="http://www.w3.org/1999/xhtml"><div class="w15707 h24498 pa t2 l3 wtro4 xx30 tro6 xx31"><table><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t15598 l3 ls1074">2024</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t24499 l3 ls14110">DKK’000</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t15598 l24432 ls458">Financial </span><span class="pp-class-112 pa t16060 l24433 ls16067">assets </span><span class="pp-class-112 pa t16060 l24434 ls5868">and </span><span class="pp-class-112 pa t16059 l24435 ls24292">liabilities </span><span class="pp-class-112 pa t22555 l24436 ls14110">measured </span><span class="pp-class-112 pa t22555 l24437 ls685">at </span><span class="pp-class-112 pa t24499 l24438 ls5868">fair </span><span class="pp-class-112 pa t24499 l24439 ls2728">value</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t16060 l24440 ls458">Financial </span><span class="pp-class-112 pa t16059 l24235 ls16076">assets </span><span class="pp-class-112 pa t22555 l24441 ls14110">measured </span><span class="pp-class-112 pa t22555 l24442 ls685">at </span><span class="pp-class-112 pa t24499 l24443 ls24444">amortised </span><span class="pp-class-112 pa t24499 l24445 ls24318">cost</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t16060 l24446 ls458">Financial </span><span class="pp-class-112 pa t16059 l24238 ls24292">liabilities </span><span class="pp-class-112 pa t22555 l24447 ls14110">measured </span><span class="pp-class-112 pa t22555 l24448 ls685">at </span><span class="pp-class-112 pa t24499 l24449 ls24444">amortised </span><span class="pp-class-112 pa t24499 l24450 ls24318">cost</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t22555 l24451 ls21397">Total </span><span class="pp-class-112 pa t22555 l24452 ls1762">carrying </span><span class="pp-class-112 pa t24499 l24453 ls16076">amount </span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t24500 l3">Other </span><span class="pp-class-113 pa t24500 l15637">long-term </span><span class="pp-class-113 pa t24500 l24455">receivables</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t24500 l21639">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t24500 l24501 ls786">8,256</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t24500 l15872">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t24500 l15882 ls786">8,256</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t24502 l3">Trade </span><span class="pp-class-113 pa t24502 l15913">receivables</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t24502 l21639">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t24502 l24503 ls786">57,914</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t24502 l15872">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t24502 l15916 ls786">57,914</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t24504 l3">Other </span><span class="pp-class-113 pa t24504 l15637">receivables</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t24504 l24505">127</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t24504 l24506 ls786">26,245</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t24504 l15872">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t24504 l15926 ls786">26,372</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t24507 l3">Cash </span><span class="pp-class-113 pa t24507 l15941">and </span><span class="pp-class-113 pa t24507 l15942">cash </span><span class="pp-class-113 pa t24507 l15943">equivalents</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t24507 l21639">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t24507 l24508 ls786">29,099</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t24507 l15872">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t24507 l15945 ls786">29,099</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t24509 l3">Total</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t24509 l24510">127</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t24509 l24511 ls786">121,514</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t24509 l23647">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t24509 l24512 ls786">121,641</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t24513 l3">Non-current </span><span class="pp-class-113 pa t24513 l24473">interest-bearing </span><span class="pp-class-113 pa t24513 l24474">liabilities</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t24513 l21639">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t24513 l21255">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t24513 l24514 ls786">272,529</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t24513 l24515 ls786">272,529</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t24516 l3">Current </span><span class="pp-class-113 pa t24516 l16033">interest-bearing </span><span class="pp-class-113 pa t24516 l24478">liabilities</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t24516 l21639">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t24516 l21255">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t24516 l24517 ls786">35,285</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t24516 l24518 ls786">35,285</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t24519 l3">Accounts </span><span class="pp-class-113 pa t24519 l24482">payable</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t24519 l21639">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t24519 l21255">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t24519 l24520 ls786">122,285</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t24519 l16031 ls786">122,285</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t24521 l3">Other </span><span class="pp-class-113 pa t24521 l15637">non-current </span><span class="pp-class-113 pa t24521 l24485">liabilities</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t24521 l24522 ls786">8,000</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t24521 l21255">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t24521 l24487 ls786">35,000</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t24521 l15873 ls786">43,000</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t24523 l3">Other </span><span class="pp-class-113 pa t24523 l15637">current </span><span class="pp-class-113 pa t24523 l6115">liabilities</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t24523 l21639">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t24523 l21255">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t24523 l15833 ls786">75,921</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t24523 l16021 ls786">75,921</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t24524 l3">Total</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t24524 l24525 ls786">8,000</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t24524 l22183">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t24524 l24526 ls786">541,020</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t24524 l24527 ls786">549,020</span></p></td></tr></table></div></div> <div class="pp-class-7" id="pp-id-3345" xmlns="http://www.w3.org/1999/xhtml"><div class="w20989 h20990 pa t2 l3 wtro4 xx20991 tro6 xx20992"><p class="pp-class-107 pp-area-text"><span class="pp-class-123 pa t20993 l3 ls20994">MATurity </span><span class="pp-class-123 pa t20993 l20995 ls20996">structure, </span><span class="pp-class-123 pa t20993 l20997 ls1845">financial </span><span class="pp-class-123 pa t20993 l20998 ls14031">and </span><span class="pp-class-123 pa t20993 l10058 ls1497">operational </span><span class="pp-class-123 pa t20993 l20999 ls4498">liabilities </span><span class="pp-class-123 pa t20993 l21000 ls21001">– </span><span class="pp-class-123 pa t20993 l21002 ls21003">undiscounted </span><span class="pp-class-123 pa t20993 l21004 ls1219">cash </span><span class="pp-class-123 pa t20993 l21005 ls21006">flows</span></p><table><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-124 pa t21007 l3 ls458">DKK </span><span class="pp-class-124 pa t21007 l21008 ls21009">million </span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t21010 l21011 ls1966">Nominal </span><span class="pp-class-112 pa t21012 l21013 ls1894">amount, </span><span class="pp-class-112 pa t21014 l21015 ls14105">functional </span><span class="pp-class-112 pa t21016 l21017 ls21018">currency</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t21014 l21019 ls21020">0-6</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t21016 l21021 ls1116">months</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t21014 l21022 ls5868">6-12</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t21016 l21023 ls1116">months</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t21014 l21024 ls21020">2-3</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t21016 l21025 ls2756">years</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t21014 l21026 ls21020">4-5</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t21016 l21027 ls2756">years</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t21012 l21028 ls21029">Later </span><span class="pp-class-112 pa t21014 l21030 ls21031">than </span><span class="pp-class-112 pa t21014 l21032 ls786">5 </span><span class="pp-class-112 pa t21016 l21033 ls2756">years</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t21016 l21034 ls11452">Total</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-125 pa t21035 l3">2025</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-126 pa t21036 l3">Bank </span><span class="pp-class-126 pa t21036 l21037">loans</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-126 pa t21036 l21038 ls786">321.5</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-126 pa t21036 l21039">78.6</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-126 pa t21036 l21040">16.0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-126 pa t21036 l21041">230.3</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-126 pa t21036 l21042">21.2</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-126 pa t21036 l21043">0.0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-126 pa t21036 l21044">346.1</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-126 pa t21045 l3">Mortgage </span><span class="pp-class-126 pa t21045 l21046">loans</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-126 pa t21045 l21047 ls786">35.2</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-126 pa t21045 l21048">1.5</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-126 pa t21045 l21049">1.5</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-126 pa t21045 l21050">5.9</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-126 pa t21045 l21051">5.9</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-126 pa t21045 l21052">38.6</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-126 pa t21045 l21053">53.4</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-126 pa t21054 l3">Lease </span><span class="pp-class-126 pa t21054 l21055">liabilities</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-126 pa t21054 l21056 ls786">50.8</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-126 pa t21054 l21057">8.7</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-126 pa t21054 l21058">7.4</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-126 pa t21054 l21059">15.6</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-126 pa t21054 l21060">7.6</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-126 pa t21054 l21061">16.1</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-126 pa t21054 l21062">55.4</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-126 pa t21063 l3">Trade </span><span class="pp-class-126 pa t21063 l21064">payables</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-126 pa t21063 l21065 ls786">127.9</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-126 pa t21063 l21066">127.9</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-126 pa t21063 l21067">0.0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-126 pa t21063 l21068">0.0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-126 pa t21063 l21069">0.0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-126 pa t21063 l21043">0.0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-126 pa t21063 l21070">127.9</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-126 pa t21071 l3">Other </span><span class="pp-class-126 pa t21071 l21072">liabilities</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-126 pa t21071 l21073 ls786">127.8</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-126 pa t21071 l21074">81.9</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-126 pa t21071 l21075">8.6</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-126 pa t21071 l21076">42.6</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-126 pa t21071 l21069">0.0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-126 pa t21071 l21043">0.0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-126 pa t21071 l16255">133.1</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-125 pa t21077 l3">Financial </span><span class="pp-class-125 pa t21077 l21078">and </span><span class="pp-class-125 pa t21077 l21079">operational </span><span class="pp-class-125 pa t21080 l3">liabilities </span><span class="pp-class-125 pa t21080 l21081">at </span><span class="pp-class-125 pa t21080 l21082">31 </span><span class="pp-class-125 pa t21080 l21083">December </span><span class="pp-class-125 pa t21080 l21084">2025</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-125 pa t21080 l21085">298.6</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-125 pa t21080 l21086">33.5</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-125 pa t21080 l21087">294.4</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-125 pa t21080 l21088">34.7</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-125 pa t21080 l21089">54.7</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-125 pa t21080 l21090">715.9</span></p></td></tr></table><p class="pp-class-107 pp-area-text"><span class="pp-class-118 pa t16843 l3">The </span><span class="pp-class-118 pa t16843 l550">fair </span><span class="pp-class-118 pa t16843 l20961">value </span><span class="pp-class-118 pa t16843 l20962">of </span><span class="pp-class-118 pa t16843 l20963">mortgage </span><span class="pp-class-118 pa t16843 l21091">loans </span><span class="pp-class-118 pa t16843 l18266">at </span><span class="pp-class-118 pa t16843 l21092">31 </span><span class="pp-class-118 pa t16843 l12688">December </span><span class="pp-class-118 pa t16843 l21093">2025 </span><span class="pp-class-118 pa t16843 l21094">amounted </span><span class="pp-class-118 pa t16843 l21095">to </span><span class="pp-class-118 pa t16843 l21096">DKK </span><span class="pp-class-118 pa t16843 l21097">35.8 </span><span class="pp-class-118 pa t16843 l21098 ls786">million </span><span class="pp-class-118 pa t16843 l21099 ls786">(2024: </span><span class="pp-class-118 pa t16843 l21100 ls786">DKK </span><span class="pp-class-118 pa t16843 l21101 ls786">36.7 </span><span class="pp-class-118 pa t16843 l21102 ls786">million). </span><span class="pp-class-118 pa t16843 l21103">All </span><span class="pp-class-118 pa t16843 l21104">other </span><span class="pp-class-118 pa t16850 l3">financial </span><span class="pp-class-118 pa t16850 l1386">liabilities </span><span class="pp-class-118 pa t16850 l21105">are </span><span class="pp-class-118 pa t16850 l21106">measured </span><span class="pp-class-118 pa t16850 l21107">at </span><span class="pp-class-118 pa t16850 l21108">cost </span><span class="pp-class-118 pa t16850 l21109">or </span><span class="pp-class-118 pa t16850 l15403">amortised </span><span class="pp-class-118 pa t16850 l21110">cost, </span><span class="pp-class-118 pa t16850 l21111">which </span><span class="pp-class-118 pa t16850 l21112">constitutes </span><span class="pp-class-118 pa t16850 l21113">fair </span><span class="pp-class-118 pa t16850 l21114">value.</span></p><table><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-124 pa t21115 l3 ls458">DKK </span><span class="pp-class-124 pa t21115 l21008 ls21009">million </span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t21116 l21011 ls1966">Nominal </span><span class="pp-class-112 pa t21117 l21013 ls1894">amount, </span><span class="pp-class-112 pa t21118 l21015 ls14105">functional </span><span class="pp-class-112 pa t21119 l21017 ls21018">currency</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t21118 l21019 ls21020">0-6</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t21119 l21021 ls1116">months</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t21118 l21022 ls5868">6-12</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t21119 l21023 ls1116">months</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t21118 l21024 ls21020">2-3</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t21119 l21025 ls2756">years</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t21118 l21026 ls21020">4-5</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t21119 l21027 ls2756">years</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t21117 l21028 ls21029">Later </span><span class="pp-class-112 pa t21118 l21030 ls21031">than </span><span class="pp-class-112 pa t21118 l21032 ls786">5 </span><span class="pp-class-112 pa t21119 l21033 ls2756">years</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t21119 l21034 ls11452">Total</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-125 pa t21120 l3">2024</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-126 pa t21121 l3">Bank </span><span class="pp-class-126 pa t21121 l21037">loans</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21122 l21123">215.4</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21122 l21124 ls786">28.5</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21122 l21125 ls786">5.8</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21122 l21126 ls786">198.3</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21122 l21127 ls786">0.0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21122 l21128 ls786">0.0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21122 l21129">232.6</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-126 pa t21130 l3">Mortgage </span><span class="pp-class-126 pa t21130 l21046">loans</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21131 l21132">36.5</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21131 l21133 ls786">1.5</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21131 l21134 ls786">1.5</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21131 l21135 ls786">5.9</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21131 l21136 ls786">5.9</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21131 l21137 ls786">41.5</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21131 l21138">56.3</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-126 pa t21139 l3">Lease </span><span class="pp-class-126 pa t21139 l21055">liabilities</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21140 l21141">56.0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21140 l21142 ls786">7.8</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21140 l21143 ls786">7.0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21140 l21144 ls786">20.1</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21140 l21145 ls786">9.8</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21140 l21146 ls786">19.7</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21140 l21147">64.4</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-126 pa t21148 l3">Trade </span><span class="pp-class-126 pa t21148 l21064">payables</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21149 l21150">122.3</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21149 l21151 ls786">122.3</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21149 l21152 ls786">0.0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21149 l21153 ls786">0.0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21149 l21127 ls786">0.0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21149 l21128 ls786">0.0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21149 l21154">122.3</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-126 pa t21155 l3">Other </span><span class="pp-class-126 pa t21155 l21072">liabilities</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21156 l21157">118.6</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21156 l21158 ls786">68.8</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21156 l21159 ls786">8.2</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21156 l21160 ls786">6.9</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21156 l21161 ls786">43.5</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21156 l21128 ls786">0.0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21156 l21162">127.4</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-125 pa t21163 l3">Financial </span><span class="pp-class-125 pa t21163 l21078">and </span><span class="pp-class-125 pa t21163 l21079">operational </span><span class="pp-class-125 pa t21164 l3">liabilities </span><span class="pp-class-125 pa t21164 l21165">at </span><span class="pp-class-125 pa t21164 l18160">31 </span><span class="pp-class-125 pa t21164 l15648">December </span><span class="pp-class-125 pa t21164 l21166">2024</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-125 pa t21164 l21167">228.9</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-125 pa t21164 l21168">22.5</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t21169 l21170">231.2</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-125 pa t21164 l21171">59.2</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-125 pa t21164 l21172">61.2</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-125 pa t21164 l21173">603.0</span></p></td></tr></table></div></div><div class="pp-class-7" id="pp-id-3403" xmlns="http://www.w3.org/1999/xhtml"><div class="w15596 h24426 pa t2 l3 wtro4 xx16559 tro6 xx16560"><p class="pp-class-107 pp-area-text"><span class="pp-class-119 pa t16561 l3 ls15713">25. </span><span class="pp-class-119 pa t16561 l24427 ls15595">Financial </span><span class="pp-class-119 pa t16561 l24428 ls15569">assets </span><span class="pp-class-119 pa t16561 l24429 ls122">and </span><span class="pp-class-119 pa t16561 l24430 ls4578">liabilities</span></p><table><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t21396 l3 ls458">2025</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t24431 l3 ls14110">DKK’000</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t21396 l24432 ls458">Financial </span><span class="pp-class-112 pa t22333 l24433 ls16067">assets </span><span class="pp-class-112 pa t22333 l24434 ls5868">and </span><span class="pp-class-112 pa t22332 l24435 ls24292">liabilities </span><span class="pp-class-112 pa t22457 l24436 ls14110">measured </span><span class="pp-class-112 pa t22457 l24437 ls685">at </span><span class="pp-class-112 pa t24431 l24438 ls5868">fair </span><span class="pp-class-112 pa t24431 l24439 ls2728">value</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t22333 l24440 ls458">Financial </span><span class="pp-class-112 pa t22332 l24235 ls16076">assets </span><span class="pp-class-112 pa t22457 l24441 ls14110">measured </span><span class="pp-class-112 pa t22457 l24442 ls685">at </span><span class="pp-class-112 pa t24431 l24443 ls24444">amortised </span><span class="pp-class-112 pa t24431 l24445 ls24318">cost</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t22333 l24446 ls458">Financial </span><span class="pp-class-112 pa t22332 l24238 ls24292">liabilities </span><span class="pp-class-112 pa t22457 l24447 ls14110">measured </span><span class="pp-class-112 pa t22457 l24448 ls685">at </span><span class="pp-class-112 pa t24431 l24449 ls24444">amortised </span><span class="pp-class-112 pa t24431 l24450 ls24318">cost</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t22457 l24451 ls21397">Total </span><span class="pp-class-112 pa t22457 l24452 ls1762">carrYing </span><span class="pp-class-112 pa t24431 l24453 ls16076">amount </span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t24454 l3">Other </span><span class="pp-class-113 pa t24454 l15637">long-term </span><span class="pp-class-113 pa t24454 l24455">receivables</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t24454 l21639">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t24454 l24456 ls786">3,829</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t24454 l15872">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t24454 l24457 ls786">3,829</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t24458 l3">Trade </span><span class="pp-class-113 pa t24458 l15913">receivables</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t24458 l21639">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t24458 l24459 ls786">90,389</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t24458 l15872">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t24458 l24460 ls786">90,389</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t24461 l3">Other </span><span class="pp-class-113 pa t24461 l15637">receivables</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t24461 l24462">154</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t24461 l24463 ls786">32,298</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t24461 l15872">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t24461 l24464 ls786">32,452</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t24465 l3">Cash </span><span class="pp-class-113 pa t24465 l15941">and </span><span class="pp-class-113 pa t24465 l15942">cash </span><span class="pp-class-113 pa t24465 l15943">equivalents</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t24465 l21639">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t24465 l24466 ls786">30,816</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t24465 l15872">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t24465 l24467 ls786">30,816</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t24468 l3">Total</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t24468 l24469">154</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t24468 l24470 ls786">157,332</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t24468 l23647">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t24468 l24471 ls786">157,486</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t24472 l3">Non-current </span><span class="pp-class-113 pa t24472 l24473">interest-bearing </span><span class="pp-class-113 pa t24472 l24474">liabilities</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t24472 l21639">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t24472 l21255">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t24472 l24475 ls786">331,212</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t24472 l24476 ls786">331,212</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t24477 l3">Current </span><span class="pp-class-113 pa t24477 l16033">interest-bearing </span><span class="pp-class-113 pa t24477 l24478">liabilities</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t24477 l21639">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t24477 l21255">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t24477 l24479 ls786">76,350</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t24477 l24480 ls786">76,350</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t24481 l3">Accounts </span><span class="pp-class-113 pa t24481 l24482">payable</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t24481 l21639">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t24481 l21255">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t24481 l16030 ls786">127,893</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t24481 l24483 ls786">127,893</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t24484 l3">Other </span><span class="pp-class-113 pa t24484 l15637">non-current </span><span class="pp-class-113 pa t24484 l24485">liabilities</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t24484 l24486 ls786">3,500</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t24484 l21255">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t24484 l24487 ls786">35,000</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t24484 l24488 ls786">38,500</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t24489 l3">Other </span><span class="pp-class-113 pa t24489 l15637">current </span><span class="pp-class-113 pa t24489 l6115">liabilities</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t24489 l21639">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t24489 l21255">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t24489 l16038 ls786">89,321</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t24489 l24490 ls786">89,321</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t24491 l3">Total</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t24491 l24492 ls786">3,500</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t24491 l22183">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t24491 l24493 ls786">659,776</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t24491 l24494 ls786">663,276</span></p></td></tr></table></div></div><div class="pp-class-7" id="pp-id-3409" xmlns="http://www.w3.org/1999/xhtml"><div class="w15707 h24498 pa t2 l3 wtro4 xx30 tro6 xx31"><table><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t15598 l3 ls1074">2024</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t24499 l3 ls14110">DKK’000</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t15598 l24432 ls458">Financial </span><span class="pp-class-112 pa t16060 l24433 ls16067">assets </span><span class="pp-class-112 pa t16060 l24434 ls5868">and </span><span class="pp-class-112 pa t16059 l24435 ls24292">liabilities </span><span class="pp-class-112 pa t22555 l24436 ls14110">measured </span><span class="pp-class-112 pa t22555 l24437 ls685">at </span><span class="pp-class-112 pa t24499 l24438 ls5868">fair </span><span class="pp-class-112 pa t24499 l24439 ls2728">value</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t16060 l24440 ls458">Financial </span><span class="pp-class-112 pa t16059 l24235 ls16076">assets </span><span class="pp-class-112 pa t22555 l24441 ls14110">measured </span><span class="pp-class-112 pa t22555 l24442 ls685">at </span><span class="pp-class-112 pa t24499 l24443 ls24444">amortised </span><span class="pp-class-112 pa t24499 l24445 ls24318">cost</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t16060 l24446 ls458">Financial </span><span class="pp-class-112 pa t16059 l24238 ls24292">liabilities </span><span class="pp-class-112 pa t22555 l24447 ls14110">measured </span><span class="pp-class-112 pa t22555 l24448 ls685">at </span><span class="pp-class-112 pa t24499 l24449 ls24444">amortised </span><span class="pp-class-112 pa t24499 l24450 ls24318">cost</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t22555 l24451 ls21397">Total </span><span class="pp-class-112 pa t22555 l24452 ls1762">carrying </span><span class="pp-class-112 pa t24499 l24453 ls16076">amount </span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t24500 l3">Other </span><span class="pp-class-113 pa t24500 l15637">long-term </span><span class="pp-class-113 pa t24500 l24455">receivables</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t24500 l21639">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t24500 l24501 ls786">8,256</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t24500 l15872">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t24500 l15882 ls786">8,256</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t24502 l3">Trade </span><span class="pp-class-113 pa t24502 l15913">receivables</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t24502 l21639">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t24502 l24503 ls786">57,914</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t24502 l15872">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t24502 l15916 ls786">57,914</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t24504 l3">Other </span><span class="pp-class-113 pa t24504 l15637">receivables</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t24504 l24505">127</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t24504 l24506 ls786">26,245</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t24504 l15872">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t24504 l15926 ls786">26,372</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t24507 l3">Cash </span><span class="pp-class-113 pa t24507 l15941">and </span><span class="pp-class-113 pa t24507 l15942">cash </span><span class="pp-class-113 pa t24507 l15943">equivalents</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t24507 l21639">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t24507 l24508 ls786">29,099</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t24507 l15872">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t24507 l15945 ls786">29,099</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t24509 l3">Total</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t24509 l24510">127</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t24509 l24511 ls786">121,514</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t24509 l23647">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t24509 l24512 ls786">121,641</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t24513 l3">Non-current </span><span class="pp-class-113 pa t24513 l24473">interest-bearing </span><span class="pp-class-113 pa t24513 l24474">liabilities</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t24513 l21639">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t24513 l21255">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t24513 l24514 ls786">272,529</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t24513 l24515 ls786">272,529</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t24516 l3">Current </span><span class="pp-class-113 pa t24516 l16033">interest-bearing </span><span class="pp-class-113 pa t24516 l24478">liabilities</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t24516 l21639">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t24516 l21255">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t24516 l24517 ls786">35,285</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t24516 l24518 ls786">35,285</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t24519 l3">Accounts </span><span class="pp-class-113 pa t24519 l24482">payable</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t24519 l21639">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t24519 l21255">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t24519 l24520 ls786">122,285</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t24519 l16031 ls786">122,285</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t24521 l3">Other </span><span class="pp-class-113 pa t24521 l15637">non-current </span><span class="pp-class-113 pa t24521 l24485">liabilities</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t24521 l24522 ls786">8,000</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t24521 l21255">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t24521 l24487 ls786">35,000</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t24521 l15873 ls786">43,000</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t24523 l3">Other </span><span class="pp-class-113 pa t24523 l15637">current </span><span class="pp-class-113 pa t24523 l6115">liabilities</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t24523 l21639">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t24523 l21255">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t24523 l15833 ls786">75,921</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t24523 l16021 ls786">75,921</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t24524 l3">Total</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t24524 l24525 ls786">8,000</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t24524 l22183">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t24524 l24526 ls786">541,020</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t24524 l24527 ls786">549,020</span></p></td></tr></table></div></div> <div class="pp-class-7" id="pp-id-3348" xmlns="http://www.w3.org/1999/xhtml"><div class="w15596 h21177 pa t2 l3 wtro4 xx16559 tro6 xx16560"><p class="pp-class-107 pp-area-text"><span class="pp-class-119 pa t16561 l3 ls7574">4. </span><span class="pp-class-119 pa t16561 l21178 ls21179">Revenue </span><span class="pp-class-119 pa t16561 l21180 ls122">and </span><span class="pp-class-119 pa t16561 l21181 ls21182">segment </span><span class="pp-class-119 pa t16561 l21183 ls433">information</span></p><p class="pp-class-107 pp-area-text"><span class="pp-class-118 pa t19052 l3 ls683">The </span><span class="pp-class-118 pa t19052 l19526 ls7275">Group’s </span><span class="pp-class-118 pa t19052 l17575 ls7271">business </span><span class="pp-class-118 pa t19052 l4254 ls4643">activities </span><span class="pp-class-118 pa t19052 l21184 ls683">are </span><span class="pp-class-118 pa t19052 l21185 ls7275">managed </span><span class="pp-class-118 pa t19052 l21186 ls2721">within </span><span class="pp-class-118 pa t19052 l21187 ls7287">a </span><span class="pp-class-118 pa t19052 l21188 ls2721">single </span><span class="pp-class-118 pa t19052 l21189 ls692">operating </span><span class="pp-class-118 pa t19052 l21190 ls7271">segment, </span><span class="pp-class-118 pa t19052 l21191 ls2716">which </span><span class="pp-class-118 pa t19052 l21192 ls2711">is </span><span class="pp-class-118 pa t19052 l21193 ls692">producing </span><span class="pp-class-118 pa t19052 l21194 ls4645">and </span><span class="pp-class-118 pa t19052 l21195 ls7275">selling </span><span class="pp-class-118 pa t19052 l21196 ls2713">kitchens, </span><span class="pp-class-118 pa t19059 l3 ls692">bathrooms </span><span class="pp-class-118 pa t19059 l7774 ls683">and </span><span class="pp-class-118 pa t19059 l2174 ls7271">storage. </span><span class="pp-class-118 pa t19059 l17185 ls692">“Kitchens </span><span class="pp-class-118 pa t19059 l21197 ls683">and </span><span class="pp-class-118 pa t19059 l10001 ls7275">related </span><span class="pp-class-118 pa t19059 l21198 ls692">products” </span><span class="pp-class-118 pa t19059 l21199 ls2721">covers </span><span class="pp-class-118 pa t19059 l21200 ls7271">products </span><span class="pp-class-118 pa t19059 l21201 ls683">for </span><span class="pp-class-118 pa t19059 l21202 ls692">kitchens. </span><span class="pp-class-118 pa t19059 l21203 ls683">The </span><span class="pp-class-118 pa t19059 l21204 ls7275">Group’s </span><span class="pp-class-118 pa t19059 l21205 ls4643">Management </span><span class="pp-class-118 pa t19059 l21206 ls2713">moni-</span><span class="pp-class-118 pa t19063 l3 ls2713">tors </span><span class="pp-class-118 pa t19063 l21207 ls4645">the </span><span class="pp-class-118 pa t19063 l21208 ls692">operating </span><span class="pp-class-118 pa t19063 l20401 ls692">segment’s </span><span class="pp-class-118 pa t19063 l864 ls7275">results </span><span class="pp-class-118 pa t19063 l21209 ls2711">to </span><span class="pp-class-118 pa t19063 l20977 ls7271">evaluate </span><span class="pp-class-118 pa t19063 l13466 ls2711">it </span><span class="pp-class-118 pa t19063 l21210 ls683">and </span><span class="pp-class-118 pa t19063 l19238 ls2711">to </span><span class="pp-class-118 pa t19063 l7766 ls7271">allocate </span><span class="pp-class-118 pa t19063 l21211 ls21212">resources. </span></p><table xmlns="http://www.w3.org/1999/xhtml"><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t21213 l3 ls14110">DKK’000</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t21214 l21215 ls14110">Revenue</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t21216 l21217 ls1074">from</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t21218 l21219 ls7519">customers</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t21213 l21220 ls458">2025</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t21221 l21222 ls21223">Intangible </span><span class="pp-class-112 pa t21214 l21224 ls16067">assets </span><span class="pp-class-112 pa t21214 l21225 ls5868">and </span><span class="pp-class-112 pa t21216 l21226 ls16073">property, </span><span class="pp-class-112 pa t21216 l21227 ls1070">plant </span><span class="pp-class-112 pa t21218 l21228 ls458">and </span><span class="pp-class-112 pa t21218 l21229 ls1116">equipment</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t21213 l21230 ls458">2025</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t21214 l21231 ls14110">Revenue</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t21216 l21232 ls1074">from</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t21218 l21233 ls7519">customers</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t21213 l21234 ls1074">2024</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t21221 l21235 ls21223">Intangible </span><span class="pp-class-112 pa t21214 l21236 ls16067">assets </span><span class="pp-class-112 pa t21214 l21237 ls5868">and </span><span class="pp-class-112 pa t21216 l21238 ls16073">property, </span><span class="pp-class-112 pa t21216 l21239 ls1070">plant </span><span class="pp-class-112 pa t21218 l21240 ls458">and </span><span class="pp-class-112 pa t21218 l21241 ls1116">equipment</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t21213 l15602 ls1074">2024</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-116 pa t21242 l3 ls334">Geographic </span><span class="pp-class-116 pa t21242 l21243 ls6269">areas</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21244 l3">Denmark</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21244 l21245 ls786">1,025,307</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21244 l21246 ls786">1,071,845</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21244 l15617 ls786">969,042</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21244 l21247 ls786">882,438</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21248 l3">Norway</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21248 l21249 ls786">242,886</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21248 l21250 ls786">39,375</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21248 l21251 ls786">222,897</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21248 l21252 ls786">45,625</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21253 l3">Other </span><span class="pp-class-113 pa t21253 l15637">countries</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21253 l21254 ls786">11,004</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21253 l21255">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21253 l21256 ls786">11,844</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21253 l15652">0</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t21257 l21258 ls786">1,279,197</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t21257 l21259 ls786">1,111,220</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t21257 l2968 ls786">1,203,783</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t21257 l21260 ls786">928,063</span></p></td></tr></table></div></div><div class="pp-class-7" id="pp-id-3349" xmlns="http://www.w3.org/1999/xhtml"><div class="w21261 h21262 pa t2 l3 wtro4 xx30 tro6 xx31"><table><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t15598 l3 ls14110">DKK’000</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t15598 l15601 ls458">2025</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t15598 l15602 ls1074">2024</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-116 pa t16199 l3 ls171">Revenue </span><span class="pp-class-116 pa t16199 l21263 ls1141">by </span><span class="pp-class-116 pa t16199 l21264 ls345">category</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t16201 l3">Revenue, </span><span class="pp-class-113 pa t16201 l21265">core </span><span class="pp-class-113 pa t16201 l21266">business*</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t16201 l21267 ls786">900,754</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t16201 l21268 ls786">895,463</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t16205 l3">Revenue, </span><span class="pp-class-113 pa t16205 l21265">third </span><span class="pp-class-113 pa t16205 l21269">party</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t16205 l21270 ls786">307,402</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t16205 l21271 ls786">308,320</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t16208 l3">Revenue, </span><span class="pp-class-113 pa t16208 l21265">retailers</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t16208 l21272 ls786">71,041</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t16208 l15652">0</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t16213 l21273 ls786">1,279,197</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t16213 l21274 ls786">1,203,783</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-116 pa t21275 l3 ls21276">Timing </span><span class="pp-class-116 pa t21275 l21277 ls15514">of </span><span class="pp-class-116 pa t21275 l21278 ls171">revenue </span><span class="pp-class-116 pa t21275 l21279 ls334">recognition</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21280 l3">Recognised </span><span class="pp-class-113 pa t21280 l16034">over </span><span class="pp-class-113 pa t21280 l21281">time**</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21280 l21282 ls786">7,769</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21280 l15652">0</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21283 l3">Recognised </span><span class="pp-class-113 pa t21283 l16034">at </span><span class="pp-class-113 pa t21283 l15546">a </span><span class="pp-class-113 pa t21283 l21284">point </span><span class="pp-class-113 pa t21283 l21285">in </span><span class="pp-class-113 pa t21283 l21286">time</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21283 l21287 ls786">1,271,428</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21283 l15606 ls786">1,203,783</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t21288 l21273 ls786">1,279,197</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t21288 l21274 ls786">1,203,783</span></p></td></tr></table><p class="pp-class-107 pp-area-text"><span class="pp-class-118 pa t21289 l3">* </span><span class="pp-class-118 pa t21289 l2483 ls21290">Revenue </span><span class="pp-class-118 pa t21289 l21291">from </span><span class="pp-class-118 pa t21289 l21292">core </span><span class="pp-class-118 pa t21289 l21293">business </span><span class="pp-class-118 pa t21289 l15307">has </span><span class="pp-class-118 pa t21289 l21294">been </span><span class="pp-class-118 pa t21289 l14402">reduced </span><span class="pp-class-118 pa t21289 l21295">for </span><span class="pp-class-118 pa t21289 l21296">revenue </span><span class="pp-class-118 pa t21289 l21297">from </span><span class="pp-class-118 pa t21289 l21298">owned </span><span class="pp-class-118 pa t21289 l21299">retail </span><span class="pp-class-118 pa t21289 l21300">stores. </span><span class="pp-class-118 pa t21301 l2483">In </span><span class="pp-class-118 pa t21301 l21302">2024, </span><span class="pp-class-118 pa t21301 l21303">the </span><span class="pp-class-118 pa t21301 l21304">Group </span><span class="pp-class-118 pa t21301 l21305">had </span><span class="pp-class-118 pa t21301 l21306">no </span><span class="pp-class-118 pa t21301 l21307">retail </span><span class="pp-class-118 pa t21301 l21308">stores.</span></p><p class="pp-class-107 pp-area-text"><span class="pp-class-118 pa t21309 l3">** </span><span class="pp-class-118 pa t21309 l21310">Revenue </span><span class="pp-class-118 pa t21309 l11600">recognised </span><span class="pp-class-118 pa t21309 l10276">over </span><span class="pp-class-118 pa t21309 l3316">time </span><span class="pp-class-118 pa t21309 l21311">relates </span><span class="pp-class-118 pa t21309 l15120">to </span><span class="pp-class-118 pa t21309 l21312">the </span><span class="pp-class-118 pa t21309 l21313">retail </span><span class="pp-class-118 pa t21309 l21314">category.</span></p><p class="pp-class-107 pp-area-text"><span class="pp-class-118 pa t21315 l3">Revenue </span><span class="pp-class-118 pa t21315 l2927">consists </span><span class="pp-class-118 pa t21315 l21316">of </span><span class="pp-class-118 pa t21315 l14010">sale </span><span class="pp-class-118 pa t21315 l3325">of </span><span class="pp-class-118 pa t21315 l8567">goods </span><span class="pp-class-118 pa t21315 l21317">and </span><span class="pp-class-118 pa t21315 l14859">services.</span></p></div></div><div class="pp-class-7" id="pp-id-3350" xmlns="http://www.w3.org/1999/xhtml"><div class="w15596 h21318 pa t2 l3 wtro4 xx30 tro6 xx31"><p class="pp-class-107 pp-area-text"><span class="pp-class-118 pa t21319 l3">In </span><span class="pp-class-118 pa t21319 l669">2025, </span><span class="pp-class-118 pa t21319 l916">two </span><span class="pp-class-118 pa t21319 l21320">single </span><span class="pp-class-118 pa t21319 l21321">customers, </span><span class="pp-class-118 pa t21319 l21322">with </span><span class="pp-class-118 pa t21319 l21323">revenue </span><span class="pp-class-118 pa t21319 l21324">of </span><span class="pp-class-118 pa t21319 l21325">DKK </span><span class="pp-class-118 pa t21319 l21326">195 </span><span class="pp-class-118 pa t21319 l21327">million </span><span class="pp-class-118 pa t21319 l21328">(2024: </span><span class="pp-class-118 pa t21319 l21329">DKK </span><span class="pp-class-118 pa t21319 l21330">186 </span><span class="pp-class-118 pa t21319 l21331 ls786">million) </span><span class="pp-class-118 pa t21319 l21332">and </span><span class="pp-class-118 pa t21319 l21333 ls786">DKK </span><span class="pp-class-118 pa t21319 l21334">140 </span><span class="pp-class-118 pa t21319 l21335 ls786">million </span><span class="pp-class-118 pa t21319 l21336 ls786">(2024: </span><span class="pp-class-118 pa t21337 l3">&lt;10% </span><span class="pp-class-118 pa t21337 l21338">of </span><span class="pp-class-118 pa t21337 l1492">revenue</span><span class="pp-class-118 pa t21337 l21339 ls683">) </span><span class="pp-class-118 pa t21337 l21340 ls685">respectively, </span><span class="pp-class-118 pa t21337 l21341 ls11968">individually </span><span class="pp-class-118 pa t21337 l7725 ls6898">exceeded </span><span class="pp-class-118 pa t21337 l21342 ls681">10% </span><span class="pp-class-118 pa t21337 l21343 ls679">of </span><span class="pp-class-118 pa t21337 l21344 ls6898">revenue. </span><span class="pp-class-118 pa t21337 l21345 ls679">In </span><span class="pp-class-118 pa t21337 l21346 ls6896">2024 </span><span class="pp-class-118 pa t21337 l21347 ls681">one </span><span class="pp-class-118 pa t21337 l21348 ls690">additional </span><span class="pp-class-118 pa t21337 l21349 ls677">customer, </span><span class="pp-class-118 pa t21337 l21350 ls6896">with </span><span class="pp-class-118 pa t21337 l21351 ls681">revenue </span><span class="pp-class-118 pa t21352 l3 ls679">of </span><span class="pp-class-118 pa t21352 l17294 ls681">DKK </span><span class="pp-class-118 pa t21352 l21353">134 </span><span class="pp-class-118 pa t21352 l18096">million, </span><span class="pp-class-118 pa t21352 l9162 ls786">exceeded </span><span class="pp-class-118 pa t21352 l21354">10% </span><span class="pp-class-118 pa t21352 l21355">of </span><span class="pp-class-118 pa t21352 l20592 ls786">revenue. </span><span class="pp-class-118 pa t21352 l21356">These </span><span class="pp-class-118 pa t21352 l21357">revenues </span><span class="pp-class-118 pa t21352 l21358">are </span><span class="pp-class-118 pa t21352 l21359">attributed </span><span class="pp-class-118 pa t21352 l21360">to </span><span class="pp-class-118 pa t21352 l21361">the </span><span class="pp-class-118 pa t21352 l21362 ls786">kitchens, </span><span class="pp-class-118 pa t21352 l21363">bathrooms </span><span class="pp-class-118 pa t21352 l21364">and </span><span class="pp-class-118 pa t21352 l21365 ls786">storage </span><span class="pp-class-118 pa t21366 l3">segment.</span></p><p class="pp-class-107 pp-area-text"><span class="pp-class-121 pa t21367 l3">Contract </span><span class="pp-class-121 pa t21367 l8386">balances</span></p><p class="pp-class-107 pp-area-text"><span class="pp-class-118 pa t21368 l3 ls7271">Contract </span><span class="pp-class-118 pa t21368 l21369 ls2721">assets </span><span class="pp-class-118 pa t21368 l21370 ls7271">comprise </span><span class="pp-class-118 pa t21368 l21371 ls7271">unbilled </span><span class="pp-class-118 pa t21368 l21372 ls7275">amounts </span><span class="pp-class-118 pa t21368 l21373 ls2718">representing </span><span class="pp-class-118 pa t21368 l21374 ls4645">the </span><span class="pp-class-118 pa t21368 l21375 ls7275">Group’s </span><span class="pp-class-118 pa t21368 l21376 ls2716">right </span><span class="pp-class-118 pa t21368 l21377 ls2711">to </span><span class="pp-class-118 pa t21368 l21378 ls14078">consideration </span><span class="pp-class-118 pa t21368 l21379 ls4645">for </span><span class="pp-class-118 pa t21368 l21380 ls683">the </span><span class="pp-class-118 pa t21368 l21381 ls7271">products </span><span class="pp-class-118 pa t21368 l21382 ls4645">and </span><span class="pp-class-118 pa t21368 l21383 ls19556">services </span><span class="pp-class-118 pa t21384 l3 ls4640">transferred </span><span class="pp-class-118 pa t21384 l21385 ls2711">to </span><span class="pp-class-118 pa t21384 l8618 ls2713">date.</span></p><table><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t21386 l3 ls14110">DKK’000</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t21386 l15601 ls458">2025</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t21386 l15602 ls1074">2024</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21387 l3">Contract </span><span class="pp-class-113 pa t21387 l21388">assets </span><span class="pp-class-113 pa t21387 l21389">(accrued </span><span class="pp-class-113 pa t21387 l21390">income)</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t21387 l21391 ls786">1,552</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t21387 l21392">0</span></p></td></tr></table></div></div> <table xmlns="http://www.w3.org/1999/xhtml"><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t21213 l3 ls14110">DKK’000</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t21214 l21215 ls14110">Revenue</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t21216 l21217 ls1074">from</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t21218 l21219 ls7519">customers</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t21213 l21220 ls458">2025</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t21221 l21222 ls21223">Intangible </span><span class="pp-class-112 pa t21214 l21224 ls16067">assets </span><span class="pp-class-112 pa t21214 l21225 ls5868">and </span><span class="pp-class-112 pa t21216 l21226 ls16073">property, </span><span class="pp-class-112 pa t21216 l21227 ls1070">plant </span><span class="pp-class-112 pa t21218 l21228 ls458">and </span><span class="pp-class-112 pa t21218 l21229 ls1116">equipment</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t21213 l21230 ls458">2025</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t21214 l21231 ls14110">Revenue</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t21216 l21232 ls1074">from</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t21218 l21233 ls7519">customers</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t21213 l21234 ls1074">2024</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t21221 l21235 ls21223">Intangible </span><span class="pp-class-112 pa t21214 l21236 ls16067">assets </span><span class="pp-class-112 pa t21214 l21237 ls5868">and </span><span class="pp-class-112 pa t21216 l21238 ls16073">property, </span><span class="pp-class-112 pa t21216 l21239 ls1070">plant </span><span class="pp-class-112 pa t21218 l21240 ls458">and </span><span class="pp-class-112 pa t21218 l21241 ls1116">equipment</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t21213 l15602 ls1074">2024</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-116 pa t21242 l3 ls334">Geographic </span><span class="pp-class-116 pa t21242 l21243 ls6269">areas</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21244 l3">Denmark</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21244 l21245 ls786">1,025,307</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21244 l21246 ls786">1,071,845</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21244 l15617 ls786">969,042</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21244 l21247 ls786">882,438</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21248 l3">Norway</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21248 l21249 ls786">242,886</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21248 l21250 ls786">39,375</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21248 l21251 ls786">222,897</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21248 l21252 ls786">45,625</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21253 l3">Other </span><span class="pp-class-113 pa t21253 l15637">countries</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21253 l21254 ls786">11,004</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21253 l21255">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21253 l21256 ls786">11,844</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21253 l15652">0</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t21257 l21258 ls786">1,279,197</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t21257 l21259 ls786">1,111,220</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t21257 l2968 ls786">1,203,783</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t21257 l21260 ls786">928,063</span></p></td></tr></table><div class="pp-class-7" id="pp-id-3349" xmlns="http://www.w3.org/1999/xhtml"><div class="w21261 h21262 pa t2 l3 wtro4 xx30 tro6 xx31"><table><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t15598 l3 ls14110">DKK’000</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t15598 l15601 ls458">2025</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t15598 l15602 ls1074">2024</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-116 pa t16199 l3 ls171">Revenue </span><span class="pp-class-116 pa t16199 l21263 ls1141">by </span><span class="pp-class-116 pa t16199 l21264 ls345">category</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t16201 l3">Revenue, </span><span class="pp-class-113 pa t16201 l21265">core </span><span class="pp-class-113 pa t16201 l21266">business*</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t16201 l21267 ls786">900,754</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t16201 l21268 ls786">895,463</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t16205 l3">Revenue, </span><span class="pp-class-113 pa t16205 l21265">third </span><span class="pp-class-113 pa t16205 l21269">party</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t16205 l21270 ls786">307,402</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t16205 l21271 ls786">308,320</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t16208 l3">Revenue, </span><span class="pp-class-113 pa t16208 l21265">retailers</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t16208 l21272 ls786">71,041</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t16208 l15652">0</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t16213 l21273 ls786">1,279,197</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t16213 l21274 ls786">1,203,783</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-116 pa t21275 l3 ls21276">Timing </span><span class="pp-class-116 pa t21275 l21277 ls15514">of </span><span class="pp-class-116 pa t21275 l21278 ls171">revenue </span><span class="pp-class-116 pa t21275 l21279 ls334">recognition</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21280 l3">Recognised </span><span class="pp-class-113 pa t21280 l16034">over </span><span class="pp-class-113 pa t21280 l21281">time**</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21280 l21282 ls786">7,769</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21280 l15652">0</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21283 l3">Recognised </span><span class="pp-class-113 pa t21283 l16034">at </span><span class="pp-class-113 pa t21283 l15546">a </span><span class="pp-class-113 pa t21283 l21284">point </span><span class="pp-class-113 pa t21283 l21285">in </span><span class="pp-class-113 pa t21283 l21286">time</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21283 l21287 ls786">1,271,428</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21283 l15606 ls786">1,203,783</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t21288 l21273 ls786">1,279,197</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t21288 l21274 ls786">1,203,783</span></p></td></tr></table><p class="pp-class-107 pp-area-text"><span class="pp-class-118 pa t21289 l3">* </span><span class="pp-class-118 pa t21289 l2483 ls21290">Revenue </span><span class="pp-class-118 pa t21289 l21291">from </span><span class="pp-class-118 pa t21289 l21292">core </span><span class="pp-class-118 pa t21289 l21293">business </span><span class="pp-class-118 pa t21289 l15307">has </span><span class="pp-class-118 pa t21289 l21294">been </span><span class="pp-class-118 pa t21289 l14402">reduced </span><span class="pp-class-118 pa t21289 l21295">for </span><span class="pp-class-118 pa t21289 l21296">revenue </span><span class="pp-class-118 pa t21289 l21297">from </span><span class="pp-class-118 pa t21289 l21298">owned </span><span class="pp-class-118 pa t21289 l21299">retail </span><span class="pp-class-118 pa t21289 l21300">stores. </span><span class="pp-class-118 pa t21301 l2483">In </span><span class="pp-class-118 pa t21301 l21302">2024, </span><span class="pp-class-118 pa t21301 l21303">the </span><span class="pp-class-118 pa t21301 l21304">Group </span><span class="pp-class-118 pa t21301 l21305">had </span><span class="pp-class-118 pa t21301 l21306">no </span><span class="pp-class-118 pa t21301 l21307">retail </span><span class="pp-class-118 pa t21301 l21308">stores.</span></p><p class="pp-class-107 pp-area-text"><span class="pp-class-118 pa t21309 l3">** </span><span class="pp-class-118 pa t21309 l21310">Revenue </span><span class="pp-class-118 pa t21309 l11600">recognised </span><span class="pp-class-118 pa t21309 l10276">over </span><span class="pp-class-118 pa t21309 l3316">time </span><span class="pp-class-118 pa t21309 l21311">relates </span><span class="pp-class-118 pa t21309 l15120">to </span><span class="pp-class-118 pa t21309 l21312">the </span><span class="pp-class-118 pa t21309 l21313">retail </span><span class="pp-class-118 pa t21309 l21314">category.</span></p><p class="pp-class-107 pp-area-text"><span class="pp-class-118 pa t21315 l3">Revenue </span><span class="pp-class-118 pa t21315 l2927">consists </span><span class="pp-class-118 pa t21315 l21316">of </span><span class="pp-class-118 pa t21315 l14010">sale </span><span class="pp-class-118 pa t21315 l3325">of </span><span class="pp-class-118 pa t21315 l8567">goods </span><span class="pp-class-118 pa t21315 l21317">and </span><span class="pp-class-118 pa t21315 l14859">services.</span></p></div></div><div class="pp-class-7" id="pp-id-3350" xmlns="http://www.w3.org/1999/xhtml"><div class="w15596 h21318 pa t2 l3 wtro4 xx30 tro6 xx31"><p class="pp-class-107 pp-area-text"><span class="pp-class-118 pa t21319 l3">In </span><span class="pp-class-118 pa t21319 l669">2025, </span><span class="pp-class-118 pa t21319 l916">two </span><span class="pp-class-118 pa t21319 l21320">single </span><span class="pp-class-118 pa t21319 l21321">customers, </span><span class="pp-class-118 pa t21319 l21322">with </span><span class="pp-class-118 pa t21319 l21323">revenue </span><span class="pp-class-118 pa t21319 l21324">of </span><span class="pp-class-118 pa t21319 l21325">DKK </span><span class="pp-class-118 pa t21319 l21326">195 </span><span class="pp-class-118 pa t21319 l21327">million </span><span class="pp-class-118 pa t21319 l21328">(2024: </span><span class="pp-class-118 pa t21319 l21329">DKK </span><span class="pp-class-118 pa t21319 l21330">186 </span><span class="pp-class-118 pa t21319 l21331 ls786">million) </span><span class="pp-class-118 pa t21319 l21332">and </span><span class="pp-class-118 pa t21319 l21333 ls786">DKK </span><span class="pp-class-118 pa t21319 l21334">140 </span><span class="pp-class-118 pa t21319 l21335 ls786">million </span><span class="pp-class-118 pa t21319 l21336 ls786">(2024: </span><span class="pp-class-118 pa t21337 l3">&lt;10% </span><span class="pp-class-118 pa t21337 l21338">of </span><span class="pp-class-118 pa t21337 l1492">revenue</span><span class="pp-class-118 pa t21337 l21339 ls683">) </span><span class="pp-class-118 pa t21337 l21340 ls685">respectively, </span><span class="pp-class-118 pa t21337 l21341 ls11968">individually </span><span class="pp-class-118 pa t21337 l7725 ls6898">exceeded </span><span class="pp-class-118 pa t21337 l21342 ls681">10% </span><span class="pp-class-118 pa t21337 l21343 ls679">of </span><span class="pp-class-118 pa t21337 l21344 ls6898">revenue. </span><span class="pp-class-118 pa t21337 l21345 ls679">In </span><span class="pp-class-118 pa t21337 l21346 ls6896">2024 </span><span class="pp-class-118 pa t21337 l21347 ls681">one </span><span class="pp-class-118 pa t21337 l21348 ls690">additional </span><span class="pp-class-118 pa t21337 l21349 ls677">customer, </span><span class="pp-class-118 pa t21337 l21350 ls6896">with </span><span class="pp-class-118 pa t21337 l21351 ls681">revenue </span><span class="pp-class-118 pa t21352 l3 ls679">of </span><span class="pp-class-118 pa t21352 l17294 ls681">DKK </span><span class="pp-class-118 pa t21352 l21353">134 </span><span class="pp-class-118 pa t21352 l18096">million, </span><span class="pp-class-118 pa t21352 l9162 ls786">exceeded </span><span class="pp-class-118 pa t21352 l21354">10% </span><span class="pp-class-118 pa t21352 l21355">of </span><span class="pp-class-118 pa t21352 l20592 ls786">revenue. </span><span class="pp-class-118 pa t21352 l21356">These </span><span class="pp-class-118 pa t21352 l21357">revenues </span><span class="pp-class-118 pa t21352 l21358">are </span><span class="pp-class-118 pa t21352 l21359">attributed </span><span class="pp-class-118 pa t21352 l21360">to </span><span class="pp-class-118 pa t21352 l21361">the </span><span class="pp-class-118 pa t21352 l21362 ls786">kitchens, </span><span class="pp-class-118 pa t21352 l21363">bathrooms </span><span class="pp-class-118 pa t21352 l21364">and </span><span class="pp-class-118 pa t21352 l21365 ls786">storage </span><span class="pp-class-118 pa t21366 l3">segment.</span></p><p class="pp-class-107 pp-area-text"><span class="pp-class-121 pa t21367 l3">Contract </span><span class="pp-class-121 pa t21367 l8386">balances</span></p><p class="pp-class-107 pp-area-text"><span class="pp-class-118 pa t21368 l3 ls7271">Contract </span><span class="pp-class-118 pa t21368 l21369 ls2721">assets </span><span class="pp-class-118 pa t21368 l21370 ls7271">comprise </span><span class="pp-class-118 pa t21368 l21371 ls7271">unbilled </span><span class="pp-class-118 pa t21368 l21372 ls7275">amounts </span><span class="pp-class-118 pa t21368 l21373 ls2718">representing </span><span class="pp-class-118 pa t21368 l21374 ls4645">the </span><span class="pp-class-118 pa t21368 l21375 ls7275">Group’s </span><span class="pp-class-118 pa t21368 l21376 ls2716">right </span><span class="pp-class-118 pa t21368 l21377 ls2711">to </span><span class="pp-class-118 pa t21368 l21378 ls14078">consideration </span><span class="pp-class-118 pa t21368 l21379 ls4645">for </span><span class="pp-class-118 pa t21368 l21380 ls683">the </span><span class="pp-class-118 pa t21368 l21381 ls7271">products </span><span class="pp-class-118 pa t21368 l21382 ls4645">and </span><span class="pp-class-118 pa t21368 l21383 ls19556">services </span><span class="pp-class-118 pa t21384 l3 ls4640">transferred </span><span class="pp-class-118 pa t21384 l21385 ls2711">to </span><span class="pp-class-118 pa t21384 l8618 ls2713">date.</span></p><table><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t21386 l3 ls14110">DKK’000</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t21386 l15601 ls458">2025</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t21386 l15602 ls1074">2024</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21387 l3">Contract </span><span class="pp-class-113 pa t21387 l21388">assets </span><span class="pp-class-113 pa t21387 l21389">(accrued </span><span class="pp-class-113 pa t21387 l21390">income)</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t21387 l21391 ls786">1,552</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t21387 l21392">0</span></p></td></tr></table></div></div> <table xmlns="http://www.w3.org/1999/xhtml"><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t21213 l3 ls14110">DKK’000</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t21214 l21215 ls14110">Revenue</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t21216 l21217 ls1074">from</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t21218 l21219 ls7519">customers</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t21213 l21220 ls458">2025</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t21221 l21222 ls21223">Intangible </span><span class="pp-class-112 pa t21214 l21224 ls16067">assets </span><span class="pp-class-112 pa t21214 l21225 ls5868">and </span><span class="pp-class-112 pa t21216 l21226 ls16073">property, </span><span class="pp-class-112 pa t21216 l21227 ls1070">plant </span><span class="pp-class-112 pa t21218 l21228 ls458">and </span><span class="pp-class-112 pa t21218 l21229 ls1116">equipment</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t21213 l21230 ls458">2025</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t21214 l21231 ls14110">Revenue</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t21216 l21232 ls1074">from</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t21218 l21233 ls7519">customers</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t21213 l21234 ls1074">2024</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t21221 l21235 ls21223">Intangible </span><span class="pp-class-112 pa t21214 l21236 ls16067">assets </span><span class="pp-class-112 pa t21214 l21237 ls5868">and </span><span class="pp-class-112 pa t21216 l21238 ls16073">property, </span><span class="pp-class-112 pa t21216 l21239 ls1070">plant </span><span class="pp-class-112 pa t21218 l21240 ls458">and </span><span class="pp-class-112 pa t21218 l21241 ls1116">equipment</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t21213 l15602 ls1074">2024</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-116 pa t21242 l3 ls334">Geographic </span><span class="pp-class-116 pa t21242 l21243 ls6269">areas</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21244 l3">Denmark</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21244 l21245 ls786">1,025,307</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21244 l21246 ls786">1,071,845</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21244 l15617 ls786">969,042</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21244 l21247 ls786">882,438</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21248 l3">Norway</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21248 l21249 ls786">242,886</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21248 l21250 ls786">39,375</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21248 l21251 ls786">222,897</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21248 l21252 ls786">45,625</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21253 l3">Other </span><span class="pp-class-113 pa t21253 l15637">countries</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21253 l21254 ls786">11,004</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21253 l21255">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21253 l21256 ls786">11,844</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21253 l15652">0</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t21257 l21258 ls786">1,279,197</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t21257 l21259 ls786">1,111,220</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t21257 l2968 ls786">1,203,783</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t21257 l21260 ls786">928,063</span></p></td></tr></table><div class="pp-class-7" id="pp-id-3349" xmlns="http://www.w3.org/1999/xhtml"><div class="w21261 h21262 pa t2 l3 wtro4 xx30 tro6 xx31"><table><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t15598 l3 ls14110">DKK’000</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t15598 l15601 ls458">2025</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t15598 l15602 ls1074">2024</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-116 pa t16199 l3 ls171">Revenue </span><span class="pp-class-116 pa t16199 l21263 ls1141">by </span><span class="pp-class-116 pa t16199 l21264 ls345">category</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t16201 l3">Revenue, </span><span class="pp-class-113 pa t16201 l21265">core </span><span class="pp-class-113 pa t16201 l21266">business*</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t16201 l21267 ls786">900,754</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t16201 l21268 ls786">895,463</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t16205 l3">Revenue, </span><span class="pp-class-113 pa t16205 l21265">third </span><span class="pp-class-113 pa t16205 l21269">party</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t16205 l21270 ls786">307,402</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t16205 l21271 ls786">308,320</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t16208 l3">Revenue, </span><span class="pp-class-113 pa t16208 l21265">retailers</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t16208 l21272 ls786">71,041</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t16208 l15652">0</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t16213 l21273 ls786">1,279,197</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t16213 l21274 ls786">1,203,783</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-116 pa t21275 l3 ls21276">Timing </span><span class="pp-class-116 pa t21275 l21277 ls15514">of </span><span class="pp-class-116 pa t21275 l21278 ls171">revenue </span><span class="pp-class-116 pa t21275 l21279 ls334">recognition</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21280 l3">Recognised </span><span class="pp-class-113 pa t21280 l16034">over </span><span class="pp-class-113 pa t21280 l21281">time**</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21280 l21282 ls786">7,769</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21280 l15652">0</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21283 l3">Recognised </span><span class="pp-class-113 pa t21283 l16034">at </span><span class="pp-class-113 pa t21283 l15546">a </span><span class="pp-class-113 pa t21283 l21284">point </span><span class="pp-class-113 pa t21283 l21285">in </span><span class="pp-class-113 pa t21283 l21286">time</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21283 l21287 ls786">1,271,428</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21283 l15606 ls786">1,203,783</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t21288 l21273 ls786">1,279,197</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t21288 l21274 ls786">1,203,783</span></p></td></tr></table><p class="pp-class-107 pp-area-text"><span class="pp-class-118 pa t21289 l3">* </span><span class="pp-class-118 pa t21289 l2483 ls21290">Revenue </span><span class="pp-class-118 pa t21289 l21291">from </span><span class="pp-class-118 pa t21289 l21292">core </span><span class="pp-class-118 pa t21289 l21293">business </span><span class="pp-class-118 pa t21289 l15307">has </span><span class="pp-class-118 pa t21289 l21294">been </span><span class="pp-class-118 pa t21289 l14402">reduced </span><span class="pp-class-118 pa t21289 l21295">for </span><span class="pp-class-118 pa t21289 l21296">revenue </span><span class="pp-class-118 pa t21289 l21297">from </span><span class="pp-class-118 pa t21289 l21298">owned </span><span class="pp-class-118 pa t21289 l21299">retail </span><span class="pp-class-118 pa t21289 l21300">stores. </span><span class="pp-class-118 pa t21301 l2483">In </span><span class="pp-class-118 pa t21301 l21302">2024, </span><span class="pp-class-118 pa t21301 l21303">the </span><span class="pp-class-118 pa t21301 l21304">Group </span><span class="pp-class-118 pa t21301 l21305">had </span><span class="pp-class-118 pa t21301 l21306">no </span><span class="pp-class-118 pa t21301 l21307">retail </span><span class="pp-class-118 pa t21301 l21308">stores.</span></p><p class="pp-class-107 pp-area-text"><span class="pp-class-118 pa t21309 l3">** </span><span class="pp-class-118 pa t21309 l21310">Revenue </span><span class="pp-class-118 pa t21309 l11600">recognised </span><span class="pp-class-118 pa t21309 l10276">over </span><span class="pp-class-118 pa t21309 l3316">time </span><span class="pp-class-118 pa t21309 l21311">relates </span><span class="pp-class-118 pa t21309 l15120">to </span><span class="pp-class-118 pa t21309 l21312">the </span><span class="pp-class-118 pa t21309 l21313">retail </span><span class="pp-class-118 pa t21309 l21314">category.</span></p><p class="pp-class-107 pp-area-text"><span class="pp-class-118 pa t21315 l3">Revenue </span><span class="pp-class-118 pa t21315 l2927">consists </span><span class="pp-class-118 pa t21315 l21316">of </span><span class="pp-class-118 pa t21315 l14010">sale </span><span class="pp-class-118 pa t21315 l3325">of </span><span class="pp-class-118 pa t21315 l8567">goods </span><span class="pp-class-118 pa t21315 l21317">and </span><span class="pp-class-118 pa t21315 l14859">services.</span></p></div></div><div class="pp-class-7" id="pp-id-3350" xmlns="http://www.w3.org/1999/xhtml"><div class="w15596 h21318 pa t2 l3 wtro4 xx30 tro6 xx31"><p class="pp-class-107 pp-area-text"><span class="pp-class-118 pa t21319 l3">In </span><span class="pp-class-118 pa t21319 l669">2025, </span><span class="pp-class-118 pa t21319 l916">two </span><span class="pp-class-118 pa t21319 l21320">single </span><span class="pp-class-118 pa t21319 l21321">customers, </span><span class="pp-class-118 pa t21319 l21322">with </span><span class="pp-class-118 pa t21319 l21323">revenue </span><span class="pp-class-118 pa t21319 l21324">of </span><span class="pp-class-118 pa t21319 l21325">DKK </span><span class="pp-class-118 pa t21319 l21326">195 </span><span class="pp-class-118 pa t21319 l21327">million </span><span class="pp-class-118 pa t21319 l21328">(2024: </span><span class="pp-class-118 pa t21319 l21329">DKK </span><span class="pp-class-118 pa t21319 l21330">186 </span><span class="pp-class-118 pa t21319 l21331 ls786">million) </span><span class="pp-class-118 pa t21319 l21332">and </span><span class="pp-class-118 pa t21319 l21333 ls786">DKK </span><span class="pp-class-118 pa t21319 l21334">140 </span><span class="pp-class-118 pa t21319 l21335 ls786">million </span><span class="pp-class-118 pa t21319 l21336 ls786">(2024: </span><span class="pp-class-118 pa t21337 l3">&lt;10% </span><span class="pp-class-118 pa t21337 l21338">of </span><span class="pp-class-118 pa t21337 l1492">revenue</span><span class="pp-class-118 pa t21337 l21339 ls683">) </span><span class="pp-class-118 pa t21337 l21340 ls685">respectively, </span><span class="pp-class-118 pa t21337 l21341 ls11968">individually </span><span class="pp-class-118 pa t21337 l7725 ls6898">exceeded </span><span class="pp-class-118 pa t21337 l21342 ls681">10% </span><span class="pp-class-118 pa t21337 l21343 ls679">of </span><span class="pp-class-118 pa t21337 l21344 ls6898">revenue. </span><span class="pp-class-118 pa t21337 l21345 ls679">In </span><span class="pp-class-118 pa t21337 l21346 ls6896">2024 </span><span class="pp-class-118 pa t21337 l21347 ls681">one </span><span class="pp-class-118 pa t21337 l21348 ls690">additional </span><span class="pp-class-118 pa t21337 l21349 ls677">customer, </span><span class="pp-class-118 pa t21337 l21350 ls6896">with </span><span class="pp-class-118 pa t21337 l21351 ls681">revenue </span><span class="pp-class-118 pa t21352 l3 ls679">of </span><span class="pp-class-118 pa t21352 l17294 ls681">DKK </span><span class="pp-class-118 pa t21352 l21353">134 </span><span class="pp-class-118 pa t21352 l18096">million, </span><span class="pp-class-118 pa t21352 l9162 ls786">exceeded </span><span class="pp-class-118 pa t21352 l21354">10% </span><span class="pp-class-118 pa t21352 l21355">of </span><span class="pp-class-118 pa t21352 l20592 ls786">revenue. </span><span class="pp-class-118 pa t21352 l21356">These </span><span class="pp-class-118 pa t21352 l21357">revenues </span><span class="pp-class-118 pa t21352 l21358">are </span><span class="pp-class-118 pa t21352 l21359">attributed </span><span class="pp-class-118 pa t21352 l21360">to </span><span class="pp-class-118 pa t21352 l21361">the </span><span class="pp-class-118 pa t21352 l21362 ls786">kitchens, </span><span class="pp-class-118 pa t21352 l21363">bathrooms </span><span class="pp-class-118 pa t21352 l21364">and </span><span class="pp-class-118 pa t21352 l21365 ls786">storage </span><span class="pp-class-118 pa t21366 l3">segment.</span></p><p class="pp-class-107 pp-area-text"><span class="pp-class-121 pa t21367 l3">Contract </span><span class="pp-class-121 pa t21367 l8386">balances</span></p><p class="pp-class-107 pp-area-text"><span class="pp-class-118 pa t21368 l3 ls7271">Contract </span><span class="pp-class-118 pa t21368 l21369 ls2721">assets </span><span class="pp-class-118 pa t21368 l21370 ls7271">comprise </span><span class="pp-class-118 pa t21368 l21371 ls7271">unbilled </span><span class="pp-class-118 pa t21368 l21372 ls7275">amounts </span><span class="pp-class-118 pa t21368 l21373 ls2718">representing </span><span class="pp-class-118 pa t21368 l21374 ls4645">the </span><span class="pp-class-118 pa t21368 l21375 ls7275">Group’s </span><span class="pp-class-118 pa t21368 l21376 ls2716">right </span><span class="pp-class-118 pa t21368 l21377 ls2711">to </span><span class="pp-class-118 pa t21368 l21378 ls14078">consideration </span><span class="pp-class-118 pa t21368 l21379 ls4645">for </span><span class="pp-class-118 pa t21368 l21380 ls683">the </span><span class="pp-class-118 pa t21368 l21381 ls7271">products </span><span class="pp-class-118 pa t21368 l21382 ls4645">and </span><span class="pp-class-118 pa t21368 l21383 ls19556">services </span><span class="pp-class-118 pa t21384 l3 ls4640">transferred </span><span class="pp-class-118 pa t21384 l21385 ls2711">to </span><span class="pp-class-118 pa t21384 l8618 ls2713">date.</span></p><table><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t21386 l3 ls14110">DKK’000</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t21386 l15601 ls458">2025</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t21386 l15602 ls1074">2024</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21387 l3">Contract </span><span class="pp-class-113 pa t21387 l21388">assets </span><span class="pp-class-113 pa t21387 l21389">(accrued </span><span class="pp-class-113 pa t21387 l21390">income)</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t21387 l21391 ls786">1,552</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t21387 l21392">0</span></p></td></tr></table></div></div> <div class="pp-class-7" id="pp-id-3351" xmlns="http://www.w3.org/1999/xhtml"><div class="w15596 h21393 pa t2 l3 wtro4 xx16559 tro6 xx16560"><p class="pp-class-107 pp-area-text"><span class="pp-class-119 pa t16561 l3 ls339">5. </span><span class="pp-class-119 pa t16561 l21394 ls146">Staff </span><span class="pp-class-119 pa t16561 l21395 ls5776">Costs </span></p><table><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t21396 l3 ls21397">Total </span><span class="pp-class-112 pa t21396 l21398 ls1345">costs </span><span class="pp-class-112 pa t21396 l12380 ls458">for </span><span class="pp-class-112 pa t21396 l21399 ls1116">employee </span><span class="pp-class-112 pa t21396 l21400 ls2559">benefits</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t21401 l3 ls14110">DKK’000</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t21401 l15601 ls458">2025</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t21401 l15602 ls1074">2024</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21402 l3">Salaries </span><span class="pp-class-113 pa t21402 l21403">and </span><span class="pp-class-113 pa t21402 l21404">other </span><span class="pp-class-113 pa t21402 l21405">remuneration</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21402 l21204 ls786">237,270</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21402 l21406 ls786">219,069</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21407 l3">Social </span><span class="pp-class-113 pa t21407 l21408">security </span><span class="pp-class-113 pa t21407 l21409">costs</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21407 l21410 ls786">6,211</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21407 l21411 ls786">6,079</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21412 l3">Pension </span><span class="pp-class-113 pa t21412 l21413">costs </span><span class="pp-class-113 pa t21412 l21414">– </span><span class="pp-class-113 pa t21412 l21415">defined </span><span class="pp-class-113 pa t21412 l21416">contribution </span><span class="pp-class-113 pa t21412 l21417">plans</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21412 l21418 ls786">24,460</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21412 l21419 ls786">21,208</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21420 l3">Other </span><span class="pp-class-113 pa t21420 l15637">staff </span><span class="pp-class-113 pa t21420 l21421">costs</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21420 l21422">116</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21420 l21423">258</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t21424 l3">Total </span><span class="pp-class-114 pa t21424 l15778">employee </span><span class="pp-class-114 pa t21424 l21425">costs</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t21424 l21426 ls786">268,057</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t21424 l21427 ls786">246,614</span></p></td></tr></table><p class="pp-class-107 pp-area-text"><span class="pp-class-118 pa t21428 l3 ls11450">The </span><span class="pp-class-118 pa t21428 l6521 ls11486">average </span><span class="pp-class-118 pa t21428 l21429 ls11491">number </span><span class="pp-class-118 pa t21428 l13189 ls11448">of </span><span class="pp-class-118 pa t21428 l21430 ls11467">employees </span><span class="pp-class-118 pa t21428 l12378 ls11450">and </span><span class="pp-class-118 pa t21428 l21431 ls11450">the </span><span class="pp-class-118 pa t21428 l21432 ls11491">number </span><span class="pp-class-118 pa t21428 l21433 ls11448">of </span><span class="pp-class-118 pa t21428 l21434 ls11450">men </span><span class="pp-class-118 pa t21428 l21435 ls11450">and </span><span class="pp-class-118 pa t21428 l21436 ls11455">women </span><span class="pp-class-118 pa t21428 l21437 ls11455">among </span><span class="pp-class-118 pa t21428 l21438 ls11455">board </span><span class="pp-class-118 pa t21428 l21439 ls11486">members </span><span class="pp-class-118 pa t21428 l21440 ls11450">and </span><span class="pp-class-118 pa t21428 l21441 ls11450">the </span><span class="pp-class-118 pa t21428 l21442 ls11509">Executive </span><span class="pp-class-118 pa t21443 l3 ls21444">Management </span><span class="pp-class-118 pa t21443 l21445 ls11450">are </span><span class="pp-class-118 pa t21443 l21446 ls11452">described </span><span class="pp-class-118 pa t21443 l21447 ls11448">in </span><span class="pp-class-118 pa t21443 l21448 ls11509">note </span><span class="pp-class-118 pa t21443 l21449 ls11457">6.</span></p></div></div><div class="pp-class-7" id="pp-id-3353" xmlns="http://www.w3.org/1999/xhtml"><div class="w15596 h21453 pa t2 l3 wtro4 xx30 tro6 xx31"><table><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t15598 l3 ls14105">Remuneration </span><span class="pp-class-112 pa t15598 l21454 ls458">and </span><span class="pp-class-112 pa t15598 l21455 ls21031">other </span><span class="pp-class-112 pa t15598 l21456 ls2559">benefits</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t21457 l3 ls14110">DKK’000</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t21458 l21459 ls1968">Base </span><span class="pp-class-112 pa t21458 l21460 ls21461">salary/ </span><span class="pp-class-112 pa t191 l21462 ls21018">Directors’ </span><span class="pp-class-112 pa t21457 l21463 ls1074">fees</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t21464 l21465 ls21466">Variable </span><span class="pp-class-112 pa t21464 l21467 ls1762">re-</span><span class="pp-class-112 pa t21458 l21468 ls1864">muneration, </span><span class="pp-class-112 pa t191 l21469 ls21470">cash-based </span><span class="pp-class-112 pa t21457 l21471 ls1968">(STI)</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t21464 l21472 ls21466">Variable </span><span class="pp-class-112 pa t21464 l21473 ls1762">re-</span><span class="pp-class-112 pa t21458 l21474 ls1864">muneration, </span><span class="pp-class-112 pa t191 l21475 ls15600">share-based </span><span class="pp-class-112 pa t21457 l21476 ls21477">(LTI)</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t191 l21478 ls21479">Other </span><span class="pp-class-112 pa t21457 l21480 ls2559">benefits</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t191 l21481 ls458">Pension </span><span class="pp-class-112 pa t21457 l21482 ls1015">costs</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t21457 l21483 ls11452">Total</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t191 l21484 ls14110">Number </span><span class="pp-class-112 pa t191 l21485 ls21020">of </span><span class="pp-class-112 pa t21457 l21486 ls11003">individuals</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-116 pa t21487 l3 ls5314">2025</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21488 l3">Board </span><span class="pp-class-113 pa t21488 l21489">of </span><span class="pp-class-113 pa t21490 l3">Directors</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21490 l21491 ls786">2,500</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21490 l21492">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21490 l21493">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21490 l21494">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21490 l21495">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21490 l21496 ls786">2,500</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21490 l21497">6</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21498 l3">Executive </span><span class="pp-class-113 pa t21499 l3">Management</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21499 l16146 ls786">4,908</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21499 l21500 ls786">1,024</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21499 l21501 ls786">720</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21499 l21502 ls786">559</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21499 l21503 ls786">567</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21499 l21504 ls786">7,778</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21499 l21505">2</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t21506 l3">Total</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t21506 l21507 ls786">7,408</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t21506 l21508 ls786">1,024</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t21506 l21509 ls786">720</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t21506 l21510 ls786">559</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t21506 l21511 ls786">567</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t21506 l21512 ls786">10,278</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t21506 l21513">8</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-116 pa t21514 l3 ls299">2024</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21515 l3">Board </span><span class="pp-class-113 pa t21515 l21489">of </span><span class="pp-class-113 pa t21516 l3">Directors</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21516 l21517 ls786">2,547</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21516 l21492">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21516 l21493">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21516 l21494">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21516 l21495">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21516 l21518 ls786">2,547</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21516 l21497">6</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21519 l3">Executive </span><span class="pp-class-113 pa t21520 l3">Management</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21521 l21522 ls786">4,602</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21521 l21523 ls786">1,901</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21521 l21524 ls786">1,105</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21521 l21525 ls786">612</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21521 l21526 ls786">501</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21521 l21527 ls786">8,721</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21521 l21505">2</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t21528 l3">Total</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t21528 l21529">7,149</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t21528 l21530">1,901</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t21528 l21531">1,105</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t21528 l21532">612</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t21528 l21533">501</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t21528 l21534">11,268</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t21528 l21513">8</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t21535 l15601 ls458">2025</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t21535 l15602 ls1074">2024</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21536 l21537"/></p></td><td xmlns="http://www.w3.org/1999/xhtml"/></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-116 pa t21538 l3 ls21276">Number </span><span class="pp-class-116 pa t21538 l21539 ls15514">of </span><span class="pp-class-116 pa t21538 l21540 ls5850">performance </span><span class="pp-class-116 pa t21538 l21541 ls279">share </span><span class="pp-class-116 pa t21538 l21542 ls5934">units</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21543 l3">As </span><span class="pp-class-113 pa t21543 l21544">at </span><span class="pp-class-113 pa t21543 l21545">1 </span><span class="pp-class-113 pa t21543 l21546">January</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21543 l15915 ls786">93,908</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21543 l21547 ls786">65,766</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"/></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21548 l3">Granted </span><span class="pp-class-113 pa t21548 l517">during </span><span class="pp-class-113 pa t21548 l21549">the </span><span class="pp-class-113 pa t21548 l18506">year</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21548 l21550 ls786">33,842</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21548 l21551 ls786">37,885</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"/></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21552 l3">Exercised </span><span class="pp-class-113 pa t21552 l15999">during </span><span class="pp-class-113 pa t21552 l21553">the </span><span class="pp-class-113 pa t21552 l21554">year</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21552 l21555 ls786">(3,485)</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21552 l21556 ls786">(1,949)</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"/></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21557 l3">Forfeited </span><span class="pp-class-113 pa t21557 l21558">during </span><span class="pp-class-113 pa t21557 l21559">the </span><span class="pp-class-113 pa t21557 l21560">year</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21557 l21561 ls786">(46,733)</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21557 l21562 ls786">(7,794)</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"/></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t21563 l3">As </span><span class="pp-class-114 pa t21563 l21564">at </span><span class="pp-class-114 pa t21563 l21565">31 </span><span class="pp-class-114 pa t21563 l21566">December</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t21563 l15719 ls786">77,532</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t21563 l21567 ls786">93,908</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"/></tr></table><p class="pp-class-107 pp-area-text"><span class="pp-class-118 pa t21568 l3">Shares </span><span class="pp-class-118 pa t21568 l14884">granted </span><span class="pp-class-118 pa t21568 l1632">in </span><span class="pp-class-118 pa t21568 l9212">2025 </span><span class="pp-class-118 pa t21568 l13867">were </span><span class="pp-class-118 pa t21568 l21569">issued </span><span class="pp-class-118 pa t21568 l6117">at </span><span class="pp-class-118 pa t21568 l21570">an </span><span class="pp-class-118 pa t21568 l21571">exercise </span><span class="pp-class-118 pa t21568 l7362">price </span><span class="pp-class-118 pa t21568 l21572">of </span><span class="pp-class-118 pa t21568 l21573">DKK </span><span class="pp-class-118 pa t21568 l21574">74 </span><span class="pp-class-118 pa t21568 l21575">per </span><span class="pp-class-118 pa t21568 l21576">share. </span></p></div></div><div class="pp-class-7" id="pp-id-3354" xmlns="http://www.w3.org/1999/xhtml"><div class="w15596 h21577 pa t2 l3 wtro4 xx30 tro6 xx31"><table><tr><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t15598 l15601 ls458">2025</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t15598 l15602 ls1074">2024</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-116 pa t21578 l3 ls5850">Performance </span><span class="pp-class-116 pa t21578 l21579 ls279">Share </span><span class="pp-class-116 pa t21578 l21580 ls15911">Units </span><span class="pp-class-116 pa t21578 l21581 ls229">outstanding </span><span class="pp-class-116 pa t21578 l21582 ls21583">at </span><span class="pp-class-116 pa t21578 l21584 ls15514">year-end </span><span class="pp-class-116 pa t21585 l3 ls21586">have </span><span class="pp-class-116 pa t21585 l21587 ls5314">the </span><span class="pp-class-116 pa t21585 l21588 ls7589">following </span><span class="pp-class-116 pa t21585 l21589 ls21590">expiry </span><span class="pp-class-116 pa t21585 l21591 ls15579">dates</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21592 l3">31 </span><span class="pp-class-113 pa t21592 l21593">March </span><span class="pp-class-113 pa t21592 l21594">2025</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21592 l15872">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21592 l21595 ls786">17,427</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21596 l3">31 </span><span class="pp-class-113 pa t21596 l21593">March </span><span class="pp-class-113 pa t21596 l21594">2026</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21596 l21597 ls786">28,482</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21596 l21598 ls786">38,596</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21599 l3">31 </span><span class="pp-class-113 pa t21599 l21593">March </span><span class="pp-class-113 pa t21599 l21594">2027</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21599 l21600 ls786">26,184</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21599 l21551 ls786">37,885</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21601 l3">31 </span><span class="pp-class-113 pa t21601 l21593">March </span><span class="pp-class-113 pa t21601 l21594">2028</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21601 l21602 ls786">22,866</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21601 l15652">0</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t21603 l3">Total</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t21603 l15719 ls786">77,532</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t21603 l21567 ls786">93,908</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21604 l3">Weighted </span><span class="pp-class-113 pa t21604 l21605">average </span><span class="pp-class-113 pa t21604 l21606">remaining </span><span class="pp-class-113 pa t21604 l21607">contractual </span><span class="pp-class-113 pa t21604 l21608">life </span><span class="pp-class-113 pa t21604 l21609">of </span><span class="pp-class-113 pa t21604 l21610">performance </span><span class="pp-class-113 pa t21604 l21611">share </span><span class="pp-class-113 pa t21604 l21612">units </span><span class="pp-class-113 pa t21613 l3">outstanding </span><span class="pp-class-113 pa t21613 l21614">at </span><span class="pp-class-113 pa t21613 l21615">year-end</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21616 l21617">1.18</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21616 l21618">1.47</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t21619 l3 ls14110">DKK’000</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t21619 l21220 ls458">2025</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t21620 l21621 ls21622">Estimated </span><span class="pp-class-112 pa t21623 l21624 ls16079">exercise </span><span class="pp-class-112 pa t21619 l21625 ls15442">ratio</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t21619 l21234 ls1074">2024</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t21620 l21626 ls21622">Estimated </span><span class="pp-class-112 pa t21623 l21627 ls16079">exercise </span><span class="pp-class-112 pa t21619 l21628 ls15442">ratio</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-116 pa t21629 l3 ls21630">Fair </span><span class="pp-class-116 pa t21629 l21631 ls429">value </span><span class="pp-class-116 pa t21629 l21632 ls21583">at </span><span class="pp-class-116 pa t21629 l21633 ls15514">31 </span><span class="pp-class-116 pa t21629 l21634 ls171">December</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21635 l21636"/></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21637 l3">Granted </span><span class="pp-class-113 pa t21637 l517">in </span><span class="pp-class-113 pa t21637 l21638">2022</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21637 l21639">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21637 l21640">n.a.</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21637 l21641">227</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21637 l21642 ls786">20%</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21643 l3">Granted </span><span class="pp-class-113 pa t21643 l517">in </span><span class="pp-class-113 pa t21643 l21638">2023</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21643 l21644">928</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21643 l21645 ls786">84%</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21643 l21646 ls786">1,230</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21643 l21647 ls786">82%</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21648 l3">Granted </span><span class="pp-class-113 pa t21648 l517">in </span><span class="pp-class-113 pa t21648 l21638">2024</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21648 l21649 ls786">1,313</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21648 l21650 ls786">85%</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21648 l16308 ls786">1,900</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21648 l21651 ls786">85%</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21652 l3">Granted </span><span class="pp-class-113 pa t21652 l517">in </span><span class="pp-class-113 pa t21652 l21638">2025</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21652 l21653 ls786">1,113</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21652 l21654 ls786">67%</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21652 l15872">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21652 l21655">n.a.</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t21656 l3">Total</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t21656 l21657 ls786">3,354</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t21656 l21658 ls786">3,357</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"/></tr></table><p class="pp-class-107 pp-area-text"><span class="pp-class-118 pa t21659 l3">Fair </span><span class="pp-class-118 pa t21659 l7031">value </span><span class="pp-class-118 pa t21659 l7032">is </span><span class="pp-class-118 pa t21659 l21660">estimated </span><span class="pp-class-118 pa t21659 l21661">based </span><span class="pp-class-118 pa t21659 l21662">on </span><span class="pp-class-118 pa t21659 l9855">the </span><span class="pp-class-118 pa t21659 l21663">expected </span><span class="pp-class-118 pa t21659 l13541">exercise </span><span class="pp-class-118 pa t21659 l21664">ratio </span><span class="pp-class-118 pa t21659 l21665">for </span><span class="pp-class-118 pa t21659 l21666">the </span><span class="pp-class-118 pa t21659 l21667">maximum </span><span class="pp-class-118 pa t21659 l21668 ls786">number </span><span class="pp-class-118 pa t21659 l21669 ls786">of </span><span class="pp-class-118 pa t21659 l21670 ls786">performance </span><span class="pp-class-118 pa t21659 l21671">share </span><span class="pp-class-118 pa t21659 l21672 ls786">units </span><span class="pp-class-118 pa t21659 l21673">and </span><span class="pp-class-118 pa t21674 l3">the </span><span class="pp-class-118 pa t21674 l1444">share </span><span class="pp-class-118 pa t21674 l15321">price </span><span class="pp-class-118 pa t21674 l9723">when </span><span class="pp-class-118 pa t21674 l13534">the </span><span class="pp-class-118 pa t21674 l21675">LTI </span><span class="pp-class-118 pa t21674 l18265">programme </span><span class="pp-class-118 pa t21674 l21676">was </span><span class="pp-class-118 pa t21674 l21677">granted </span><span class="pp-class-118 pa t21674 l21678">(share </span><span class="pp-class-118 pa t21674 l21679">price </span><span class="pp-class-118 pa t21674 l21680">in </span><span class="pp-class-118 pa t21674 l21681">2025: </span><span class="pp-class-118 pa t21674 l21682">DKK </span><span class="pp-class-118 pa t21674 l21683 ls786">73).</span></p></div></div><div class="pp-class-7" id="pp-id-3355" xmlns="http://www.w3.org/1999/xhtml"><div class="w15596 h21684 pa t2 l3 wtro4 xx30 tro6 xx31"><p class="pp-class-107 pp-area-text"><span class="pp-class-118 pa t21685 l3 ls636">Employees, </span><span class="pp-class-118 pa t21685 l21686 ls636">including </span><span class="pp-class-118 pa t21685 l21687 ls617">the </span><span class="pp-class-118 pa t21685 l10123 ls628">Board </span><span class="pp-class-118 pa t21685 l21688 ls615">of </span><span class="pp-class-118 pa t21685 l21689 ls636">Directors </span><span class="pp-class-118 pa t21685 l21690 ls617">and </span><span class="pp-class-118 pa t21685 l20874 ls617">the </span><span class="pp-class-118 pa t21685 l20230 ls620">Executive </span><span class="pp-class-118 pa t21685 l21691 ls663">Management, </span><span class="pp-class-118 pa t21685 l21692 ls639">have </span><span class="pp-class-118 pa t21685 l21693 ls617">the </span><span class="pp-class-118 pa t21685 l21694 ls663">opportunity </span><span class="pp-class-118 pa t21685 l21695 ls615">to </span><span class="pp-class-118 pa t21685 l21696 ls617">buy </span><span class="pp-class-118 pa t21685 l21697 ls639">kitchens, </span><span class="pp-class-118 pa t21698 l3 ls620">bathrooms </span><span class="pp-class-118 pa t21698 l21699 ls617">and </span><span class="pp-class-118 pa t21698 l1625 ls623">storage </span><span class="pp-class-118 pa t21698 l21700 ls636">solutions </span><span class="pp-class-118 pa t21698 l21701 ls615">at </span><span class="pp-class-118 pa t21698 l12797 ls630">a </span><span class="pp-class-118 pa t21698 l21702 ls636">discounted </span><span class="pp-class-118 pa t21698 l21703 ls626">price. </span><span class="pp-class-118 pa t21698 l21704 ls620">Purchases </span><span class="pp-class-118 pa t21698 l21705 ls617">are </span><span class="pp-class-118 pa t21698 l21706 ls639">made </span><span class="pp-class-118 pa t21698 l21707 ls636">indirectly </span><span class="pp-class-118 pa t21698 l21708 ls623">through </span><span class="pp-class-118 pa t21698 l21709 ls615">an </span><span class="pp-class-118 pa t21698 l21710 ls663">independent </span><span class="pp-class-118 pa t21698 l21711 ls718">store. </span><span class="pp-class-118 pa t21712 l3 ls617">The </span><span class="pp-class-118 pa t21712 l7402 ls628">total </span><span class="pp-class-118 pa t21712 l21713 ls628">value </span><span class="pp-class-118 pa t21712 l21714 ls615">of </span><span class="pp-class-118 pa t21712 l11269 ls617">the </span><span class="pp-class-118 pa t21712 l18088 ls636">purchases </span><span class="pp-class-118 pa t21712 l6590 ls639">made </span><span class="pp-class-118 pa t21712 l10499 ls615">by </span><span class="pp-class-118 pa t21712 l21715 ls617">the </span><span class="pp-class-118 pa t21712 l21716 ls628">Board </span><span class="pp-class-118 pa t21712 l21717 ls615">of </span><span class="pp-class-118 pa t21712 l21718 ls620">Directors </span><span class="pp-class-118 pa t21712 l21719 ls617">and </span><span class="pp-class-118 pa t21712 l21720 ls617">the </span><span class="pp-class-118 pa t21712 l21721 ls636">Executive </span><span class="pp-class-118 pa t21712 l21722 ls636">Management </span><span class="pp-class-118 pa t21712 l21723 ls626">during </span><span class="pp-class-118 pa t21712 l21724 ls617">the </span><span class="pp-class-118 pa t21712 l21725 ls639">year </span><span class="pp-class-118 pa t21712 l21726 ls630">was </span><span class="pp-class-118 pa t21727 l3 ls617">DKK </span><span class="pp-class-118 pa t21727 l21728 ls615">39 </span><span class="pp-class-118 pa t21727 l21729 ls620">thousand </span><span class="pp-class-118 pa t21727 l21730 ls626">(2024: </span><span class="pp-class-118 pa t21727 l21731 ls617">DKK </span><span class="pp-class-118 pa t21727 l21732 ls617">340 </span><span class="pp-class-118 pa t21727 l21733 ls636">thousand).</span></p><p class="pp-class-107 pp-area-text"><span class="pp-class-118 pa t21734 l3 ls617">The </span><span class="pp-class-118 pa t21734 l7402 ls663">Remuneration </span><span class="pp-class-118 pa t21734 l21735 ls626">Report </span><span class="pp-class-118 pa t21734 l21736 ls617">for </span><span class="pp-class-118 pa t21734 l21737 ls617">the </span><span class="pp-class-118 pa t21734 l2202 ls628">Board </span><span class="pp-class-118 pa t21734 l21738 ls615">of </span><span class="pp-class-118 pa t21734 l21739 ls620">Directors </span><span class="pp-class-118 pa t21734 l21740 ls617">and </span><span class="pp-class-118 pa t21734 l21741 ls617">the </span><span class="pp-class-118 pa t21734 l21742 ls636">Executive </span><span class="pp-class-118 pa t21734 l21743 ls636">Management </span><span class="pp-class-118 pa t21734 l21744 ls615">is </span><span class="pp-class-118 pa t21734 l21745 ls620">available </span><span class="pp-class-118 pa t21734 l21746 ls615">on </span><span class="pp-class-118 pa t21734 l21747 ls617">TCM </span><span class="pp-class-118 pa t21734 l21748 ls617">Group’s </span><span class="pp-class-118 pa t21749 l3 ls623">website.</span></p></div></div><div class="pp-class-7" id="pp-id-3359" xmlns="http://www.w3.org/1999/xhtml"><div class="w15596 h21755 pa t2 l3 wtro4 xx30 tro6 xx31"><p class="pp-class-107 pp-area-text"><span class="pp-class-121 pa t21756 l3">Board </span><span class="pp-class-121 pa t21756 l1050">of </span><span class="pp-class-121 pa t21756 l21757">Directors</span></p><p class="pp-class-107 pp-area-text"><span class="pp-class-118 pa t21758 l3 ls663">Remuneration </span><span class="pp-class-118 pa t21758 l21759 ls615">of </span><span class="pp-class-118 pa t21758 l9829 ls623">members </span><span class="pp-class-118 pa t21758 l1867 ls615">of </span><span class="pp-class-118 pa t21758 l18867 ls617">the </span><span class="pp-class-118 pa t21758 l18892 ls628">Board </span><span class="pp-class-118 pa t21758 l21760 ls615">of </span><span class="pp-class-118 pa t21758 l21761 ls620">Directors </span><span class="pp-class-118 pa t21758 l6322 ls615">is </span><span class="pp-class-118 pa t21758 l21762 ls636">determined </span><span class="pp-class-118 pa t21758 l21763 ls615">by </span><span class="pp-class-118 pa t21758 l21764 ls663">resolutions </span><span class="pp-class-118 pa t21758 l21765 ls626">passed </span><span class="pp-class-118 pa t21758 l21766 ls615">at </span><span class="pp-class-118 pa t21758 l21767 ls617">the </span><span class="pp-class-118 pa t21758 l21768 ls626">Annual </span><span class="pp-class-118 pa t21758 l21769 ls623">General </span><span class="pp-class-118 pa t21758 l21770 ls659">Meeting. </span></p><p class="pp-class-107 pp-area-text"><span class="pp-class-121 pa t21771 l3">Executive </span><span class="pp-class-121 pa t21771 l10703">Management</span></p><p class="pp-class-107 pp-area-text"><span class="pp-class-118 pa t21772 l3 ls617">The </span><span class="pp-class-118 pa t21772 l7402 ls636">Executive </span><span class="pp-class-118 pa t21772 l21773 ls663">Management, </span><span class="pp-class-118 pa t21772 l21774 ls628">which </span><span class="pp-class-118 pa t21772 l21775 ls615">in </span><span class="pp-class-118 pa t21772 l10270 ls639">2025 </span><span class="pp-class-118 pa t21772 l21776 ls620">consisted </span><span class="pp-class-118 pa t21772 l21777 ls615">of </span><span class="pp-class-118 pa t21772 l21778 ls617">two </span><span class="pp-class-118 pa t21772 l21779 ls663">individuals, </span><span class="pp-class-118 pa t21772 l21780 ls620">received </span><span class="pp-class-118 pa t21772 l21781 ls620">salaries </span><span class="pp-class-118 pa t21772 l21782 ls617">and </span><span class="pp-class-118 pa t21772 l21783 ls623">pension </span><span class="pp-class-118 pa t21772 l21784 ls626">contributions </span><span class="pp-class-118 pa t21785 l3 ls626">during </span><span class="pp-class-118 pa t21785 l21786 ls617">the </span><span class="pp-class-118 pa t21785 l19451 ls636">financial </span><span class="pp-class-118 pa t21785 l20524 ls639">year </span><span class="pp-class-118 pa t21785 l21787 ls639">2025 </span><span class="pp-class-118 pa t21785 l6854 ls636">amounting </span><span class="pp-class-118 pa t21785 l6796 ls615">to </span><span class="pp-class-118 pa t21785 l15408 ls617">DKK </span><span class="pp-class-118 pa t21785 l14447 ls617">5.5 </span><span class="pp-class-118 pa t21785 l21788 ls623">million </span><span class="pp-class-118 pa t21785 l21789 ls626">(2024: </span><span class="pp-class-118 pa t21785 l21790 ls617">DKK </span><span class="pp-class-118 pa t21785 l21791 ls617">5.1 </span><span class="pp-class-118 pa t21785 l21792 ls620">million) </span><span class="pp-class-118 pa t21785 l21793 ls639">plus </span><span class="pp-class-118 pa t21785 l21794 ls620">variable </span><span class="pp-class-118 pa t21785 l21795 ls663">remuneration </span><span class="pp-class-118 pa t21785 l21796 ls7807">and </span><span class="pp-class-118 pa t21797 l3 ls628">other </span><span class="pp-class-118 pa t21797 l21798 ls620">benefits </span><span class="pp-class-118 pa t21797 l14000 ls620">amounting </span><span class="pp-class-118 pa t21797 l21799 ls615">to </span><span class="pp-class-118 pa t21797 l21800 ls7807">a </span><span class="pp-class-118 pa t21797 l21801 ls628">total </span><span class="pp-class-118 pa t21797 l21802 ls615">of </span><span class="pp-class-118 pa t21797 l21803 ls617">DKK </span><span class="pp-class-118 pa t21797 l21804 ls617">7.8 </span><span class="pp-class-118 pa t21797 l21805 ls623">million </span><span class="pp-class-118 pa t21797 l21806 ls626">(2024: </span><span class="pp-class-118 pa t21797 l21807 ls617">DKK </span><span class="pp-class-118 pa t21797 l21808 ls617">8.7 </span><span class="pp-class-118 pa t21797 l21809 ls620">million).</span></p><p class="pp-class-107 pp-area-text"><span class="pp-class-118 pa t21810 l3 ls615">In </span><span class="pp-class-118 pa t21810 l616 ls620">addition </span><span class="pp-class-118 pa t21810 l4260 ls615">to </span><span class="pp-class-118 pa t21810 l13743 ls639">base </span><span class="pp-class-118 pa t21810 l10845 ls623">salary, </span><span class="pp-class-118 pa t21810 l21811 ls617">the </span><span class="pp-class-118 pa t21810 l21812 ls620">Executive </span><span class="pp-class-118 pa t21810 l6884 ls636">Management </span><span class="pp-class-118 pa t21810 l21813 ls617">has </span><span class="pp-class-118 pa t21810 l21814 ls630">a </span><span class="pp-class-118 pa t21810 l21815 ls7182">short-term </span><span class="pp-class-118 pa t21810 l21816 ls620">incentive </span><span class="pp-class-118 pa t21810 l21817 ls628">(STI) </span><span class="pp-class-118 pa t21810 l21818 ls620">programme </span><span class="pp-class-118 pa t21810 l21819 ls617">and </span><span class="pp-class-118 pa t21810 l21820 ls630">a </span><span class="pp-class-118 pa t21810 l21821 ls21822">long-term </span><span class="pp-class-118 pa t21823 l3 ls620">incentive </span><span class="pp-class-118 pa t21823 l21824 ls628">(LTI) </span><span class="pp-class-118 pa t21823 l21825 ls636">programme, </span><span class="pp-class-118 pa t21823 l21826 ls628">which </span><span class="pp-class-118 pa t21823 l21827 ls617">are </span><span class="pp-class-118 pa t21823 l21828 ls620">governed </span><span class="pp-class-118 pa t21823 l21829 ls615">by </span><span class="pp-class-118 pa t21823 l5984 ls617">the </span><span class="pp-class-118 pa t21823 l21830 ls663">Remuneration </span><span class="pp-class-118 pa t21823 l21831 ls623">Policy. </span><span class="pp-class-118 pa t21823 l21832 ls617">The </span><span class="pp-class-118 pa t21823 l21833 ls617">STI </span><span class="pp-class-118 pa t21823 l21834 ls620">programme </span><span class="pp-class-118 pa t21823 l21835 ls617">for </span><span class="pp-class-118 pa t21823 l21836 ls639">2025 </span><span class="pp-class-118 pa t21823 l21837 ls615">is </span><span class="pp-class-118 pa t21823 l21838 ls626">capped </span><span class="pp-class-118 pa t21823 l21839 ls7850">at </span><span class="pp-class-118 pa t21840 l3 ls615">up </span><span class="pp-class-118 pa t21840 l21841 ls615">to </span><span class="pp-class-118 pa t21840 l14391 ls617">50% </span><span class="pp-class-118 pa t21840 l21842 ls615">of </span><span class="pp-class-118 pa t21840 l21843 ls617">the </span><span class="pp-class-118 pa t21840 l21844 ls626">annual </span><span class="pp-class-118 pa t21840 l21845 ls639">base </span><span class="pp-class-118 pa t21840 l21846 ls626">salary </span><span class="pp-class-118 pa t21840 l21847 ls617">and </span><span class="pp-class-118 pa t21840 l21848 ls615">is </span><span class="pp-class-118 pa t21840 l7471 ls628">based </span><span class="pp-class-118 pa t21840 l21849 ls615">on </span><span class="pp-class-118 pa t21840 l6549 ls626">annual </span><span class="pp-class-118 pa t21840 l21850 ls628">KPIs. </span><span class="pp-class-118 pa t21840 l21851 ls617">The </span><span class="pp-class-118 pa t21840 l21852 ls628">bonus </span><span class="pp-class-118 pa t21840 l21853 ls620">criteria </span><span class="pp-class-118 pa t21840 l21854 ls617">for </span><span class="pp-class-118 pa t21840 l21855 ls617">the </span><span class="pp-class-118 pa t21840 l21856 ls617">STI </span><span class="pp-class-118 pa t21840 l21857 ls636">programme </span><span class="pp-class-118 pa t21840 l21858 ls617">are </span><span class="pp-class-118 pa t21840 l21859 ls659">revenue, </span><span class="pp-class-118 pa t21860 l3 ls626">EBITDA </span><span class="pp-class-118 pa t21860 l21861 ls617">and </span><span class="pp-class-118 pa t21860 l18062 ls617">NWC </span><span class="pp-class-118 pa t21860 l21862 ls626">ratio. </span><span class="pp-class-118 pa t21860 l21863 ls617">The </span><span class="pp-class-118 pa t21860 l14198 ls617">STI </span><span class="pp-class-118 pa t21860 l7470 ls636">programme </span><span class="pp-class-118 pa t21860 l21864 ls620">includes </span><span class="pp-class-118 pa t21860 l9531 ls630">a </span><span class="pp-class-118 pa t21860 l21865 ls620">threshold </span><span class="pp-class-118 pa t21860 l21866 ls617">for </span><span class="pp-class-118 pa t21860 l21867 ls617">the </span><span class="pp-class-118 pa t21860 l21868 ls626">EBITDA </span><span class="pp-class-118 pa t21860 l21869 ls626">target </span><span class="pp-class-118 pa t21860 l21870 ls628">that, </span><span class="pp-class-118 pa t21860 l21871 ls615">if </span><span class="pp-class-118 pa t21860 l21872 ls617">not </span><span class="pp-class-118 pa t21860 l21873 ls636">achieved, </span><span class="pp-class-118 pa t21860 l21874 ls639">will </span><span class="pp-class-118 pa t21860 l14930 ls718">result </span><span class="pp-class-118 pa t21875 l3 ls615">in </span><span class="pp-class-118 pa t21875 l21876 ls615">no </span><span class="pp-class-118 pa t21875 l21877 ls617">STI </span><span class="pp-class-118 pa t21875 l21878 ls628">bonus </span><span class="pp-class-118 pa t21875 l21879 ls628">being </span><span class="pp-class-118 pa t21875 l3279 ls628">paid, </span><span class="pp-class-118 pa t21875 l13355 ls636">regardless </span><span class="pp-class-118 pa t21875 l21880 ls615">of </span><span class="pp-class-118 pa t21875 l21881 ls663">performance </span><span class="pp-class-118 pa t21875 l21882 ls615">on </span><span class="pp-class-118 pa t21875 l21883 ls628">other </span><span class="pp-class-118 pa t21875 l21884 ls628">KPIs. </span></p><p class="pp-class-107 pp-area-text"><span class="pp-class-118 pa t21885 l3 ls617">The </span><span class="pp-class-118 pa t21885 l7402 ls617">LTI </span><span class="pp-class-118 pa t21885 l21886 ls636">programme </span><span class="pp-class-118 pa t21885 l21887 ls615">is </span><span class="pp-class-118 pa t21885 l12990 ls623">granted </span><span class="pp-class-118 pa t21885 l21888 ls663">exclusively </span><span class="pp-class-118 pa t21885 l21889 ls615">to </span><span class="pp-class-118 pa t21885 l21890 ls617">the </span><span class="pp-class-118 pa t21885 l7371 ls620">Executive </span><span class="pp-class-118 pa t21885 l21891 ls636">Management </span><span class="pp-class-118 pa t21885 l21892 ls617">and </span><span class="pp-class-118 pa t21885 l21893 ls620">consists </span><span class="pp-class-118 pa t21885 l21894 ls615">of </span><span class="pp-class-118 pa t21885 l21895 ls626">annual </span><span class="pp-class-118 pa t21885 l21896 ls636">individual </span><span class="pp-class-118 pa t21885 l21897 ls628">performance </span><span class="pp-class-118 pa t21898 l3 ls628">share </span><span class="pp-class-118 pa t21898 l21899 ls639">unit </span><span class="pp-class-118 pa t21898 l21900 ls628">plans </span><span class="pp-class-118 pa t21898 l13953 ls639">with </span><span class="pp-class-118 pa t21898 l21901 ls623">rolling </span><span class="pp-class-118 pa t21898 l10091 ls718">3-year </span><span class="pp-class-118 pa t21898 l21902 ls663">performance </span><span class="pp-class-118 pa t21898 l21903 ls623">periods </span><span class="pp-class-118 pa t21898 l21904 ls617">for </span><span class="pp-class-118 pa t21898 l21905 ls617">the </span><span class="pp-class-118 pa t21898 l21906 ls623">periods </span><span class="pp-class-118 pa t21898 l21907 ls7182">2023-2025, </span><span class="pp-class-118 pa t21898 l21908 ls639">2024-2026 </span><span class="pp-class-118 pa t21898 l21909 ls617">and </span><span class="pp-class-118 pa t21898 l21910 ls7182">2025-2027. </span><span class="pp-class-118 pa t21898 l21911 ls7837">When </span><span class="pp-class-118 pa t21912 l3 ls617">the </span><span class="pp-class-118 pa t21912 l7852 ls617">LTI </span><span class="pp-class-118 pa t21912 l21913 ls636">programme </span><span class="pp-class-118 pa t21912 l21914 ls615">is </span><span class="pp-class-118 pa t21912 l21915 ls623">granted </span><span class="pp-class-118 pa t21912 l21448 ls615">to </span><span class="pp-class-118 pa t21912 l21916 ls617">the </span><span class="pp-class-118 pa t21912 l21917 ls663">participants, </span><span class="pp-class-118 pa t21912 l2192 ls630">a </span><span class="pp-class-118 pa t21912 l21918 ls623">maximum </span><span class="pp-class-118 pa t21912 l21919 ls615">of </span><span class="pp-class-118 pa t21912 l21920 ls615">up </span><span class="pp-class-118 pa t21912 l21921 ls615">to </span><span class="pp-class-118 pa t21912 l21922 ls617">50% </span><span class="pp-class-118 pa t21912 l21923 ls615">of </span><span class="pp-class-118 pa t21912 l21924 ls617">the </span><span class="pp-class-118 pa t21912 l21925 ls626">annual </span><span class="pp-class-118 pa t21912 l21926 ls639">base </span><span class="pp-class-118 pa t21912 l21927 ls626">salary </span><span class="pp-class-118 pa t21912 l21928 ls615">is </span><span class="pp-class-118 pa t21912 l21929 ls620">converted </span><span class="pp-class-118 pa t21912 l21930 ls615">to </span><span class="pp-class-118 pa t21912 l21931 ls786">a </span><span class="pp-class-118 pa t21932 l3 ls623">maximum </span><span class="pp-class-118 pa t21932 l21933 ls626">number </span><span class="pp-class-118 pa t21932 l21934 ls615">of </span><span class="pp-class-118 pa t21932 l19747 ls663">performance </span><span class="pp-class-118 pa t21932 l21935 ls628">share </span><span class="pp-class-118 pa t21932 l21936 ls628">units </span><span class="pp-class-118 pa t21932 l21937 ls628">based </span><span class="pp-class-118 pa t21932 l19186 ls615">on </span><span class="pp-class-118 pa t21932 l21938 ls617">the </span><span class="pp-class-118 pa t21932 l21939 ls623">current </span><span class="pp-class-118 pa t21932 l21940 ls628">share </span><span class="pp-class-118 pa t21932 l21941 ls626">price, </span><span class="pp-class-118 pa t21932 l21942 ls639">i.e. </span><span class="pp-class-118 pa t21932 l21943 ls615">an </span><span class="pp-class-118 pa t21932 l21944 ls623">average </span><span class="pp-class-118 pa t21932 l21945 ls639">over </span><span class="pp-class-118 pa t21932 l21946 ls630">a </span><span class="pp-class-118 pa t21932 l21947 ls617">3-month </span><span class="pp-class-118 pa t21932 l21948 ls617">period. </span><span class="pp-class-118 pa t21949 l3 ls615">At </span><span class="pp-class-118 pa t21949 l9780 ls617">the </span><span class="pp-class-118 pa t21949 l21950 ls617">end </span><span class="pp-class-118 pa t21949 l21951 ls615">of </span><span class="pp-class-118 pa t21949 l7735 ls639">each </span><span class="pp-class-118 pa t21949 l21952 ls663">performance </span><span class="pp-class-118 pa t21949 l21953 ls623">period, </span><span class="pp-class-118 pa t21949 l6820 ls617">the </span><span class="pp-class-118 pa t21949 l21954 ls663">performance </span><span class="pp-class-118 pa t21949 l21955 ls628">share </span><span class="pp-class-118 pa t21949 l21956 ls628">units </span><span class="pp-class-118 pa t21949 l21957 ls617">may </span><span class="pp-class-118 pa t21949 l21958 ls615">be </span><span class="pp-class-118 pa t21949 l21959 ls620">converted </span><span class="pp-class-118 pa t21949 l21960 ls639">into </span><span class="pp-class-118 pa t21949 l21961 ls626">shares </span><span class="pp-class-118 pa t21949 l21962 ls615">in </span><span class="pp-class-118 pa t21949 l21963 ls617">TCM </span><span class="pp-class-118 pa t21949 l21964 ls626">Group, </span><span class="pp-class-118 pa t21949 l21965 ls615">which </span><span class="pp-class-118 pa t21966 l3 ls639">will </span><span class="pp-class-118 pa t21966 l21967 ls615">be </span><span class="pp-class-118 pa t21966 l21968 ls623">granted </span><span class="pp-class-118 pa t21966 l21969 ls639">free </span><span class="pp-class-118 pa t21966 l21970 ls615">of </span><span class="pp-class-118 pa t21966 l21971 ls623">charge. </span><span class="pp-class-118 pa t21966 l21972 ls617">The </span><span class="pp-class-118 pa t21966 l11980 ls663">performance </span><span class="pp-class-118 pa t21966 l21973 ls620">measures </span><span class="pp-class-118 pa t21966 l21974 ls617">for </span><span class="pp-class-118 pa t21966 l21975 ls617">the </span><span class="pp-class-118 pa t21966 l21976 ls617">LTI </span><span class="pp-class-118 pa t21966 l21977 ls636">programme </span><span class="pp-class-118 pa t21966 l21978 ls617">are </span><span class="pp-class-118 pa t21966 l21979 ls617">all </span><span class="pp-class-118 pa t21966 l21980 ls718">3-year </span><span class="pp-class-118 pa t21966 l21981 ls663">accumulative </span><span class="pp-class-118 pa t21966 l21982 ls617">and </span><span class="pp-class-118 pa t21966 l21983 ls617">com-</span><span class="pp-class-118 pa t21984 l3 ls628">prise </span><span class="pp-class-118 pa t21984 l17104 ls620">absolute </span><span class="pp-class-118 pa t21984 l21985 ls628">total </span><span class="pp-class-118 pa t21984 l20349 ls663">shareholder </span><span class="pp-class-118 pa t21984 l21986 ls626">return </span><span class="pp-class-118 pa t21984 l12876 ls615">on </span><span class="pp-class-118 pa t21984 l9923 ls617">the </span><span class="pp-class-118 pa t21984 l21987 ls636">company’s </span><span class="pp-class-118 pa t21984 l21988 ls626">share, </span><span class="pp-class-118 pa t21984 l21989 ls626">EBITDA </span><span class="pp-class-118 pa t21984 l21990 ls617">and </span><span class="pp-class-118 pa t21984 l21991 ls626">carbon </span><span class="pp-class-118 pa t21984 l21992 ls620">emissions </span><span class="pp-class-118 pa t21984 l21993 ls663">reductions. </span><span class="pp-class-118 pa t21984 l21994 ls617">The </span><span class="pp-class-118 pa t21984 l21995 ls7837">fair </span><span class="pp-class-118 pa t21996 l3 ls628">value </span><span class="pp-class-118 pa t21996 l21997 ls615">of </span><span class="pp-class-118 pa t21996 l16796 ls617">the </span><span class="pp-class-118 pa t21996 l16733 ls617">LTI </span><span class="pp-class-118 pa t21996 l21998 ls620">programme </span><span class="pp-class-118 pa t21996 l21999 ls615">is </span><span class="pp-class-118 pa t21996 l12047 ls636">estimated </span><span class="pp-class-118 pa t21996 l22000 ls615">on </span><span class="pp-class-118 pa t21996 l22001 ls615">an </span><span class="pp-class-118 pa t21996 l19987 ls626">annual </span><span class="pp-class-118 pa t21996 l22002 ls628">basis.</span></p></div></div><div class="pp-class-7" id="pp-id-3360" xmlns="http://www.w3.org/1999/xhtml"><div class="w15596 h22003 pa t2 l3 wtro4 xx16559 tro6 xx16560"><p class="pp-class-107 pp-area-text"><span class="pp-class-119 pa t16561 l3 ls7548">6. </span><span class="pp-class-119 pa t16561 l22004 ls22005">Average </span><span class="pp-class-119 pa t16561 l22006 ls15723">number </span><span class="pp-class-119 pa t16561 l22007 ls207">of </span><span class="pp-class-119 pa t16561 l22008 ls22009">employees </span><span class="pp-class-119 pa t16561 l22010 ls5850">during </span><span class="pp-class-119 pa t16561 l22011 ls22012">the </span><span class="pp-class-119 pa t16561 l22013 ls1856">period</span></p><table><tr><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t22014 l15601 ls458">2025</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t22014 l15602 ls1074">2024</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22015 l3">Average </span><span class="pp-class-113 pa t22015 l22016">number </span><span class="pp-class-113 pa t22015 l22017">of </span><span class="pp-class-113 pa t22015 l22018">employees </span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22015 l22019">498</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22015 l22020">460</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22021 l3">Board </span><span class="pp-class-113 pa t22021 l21489">members</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22021 l22022">6</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22021 l22023">6</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-127 pa t22024 l3">Of </span><span class="pp-class-127 pa t22024 l22025">which </span><span class="pp-class-127 pa t22024 l22026">women</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-127 pa t22024 l22027">2</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-127 pa t22024 l22028">2</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22029 l3">Executive </span><span class="pp-class-113 pa t22029 l22030">Management</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22029 l22031">2</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22029 l22032">2</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-127 pa t22033 l3">Of </span><span class="pp-class-127 pa t22033 l22025">which </span><span class="pp-class-127 pa t22033 l22026">women</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-127 pa t22033 l22034">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-127 pa t22033 l22035">0</span></p></td></tr></table><p class="pp-class-107 pp-area-text"><span class="pp-class-118 pa t22036 l3 ls683">The </span><span class="pp-class-118 pa t22036 l19526 ls2716">Board </span><span class="pp-class-118 pa t22036 l22037 ls2711">of </span><span class="pp-class-118 pa t22036 l22038 ls692">Directors </span><span class="pp-class-118 pa t22036 l22039 ls692">consisted </span><span class="pp-class-118 pa t22036 l22040 ls2711">of </span><span class="pp-class-118 pa t22036 l2628 ls4645">six </span><span class="pp-class-118 pa t22036 l22041 ls7275">members </span><span class="pp-class-118 pa t22036 l22042 ls2711">at </span><span class="pp-class-118 pa t22036 l22043 ls683">the </span><span class="pp-class-118 pa t22036 l18843 ls2713">date </span><span class="pp-class-118 pa t22036 l22044 ls2711">of </span><span class="pp-class-118 pa t22036 l22045 ls7271">approval </span><span class="pp-class-118 pa t22036 l22046 ls2711">of </span><span class="pp-class-118 pa t22036 l22047 ls4645">the </span><span class="pp-class-118 pa t22036 l22048 ls2718">consolidated </span><span class="pp-class-118 pa t22036 l22049 ls692">financial </span><span class="pp-class-118 pa t22036 l22050 ls2716">statements. </span></p><p class="pp-class-107 pp-area-text"><span class="pp-class-118 pa t22051 l3 ls2711">As </span><span class="pp-class-118 pa t22051 l22052 ls2711">of </span><span class="pp-class-118 pa t22051 l22053 ls683">the </span><span class="pp-class-118 pa t22051 l6102 ls7271">approval </span><span class="pp-class-118 pa t22051 l14316 ls2716">date, </span><span class="pp-class-118 pa t22051 l22054 ls683">the </span><span class="pp-class-118 pa t22051 l22055 ls692">Executive </span><span class="pp-class-118 pa t22051 l22056 ls4643">Management </span><span class="pp-class-118 pa t22051 l22057 ls692">consisted </span><span class="pp-class-118 pa t22051 l22058 ls2711">of </span><span class="pp-class-118 pa t22051 l22059 ls683">one </span><span class="pp-class-118 pa t22051 l22060 ls683">member. </span></p></div></div> <div class="pp-class-7" id="pp-id-3353" xmlns="http://www.w3.org/1999/xhtml"><div class="w15596 h21453 pa t2 l3 wtro4 xx30 tro6 xx31"><table><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t15598 l3 ls14105">Remuneration </span><span class="pp-class-112 pa t15598 l21454 ls458">and </span><span class="pp-class-112 pa t15598 l21455 ls21031">other </span><span class="pp-class-112 pa t15598 l21456 ls2559">benefits</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t21457 l3 ls14110">DKK’000</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t21458 l21459 ls1968">Base </span><span class="pp-class-112 pa t21458 l21460 ls21461">salary/ </span><span class="pp-class-112 pa t191 l21462 ls21018">Directors’ </span><span class="pp-class-112 pa t21457 l21463 ls1074">fees</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t21464 l21465 ls21466">Variable </span><span class="pp-class-112 pa t21464 l21467 ls1762">re-</span><span class="pp-class-112 pa t21458 l21468 ls1864">muneration, </span><span class="pp-class-112 pa t191 l21469 ls21470">cash-based </span><span class="pp-class-112 pa t21457 l21471 ls1968">(STI)</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t21464 l21472 ls21466">Variable </span><span class="pp-class-112 pa t21464 l21473 ls1762">re-</span><span class="pp-class-112 pa t21458 l21474 ls1864">muneration, </span><span class="pp-class-112 pa t191 l21475 ls15600">share-based </span><span class="pp-class-112 pa t21457 l21476 ls21477">(LTI)</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t191 l21478 ls21479">Other </span><span class="pp-class-112 pa t21457 l21480 ls2559">benefits</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t191 l21481 ls458">Pension </span><span class="pp-class-112 pa t21457 l21482 ls1015">costs</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t21457 l21483 ls11452">Total</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t191 l21484 ls14110">Number </span><span class="pp-class-112 pa t191 l21485 ls21020">of </span><span class="pp-class-112 pa t21457 l21486 ls11003">individuals</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-116 pa t21487 l3 ls5314">2025</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21488 l3">Board </span><span class="pp-class-113 pa t21488 l21489">of </span><span class="pp-class-113 pa t21490 l3">Directors</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21490 l21491 ls786">2,500</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21490 l21492">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21490 l21493">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21490 l21494">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21490 l21495">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21490 l21496 ls786">2,500</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21490 l21497">6</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21498 l3">Executive </span><span class="pp-class-113 pa t21499 l3">Management</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21499 l16146 ls786">4,908</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21499 l21500 ls786">1,024</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21499 l21501 ls786">720</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21499 l21502 ls786">559</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21499 l21503 ls786">567</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21499 l21504 ls786">7,778</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21499 l21505">2</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t21506 l3">Total</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t21506 l21507 ls786">7,408</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t21506 l21508 ls786">1,024</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t21506 l21509 ls786">720</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t21506 l21510 ls786">559</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t21506 l21511 ls786">567</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t21506 l21512 ls786">10,278</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t21506 l21513">8</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-116 pa t21514 l3 ls299">2024</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21515 l3">Board </span><span class="pp-class-113 pa t21515 l21489">of </span><span class="pp-class-113 pa t21516 l3">Directors</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21516 l21517 ls786">2,547</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21516 l21492">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21516 l21493">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21516 l21494">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21516 l21495">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21516 l21518 ls786">2,547</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21516 l21497">6</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21519 l3">Executive </span><span class="pp-class-113 pa t21520 l3">Management</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21521 l21522 ls786">4,602</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21521 l21523 ls786">1,901</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21521 l21524 ls786">1,105</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21521 l21525 ls786">612</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21521 l21526 ls786">501</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21521 l21527 ls786">8,721</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21521 l21505">2</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t21528 l3">Total</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t21528 l21529">7,149</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t21528 l21530">1,901</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t21528 l21531">1,105</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t21528 l21532">612</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t21528 l21533">501</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t21528 l21534">11,268</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t21528 l21513">8</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t21535 l15601 ls458">2025</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t21535 l15602 ls1074">2024</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21536 l21537"/></p></td><td xmlns="http://www.w3.org/1999/xhtml"/></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-116 pa t21538 l3 ls21276">Number </span><span class="pp-class-116 pa t21538 l21539 ls15514">of </span><span class="pp-class-116 pa t21538 l21540 ls5850">performance </span><span class="pp-class-116 pa t21538 l21541 ls279">share </span><span class="pp-class-116 pa t21538 l21542 ls5934">units</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21543 l3">As </span><span class="pp-class-113 pa t21543 l21544">at </span><span class="pp-class-113 pa t21543 l21545">1 </span><span class="pp-class-113 pa t21543 l21546">January</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21543 l15915 ls786">93,908</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21543 l21547 ls786">65,766</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"/></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21548 l3">Granted </span><span class="pp-class-113 pa t21548 l517">during </span><span class="pp-class-113 pa t21548 l21549">the </span><span class="pp-class-113 pa t21548 l18506">year</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21548 l21550 ls786">33,842</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21548 l21551 ls786">37,885</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"/></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21552 l3">Exercised </span><span class="pp-class-113 pa t21552 l15999">during </span><span class="pp-class-113 pa t21552 l21553">the </span><span class="pp-class-113 pa t21552 l21554">year</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21552 l21555 ls786">(3,485)</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21552 l21556 ls786">(1,949)</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"/></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21557 l3">Forfeited </span><span class="pp-class-113 pa t21557 l21558">during </span><span class="pp-class-113 pa t21557 l21559">the </span><span class="pp-class-113 pa t21557 l21560">year</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21557 l21561 ls786">(46,733)</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21557 l21562 ls786">(7,794)</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"/></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t21563 l3">As </span><span class="pp-class-114 pa t21563 l21564">at </span><span class="pp-class-114 pa t21563 l21565">31 </span><span class="pp-class-114 pa t21563 l21566">December</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t21563 l15719 ls786">77,532</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t21563 l21567 ls786">93,908</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"/></tr></table><p class="pp-class-107 pp-area-text"><span class="pp-class-118 pa t21568 l3">Shares </span><span class="pp-class-118 pa t21568 l14884">granted </span><span class="pp-class-118 pa t21568 l1632">in </span><span class="pp-class-118 pa t21568 l9212">2025 </span><span class="pp-class-118 pa t21568 l13867">were </span><span class="pp-class-118 pa t21568 l21569">issued </span><span class="pp-class-118 pa t21568 l6117">at </span><span class="pp-class-118 pa t21568 l21570">an </span><span class="pp-class-118 pa t21568 l21571">exercise </span><span class="pp-class-118 pa t21568 l7362">price </span><span class="pp-class-118 pa t21568 l21572">of </span><span class="pp-class-118 pa t21568 l21573">DKK </span><span class="pp-class-118 pa t21568 l21574">74 </span><span class="pp-class-118 pa t21568 l21575">per </span><span class="pp-class-118 pa t21568 l21576">share. </span></p></div></div><div class="pp-class-7" id="pp-id-3354" xmlns="http://www.w3.org/1999/xhtml"><div class="w15596 h21577 pa t2 l3 wtro4 xx30 tro6 xx31"><table><tr><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t15598 l15601 ls458">2025</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t15598 l15602 ls1074">2024</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-116 pa t21578 l3 ls5850">Performance </span><span class="pp-class-116 pa t21578 l21579 ls279">Share </span><span class="pp-class-116 pa t21578 l21580 ls15911">Units </span><span class="pp-class-116 pa t21578 l21581 ls229">outstanding </span><span class="pp-class-116 pa t21578 l21582 ls21583">at </span><span class="pp-class-116 pa t21578 l21584 ls15514">year-end </span><span class="pp-class-116 pa t21585 l3 ls21586">have </span><span class="pp-class-116 pa t21585 l21587 ls5314">the </span><span class="pp-class-116 pa t21585 l21588 ls7589">following </span><span class="pp-class-116 pa t21585 l21589 ls21590">expiry </span><span class="pp-class-116 pa t21585 l21591 ls15579">dates</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21592 l3">31 </span><span class="pp-class-113 pa t21592 l21593">March </span><span class="pp-class-113 pa t21592 l21594">2025</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21592 l15872">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21592 l21595 ls786">17,427</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21596 l3">31 </span><span class="pp-class-113 pa t21596 l21593">March </span><span class="pp-class-113 pa t21596 l21594">2026</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21596 l21597 ls786">28,482</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21596 l21598 ls786">38,596</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21599 l3">31 </span><span class="pp-class-113 pa t21599 l21593">March </span><span class="pp-class-113 pa t21599 l21594">2027</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21599 l21600 ls786">26,184</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21599 l21551 ls786">37,885</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21601 l3">31 </span><span class="pp-class-113 pa t21601 l21593">March </span><span class="pp-class-113 pa t21601 l21594">2028</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21601 l21602 ls786">22,866</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21601 l15652">0</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t21603 l3">Total</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t21603 l15719 ls786">77,532</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t21603 l21567 ls786">93,908</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21604 l3">Weighted </span><span class="pp-class-113 pa t21604 l21605">average </span><span class="pp-class-113 pa t21604 l21606">remaining </span><span class="pp-class-113 pa t21604 l21607">contractual </span><span class="pp-class-113 pa t21604 l21608">life </span><span class="pp-class-113 pa t21604 l21609">of </span><span class="pp-class-113 pa t21604 l21610">performance </span><span class="pp-class-113 pa t21604 l21611">share </span><span class="pp-class-113 pa t21604 l21612">units </span><span class="pp-class-113 pa t21613 l3">outstanding </span><span class="pp-class-113 pa t21613 l21614">at </span><span class="pp-class-113 pa t21613 l21615">year-end</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21616 l21617">1.18</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21616 l21618">1.47</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t21619 l3 ls14110">DKK’000</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t21619 l21220 ls458">2025</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t21620 l21621 ls21622">Estimated </span><span class="pp-class-112 pa t21623 l21624 ls16079">exercise </span><span class="pp-class-112 pa t21619 l21625 ls15442">ratio</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t21619 l21234 ls1074">2024</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t21620 l21626 ls21622">Estimated </span><span class="pp-class-112 pa t21623 l21627 ls16079">exercise </span><span class="pp-class-112 pa t21619 l21628 ls15442">ratio</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-116 pa t21629 l3 ls21630">Fair </span><span class="pp-class-116 pa t21629 l21631 ls429">value </span><span class="pp-class-116 pa t21629 l21632 ls21583">at </span><span class="pp-class-116 pa t21629 l21633 ls15514">31 </span><span class="pp-class-116 pa t21629 l21634 ls171">December</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21635 l21636"/></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21637 l3">Granted </span><span class="pp-class-113 pa t21637 l517">in </span><span class="pp-class-113 pa t21637 l21638">2022</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21637 l21639">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21637 l21640">n.a.</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21637 l21641">227</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21637 l21642 ls786">20%</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21643 l3">Granted </span><span class="pp-class-113 pa t21643 l517">in </span><span class="pp-class-113 pa t21643 l21638">2023</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21643 l21644">928</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21643 l21645 ls786">84%</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21643 l21646 ls786">1,230</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21643 l21647 ls786">82%</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21648 l3">Granted </span><span class="pp-class-113 pa t21648 l517">in </span><span class="pp-class-113 pa t21648 l21638">2024</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21648 l21649 ls786">1,313</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21648 l21650 ls786">85%</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21648 l16308 ls786">1,900</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21648 l21651 ls786">85%</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21652 l3">Granted </span><span class="pp-class-113 pa t21652 l517">in </span><span class="pp-class-113 pa t21652 l21638">2025</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21652 l21653 ls786">1,113</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21652 l21654 ls786">67%</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21652 l15872">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21652 l21655">n.a.</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t21656 l3">Total</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t21656 l21657 ls786">3,354</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t21656 l21658 ls786">3,357</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"/></tr></table><p class="pp-class-107 pp-area-text"><span class="pp-class-118 pa t21659 l3">Fair </span><span class="pp-class-118 pa t21659 l7031">value </span><span class="pp-class-118 pa t21659 l7032">is </span><span class="pp-class-118 pa t21659 l21660">estimated </span><span class="pp-class-118 pa t21659 l21661">based </span><span class="pp-class-118 pa t21659 l21662">on </span><span class="pp-class-118 pa t21659 l9855">the </span><span class="pp-class-118 pa t21659 l21663">expected </span><span class="pp-class-118 pa t21659 l13541">exercise </span><span class="pp-class-118 pa t21659 l21664">ratio </span><span class="pp-class-118 pa t21659 l21665">for </span><span class="pp-class-118 pa t21659 l21666">the </span><span class="pp-class-118 pa t21659 l21667">maximum </span><span class="pp-class-118 pa t21659 l21668 ls786">number </span><span class="pp-class-118 pa t21659 l21669 ls786">of </span><span class="pp-class-118 pa t21659 l21670 ls786">performance </span><span class="pp-class-118 pa t21659 l21671">share </span><span class="pp-class-118 pa t21659 l21672 ls786">units </span><span class="pp-class-118 pa t21659 l21673">and </span><span class="pp-class-118 pa t21674 l3">the </span><span class="pp-class-118 pa t21674 l1444">share </span><span class="pp-class-118 pa t21674 l15321">price </span><span class="pp-class-118 pa t21674 l9723">when </span><span class="pp-class-118 pa t21674 l13534">the </span><span class="pp-class-118 pa t21674 l21675">LTI </span><span class="pp-class-118 pa t21674 l18265">programme </span><span class="pp-class-118 pa t21674 l21676">was </span><span class="pp-class-118 pa t21674 l21677">granted </span><span class="pp-class-118 pa t21674 l21678">(share </span><span class="pp-class-118 pa t21674 l21679">price </span><span class="pp-class-118 pa t21674 l21680">in </span><span class="pp-class-118 pa t21674 l21681">2025: </span><span class="pp-class-118 pa t21674 l21682">DKK </span><span class="pp-class-118 pa t21674 l21683 ls786">73).</span></p></div></div> <div class="pp-class-7" id="pp-id-3353" xmlns="http://www.w3.org/1999/xhtml"><div class="w15596 h21453 pa t2 l3 wtro4 xx30 tro6 xx31"><table><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t15598 l3 ls14105">Remuneration </span><span class="pp-class-112 pa t15598 l21454 ls458">and </span><span class="pp-class-112 pa t15598 l21455 ls21031">other </span><span class="pp-class-112 pa t15598 l21456 ls2559">benefits</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t21457 l3 ls14110">DKK’000</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t21458 l21459 ls1968">Base </span><span class="pp-class-112 pa t21458 l21460 ls21461">salary/ </span><span class="pp-class-112 pa t191 l21462 ls21018">Directors’ </span><span class="pp-class-112 pa t21457 l21463 ls1074">fees</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t21464 l21465 ls21466">Variable </span><span class="pp-class-112 pa t21464 l21467 ls1762">re-</span><span class="pp-class-112 pa t21458 l21468 ls1864">muneration, </span><span class="pp-class-112 pa t191 l21469 ls21470">cash-based </span><span class="pp-class-112 pa t21457 l21471 ls1968">(STI)</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t21464 l21472 ls21466">Variable </span><span class="pp-class-112 pa t21464 l21473 ls1762">re-</span><span class="pp-class-112 pa t21458 l21474 ls1864">muneration, </span><span class="pp-class-112 pa t191 l21475 ls15600">share-based </span><span class="pp-class-112 pa t21457 l21476 ls21477">(LTI)</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t191 l21478 ls21479">Other </span><span class="pp-class-112 pa t21457 l21480 ls2559">benefits</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t191 l21481 ls458">Pension </span><span class="pp-class-112 pa t21457 l21482 ls1015">costs</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t21457 l21483 ls11452">Total</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t191 l21484 ls14110">Number </span><span class="pp-class-112 pa t191 l21485 ls21020">of </span><span class="pp-class-112 pa t21457 l21486 ls11003">individuals</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-116 pa t21487 l3 ls5314">2025</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21488 l3">Board </span><span class="pp-class-113 pa t21488 l21489">of </span><span class="pp-class-113 pa t21490 l3">Directors</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21490 l21491 ls786">2,500</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21490 l21492">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21490 l21493">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21490 l21494">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21490 l21495">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21490 l21496 ls786">2,500</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21490 l21497">6</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21498 l3">Executive </span><span class="pp-class-113 pa t21499 l3">Management</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21499 l16146 ls786">4,908</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21499 l21500 ls786">1,024</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21499 l21501 ls786">720</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21499 l21502 ls786">559</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21499 l21503 ls786">567</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21499 l21504 ls786">7,778</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21499 l21505">2</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t21506 l3">Total</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t21506 l21507 ls786">7,408</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t21506 l21508 ls786">1,024</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t21506 l21509 ls786">720</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t21506 l21510 ls786">559</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t21506 l21511 ls786">567</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t21506 l21512 ls786">10,278</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t21506 l21513">8</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-116 pa t21514 l3 ls299">2024</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21515 l3">Board </span><span class="pp-class-113 pa t21515 l21489">of </span><span class="pp-class-113 pa t21516 l3">Directors</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21516 l21517 ls786">2,547</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21516 l21492">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21516 l21493">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21516 l21494">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21516 l21495">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21516 l21518 ls786">2,547</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21516 l21497">6</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21519 l3">Executive </span><span class="pp-class-113 pa t21520 l3">Management</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21521 l21522 ls786">4,602</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21521 l21523 ls786">1,901</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21521 l21524 ls786">1,105</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21521 l21525 ls786">612</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21521 l21526 ls786">501</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21521 l21527 ls786">8,721</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21521 l21505">2</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t21528 l3">Total</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t21528 l21529">7,149</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t21528 l21530">1,901</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t21528 l21531">1,105</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t21528 l21532">612</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t21528 l21533">501</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t21528 l21534">11,268</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t21528 l21513">8</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t21535 l15601 ls458">2025</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t21535 l15602 ls1074">2024</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21536 l21537"/></p></td><td xmlns="http://www.w3.org/1999/xhtml"/></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-116 pa t21538 l3 ls21276">Number </span><span class="pp-class-116 pa t21538 l21539 ls15514">of </span><span class="pp-class-116 pa t21538 l21540 ls5850">performance </span><span class="pp-class-116 pa t21538 l21541 ls279">share </span><span class="pp-class-116 pa t21538 l21542 ls5934">units</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21543 l3">As </span><span class="pp-class-113 pa t21543 l21544">at </span><span class="pp-class-113 pa t21543 l21545">1 </span><span class="pp-class-113 pa t21543 l21546">January</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21543 l15915 ls786">93,908</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21543 l21547 ls786">65,766</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"/></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21548 l3">Granted </span><span class="pp-class-113 pa t21548 l517">during </span><span class="pp-class-113 pa t21548 l21549">the </span><span class="pp-class-113 pa t21548 l18506">year</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21548 l21550 ls786">33,842</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21548 l21551 ls786">37,885</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"/></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21552 l3">Exercised </span><span class="pp-class-113 pa t21552 l15999">during </span><span class="pp-class-113 pa t21552 l21553">the </span><span class="pp-class-113 pa t21552 l21554">year</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21552 l21555 ls786">(3,485)</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21552 l21556 ls786">(1,949)</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"/></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21557 l3">Forfeited </span><span class="pp-class-113 pa t21557 l21558">during </span><span class="pp-class-113 pa t21557 l21559">the </span><span class="pp-class-113 pa t21557 l21560">year</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21557 l21561 ls786">(46,733)</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21557 l21562 ls786">(7,794)</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"/></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t21563 l3">As </span><span class="pp-class-114 pa t21563 l21564">at </span><span class="pp-class-114 pa t21563 l21565">31 </span><span class="pp-class-114 pa t21563 l21566">December</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t21563 l15719 ls786">77,532</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t21563 l21567 ls786">93,908</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"/></tr></table><p class="pp-class-107 pp-area-text"><span class="pp-class-118 pa t21568 l3">Shares </span><span class="pp-class-118 pa t21568 l14884">granted </span><span class="pp-class-118 pa t21568 l1632">in </span><span class="pp-class-118 pa t21568 l9212">2025 </span><span class="pp-class-118 pa t21568 l13867">were </span><span class="pp-class-118 pa t21568 l21569">issued </span><span class="pp-class-118 pa t21568 l6117">at </span><span class="pp-class-118 pa t21568 l21570">an </span><span class="pp-class-118 pa t21568 l21571">exercise </span><span class="pp-class-118 pa t21568 l7362">price </span><span class="pp-class-118 pa t21568 l21572">of </span><span class="pp-class-118 pa t21568 l21573">DKK </span><span class="pp-class-118 pa t21568 l21574">74 </span><span class="pp-class-118 pa t21568 l21575">per </span><span class="pp-class-118 pa t21568 l21576">share. </span></p></div></div><div class="pp-class-7" id="pp-id-3354" xmlns="http://www.w3.org/1999/xhtml"><div class="w15596 h21577 pa t2 l3 wtro4 xx30 tro6 xx31"><table><tr><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t15598 l15601 ls458">2025</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t15598 l15602 ls1074">2024</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-116 pa t21578 l3 ls5850">Performance </span><span class="pp-class-116 pa t21578 l21579 ls279">Share </span><span class="pp-class-116 pa t21578 l21580 ls15911">Units </span><span class="pp-class-116 pa t21578 l21581 ls229">outstanding </span><span class="pp-class-116 pa t21578 l21582 ls21583">at </span><span class="pp-class-116 pa t21578 l21584 ls15514">year-end </span><span class="pp-class-116 pa t21585 l3 ls21586">have </span><span class="pp-class-116 pa t21585 l21587 ls5314">the </span><span class="pp-class-116 pa t21585 l21588 ls7589">following </span><span class="pp-class-116 pa t21585 l21589 ls21590">expiry </span><span class="pp-class-116 pa t21585 l21591 ls15579">dates</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21592 l3">31 </span><span class="pp-class-113 pa t21592 l21593">March </span><span class="pp-class-113 pa t21592 l21594">2025</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21592 l15872">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21592 l21595 ls786">17,427</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21596 l3">31 </span><span class="pp-class-113 pa t21596 l21593">March </span><span class="pp-class-113 pa t21596 l21594">2026</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21596 l21597 ls786">28,482</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21596 l21598 ls786">38,596</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21599 l3">31 </span><span class="pp-class-113 pa t21599 l21593">March </span><span class="pp-class-113 pa t21599 l21594">2027</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21599 l21600 ls786">26,184</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21599 l21551 ls786">37,885</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21601 l3">31 </span><span class="pp-class-113 pa t21601 l21593">March </span><span class="pp-class-113 pa t21601 l21594">2028</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21601 l21602 ls786">22,866</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21601 l15652">0</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t21603 l3">Total</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t21603 l15719 ls786">77,532</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t21603 l21567 ls786">93,908</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21604 l3">Weighted </span><span class="pp-class-113 pa t21604 l21605">average </span><span class="pp-class-113 pa t21604 l21606">remaining </span><span class="pp-class-113 pa t21604 l21607">contractual </span><span class="pp-class-113 pa t21604 l21608">life </span><span class="pp-class-113 pa t21604 l21609">of </span><span class="pp-class-113 pa t21604 l21610">performance </span><span class="pp-class-113 pa t21604 l21611">share </span><span class="pp-class-113 pa t21604 l21612">units </span><span class="pp-class-113 pa t21613 l3">outstanding </span><span class="pp-class-113 pa t21613 l21614">at </span><span class="pp-class-113 pa t21613 l21615">year-end</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21616 l21617">1.18</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21616 l21618">1.47</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t21619 l3 ls14110">DKK’000</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t21619 l21220 ls458">2025</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t21620 l21621 ls21622">Estimated </span><span class="pp-class-112 pa t21623 l21624 ls16079">exercise </span><span class="pp-class-112 pa t21619 l21625 ls15442">ratio</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t21619 l21234 ls1074">2024</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t21620 l21626 ls21622">Estimated </span><span class="pp-class-112 pa t21623 l21627 ls16079">exercise </span><span class="pp-class-112 pa t21619 l21628 ls15442">ratio</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-116 pa t21629 l3 ls21630">Fair </span><span class="pp-class-116 pa t21629 l21631 ls429">value </span><span class="pp-class-116 pa t21629 l21632 ls21583">at </span><span class="pp-class-116 pa t21629 l21633 ls15514">31 </span><span class="pp-class-116 pa t21629 l21634 ls171">December</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21635 l21636"/></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21637 l3">Granted </span><span class="pp-class-113 pa t21637 l517">in </span><span class="pp-class-113 pa t21637 l21638">2022</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21637 l21639">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21637 l21640">n.a.</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21637 l21641">227</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21637 l21642 ls786">20%</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21643 l3">Granted </span><span class="pp-class-113 pa t21643 l517">in </span><span class="pp-class-113 pa t21643 l21638">2023</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21643 l21644">928</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21643 l21645 ls786">84%</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21643 l21646 ls786">1,230</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21643 l21647 ls786">82%</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21648 l3">Granted </span><span class="pp-class-113 pa t21648 l517">in </span><span class="pp-class-113 pa t21648 l21638">2024</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21648 l21649 ls786">1,313</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21648 l21650 ls786">85%</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21648 l16308 ls786">1,900</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21648 l21651 ls786">85%</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21652 l3">Granted </span><span class="pp-class-113 pa t21652 l517">in </span><span class="pp-class-113 pa t21652 l21638">2025</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21652 l21653 ls786">1,113</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21652 l21654 ls786">67%</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21652 l15872">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21652 l21655">n.a.</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t21656 l3">Total</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t21656 l21657 ls786">3,354</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t21656 l21658 ls786">3,357</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"/></tr></table><p class="pp-class-107 pp-area-text"><span class="pp-class-118 pa t21659 l3">Fair </span><span class="pp-class-118 pa t21659 l7031">value </span><span class="pp-class-118 pa t21659 l7032">is </span><span class="pp-class-118 pa t21659 l21660">estimated </span><span class="pp-class-118 pa t21659 l21661">based </span><span class="pp-class-118 pa t21659 l21662">on </span><span class="pp-class-118 pa t21659 l9855">the </span><span class="pp-class-118 pa t21659 l21663">expected </span><span class="pp-class-118 pa t21659 l13541">exercise </span><span class="pp-class-118 pa t21659 l21664">ratio </span><span class="pp-class-118 pa t21659 l21665">for </span><span class="pp-class-118 pa t21659 l21666">the </span><span class="pp-class-118 pa t21659 l21667">maximum </span><span class="pp-class-118 pa t21659 l21668 ls786">number </span><span class="pp-class-118 pa t21659 l21669 ls786">of </span><span class="pp-class-118 pa t21659 l21670 ls786">performance </span><span class="pp-class-118 pa t21659 l21671">share </span><span class="pp-class-118 pa t21659 l21672 ls786">units </span><span class="pp-class-118 pa t21659 l21673">and </span><span class="pp-class-118 pa t21674 l3">the </span><span class="pp-class-118 pa t21674 l1444">share </span><span class="pp-class-118 pa t21674 l15321">price </span><span class="pp-class-118 pa t21674 l9723">when </span><span class="pp-class-118 pa t21674 l13534">the </span><span class="pp-class-118 pa t21674 l21675">LTI </span><span class="pp-class-118 pa t21674 l18265">programme </span><span class="pp-class-118 pa t21674 l21676">was </span><span class="pp-class-118 pa t21674 l21677">granted </span><span class="pp-class-118 pa t21674 l21678">(share </span><span class="pp-class-118 pa t21674 l21679">price </span><span class="pp-class-118 pa t21674 l21680">in </span><span class="pp-class-118 pa t21674 l21681">2025: </span><span class="pp-class-118 pa t21674 l21682">DKK </span><span class="pp-class-118 pa t21674 l21683 ls786">73).</span></p></div></div><div class="pp-class-7" id="pp-id-3355" xmlns="http://www.w3.org/1999/xhtml"><div class="w15596 h21684 pa t2 l3 wtro4 xx30 tro6 xx31"><p class="pp-class-107 pp-area-text"><span class="pp-class-118 pa t21685 l3 ls636">Employees, </span><span class="pp-class-118 pa t21685 l21686 ls636">including </span><span class="pp-class-118 pa t21685 l21687 ls617">the </span><span class="pp-class-118 pa t21685 l10123 ls628">Board </span><span class="pp-class-118 pa t21685 l21688 ls615">of </span><span class="pp-class-118 pa t21685 l21689 ls636">Directors </span><span class="pp-class-118 pa t21685 l21690 ls617">and </span><span class="pp-class-118 pa t21685 l20874 ls617">the </span><span class="pp-class-118 pa t21685 l20230 ls620">Executive </span><span class="pp-class-118 pa t21685 l21691 ls663">Management, </span><span class="pp-class-118 pa t21685 l21692 ls639">have </span><span class="pp-class-118 pa t21685 l21693 ls617">the </span><span class="pp-class-118 pa t21685 l21694 ls663">opportunity </span><span class="pp-class-118 pa t21685 l21695 ls615">to </span><span class="pp-class-118 pa t21685 l21696 ls617">buy </span><span class="pp-class-118 pa t21685 l21697 ls639">kitchens, </span><span class="pp-class-118 pa t21698 l3 ls620">bathrooms </span><span class="pp-class-118 pa t21698 l21699 ls617">and </span><span class="pp-class-118 pa t21698 l1625 ls623">storage </span><span class="pp-class-118 pa t21698 l21700 ls636">solutions </span><span class="pp-class-118 pa t21698 l21701 ls615">at </span><span class="pp-class-118 pa t21698 l12797 ls630">a </span><span class="pp-class-118 pa t21698 l21702 ls636">discounted </span><span class="pp-class-118 pa t21698 l21703 ls626">price. </span><span class="pp-class-118 pa t21698 l21704 ls620">Purchases </span><span class="pp-class-118 pa t21698 l21705 ls617">are </span><span class="pp-class-118 pa t21698 l21706 ls639">made </span><span class="pp-class-118 pa t21698 l21707 ls636">indirectly </span><span class="pp-class-118 pa t21698 l21708 ls623">through </span><span class="pp-class-118 pa t21698 l21709 ls615">an </span><span class="pp-class-118 pa t21698 l21710 ls663">independent </span><span class="pp-class-118 pa t21698 l21711 ls718">store. </span><span class="pp-class-118 pa t21712 l3 ls617">The </span><span class="pp-class-118 pa t21712 l7402 ls628">total </span><span class="pp-class-118 pa t21712 l21713 ls628">value </span><span class="pp-class-118 pa t21712 l21714 ls615">of </span><span class="pp-class-118 pa t21712 l11269 ls617">the </span><span class="pp-class-118 pa t21712 l18088 ls636">purchases </span><span class="pp-class-118 pa t21712 l6590 ls639">made </span><span class="pp-class-118 pa t21712 l10499 ls615">by </span><span class="pp-class-118 pa t21712 l21715 ls617">the </span><span class="pp-class-118 pa t21712 l21716 ls628">Board </span><span class="pp-class-118 pa t21712 l21717 ls615">of </span><span class="pp-class-118 pa t21712 l21718 ls620">Directors </span><span class="pp-class-118 pa t21712 l21719 ls617">and </span><span class="pp-class-118 pa t21712 l21720 ls617">the </span><span class="pp-class-118 pa t21712 l21721 ls636">Executive </span><span class="pp-class-118 pa t21712 l21722 ls636">Management </span><span class="pp-class-118 pa t21712 l21723 ls626">during </span><span class="pp-class-118 pa t21712 l21724 ls617">the </span><span class="pp-class-118 pa t21712 l21725 ls639">year </span><span class="pp-class-118 pa t21712 l21726 ls630">was </span><span class="pp-class-118 pa t21727 l3 ls617">DKK </span><span class="pp-class-118 pa t21727 l21728 ls615">39 </span><span class="pp-class-118 pa t21727 l21729 ls620">thousand </span><span class="pp-class-118 pa t21727 l21730 ls626">(2024: </span><span class="pp-class-118 pa t21727 l21731 ls617">DKK </span><span class="pp-class-118 pa t21727 l21732 ls617">340 </span><span class="pp-class-118 pa t21727 l21733 ls636">thousand).</span></p><p class="pp-class-107 pp-area-text"><span class="pp-class-118 pa t21734 l3 ls617">The </span><span class="pp-class-118 pa t21734 l7402 ls663">Remuneration </span><span class="pp-class-118 pa t21734 l21735 ls626">Report </span><span class="pp-class-118 pa t21734 l21736 ls617">for </span><span class="pp-class-118 pa t21734 l21737 ls617">the </span><span class="pp-class-118 pa t21734 l2202 ls628">Board </span><span class="pp-class-118 pa t21734 l21738 ls615">of </span><span class="pp-class-118 pa t21734 l21739 ls620">Directors </span><span class="pp-class-118 pa t21734 l21740 ls617">and </span><span class="pp-class-118 pa t21734 l21741 ls617">the </span><span class="pp-class-118 pa t21734 l21742 ls636">Executive </span><span class="pp-class-118 pa t21734 l21743 ls636">Management </span><span class="pp-class-118 pa t21734 l21744 ls615">is </span><span class="pp-class-118 pa t21734 l21745 ls620">available </span><span class="pp-class-118 pa t21734 l21746 ls615">on </span><span class="pp-class-118 pa t21734 l21747 ls617">TCM </span><span class="pp-class-118 pa t21734 l21748 ls617">Group’s </span><span class="pp-class-118 pa t21749 l3 ls623">website.</span></p></div></div><div class="pp-class-7" id="pp-id-3359" xmlns="http://www.w3.org/1999/xhtml"><div class="w15596 h21755 pa t2 l3 wtro4 xx30 tro6 xx31"><p class="pp-class-107 pp-area-text"><span class="pp-class-121 pa t21756 l3">Board </span><span class="pp-class-121 pa t21756 l1050">of </span><span class="pp-class-121 pa t21756 l21757">Directors</span></p><p class="pp-class-107 pp-area-text"><span class="pp-class-118 pa t21758 l3 ls663">Remuneration </span><span class="pp-class-118 pa t21758 l21759 ls615">of </span><span class="pp-class-118 pa t21758 l9829 ls623">members </span><span class="pp-class-118 pa t21758 l1867 ls615">of </span><span class="pp-class-118 pa t21758 l18867 ls617">the </span><span class="pp-class-118 pa t21758 l18892 ls628">Board </span><span class="pp-class-118 pa t21758 l21760 ls615">of </span><span class="pp-class-118 pa t21758 l21761 ls620">Directors </span><span class="pp-class-118 pa t21758 l6322 ls615">is </span><span class="pp-class-118 pa t21758 l21762 ls636">determined </span><span class="pp-class-118 pa t21758 l21763 ls615">by </span><span class="pp-class-118 pa t21758 l21764 ls663">resolutions </span><span class="pp-class-118 pa t21758 l21765 ls626">passed </span><span class="pp-class-118 pa t21758 l21766 ls615">at </span><span class="pp-class-118 pa t21758 l21767 ls617">the </span><span class="pp-class-118 pa t21758 l21768 ls626">Annual </span><span class="pp-class-118 pa t21758 l21769 ls623">General </span><span class="pp-class-118 pa t21758 l21770 ls659">Meeting. </span></p><p class="pp-class-107 pp-area-text"><span class="pp-class-121 pa t21771 l3">Executive </span><span class="pp-class-121 pa t21771 l10703">Management</span></p><p class="pp-class-107 pp-area-text"><span class="pp-class-118 pa t21772 l3 ls617">The </span><span class="pp-class-118 pa t21772 l7402 ls636">Executive </span><span class="pp-class-118 pa t21772 l21773 ls663">Management, </span><span class="pp-class-118 pa t21772 l21774 ls628">which </span><span class="pp-class-118 pa t21772 l21775 ls615">in </span><span class="pp-class-118 pa t21772 l10270 ls639">2025 </span><span class="pp-class-118 pa t21772 l21776 ls620">consisted </span><span class="pp-class-118 pa t21772 l21777 ls615">of </span><span class="pp-class-118 pa t21772 l21778 ls617">two </span><span class="pp-class-118 pa t21772 l21779 ls663">individuals, </span><span class="pp-class-118 pa t21772 l21780 ls620">received </span><span class="pp-class-118 pa t21772 l21781 ls620">salaries </span><span class="pp-class-118 pa t21772 l21782 ls617">and </span><span class="pp-class-118 pa t21772 l21783 ls623">pension </span><span class="pp-class-118 pa t21772 l21784 ls626">contributions </span><span class="pp-class-118 pa t21785 l3 ls626">during </span><span class="pp-class-118 pa t21785 l21786 ls617">the </span><span class="pp-class-118 pa t21785 l19451 ls636">financial </span><span class="pp-class-118 pa t21785 l20524 ls639">year </span><span class="pp-class-118 pa t21785 l21787 ls639">2025 </span><span class="pp-class-118 pa t21785 l6854 ls636">amounting </span><span class="pp-class-118 pa t21785 l6796 ls615">to </span><span class="pp-class-118 pa t21785 l15408 ls617">DKK </span><span class="pp-class-118 pa t21785 l14447 ls617">5.5 </span><span class="pp-class-118 pa t21785 l21788 ls623">million </span><span class="pp-class-118 pa t21785 l21789 ls626">(2024: </span><span class="pp-class-118 pa t21785 l21790 ls617">DKK </span><span class="pp-class-118 pa t21785 l21791 ls617">5.1 </span><span class="pp-class-118 pa t21785 l21792 ls620">million) </span><span class="pp-class-118 pa t21785 l21793 ls639">plus </span><span class="pp-class-118 pa t21785 l21794 ls620">variable </span><span class="pp-class-118 pa t21785 l21795 ls663">remuneration </span><span class="pp-class-118 pa t21785 l21796 ls7807">and </span><span class="pp-class-118 pa t21797 l3 ls628">other </span><span class="pp-class-118 pa t21797 l21798 ls620">benefits </span><span class="pp-class-118 pa t21797 l14000 ls620">amounting </span><span class="pp-class-118 pa t21797 l21799 ls615">to </span><span class="pp-class-118 pa t21797 l21800 ls7807">a </span><span class="pp-class-118 pa t21797 l21801 ls628">total </span><span class="pp-class-118 pa t21797 l21802 ls615">of </span><span class="pp-class-118 pa t21797 l21803 ls617">DKK </span><span class="pp-class-118 pa t21797 l21804 ls617">7.8 </span><span class="pp-class-118 pa t21797 l21805 ls623">million </span><span class="pp-class-118 pa t21797 l21806 ls626">(2024: </span><span class="pp-class-118 pa t21797 l21807 ls617">DKK </span><span class="pp-class-118 pa t21797 l21808 ls617">8.7 </span><span class="pp-class-118 pa t21797 l21809 ls620">million).</span></p><p class="pp-class-107 pp-area-text"><span class="pp-class-118 pa t21810 l3 ls615">In </span><span class="pp-class-118 pa t21810 l616 ls620">addition </span><span class="pp-class-118 pa t21810 l4260 ls615">to </span><span class="pp-class-118 pa t21810 l13743 ls639">base </span><span class="pp-class-118 pa t21810 l10845 ls623">salary, </span><span class="pp-class-118 pa t21810 l21811 ls617">the </span><span class="pp-class-118 pa t21810 l21812 ls620">Executive </span><span class="pp-class-118 pa t21810 l6884 ls636">Management </span><span class="pp-class-118 pa t21810 l21813 ls617">has </span><span class="pp-class-118 pa t21810 l21814 ls630">a </span><span class="pp-class-118 pa t21810 l21815 ls7182">short-term </span><span class="pp-class-118 pa t21810 l21816 ls620">incentive </span><span class="pp-class-118 pa t21810 l21817 ls628">(STI) </span><span class="pp-class-118 pa t21810 l21818 ls620">programme </span><span class="pp-class-118 pa t21810 l21819 ls617">and </span><span class="pp-class-118 pa t21810 l21820 ls630">a </span><span class="pp-class-118 pa t21810 l21821 ls21822">long-term </span><span class="pp-class-118 pa t21823 l3 ls620">incentive </span><span class="pp-class-118 pa t21823 l21824 ls628">(LTI) </span><span class="pp-class-118 pa t21823 l21825 ls636">programme, </span><span class="pp-class-118 pa t21823 l21826 ls628">which </span><span class="pp-class-118 pa t21823 l21827 ls617">are </span><span class="pp-class-118 pa t21823 l21828 ls620">governed </span><span class="pp-class-118 pa t21823 l21829 ls615">by </span><span class="pp-class-118 pa t21823 l5984 ls617">the </span><span class="pp-class-118 pa t21823 l21830 ls663">Remuneration </span><span class="pp-class-118 pa t21823 l21831 ls623">Policy. </span><span class="pp-class-118 pa t21823 l21832 ls617">The </span><span class="pp-class-118 pa t21823 l21833 ls617">STI </span><span class="pp-class-118 pa t21823 l21834 ls620">programme </span><span class="pp-class-118 pa t21823 l21835 ls617">for </span><span class="pp-class-118 pa t21823 l21836 ls639">2025 </span><span class="pp-class-118 pa t21823 l21837 ls615">is </span><span class="pp-class-118 pa t21823 l21838 ls626">capped </span><span class="pp-class-118 pa t21823 l21839 ls7850">at </span><span class="pp-class-118 pa t21840 l3 ls615">up </span><span class="pp-class-118 pa t21840 l21841 ls615">to </span><span class="pp-class-118 pa t21840 l14391 ls617">50% </span><span class="pp-class-118 pa t21840 l21842 ls615">of </span><span class="pp-class-118 pa t21840 l21843 ls617">the </span><span class="pp-class-118 pa t21840 l21844 ls626">annual </span><span class="pp-class-118 pa t21840 l21845 ls639">base </span><span class="pp-class-118 pa t21840 l21846 ls626">salary </span><span class="pp-class-118 pa t21840 l21847 ls617">and </span><span class="pp-class-118 pa t21840 l21848 ls615">is </span><span class="pp-class-118 pa t21840 l7471 ls628">based </span><span class="pp-class-118 pa t21840 l21849 ls615">on </span><span class="pp-class-118 pa t21840 l6549 ls626">annual </span><span class="pp-class-118 pa t21840 l21850 ls628">KPIs. </span><span class="pp-class-118 pa t21840 l21851 ls617">The </span><span class="pp-class-118 pa t21840 l21852 ls628">bonus </span><span class="pp-class-118 pa t21840 l21853 ls620">criteria </span><span class="pp-class-118 pa t21840 l21854 ls617">for </span><span class="pp-class-118 pa t21840 l21855 ls617">the </span><span class="pp-class-118 pa t21840 l21856 ls617">STI </span><span class="pp-class-118 pa t21840 l21857 ls636">programme </span><span class="pp-class-118 pa t21840 l21858 ls617">are </span><span class="pp-class-118 pa t21840 l21859 ls659">revenue, </span><span class="pp-class-118 pa t21860 l3 ls626">EBITDA </span><span class="pp-class-118 pa t21860 l21861 ls617">and </span><span class="pp-class-118 pa t21860 l18062 ls617">NWC </span><span class="pp-class-118 pa t21860 l21862 ls626">ratio. </span><span class="pp-class-118 pa t21860 l21863 ls617">The </span><span class="pp-class-118 pa t21860 l14198 ls617">STI </span><span class="pp-class-118 pa t21860 l7470 ls636">programme </span><span class="pp-class-118 pa t21860 l21864 ls620">includes </span><span class="pp-class-118 pa t21860 l9531 ls630">a </span><span class="pp-class-118 pa t21860 l21865 ls620">threshold </span><span class="pp-class-118 pa t21860 l21866 ls617">for </span><span class="pp-class-118 pa t21860 l21867 ls617">the </span><span class="pp-class-118 pa t21860 l21868 ls626">EBITDA </span><span class="pp-class-118 pa t21860 l21869 ls626">target </span><span class="pp-class-118 pa t21860 l21870 ls628">that, </span><span class="pp-class-118 pa t21860 l21871 ls615">if </span><span class="pp-class-118 pa t21860 l21872 ls617">not </span><span class="pp-class-118 pa t21860 l21873 ls636">achieved, </span><span class="pp-class-118 pa t21860 l21874 ls639">will </span><span class="pp-class-118 pa t21860 l14930 ls718">result </span><span class="pp-class-118 pa t21875 l3 ls615">in </span><span class="pp-class-118 pa t21875 l21876 ls615">no </span><span class="pp-class-118 pa t21875 l21877 ls617">STI </span><span class="pp-class-118 pa t21875 l21878 ls628">bonus </span><span class="pp-class-118 pa t21875 l21879 ls628">being </span><span class="pp-class-118 pa t21875 l3279 ls628">paid, </span><span class="pp-class-118 pa t21875 l13355 ls636">regardless </span><span class="pp-class-118 pa t21875 l21880 ls615">of </span><span class="pp-class-118 pa t21875 l21881 ls663">performance </span><span class="pp-class-118 pa t21875 l21882 ls615">on </span><span class="pp-class-118 pa t21875 l21883 ls628">other </span><span class="pp-class-118 pa t21875 l21884 ls628">KPIs. </span></p><p class="pp-class-107 pp-area-text"><span class="pp-class-118 pa t21885 l3 ls617">The </span><span class="pp-class-118 pa t21885 l7402 ls617">LTI </span><span class="pp-class-118 pa t21885 l21886 ls636">programme </span><span class="pp-class-118 pa t21885 l21887 ls615">is </span><span class="pp-class-118 pa t21885 l12990 ls623">granted </span><span class="pp-class-118 pa t21885 l21888 ls663">exclusively </span><span class="pp-class-118 pa t21885 l21889 ls615">to </span><span class="pp-class-118 pa t21885 l21890 ls617">the </span><span class="pp-class-118 pa t21885 l7371 ls620">Executive </span><span class="pp-class-118 pa t21885 l21891 ls636">Management </span><span class="pp-class-118 pa t21885 l21892 ls617">and </span><span class="pp-class-118 pa t21885 l21893 ls620">consists </span><span class="pp-class-118 pa t21885 l21894 ls615">of </span><span class="pp-class-118 pa t21885 l21895 ls626">annual </span><span class="pp-class-118 pa t21885 l21896 ls636">individual </span><span class="pp-class-118 pa t21885 l21897 ls628">performance </span><span class="pp-class-118 pa t21898 l3 ls628">share </span><span class="pp-class-118 pa t21898 l21899 ls639">unit </span><span class="pp-class-118 pa t21898 l21900 ls628">plans </span><span class="pp-class-118 pa t21898 l13953 ls639">with </span><span class="pp-class-118 pa t21898 l21901 ls623">rolling </span><span class="pp-class-118 pa t21898 l10091 ls718">3-year </span><span class="pp-class-118 pa t21898 l21902 ls663">performance </span><span class="pp-class-118 pa t21898 l21903 ls623">periods </span><span class="pp-class-118 pa t21898 l21904 ls617">for </span><span class="pp-class-118 pa t21898 l21905 ls617">the </span><span class="pp-class-118 pa t21898 l21906 ls623">periods </span><span class="pp-class-118 pa t21898 l21907 ls7182">2023-2025, </span><span class="pp-class-118 pa t21898 l21908 ls639">2024-2026 </span><span class="pp-class-118 pa t21898 l21909 ls617">and </span><span class="pp-class-118 pa t21898 l21910 ls7182">2025-2027. </span><span class="pp-class-118 pa t21898 l21911 ls7837">When </span><span class="pp-class-118 pa t21912 l3 ls617">the </span><span class="pp-class-118 pa t21912 l7852 ls617">LTI </span><span class="pp-class-118 pa t21912 l21913 ls636">programme </span><span class="pp-class-118 pa t21912 l21914 ls615">is </span><span class="pp-class-118 pa t21912 l21915 ls623">granted </span><span class="pp-class-118 pa t21912 l21448 ls615">to </span><span class="pp-class-118 pa t21912 l21916 ls617">the </span><span class="pp-class-118 pa t21912 l21917 ls663">participants, </span><span class="pp-class-118 pa t21912 l2192 ls630">a </span><span class="pp-class-118 pa t21912 l21918 ls623">maximum </span><span class="pp-class-118 pa t21912 l21919 ls615">of </span><span class="pp-class-118 pa t21912 l21920 ls615">up </span><span class="pp-class-118 pa t21912 l21921 ls615">to </span><span class="pp-class-118 pa t21912 l21922 ls617">50% </span><span class="pp-class-118 pa t21912 l21923 ls615">of </span><span class="pp-class-118 pa t21912 l21924 ls617">the </span><span class="pp-class-118 pa t21912 l21925 ls626">annual </span><span class="pp-class-118 pa t21912 l21926 ls639">base </span><span class="pp-class-118 pa t21912 l21927 ls626">salary </span><span class="pp-class-118 pa t21912 l21928 ls615">is </span><span class="pp-class-118 pa t21912 l21929 ls620">converted </span><span class="pp-class-118 pa t21912 l21930 ls615">to </span><span class="pp-class-118 pa t21912 l21931 ls786">a </span><span class="pp-class-118 pa t21932 l3 ls623">maximum </span><span class="pp-class-118 pa t21932 l21933 ls626">number </span><span class="pp-class-118 pa t21932 l21934 ls615">of </span><span class="pp-class-118 pa t21932 l19747 ls663">performance </span><span class="pp-class-118 pa t21932 l21935 ls628">share </span><span class="pp-class-118 pa t21932 l21936 ls628">units </span><span class="pp-class-118 pa t21932 l21937 ls628">based </span><span class="pp-class-118 pa t21932 l19186 ls615">on </span><span class="pp-class-118 pa t21932 l21938 ls617">the </span><span class="pp-class-118 pa t21932 l21939 ls623">current </span><span class="pp-class-118 pa t21932 l21940 ls628">share </span><span class="pp-class-118 pa t21932 l21941 ls626">price, </span><span class="pp-class-118 pa t21932 l21942 ls639">i.e. </span><span class="pp-class-118 pa t21932 l21943 ls615">an </span><span class="pp-class-118 pa t21932 l21944 ls623">average </span><span class="pp-class-118 pa t21932 l21945 ls639">over </span><span class="pp-class-118 pa t21932 l21946 ls630">a </span><span class="pp-class-118 pa t21932 l21947 ls617">3-month </span><span class="pp-class-118 pa t21932 l21948 ls617">period. </span><span class="pp-class-118 pa t21949 l3 ls615">At </span><span class="pp-class-118 pa t21949 l9780 ls617">the </span><span class="pp-class-118 pa t21949 l21950 ls617">end </span><span class="pp-class-118 pa t21949 l21951 ls615">of </span><span class="pp-class-118 pa t21949 l7735 ls639">each </span><span class="pp-class-118 pa t21949 l21952 ls663">performance </span><span class="pp-class-118 pa t21949 l21953 ls623">period, </span><span class="pp-class-118 pa t21949 l6820 ls617">the </span><span class="pp-class-118 pa t21949 l21954 ls663">performance </span><span class="pp-class-118 pa t21949 l21955 ls628">share </span><span class="pp-class-118 pa t21949 l21956 ls628">units </span><span class="pp-class-118 pa t21949 l21957 ls617">may </span><span class="pp-class-118 pa t21949 l21958 ls615">be </span><span class="pp-class-118 pa t21949 l21959 ls620">converted </span><span class="pp-class-118 pa t21949 l21960 ls639">into </span><span class="pp-class-118 pa t21949 l21961 ls626">shares </span><span class="pp-class-118 pa t21949 l21962 ls615">in </span><span class="pp-class-118 pa t21949 l21963 ls617">TCM </span><span class="pp-class-118 pa t21949 l21964 ls626">Group, </span><span class="pp-class-118 pa t21949 l21965 ls615">which </span><span class="pp-class-118 pa t21966 l3 ls639">will </span><span class="pp-class-118 pa t21966 l21967 ls615">be </span><span class="pp-class-118 pa t21966 l21968 ls623">granted </span><span class="pp-class-118 pa t21966 l21969 ls639">free </span><span class="pp-class-118 pa t21966 l21970 ls615">of </span><span class="pp-class-118 pa t21966 l21971 ls623">charge. </span><span class="pp-class-118 pa t21966 l21972 ls617">The </span><span class="pp-class-118 pa t21966 l11980 ls663">performance </span><span class="pp-class-118 pa t21966 l21973 ls620">measures </span><span class="pp-class-118 pa t21966 l21974 ls617">for </span><span class="pp-class-118 pa t21966 l21975 ls617">the </span><span class="pp-class-118 pa t21966 l21976 ls617">LTI </span><span class="pp-class-118 pa t21966 l21977 ls636">programme </span><span class="pp-class-118 pa t21966 l21978 ls617">are </span><span class="pp-class-118 pa t21966 l21979 ls617">all </span><span class="pp-class-118 pa t21966 l21980 ls718">3-year </span><span class="pp-class-118 pa t21966 l21981 ls663">accumulative </span><span class="pp-class-118 pa t21966 l21982 ls617">and </span><span class="pp-class-118 pa t21966 l21983 ls617">com-</span><span class="pp-class-118 pa t21984 l3 ls628">prise </span><span class="pp-class-118 pa t21984 l17104 ls620">absolute </span><span class="pp-class-118 pa t21984 l21985 ls628">total </span><span class="pp-class-118 pa t21984 l20349 ls663">shareholder </span><span class="pp-class-118 pa t21984 l21986 ls626">return </span><span class="pp-class-118 pa t21984 l12876 ls615">on </span><span class="pp-class-118 pa t21984 l9923 ls617">the </span><span class="pp-class-118 pa t21984 l21987 ls636">company’s </span><span class="pp-class-118 pa t21984 l21988 ls626">share, </span><span class="pp-class-118 pa t21984 l21989 ls626">EBITDA </span><span class="pp-class-118 pa t21984 l21990 ls617">and </span><span class="pp-class-118 pa t21984 l21991 ls626">carbon </span><span class="pp-class-118 pa t21984 l21992 ls620">emissions </span><span class="pp-class-118 pa t21984 l21993 ls663">reductions. </span><span class="pp-class-118 pa t21984 l21994 ls617">The </span><span class="pp-class-118 pa t21984 l21995 ls7837">fair </span><span class="pp-class-118 pa t21996 l3 ls628">value </span><span class="pp-class-118 pa t21996 l21997 ls615">of </span><span class="pp-class-118 pa t21996 l16796 ls617">the </span><span class="pp-class-118 pa t21996 l16733 ls617">LTI </span><span class="pp-class-118 pa t21996 l21998 ls620">programme </span><span class="pp-class-118 pa t21996 l21999 ls615">is </span><span class="pp-class-118 pa t21996 l12047 ls636">estimated </span><span class="pp-class-118 pa t21996 l22000 ls615">on </span><span class="pp-class-118 pa t21996 l22001 ls615">an </span><span class="pp-class-118 pa t21996 l19987 ls626">annual </span><span class="pp-class-118 pa t21996 l22002 ls628">basis.</span></p></div></div><div class="pp-class-7" id="pp-id-3360" xmlns="http://www.w3.org/1999/xhtml"><div class="w15596 h22003 pa t2 l3 wtro4 xx16559 tro6 xx16560"><p class="pp-class-107 pp-area-text"><span class="pp-class-119 pa t16561 l3 ls7548">6. </span><span class="pp-class-119 pa t16561 l22004 ls22005">Average </span><span class="pp-class-119 pa t16561 l22006 ls15723">number </span><span class="pp-class-119 pa t16561 l22007 ls207">of </span><span class="pp-class-119 pa t16561 l22008 ls22009">employees </span><span class="pp-class-119 pa t16561 l22010 ls5850">during </span><span class="pp-class-119 pa t16561 l22011 ls22012">the </span><span class="pp-class-119 pa t16561 l22013 ls1856">period</span></p><table><tr><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t22014 l15601 ls458">2025</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t22014 l15602 ls1074">2024</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22015 l3">Average </span><span class="pp-class-113 pa t22015 l22016">number </span><span class="pp-class-113 pa t22015 l22017">of </span><span class="pp-class-113 pa t22015 l22018">employees </span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22015 l22019">498</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22015 l22020">460</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22021 l3">Board </span><span class="pp-class-113 pa t22021 l21489">members</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22021 l22022">6</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22021 l22023">6</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-127 pa t22024 l3">Of </span><span class="pp-class-127 pa t22024 l22025">which </span><span class="pp-class-127 pa t22024 l22026">women</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-127 pa t22024 l22027">2</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-127 pa t22024 l22028">2</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22029 l3">Executive </span><span class="pp-class-113 pa t22029 l22030">Management</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22029 l22031">2</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22029 l22032">2</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-127 pa t22033 l3">Of </span><span class="pp-class-127 pa t22033 l22025">which </span><span class="pp-class-127 pa t22033 l22026">women</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-127 pa t22033 l22034">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-127 pa t22033 l22035">0</span></p></td></tr></table><p class="pp-class-107 pp-area-text"><span class="pp-class-118 pa t22036 l3 ls683">The </span><span class="pp-class-118 pa t22036 l19526 ls2716">Board </span><span class="pp-class-118 pa t22036 l22037 ls2711">of </span><span class="pp-class-118 pa t22036 l22038 ls692">Directors </span><span class="pp-class-118 pa t22036 l22039 ls692">consisted </span><span class="pp-class-118 pa t22036 l22040 ls2711">of </span><span class="pp-class-118 pa t22036 l2628 ls4645">six </span><span class="pp-class-118 pa t22036 l22041 ls7275">members </span><span class="pp-class-118 pa t22036 l22042 ls2711">at </span><span class="pp-class-118 pa t22036 l22043 ls683">the </span><span class="pp-class-118 pa t22036 l18843 ls2713">date </span><span class="pp-class-118 pa t22036 l22044 ls2711">of </span><span class="pp-class-118 pa t22036 l22045 ls7271">approval </span><span class="pp-class-118 pa t22036 l22046 ls2711">of </span><span class="pp-class-118 pa t22036 l22047 ls4645">the </span><span class="pp-class-118 pa t22036 l22048 ls2718">consolidated </span><span class="pp-class-118 pa t22036 l22049 ls692">financial </span><span class="pp-class-118 pa t22036 l22050 ls2716">statements. </span></p><p class="pp-class-107 pp-area-text"><span class="pp-class-118 pa t22051 l3 ls2711">As </span><span class="pp-class-118 pa t22051 l22052 ls2711">of </span><span class="pp-class-118 pa t22051 l22053 ls683">the </span><span class="pp-class-118 pa t22051 l6102 ls7271">approval </span><span class="pp-class-118 pa t22051 l14316 ls2716">date, </span><span class="pp-class-118 pa t22051 l22054 ls683">the </span><span class="pp-class-118 pa t22051 l22055 ls692">Executive </span><span class="pp-class-118 pa t22051 l22056 ls4643">Management </span><span class="pp-class-118 pa t22051 l22057 ls692">consisted </span><span class="pp-class-118 pa t22051 l22058 ls2711">of </span><span class="pp-class-118 pa t22051 l22059 ls683">one </span><span class="pp-class-118 pa t22051 l22060 ls683">member. </span></p></div></div> <div class="pp-class-7" id="pp-id-3353" xmlns="http://www.w3.org/1999/xhtml"><div class="w15596 h21453 pa t2 l3 wtro4 xx30 tro6 xx31"><table><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t15598 l3 ls14105">Remuneration </span><span class="pp-class-112 pa t15598 l21454 ls458">and </span><span class="pp-class-112 pa t15598 l21455 ls21031">other </span><span class="pp-class-112 pa t15598 l21456 ls2559">benefits</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t21457 l3 ls14110">DKK’000</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t21458 l21459 ls1968">Base </span><span class="pp-class-112 pa t21458 l21460 ls21461">salary/ </span><span class="pp-class-112 pa t191 l21462 ls21018">Directors’ </span><span class="pp-class-112 pa t21457 l21463 ls1074">fees</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t21464 l21465 ls21466">Variable </span><span class="pp-class-112 pa t21464 l21467 ls1762">re-</span><span class="pp-class-112 pa t21458 l21468 ls1864">muneration, </span><span class="pp-class-112 pa t191 l21469 ls21470">cash-based </span><span class="pp-class-112 pa t21457 l21471 ls1968">(STI)</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t21464 l21472 ls21466">Variable </span><span class="pp-class-112 pa t21464 l21473 ls1762">re-</span><span class="pp-class-112 pa t21458 l21474 ls1864">muneration, </span><span class="pp-class-112 pa t191 l21475 ls15600">share-based </span><span class="pp-class-112 pa t21457 l21476 ls21477">(LTI)</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t191 l21478 ls21479">Other </span><span class="pp-class-112 pa t21457 l21480 ls2559">benefits</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t191 l21481 ls458">Pension </span><span class="pp-class-112 pa t21457 l21482 ls1015">costs</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t21457 l21483 ls11452">Total</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t191 l21484 ls14110">Number </span><span class="pp-class-112 pa t191 l21485 ls21020">of </span><span class="pp-class-112 pa t21457 l21486 ls11003">individuals</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-116 pa t21487 l3 ls5314">2025</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21488 l3">Board </span><span class="pp-class-113 pa t21488 l21489">of </span><span class="pp-class-113 pa t21490 l3">Directors</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21490 l21491 ls786">2,500</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21490 l21492">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21490 l21493">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21490 l21494">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21490 l21495">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21490 l21496 ls786">2,500</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21490 l21497">6</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21498 l3">Executive </span><span class="pp-class-113 pa t21499 l3">Management</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21499 l16146 ls786">4,908</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21499 l21500 ls786">1,024</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21499 l21501 ls786">720</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21499 l21502 ls786">559</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21499 l21503 ls786">567</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21499 l21504 ls786">7,778</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21499 l21505">2</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t21506 l3">Total</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t21506 l21507 ls786">7,408</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t21506 l21508 ls786">1,024</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t21506 l21509 ls786">720</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t21506 l21510 ls786">559</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t21506 l21511 ls786">567</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t21506 l21512 ls786">10,278</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t21506 l21513">8</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-116 pa t21514 l3 ls299">2024</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21515 l3">Board </span><span class="pp-class-113 pa t21515 l21489">of </span><span class="pp-class-113 pa t21516 l3">Directors</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21516 l21517 ls786">2,547</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21516 l21492">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21516 l21493">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21516 l21494">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21516 l21495">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21516 l21518 ls786">2,547</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21516 l21497">6</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21519 l3">Executive </span><span class="pp-class-113 pa t21520 l3">Management</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21521 l21522 ls786">4,602</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21521 l21523 ls786">1,901</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21521 l21524 ls786">1,105</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21521 l21525 ls786">612</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21521 l21526 ls786">501</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21521 l21527 ls786">8,721</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21521 l21505">2</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t21528 l3">Total</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t21528 l21529">7,149</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t21528 l21530">1,901</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t21528 l21531">1,105</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t21528 l21532">612</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t21528 l21533">501</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t21528 l21534">11,268</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t21528 l21513">8</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t21535 l15601 ls458">2025</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t21535 l15602 ls1074">2024</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21536 l21537"/></p></td><td xmlns="http://www.w3.org/1999/xhtml"/></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-116 pa t21538 l3 ls21276">Number </span><span class="pp-class-116 pa t21538 l21539 ls15514">of </span><span class="pp-class-116 pa t21538 l21540 ls5850">performance </span><span class="pp-class-116 pa t21538 l21541 ls279">share </span><span class="pp-class-116 pa t21538 l21542 ls5934">units</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21543 l3">As </span><span class="pp-class-113 pa t21543 l21544">at </span><span class="pp-class-113 pa t21543 l21545">1 </span><span class="pp-class-113 pa t21543 l21546">January</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21543 l15915 ls786">93,908</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21543 l21547 ls786">65,766</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"/></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21548 l3">Granted </span><span class="pp-class-113 pa t21548 l517">during </span><span class="pp-class-113 pa t21548 l21549">the </span><span class="pp-class-113 pa t21548 l18506">year</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21548 l21550 ls786">33,842</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21548 l21551 ls786">37,885</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"/></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21552 l3">Exercised </span><span class="pp-class-113 pa t21552 l15999">during </span><span class="pp-class-113 pa t21552 l21553">the </span><span class="pp-class-113 pa t21552 l21554">year</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21552 l21555 ls786">(3,485)</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21552 l21556 ls786">(1,949)</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"/></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21557 l3">Forfeited </span><span class="pp-class-113 pa t21557 l21558">during </span><span class="pp-class-113 pa t21557 l21559">the </span><span class="pp-class-113 pa t21557 l21560">year</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21557 l21561 ls786">(46,733)</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21557 l21562 ls786">(7,794)</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"/></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t21563 l3">As </span><span class="pp-class-114 pa t21563 l21564">at </span><span class="pp-class-114 pa t21563 l21565">31 </span><span class="pp-class-114 pa t21563 l21566">December</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t21563 l15719 ls786">77,532</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t21563 l21567 ls786">93,908</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"/></tr></table><p class="pp-class-107 pp-area-text"><span class="pp-class-118 pa t21568 l3">Shares </span><span class="pp-class-118 pa t21568 l14884">granted </span><span class="pp-class-118 pa t21568 l1632">in </span><span class="pp-class-118 pa t21568 l9212">2025 </span><span class="pp-class-118 pa t21568 l13867">were </span><span class="pp-class-118 pa t21568 l21569">issued </span><span class="pp-class-118 pa t21568 l6117">at </span><span class="pp-class-118 pa t21568 l21570">an </span><span class="pp-class-118 pa t21568 l21571">exercise </span><span class="pp-class-118 pa t21568 l7362">price </span><span class="pp-class-118 pa t21568 l21572">of </span><span class="pp-class-118 pa t21568 l21573">DKK </span><span class="pp-class-118 pa t21568 l21574">74 </span><span class="pp-class-118 pa t21568 l21575">per </span><span class="pp-class-118 pa t21568 l21576">share. </span></p></div></div><div class="pp-class-7" id="pp-id-3354" xmlns="http://www.w3.org/1999/xhtml"><div class="w15596 h21577 pa t2 l3 wtro4 xx30 tro6 xx31"><table><tr><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t15598 l15601 ls458">2025</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t15598 l15602 ls1074">2024</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-116 pa t21578 l3 ls5850">Performance </span><span class="pp-class-116 pa t21578 l21579 ls279">Share </span><span class="pp-class-116 pa t21578 l21580 ls15911">Units </span><span class="pp-class-116 pa t21578 l21581 ls229">outstanding </span><span class="pp-class-116 pa t21578 l21582 ls21583">at </span><span class="pp-class-116 pa t21578 l21584 ls15514">year-end </span><span class="pp-class-116 pa t21585 l3 ls21586">have </span><span class="pp-class-116 pa t21585 l21587 ls5314">the </span><span class="pp-class-116 pa t21585 l21588 ls7589">following </span><span class="pp-class-116 pa t21585 l21589 ls21590">expiry </span><span class="pp-class-116 pa t21585 l21591 ls15579">dates</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21592 l3">31 </span><span class="pp-class-113 pa t21592 l21593">March </span><span class="pp-class-113 pa t21592 l21594">2025</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21592 l15872">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21592 l21595 ls786">17,427</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21596 l3">31 </span><span class="pp-class-113 pa t21596 l21593">March </span><span class="pp-class-113 pa t21596 l21594">2026</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21596 l21597 ls786">28,482</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21596 l21598 ls786">38,596</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21599 l3">31 </span><span class="pp-class-113 pa t21599 l21593">March </span><span class="pp-class-113 pa t21599 l21594">2027</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21599 l21600 ls786">26,184</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21599 l21551 ls786">37,885</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21601 l3">31 </span><span class="pp-class-113 pa t21601 l21593">March </span><span class="pp-class-113 pa t21601 l21594">2028</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21601 l21602 ls786">22,866</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21601 l15652">0</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t21603 l3">Total</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t21603 l15719 ls786">77,532</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t21603 l21567 ls786">93,908</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21604 l3">Weighted </span><span class="pp-class-113 pa t21604 l21605">average </span><span class="pp-class-113 pa t21604 l21606">remaining </span><span class="pp-class-113 pa t21604 l21607">contractual </span><span class="pp-class-113 pa t21604 l21608">life </span><span class="pp-class-113 pa t21604 l21609">of </span><span class="pp-class-113 pa t21604 l21610">performance </span><span class="pp-class-113 pa t21604 l21611">share </span><span class="pp-class-113 pa t21604 l21612">units </span><span class="pp-class-113 pa t21613 l3">outstanding </span><span class="pp-class-113 pa t21613 l21614">at </span><span class="pp-class-113 pa t21613 l21615">year-end</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21616 l21617">1.18</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21616 l21618">1.47</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t21619 l3 ls14110">DKK’000</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t21619 l21220 ls458">2025</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t21620 l21621 ls21622">Estimated </span><span class="pp-class-112 pa t21623 l21624 ls16079">exercise </span><span class="pp-class-112 pa t21619 l21625 ls15442">ratio</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t21619 l21234 ls1074">2024</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t21620 l21626 ls21622">Estimated </span><span class="pp-class-112 pa t21623 l21627 ls16079">exercise </span><span class="pp-class-112 pa t21619 l21628 ls15442">ratio</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-116 pa t21629 l3 ls21630">Fair </span><span class="pp-class-116 pa t21629 l21631 ls429">value </span><span class="pp-class-116 pa t21629 l21632 ls21583">at </span><span class="pp-class-116 pa t21629 l21633 ls15514">31 </span><span class="pp-class-116 pa t21629 l21634 ls171">December</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21635 l21636"/></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21637 l3">Granted </span><span class="pp-class-113 pa t21637 l517">in </span><span class="pp-class-113 pa t21637 l21638">2022</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21637 l21639">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21637 l21640">n.a.</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21637 l21641">227</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21637 l21642 ls786">20%</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21643 l3">Granted </span><span class="pp-class-113 pa t21643 l517">in </span><span class="pp-class-113 pa t21643 l21638">2023</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21643 l21644">928</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21643 l21645 ls786">84%</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21643 l21646 ls786">1,230</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21643 l21647 ls786">82%</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21648 l3">Granted </span><span class="pp-class-113 pa t21648 l517">in </span><span class="pp-class-113 pa t21648 l21638">2024</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21648 l21649 ls786">1,313</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21648 l21650 ls786">85%</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21648 l16308 ls786">1,900</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21648 l21651 ls786">85%</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21652 l3">Granted </span><span class="pp-class-113 pa t21652 l517">in </span><span class="pp-class-113 pa t21652 l21638">2025</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21652 l21653 ls786">1,113</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21652 l21654 ls786">67%</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21652 l15872">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t21652 l21655">n.a.</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t21656 l3">Total</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t21656 l21657 ls786">3,354</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t21656 l21658 ls786">3,357</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"/></tr></table><p class="pp-class-107 pp-area-text"><span class="pp-class-118 pa t21659 l3">Fair </span><span class="pp-class-118 pa t21659 l7031">value </span><span class="pp-class-118 pa t21659 l7032">is </span><span class="pp-class-118 pa t21659 l21660">estimated </span><span class="pp-class-118 pa t21659 l21661">based </span><span class="pp-class-118 pa t21659 l21662">on </span><span class="pp-class-118 pa t21659 l9855">the </span><span class="pp-class-118 pa t21659 l21663">expected </span><span class="pp-class-118 pa t21659 l13541">exercise </span><span class="pp-class-118 pa t21659 l21664">ratio </span><span class="pp-class-118 pa t21659 l21665">for </span><span class="pp-class-118 pa t21659 l21666">the </span><span class="pp-class-118 pa t21659 l21667">maximum </span><span class="pp-class-118 pa t21659 l21668 ls786">number </span><span class="pp-class-118 pa t21659 l21669 ls786">of </span><span class="pp-class-118 pa t21659 l21670 ls786">performance </span><span class="pp-class-118 pa t21659 l21671">share </span><span class="pp-class-118 pa t21659 l21672 ls786">units </span><span class="pp-class-118 pa t21659 l21673">and </span><span class="pp-class-118 pa t21674 l3">the </span><span class="pp-class-118 pa t21674 l1444">share </span><span class="pp-class-118 pa t21674 l15321">price </span><span class="pp-class-118 pa t21674 l9723">when </span><span class="pp-class-118 pa t21674 l13534">the </span><span class="pp-class-118 pa t21674 l21675">LTI </span><span class="pp-class-118 pa t21674 l18265">programme </span><span class="pp-class-118 pa t21674 l21676">was </span><span class="pp-class-118 pa t21674 l21677">granted </span><span class="pp-class-118 pa t21674 l21678">(share </span><span class="pp-class-118 pa t21674 l21679">price </span><span class="pp-class-118 pa t21674 l21680">in </span><span class="pp-class-118 pa t21674 l21681">2025: </span><span class="pp-class-118 pa t21674 l21682">DKK </span><span class="pp-class-118 pa t21674 l21683 ls786">73).</span></p></div></div><div class="pp-class-7" id="pp-id-3355" xmlns="http://www.w3.org/1999/xhtml"><div class="w15596 h21684 pa t2 l3 wtro4 xx30 tro6 xx31"><p class="pp-class-107 pp-area-text"><span class="pp-class-118 pa t21685 l3 ls636">Employees, </span><span class="pp-class-118 pa t21685 l21686 ls636">including </span><span class="pp-class-118 pa t21685 l21687 ls617">the </span><span class="pp-class-118 pa t21685 l10123 ls628">Board </span><span class="pp-class-118 pa t21685 l21688 ls615">of </span><span class="pp-class-118 pa t21685 l21689 ls636">Directors </span><span class="pp-class-118 pa t21685 l21690 ls617">and </span><span class="pp-class-118 pa t21685 l20874 ls617">the </span><span class="pp-class-118 pa t21685 l20230 ls620">Executive </span><span class="pp-class-118 pa t21685 l21691 ls663">Management, </span><span class="pp-class-118 pa t21685 l21692 ls639">have </span><span class="pp-class-118 pa t21685 l21693 ls617">the </span><span class="pp-class-118 pa t21685 l21694 ls663">opportunity </span><span class="pp-class-118 pa t21685 l21695 ls615">to </span><span class="pp-class-118 pa t21685 l21696 ls617">buy </span><span class="pp-class-118 pa t21685 l21697 ls639">kitchens, </span><span class="pp-class-118 pa t21698 l3 ls620">bathrooms </span><span class="pp-class-118 pa t21698 l21699 ls617">and </span><span class="pp-class-118 pa t21698 l1625 ls623">storage </span><span class="pp-class-118 pa t21698 l21700 ls636">solutions </span><span class="pp-class-118 pa t21698 l21701 ls615">at </span><span class="pp-class-118 pa t21698 l12797 ls630">a </span><span class="pp-class-118 pa t21698 l21702 ls636">discounted </span><span class="pp-class-118 pa t21698 l21703 ls626">price. </span><span class="pp-class-118 pa t21698 l21704 ls620">Purchases </span><span class="pp-class-118 pa t21698 l21705 ls617">are </span><span class="pp-class-118 pa t21698 l21706 ls639">made </span><span class="pp-class-118 pa t21698 l21707 ls636">indirectly </span><span class="pp-class-118 pa t21698 l21708 ls623">through </span><span class="pp-class-118 pa t21698 l21709 ls615">an </span><span class="pp-class-118 pa t21698 l21710 ls663">independent </span><span class="pp-class-118 pa t21698 l21711 ls718">store. </span><span class="pp-class-118 pa t21712 l3 ls617">The </span><span class="pp-class-118 pa t21712 l7402 ls628">total </span><span class="pp-class-118 pa t21712 l21713 ls628">value </span><span class="pp-class-118 pa t21712 l21714 ls615">of </span><span class="pp-class-118 pa t21712 l11269 ls617">the </span><span class="pp-class-118 pa t21712 l18088 ls636">purchases </span><span class="pp-class-118 pa t21712 l6590 ls639">made </span><span class="pp-class-118 pa t21712 l10499 ls615">by </span><span class="pp-class-118 pa t21712 l21715 ls617">the </span><span class="pp-class-118 pa t21712 l21716 ls628">Board </span><span class="pp-class-118 pa t21712 l21717 ls615">of </span><span class="pp-class-118 pa t21712 l21718 ls620">Directors </span><span class="pp-class-118 pa t21712 l21719 ls617">and </span><span class="pp-class-118 pa t21712 l21720 ls617">the </span><span class="pp-class-118 pa t21712 l21721 ls636">Executive </span><span class="pp-class-118 pa t21712 l21722 ls636">Management </span><span class="pp-class-118 pa t21712 l21723 ls626">during </span><span class="pp-class-118 pa t21712 l21724 ls617">the </span><span class="pp-class-118 pa t21712 l21725 ls639">year </span><span class="pp-class-118 pa t21712 l21726 ls630">was </span><span class="pp-class-118 pa t21727 l3 ls617">DKK </span><span class="pp-class-118 pa t21727 l21728 ls615">39 </span><span class="pp-class-118 pa t21727 l21729 ls620">thousand </span><span class="pp-class-118 pa t21727 l21730 ls626">(2024: </span><span class="pp-class-118 pa t21727 l21731 ls617">DKK </span><span class="pp-class-118 pa t21727 l21732 ls617">340 </span><span class="pp-class-118 pa t21727 l21733 ls636">thousand).</span></p><p class="pp-class-107 pp-area-text"><span class="pp-class-118 pa t21734 l3 ls617">The </span><span class="pp-class-118 pa t21734 l7402 ls663">Remuneration </span><span class="pp-class-118 pa t21734 l21735 ls626">Report </span><span class="pp-class-118 pa t21734 l21736 ls617">for </span><span class="pp-class-118 pa t21734 l21737 ls617">the </span><span class="pp-class-118 pa t21734 l2202 ls628">Board </span><span class="pp-class-118 pa t21734 l21738 ls615">of </span><span class="pp-class-118 pa t21734 l21739 ls620">Directors </span><span class="pp-class-118 pa t21734 l21740 ls617">and </span><span class="pp-class-118 pa t21734 l21741 ls617">the </span><span class="pp-class-118 pa t21734 l21742 ls636">Executive </span><span class="pp-class-118 pa t21734 l21743 ls636">Management </span><span class="pp-class-118 pa t21734 l21744 ls615">is </span><span class="pp-class-118 pa t21734 l21745 ls620">available </span><span class="pp-class-118 pa t21734 l21746 ls615">on </span><span class="pp-class-118 pa t21734 l21747 ls617">TCM </span><span class="pp-class-118 pa t21734 l21748 ls617">Group’s </span><span class="pp-class-118 pa t21749 l3 ls623">website.</span></p></div></div><div class="pp-class-7" id="pp-id-3359" xmlns="http://www.w3.org/1999/xhtml"><div class="w15596 h21755 pa t2 l3 wtro4 xx30 tro6 xx31"><p class="pp-class-107 pp-area-text"><span class="pp-class-121 pa t21756 l3">Board </span><span class="pp-class-121 pa t21756 l1050">of </span><span class="pp-class-121 pa t21756 l21757">Directors</span></p><p class="pp-class-107 pp-area-text"><span class="pp-class-118 pa t21758 l3 ls663">Remuneration </span><span class="pp-class-118 pa t21758 l21759 ls615">of </span><span class="pp-class-118 pa t21758 l9829 ls623">members </span><span class="pp-class-118 pa t21758 l1867 ls615">of </span><span class="pp-class-118 pa t21758 l18867 ls617">the </span><span class="pp-class-118 pa t21758 l18892 ls628">Board </span><span class="pp-class-118 pa t21758 l21760 ls615">of </span><span class="pp-class-118 pa t21758 l21761 ls620">Directors </span><span class="pp-class-118 pa t21758 l6322 ls615">is </span><span class="pp-class-118 pa t21758 l21762 ls636">determined </span><span class="pp-class-118 pa t21758 l21763 ls615">by </span><span class="pp-class-118 pa t21758 l21764 ls663">resolutions </span><span class="pp-class-118 pa t21758 l21765 ls626">passed </span><span class="pp-class-118 pa t21758 l21766 ls615">at </span><span class="pp-class-118 pa t21758 l21767 ls617">the </span><span class="pp-class-118 pa t21758 l21768 ls626">Annual </span><span class="pp-class-118 pa t21758 l21769 ls623">General </span><span class="pp-class-118 pa t21758 l21770 ls659">Meeting. </span></p><p class="pp-class-107 pp-area-text"><span class="pp-class-121 pa t21771 l3">Executive </span><span class="pp-class-121 pa t21771 l10703">Management</span></p><p class="pp-class-107 pp-area-text"><span class="pp-class-118 pa t21772 l3 ls617">The </span><span class="pp-class-118 pa t21772 l7402 ls636">Executive </span><span class="pp-class-118 pa t21772 l21773 ls663">Management, </span><span class="pp-class-118 pa t21772 l21774 ls628">which </span><span class="pp-class-118 pa t21772 l21775 ls615">in </span><span class="pp-class-118 pa t21772 l10270 ls639">2025 </span><span class="pp-class-118 pa t21772 l21776 ls620">consisted </span><span class="pp-class-118 pa t21772 l21777 ls615">of </span><span class="pp-class-118 pa t21772 l21778 ls617">two </span><span class="pp-class-118 pa t21772 l21779 ls663">individuals, </span><span class="pp-class-118 pa t21772 l21780 ls620">received </span><span class="pp-class-118 pa t21772 l21781 ls620">salaries </span><span class="pp-class-118 pa t21772 l21782 ls617">and </span><span class="pp-class-118 pa t21772 l21783 ls623">pension </span><span class="pp-class-118 pa t21772 l21784 ls626">contributions </span><span class="pp-class-118 pa t21785 l3 ls626">during </span><span class="pp-class-118 pa t21785 l21786 ls617">the </span><span class="pp-class-118 pa t21785 l19451 ls636">financial </span><span class="pp-class-118 pa t21785 l20524 ls639">year </span><span class="pp-class-118 pa t21785 l21787 ls639">2025 </span><span class="pp-class-118 pa t21785 l6854 ls636">amounting </span><span class="pp-class-118 pa t21785 l6796 ls615">to </span><span class="pp-class-118 pa t21785 l15408 ls617">DKK </span><span class="pp-class-118 pa t21785 l14447 ls617">5.5 </span><span class="pp-class-118 pa t21785 l21788 ls623">million </span><span class="pp-class-118 pa t21785 l21789 ls626">(2024: </span><span class="pp-class-118 pa t21785 l21790 ls617">DKK </span><span class="pp-class-118 pa t21785 l21791 ls617">5.1 </span><span class="pp-class-118 pa t21785 l21792 ls620">million) </span><span class="pp-class-118 pa t21785 l21793 ls639">plus </span><span class="pp-class-118 pa t21785 l21794 ls620">variable </span><span class="pp-class-118 pa t21785 l21795 ls663">remuneration </span><span class="pp-class-118 pa t21785 l21796 ls7807">and </span><span class="pp-class-118 pa t21797 l3 ls628">other </span><span class="pp-class-118 pa t21797 l21798 ls620">benefits </span><span class="pp-class-118 pa t21797 l14000 ls620">amounting </span><span class="pp-class-118 pa t21797 l21799 ls615">to </span><span class="pp-class-118 pa t21797 l21800 ls7807">a </span><span class="pp-class-118 pa t21797 l21801 ls628">total </span><span class="pp-class-118 pa t21797 l21802 ls615">of </span><span class="pp-class-118 pa t21797 l21803 ls617">DKK </span><span class="pp-class-118 pa t21797 l21804 ls617">7.8 </span><span class="pp-class-118 pa t21797 l21805 ls623">million </span><span class="pp-class-118 pa t21797 l21806 ls626">(2024: </span><span class="pp-class-118 pa t21797 l21807 ls617">DKK </span><span class="pp-class-118 pa t21797 l21808 ls617">8.7 </span><span class="pp-class-118 pa t21797 l21809 ls620">million).</span></p><p class="pp-class-107 pp-area-text"><span class="pp-class-118 pa t21810 l3 ls615">In </span><span class="pp-class-118 pa t21810 l616 ls620">addition </span><span class="pp-class-118 pa t21810 l4260 ls615">to </span><span class="pp-class-118 pa t21810 l13743 ls639">base </span><span class="pp-class-118 pa t21810 l10845 ls623">salary, </span><span class="pp-class-118 pa t21810 l21811 ls617">the </span><span class="pp-class-118 pa t21810 l21812 ls620">Executive </span><span class="pp-class-118 pa t21810 l6884 ls636">Management </span><span class="pp-class-118 pa t21810 l21813 ls617">has </span><span class="pp-class-118 pa t21810 l21814 ls630">a </span><span class="pp-class-118 pa t21810 l21815 ls7182">short-term </span><span class="pp-class-118 pa t21810 l21816 ls620">incentive </span><span class="pp-class-118 pa t21810 l21817 ls628">(STI) </span><span class="pp-class-118 pa t21810 l21818 ls620">programme </span><span class="pp-class-118 pa t21810 l21819 ls617">and </span><span class="pp-class-118 pa t21810 l21820 ls630">a </span><span class="pp-class-118 pa t21810 l21821 ls21822">long-term </span><span class="pp-class-118 pa t21823 l3 ls620">incentive </span><span class="pp-class-118 pa t21823 l21824 ls628">(LTI) </span><span class="pp-class-118 pa t21823 l21825 ls636">programme, </span><span class="pp-class-118 pa t21823 l21826 ls628">which </span><span class="pp-class-118 pa t21823 l21827 ls617">are </span><span class="pp-class-118 pa t21823 l21828 ls620">governed </span><span class="pp-class-118 pa t21823 l21829 ls615">by </span><span class="pp-class-118 pa t21823 l5984 ls617">the </span><span class="pp-class-118 pa t21823 l21830 ls663">Remuneration </span><span class="pp-class-118 pa t21823 l21831 ls623">Policy. </span><span class="pp-class-118 pa t21823 l21832 ls617">The </span><span class="pp-class-118 pa t21823 l21833 ls617">STI </span><span class="pp-class-118 pa t21823 l21834 ls620">programme </span><span class="pp-class-118 pa t21823 l21835 ls617">for </span><span class="pp-class-118 pa t21823 l21836 ls639">2025 </span><span class="pp-class-118 pa t21823 l21837 ls615">is </span><span class="pp-class-118 pa t21823 l21838 ls626">capped </span><span class="pp-class-118 pa t21823 l21839 ls7850">at </span><span class="pp-class-118 pa t21840 l3 ls615">up </span><span class="pp-class-118 pa t21840 l21841 ls615">to </span><span class="pp-class-118 pa t21840 l14391 ls617">50% </span><span class="pp-class-118 pa t21840 l21842 ls615">of </span><span class="pp-class-118 pa t21840 l21843 ls617">the </span><span class="pp-class-118 pa t21840 l21844 ls626">annual </span><span class="pp-class-118 pa t21840 l21845 ls639">base </span><span class="pp-class-118 pa t21840 l21846 ls626">salary </span><span class="pp-class-118 pa t21840 l21847 ls617">and </span><span class="pp-class-118 pa t21840 l21848 ls615">is </span><span class="pp-class-118 pa t21840 l7471 ls628">based </span><span class="pp-class-118 pa t21840 l21849 ls615">on </span><span class="pp-class-118 pa t21840 l6549 ls626">annual </span><span class="pp-class-118 pa t21840 l21850 ls628">KPIs. </span><span class="pp-class-118 pa t21840 l21851 ls617">The </span><span class="pp-class-118 pa t21840 l21852 ls628">bonus </span><span class="pp-class-118 pa t21840 l21853 ls620">criteria </span><span class="pp-class-118 pa t21840 l21854 ls617">for </span><span class="pp-class-118 pa t21840 l21855 ls617">the </span><span class="pp-class-118 pa t21840 l21856 ls617">STI </span><span class="pp-class-118 pa t21840 l21857 ls636">programme </span><span class="pp-class-118 pa t21840 l21858 ls617">are </span><span class="pp-class-118 pa t21840 l21859 ls659">revenue, </span><span class="pp-class-118 pa t21860 l3 ls626">EBITDA </span><span class="pp-class-118 pa t21860 l21861 ls617">and </span><span class="pp-class-118 pa t21860 l18062 ls617">NWC </span><span class="pp-class-118 pa t21860 l21862 ls626">ratio. </span><span class="pp-class-118 pa t21860 l21863 ls617">The </span><span class="pp-class-118 pa t21860 l14198 ls617">STI </span><span class="pp-class-118 pa t21860 l7470 ls636">programme </span><span class="pp-class-118 pa t21860 l21864 ls620">includes </span><span class="pp-class-118 pa t21860 l9531 ls630">a </span><span class="pp-class-118 pa t21860 l21865 ls620">threshold </span><span class="pp-class-118 pa t21860 l21866 ls617">for </span><span class="pp-class-118 pa t21860 l21867 ls617">the </span><span class="pp-class-118 pa t21860 l21868 ls626">EBITDA </span><span class="pp-class-118 pa t21860 l21869 ls626">target </span><span class="pp-class-118 pa t21860 l21870 ls628">that, </span><span class="pp-class-118 pa t21860 l21871 ls615">if </span><span class="pp-class-118 pa t21860 l21872 ls617">not </span><span class="pp-class-118 pa t21860 l21873 ls636">achieved, </span><span class="pp-class-118 pa t21860 l21874 ls639">will </span><span class="pp-class-118 pa t21860 l14930 ls718">result </span><span class="pp-class-118 pa t21875 l3 ls615">in </span><span class="pp-class-118 pa t21875 l21876 ls615">no </span><span class="pp-class-118 pa t21875 l21877 ls617">STI </span><span class="pp-class-118 pa t21875 l21878 ls628">bonus </span><span class="pp-class-118 pa t21875 l21879 ls628">being </span><span class="pp-class-118 pa t21875 l3279 ls628">paid, </span><span class="pp-class-118 pa t21875 l13355 ls636">regardless </span><span class="pp-class-118 pa t21875 l21880 ls615">of </span><span class="pp-class-118 pa t21875 l21881 ls663">performance </span><span class="pp-class-118 pa t21875 l21882 ls615">on </span><span class="pp-class-118 pa t21875 l21883 ls628">other </span><span class="pp-class-118 pa t21875 l21884 ls628">KPIs. </span></p><p class="pp-class-107 pp-area-text"><span class="pp-class-118 pa t21885 l3 ls617">The </span><span class="pp-class-118 pa t21885 l7402 ls617">LTI </span><span class="pp-class-118 pa t21885 l21886 ls636">programme </span><span class="pp-class-118 pa t21885 l21887 ls615">is </span><span class="pp-class-118 pa t21885 l12990 ls623">granted </span><span class="pp-class-118 pa t21885 l21888 ls663">exclusively </span><span class="pp-class-118 pa t21885 l21889 ls615">to </span><span class="pp-class-118 pa t21885 l21890 ls617">the </span><span class="pp-class-118 pa t21885 l7371 ls620">Executive </span><span class="pp-class-118 pa t21885 l21891 ls636">Management </span><span class="pp-class-118 pa t21885 l21892 ls617">and </span><span class="pp-class-118 pa t21885 l21893 ls620">consists </span><span class="pp-class-118 pa t21885 l21894 ls615">of </span><span class="pp-class-118 pa t21885 l21895 ls626">annual </span><span class="pp-class-118 pa t21885 l21896 ls636">individual </span><span class="pp-class-118 pa t21885 l21897 ls628">performance </span><span class="pp-class-118 pa t21898 l3 ls628">share </span><span class="pp-class-118 pa t21898 l21899 ls639">unit </span><span class="pp-class-118 pa t21898 l21900 ls628">plans </span><span class="pp-class-118 pa t21898 l13953 ls639">with </span><span class="pp-class-118 pa t21898 l21901 ls623">rolling </span><span class="pp-class-118 pa t21898 l10091 ls718">3-year </span><span class="pp-class-118 pa t21898 l21902 ls663">performance </span><span class="pp-class-118 pa t21898 l21903 ls623">periods </span><span class="pp-class-118 pa t21898 l21904 ls617">for </span><span class="pp-class-118 pa t21898 l21905 ls617">the </span><span class="pp-class-118 pa t21898 l21906 ls623">periods </span><span class="pp-class-118 pa t21898 l21907 ls7182">2023-2025, </span><span class="pp-class-118 pa t21898 l21908 ls639">2024-2026 </span><span class="pp-class-118 pa t21898 l21909 ls617">and </span><span class="pp-class-118 pa t21898 l21910 ls7182">2025-2027. </span><span class="pp-class-118 pa t21898 l21911 ls7837">When </span><span class="pp-class-118 pa t21912 l3 ls617">the </span><span class="pp-class-118 pa t21912 l7852 ls617">LTI </span><span class="pp-class-118 pa t21912 l21913 ls636">programme </span><span class="pp-class-118 pa t21912 l21914 ls615">is </span><span class="pp-class-118 pa t21912 l21915 ls623">granted </span><span class="pp-class-118 pa t21912 l21448 ls615">to </span><span class="pp-class-118 pa t21912 l21916 ls617">the </span><span class="pp-class-118 pa t21912 l21917 ls663">participants, </span><span class="pp-class-118 pa t21912 l2192 ls630">a </span><span class="pp-class-118 pa t21912 l21918 ls623">maximum </span><span class="pp-class-118 pa t21912 l21919 ls615">of </span><span class="pp-class-118 pa t21912 l21920 ls615">up </span><span class="pp-class-118 pa t21912 l21921 ls615">to </span><span class="pp-class-118 pa t21912 l21922 ls617">50% </span><span class="pp-class-118 pa t21912 l21923 ls615">of </span><span class="pp-class-118 pa t21912 l21924 ls617">the </span><span class="pp-class-118 pa t21912 l21925 ls626">annual </span><span class="pp-class-118 pa t21912 l21926 ls639">base </span><span class="pp-class-118 pa t21912 l21927 ls626">salary </span><span class="pp-class-118 pa t21912 l21928 ls615">is </span><span class="pp-class-118 pa t21912 l21929 ls620">converted </span><span class="pp-class-118 pa t21912 l21930 ls615">to </span><span class="pp-class-118 pa t21912 l21931 ls786">a </span><span class="pp-class-118 pa t21932 l3 ls623">maximum </span><span class="pp-class-118 pa t21932 l21933 ls626">number </span><span class="pp-class-118 pa t21932 l21934 ls615">of </span><span class="pp-class-118 pa t21932 l19747 ls663">performance </span><span class="pp-class-118 pa t21932 l21935 ls628">share </span><span class="pp-class-118 pa t21932 l21936 ls628">units </span><span class="pp-class-118 pa t21932 l21937 ls628">based </span><span class="pp-class-118 pa t21932 l19186 ls615">on </span><span class="pp-class-118 pa t21932 l21938 ls617">the </span><span class="pp-class-118 pa t21932 l21939 ls623">current </span><span class="pp-class-118 pa t21932 l21940 ls628">share </span><span class="pp-class-118 pa t21932 l21941 ls626">price, </span><span class="pp-class-118 pa t21932 l21942 ls639">i.e. </span><span class="pp-class-118 pa t21932 l21943 ls615">an </span><span class="pp-class-118 pa t21932 l21944 ls623">average </span><span class="pp-class-118 pa t21932 l21945 ls639">over </span><span class="pp-class-118 pa t21932 l21946 ls630">a </span><span class="pp-class-118 pa t21932 l21947 ls617">3-month </span><span class="pp-class-118 pa t21932 l21948 ls617">period. </span><span class="pp-class-118 pa t21949 l3 ls615">At </span><span class="pp-class-118 pa t21949 l9780 ls617">the </span><span class="pp-class-118 pa t21949 l21950 ls617">end </span><span class="pp-class-118 pa t21949 l21951 ls615">of </span><span class="pp-class-118 pa t21949 l7735 ls639">each </span><span class="pp-class-118 pa t21949 l21952 ls663">performance </span><span class="pp-class-118 pa t21949 l21953 ls623">period, </span><span class="pp-class-118 pa t21949 l6820 ls617">the </span><span class="pp-class-118 pa t21949 l21954 ls663">performance </span><span class="pp-class-118 pa t21949 l21955 ls628">share </span><span class="pp-class-118 pa t21949 l21956 ls628">units </span><span class="pp-class-118 pa t21949 l21957 ls617">may </span><span class="pp-class-118 pa t21949 l21958 ls615">be </span><span class="pp-class-118 pa t21949 l21959 ls620">converted </span><span class="pp-class-118 pa t21949 l21960 ls639">into </span><span class="pp-class-118 pa t21949 l21961 ls626">shares </span><span class="pp-class-118 pa t21949 l21962 ls615">in </span><span class="pp-class-118 pa t21949 l21963 ls617">TCM </span><span class="pp-class-118 pa t21949 l21964 ls626">Group, </span><span class="pp-class-118 pa t21949 l21965 ls615">which </span><span class="pp-class-118 pa t21966 l3 ls639">will </span><span class="pp-class-118 pa t21966 l21967 ls615">be </span><span class="pp-class-118 pa t21966 l21968 ls623">granted </span><span class="pp-class-118 pa t21966 l21969 ls639">free </span><span class="pp-class-118 pa t21966 l21970 ls615">of </span><span class="pp-class-118 pa t21966 l21971 ls623">charge. </span><span class="pp-class-118 pa t21966 l21972 ls617">The </span><span class="pp-class-118 pa t21966 l11980 ls663">performance </span><span class="pp-class-118 pa t21966 l21973 ls620">measures </span><span class="pp-class-118 pa t21966 l21974 ls617">for </span><span class="pp-class-118 pa t21966 l21975 ls617">the </span><span class="pp-class-118 pa t21966 l21976 ls617">LTI </span><span class="pp-class-118 pa t21966 l21977 ls636">programme </span><span class="pp-class-118 pa t21966 l21978 ls617">are </span><span class="pp-class-118 pa t21966 l21979 ls617">all </span><span class="pp-class-118 pa t21966 l21980 ls718">3-year </span><span class="pp-class-118 pa t21966 l21981 ls663">accumulative </span><span class="pp-class-118 pa t21966 l21982 ls617">and </span><span class="pp-class-118 pa t21966 l21983 ls617">com-</span><span class="pp-class-118 pa t21984 l3 ls628">prise </span><span class="pp-class-118 pa t21984 l17104 ls620">absolute </span><span class="pp-class-118 pa t21984 l21985 ls628">total </span><span class="pp-class-118 pa t21984 l20349 ls663">shareholder </span><span class="pp-class-118 pa t21984 l21986 ls626">return </span><span class="pp-class-118 pa t21984 l12876 ls615">on </span><span class="pp-class-118 pa t21984 l9923 ls617">the </span><span class="pp-class-118 pa t21984 l21987 ls636">company’s </span><span class="pp-class-118 pa t21984 l21988 ls626">share, </span><span class="pp-class-118 pa t21984 l21989 ls626">EBITDA </span><span class="pp-class-118 pa t21984 l21990 ls617">and </span><span class="pp-class-118 pa t21984 l21991 ls626">carbon </span><span class="pp-class-118 pa t21984 l21992 ls620">emissions </span><span class="pp-class-118 pa t21984 l21993 ls663">reductions. </span><span class="pp-class-118 pa t21984 l21994 ls617">The </span><span class="pp-class-118 pa t21984 l21995 ls7837">fair </span><span class="pp-class-118 pa t21996 l3 ls628">value </span><span class="pp-class-118 pa t21996 l21997 ls615">of </span><span class="pp-class-118 pa t21996 l16796 ls617">the </span><span class="pp-class-118 pa t21996 l16733 ls617">LTI </span><span class="pp-class-118 pa t21996 l21998 ls620">programme </span><span class="pp-class-118 pa t21996 l21999 ls615">is </span><span class="pp-class-118 pa t21996 l12047 ls636">estimated </span><span class="pp-class-118 pa t21996 l22000 ls615">on </span><span class="pp-class-118 pa t21996 l22001 ls615">an </span><span class="pp-class-118 pa t21996 l19987 ls626">annual </span><span class="pp-class-118 pa t21996 l22002 ls628">basis.</span></p></div></div><div class="pp-class-7" id="pp-id-3360" xmlns="http://www.w3.org/1999/xhtml"><div class="w15596 h22003 pa t2 l3 wtro4 xx16559 tro6 xx16560"><p class="pp-class-107 pp-area-text"><span class="pp-class-119 pa t16561 l3 ls7548">6. </span><span class="pp-class-119 pa t16561 l22004 ls22005">Average </span><span class="pp-class-119 pa t16561 l22006 ls15723">number </span><span class="pp-class-119 pa t16561 l22007 ls207">of </span><span class="pp-class-119 pa t16561 l22008 ls22009">employees </span><span class="pp-class-119 pa t16561 l22010 ls5850">during </span><span class="pp-class-119 pa t16561 l22011 ls22012">the </span><span class="pp-class-119 pa t16561 l22013 ls1856">period</span></p><table><tr><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t22014 l15601 ls458">2025</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t22014 l15602 ls1074">2024</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22015 l3">Average </span><span class="pp-class-113 pa t22015 l22016">number </span><span class="pp-class-113 pa t22015 l22017">of </span><span class="pp-class-113 pa t22015 l22018">employees </span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22015 l22019">498</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22015 l22020">460</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22021 l3">Board </span><span class="pp-class-113 pa t22021 l21489">members</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22021 l22022">6</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22021 l22023">6</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-127 pa t22024 l3">Of </span><span class="pp-class-127 pa t22024 l22025">which </span><span class="pp-class-127 pa t22024 l22026">women</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-127 pa t22024 l22027">2</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-127 pa t22024 l22028">2</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22029 l3">Executive </span><span class="pp-class-113 pa t22029 l22030">Management</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22029 l22031">2</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22029 l22032">2</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-127 pa t22033 l3">Of </span><span class="pp-class-127 pa t22033 l22025">which </span><span class="pp-class-127 pa t22033 l22026">women</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-127 pa t22033 l22034">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-127 pa t22033 l22035">0</span></p></td></tr></table><p class="pp-class-107 pp-area-text"><span class="pp-class-118 pa t22036 l3 ls683">The </span><span class="pp-class-118 pa t22036 l19526 ls2716">Board </span><span class="pp-class-118 pa t22036 l22037 ls2711">of </span><span class="pp-class-118 pa t22036 l22038 ls692">Directors </span><span class="pp-class-118 pa t22036 l22039 ls692">consisted </span><span class="pp-class-118 pa t22036 l22040 ls2711">of </span><span class="pp-class-118 pa t22036 l2628 ls4645">six </span><span class="pp-class-118 pa t22036 l22041 ls7275">members </span><span class="pp-class-118 pa t22036 l22042 ls2711">at </span><span class="pp-class-118 pa t22036 l22043 ls683">the </span><span class="pp-class-118 pa t22036 l18843 ls2713">date </span><span class="pp-class-118 pa t22036 l22044 ls2711">of </span><span class="pp-class-118 pa t22036 l22045 ls7271">approval </span><span class="pp-class-118 pa t22036 l22046 ls2711">of </span><span class="pp-class-118 pa t22036 l22047 ls4645">the </span><span class="pp-class-118 pa t22036 l22048 ls2718">consolidated </span><span class="pp-class-118 pa t22036 l22049 ls692">financial </span><span class="pp-class-118 pa t22036 l22050 ls2716">statements. </span></p><p class="pp-class-107 pp-area-text"><span class="pp-class-118 pa t22051 l3 ls2711">As </span><span class="pp-class-118 pa t22051 l22052 ls2711">of </span><span class="pp-class-118 pa t22051 l22053 ls683">the </span><span class="pp-class-118 pa t22051 l6102 ls7271">approval </span><span class="pp-class-118 pa t22051 l14316 ls2716">date, </span><span class="pp-class-118 pa t22051 l22054 ls683">the </span><span class="pp-class-118 pa t22051 l22055 ls692">Executive </span><span class="pp-class-118 pa t22051 l22056 ls4643">Management </span><span class="pp-class-118 pa t22051 l22057 ls692">consisted </span><span class="pp-class-118 pa t22051 l22058 ls2711">of </span><span class="pp-class-118 pa t22051 l22059 ls683">one </span><span class="pp-class-118 pa t22051 l22060 ls683">member. </span></p></div></div><div class="pp-class-7" id="pp-id-3422" xmlns="http://www.w3.org/1999/xhtml"><div class="w15596 h25319 pa t2 l3 wtro4 xx16559 tro6 xx16560"><p class="pp-class-107 pp-area-text"><span class="pp-class-119 pa t16561 l3 ls358">29. </span><span class="pp-class-119 pa t16561 l24529 ls21179">Related </span><span class="pp-class-119 pa t16561 l25320 ls15557">party </span><span class="pp-class-119 pa t16561 l25321 ls25322">transactions</span></p><p class="pp-class-107 pp-area-text"><span class="pp-class-120 pa t20309 l3 ls1074">Related </span><span class="pp-class-120 pa t20309 l25323 ls22167">parties </span><span class="pp-class-120 pa t20309 l25324 ls9542">with </span><span class="pp-class-120 pa t20309 l25325 ls25326">a </span><span class="pp-class-120 pa t20309 l25327 ls20243">controlling </span><span class="pp-class-120 pa t20309 l25328 ls2759">interest</span></p><p class="pp-class-107 pp-area-text"><span class="pp-class-118 pa t19059 l3">As </span><span class="pp-class-118 pa t19059 l1353">at </span><span class="pp-class-118 pa t19059 l25329">31 </span><span class="pp-class-118 pa t19059 l25330">December </span><span class="pp-class-118 pa t19059 l10866">2025, </span><span class="pp-class-118 pa t19059 l25331">there </span><span class="pp-class-118 pa t19059 l17492">were </span><span class="pp-class-118 pa t19059 l6578">no </span><span class="pp-class-118 pa t19059 l25332">related </span><span class="pp-class-118 pa t19059 l25333">parties </span><span class="pp-class-118 pa t19059 l25334">with </span><span class="pp-class-118 pa t19059 l25335">a </span><span class="pp-class-118 pa t19059 l25336">controlling </span><span class="pp-class-118 pa t19059 l25337">interest </span><span class="pp-class-118 pa t19059 l25338 ls786">in </span><span class="pp-class-118 pa t19059 l25339 ls786">the </span><span class="pp-class-118 pa t19059 l25340">company. </span></p><p class="pp-class-107 pp-area-text"><span class="pp-class-120 pa t25341 l3 ls1812">Transactions </span><span class="pp-class-120 pa t25341 l25342 ls15165">between </span><span class="pp-class-120 pa t25341 l25343 ls1074">related </span><span class="pp-class-120 pa t25341 l25344 ls1070">parties </span></p><p class="pp-class-107 pp-area-text"><span class="pp-class-118 pa t19073 l3">During </span><span class="pp-class-118 pa t19073 l1170">the </span><span class="pp-class-118 pa t19073 l7217">financial </span><span class="pp-class-118 pa t19073 l25345">period, </span><span class="pp-class-118 pa t19073 l25346">the </span><span class="pp-class-118 pa t19073 l25347">Group </span><span class="pp-class-118 pa t19073 l25348">had </span><span class="pp-class-118 pa t19073 l25349">the </span><span class="pp-class-118 pa t19073 l25350">following </span><span class="pp-class-118 pa t19073 l25351">transactions </span><span class="pp-class-118 pa t19073 l25352">with </span><span class="pp-class-118 pa t19073 l25353 ls786">related </span><span class="pp-class-118 pa t19073 l25354 ls786">parties:</span></p><p class="pp-class-107 pp-area-text"><span class="pp-class-118 pa t19083 l3">See </span><span class="pp-class-118 pa t19083 l25355">note </span><span class="pp-class-118 pa t19083 l25356">5 </span><span class="pp-class-118 pa t19083 l15078">for </span><span class="pp-class-118 pa t19083 l14866">information </span><span class="pp-class-118 pa t19083 l25357">on </span><span class="pp-class-118 pa t19083 l12002">remuneration </span><span class="pp-class-118 pa t19083 l25358">of </span><span class="pp-class-118 pa t19083 l25359">the </span><span class="pp-class-118 pa t19083 l25360">Executive </span><span class="pp-class-118 pa t19083 l25361">Management </span><span class="pp-class-118 pa t19083 l25362">and </span><span class="pp-class-118 pa t19083 l25363">the </span><span class="pp-class-118 pa t19083 l25364">Board </span><span class="pp-class-118 pa t19083 l25365 ls786">of </span><span class="pp-class-118 pa t19083 l25366 ls786">Directors.</span></p><p class="pp-class-107 pp-area-text"><span class="pp-class-118 pa t19093 l3">The </span><span class="pp-class-118 pa t19093 l550">Group </span><span class="pp-class-118 pa t19093 l6239">had </span><span class="pp-class-118 pa t19093 l11210">transactions </span><span class="pp-class-118 pa t19093 l11347">with </span><span class="pp-class-118 pa t19093 l11348">the </span><span class="pp-class-118 pa t19093 l25367">associate </span><span class="pp-class-118 pa t19093 l25368">Celebert </span><span class="pp-class-118 pa t19093 l25369">ApS </span><span class="pp-class-118 pa t19093 l22838">in </span><span class="pp-class-118 pa t19093 l25370">the </span><span class="pp-class-118 pa t19093 l25371">period </span><span class="pp-class-118 pa t19093 l25372">1 </span><span class="pp-class-118 pa t19093 l25373">January </span><span class="pp-class-118 pa t19093 l25374 ls786">to </span><span class="pp-class-118 pa t19093 l24710 ls786">25 </span><span class="pp-class-118 pa t19093 l25375">November </span><span class="pp-class-118 pa t19093 l25376">2025. </span><span class="pp-class-118 pa t19093 l25377 ls786">Transactions </span><span class="pp-class-118 pa t19097 l3">related </span><span class="pp-class-118 pa t19097 l11176">to </span><span class="pp-class-118 pa t19097 l20427">sales </span><span class="pp-class-118 pa t19097 l25378">amounted </span><span class="pp-class-118 pa t19097 l11235">to </span><span class="pp-class-118 pa t19097 l7227">DKK </span><span class="pp-class-118 pa t19097 l9483">27.8 </span><span class="pp-class-118 pa t19097 l25379">million </span><span class="pp-class-118 pa t19097 l25380">(2024: </span><span class="pp-class-118 pa t19097 l25381">DKK </span><span class="pp-class-118 pa t19097 l25382">45.6 </span><span class="pp-class-118 pa t19097 l25383">million) </span><span class="pp-class-118 pa t19097 l25384">and </span><span class="pp-class-118 pa t19097 l21330 ls786">transactions </span><span class="pp-class-118 pa t19097 l25385 ls786">related </span><span class="pp-class-118 pa t19097 l25386 ls786">to </span><span class="pp-class-118 pa t19097 l25387">administration </span><span class="pp-class-118 pa t19097 l25388 ls786">fees </span><span class="pp-class-118 pa t19804 l3">amounted </span><span class="pp-class-118 pa t19804 l7442">to </span><span class="pp-class-118 pa t19804 l25389">DKK </span><span class="pp-class-118 pa t19804 l18770">0.2 </span><span class="pp-class-118 pa t19804 l25390">million </span><span class="pp-class-118 pa t19804 l9619">(2024: </span><span class="pp-class-118 pa t19804 l25391">DKK </span><span class="pp-class-118 pa t19804 l25392">0.2 </span><span class="pp-class-118 pa t19804 l25393">million).</span></p><p class="pp-class-107 pp-area-text"><span class="pp-class-118 pa t19105 l3">The </span><span class="pp-class-118 pa t19105 l550">Group </span><span class="pp-class-118 pa t19105 l6239">had </span><span class="pp-class-118 pa t19105 l11210">transactions </span><span class="pp-class-118 pa t19105 l11347">with </span><span class="pp-class-118 pa t19105 l11348">the </span><span class="pp-class-118 pa t19105 l25367">associate </span><span class="pp-class-118 pa t19105 l25368">Svane </span><span class="pp-class-118 pa t19105 l25394">Alnabru </span><span class="pp-class-118 pa t19105 l25395">AS. </span><span class="pp-class-118 pa t19105 l25396">Transactions </span><span class="pp-class-118 pa t19105 l25397 ls786">related </span><span class="pp-class-118 pa t19105 l25398 ls786">to </span><span class="pp-class-118 pa t19105 l25399 ls786">sales </span><span class="pp-class-118 pa t19105 l25400 ls786">amounted </span><span class="pp-class-118 pa t19105 l25401 ls786">to </span><span class="pp-class-118 pa t19105 l25402">DKK </span><span class="pp-class-118 pa t19105 l25403 ls786">7.0 </span><span class="pp-class-118 pa t19112 l3">million </span><span class="pp-class-118 pa t19112 l3209">(2024: </span><span class="pp-class-118 pa t19112 l7192">DKK </span><span class="pp-class-118 pa t19112 l7193">4.4 </span><span class="pp-class-118 pa t19112 l25404">million) </span><span class="pp-class-118 pa t19112 l748">and </span><span class="pp-class-118 pa t19112 l25405">transactions </span><span class="pp-class-118 pa t19112 l18659">related </span><span class="pp-class-118 pa t19112 l25406">to </span><span class="pp-class-118 pa t19112 l25407">property </span><span class="pp-class-118 pa t19112 l25408">leases </span><span class="pp-class-118 pa t19112 l25409 ls786">amounted </span><span class="pp-class-118 pa t19112 l25410 ls786">to </span><span class="pp-class-118 pa t19112 l25411">DKK </span><span class="pp-class-118 pa t19112 l25412">1.8 </span><span class="pp-class-118 pa t19112 l25413">million </span><span class="pp-class-118 pa t19112 l25414">(2024: </span><span class="pp-class-118 pa t19112 l25415">DKK </span><span class="pp-class-118 pa t19118 l3">1.7 </span><span class="pp-class-118 pa t19118 l25416">million).</span></p><p class="pp-class-107 pp-area-text"><span class="pp-class-118 pa t19129 l3">There </span><span class="pp-class-118 pa t19129 l11971">were </span><span class="pp-class-118 pa t19129 l25032">no </span><span class="pp-class-118 pa t19129 l25033">other </span><span class="pp-class-118 pa t19129 l1652">transactions </span><span class="pp-class-118 pa t19129 l25417">with </span><span class="pp-class-118 pa t19129 l18395">related </span><span class="pp-class-118 pa t19129 l25418">parties.</span></p></div></div> <div class="pp-class-7" id="pp-id-3360" xmlns="http://www.w3.org/1999/xhtml"><div class="w15596 h22003 pa t2 l3 wtro4 xx16559 tro6 xx16560"><p class="pp-class-107 pp-area-text"><span class="pp-class-119 pa t16561 l3 ls7548">6. </span><span class="pp-class-119 pa t16561 l22004 ls22005">Average </span><span class="pp-class-119 pa t16561 l22006 ls15723">number </span><span class="pp-class-119 pa t16561 l22007 ls207">of </span><span class="pp-class-119 pa t16561 l22008 ls22009">employees </span><span class="pp-class-119 pa t16561 l22010 ls5850">during </span><span class="pp-class-119 pa t16561 l22011 ls22012">the </span><span class="pp-class-119 pa t16561 l22013 ls1856">period</span></p><table><tr><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t22014 l15601 ls458">2025</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t22014 l15602 ls1074">2024</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22015 l3">Average </span><span class="pp-class-113 pa t22015 l22016">number </span><span class="pp-class-113 pa t22015 l22017">of </span><span class="pp-class-113 pa t22015 l22018">employees </span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22015 l22019">498</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22015 l22020">460</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22021 l3">Board </span><span class="pp-class-113 pa t22021 l21489">members</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22021 l22022">6</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22021 l22023">6</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-127 pa t22024 l3">Of </span><span class="pp-class-127 pa t22024 l22025">which </span><span class="pp-class-127 pa t22024 l22026">women</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-127 pa t22024 l22027">2</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-127 pa t22024 l22028">2</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22029 l3">Executive </span><span class="pp-class-113 pa t22029 l22030">Management</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22029 l22031">2</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22029 l22032">2</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-127 pa t22033 l3">Of </span><span class="pp-class-127 pa t22033 l22025">which </span><span class="pp-class-127 pa t22033 l22026">women</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-127 pa t22033 l22034">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-127 pa t22033 l22035">0</span></p></td></tr></table><p class="pp-class-107 pp-area-text"><span class="pp-class-118 pa t22036 l3 ls683">The </span><span class="pp-class-118 pa t22036 l19526 ls2716">Board </span><span class="pp-class-118 pa t22036 l22037 ls2711">of </span><span class="pp-class-118 pa t22036 l22038 ls692">Directors </span><span class="pp-class-118 pa t22036 l22039 ls692">consisted </span><span class="pp-class-118 pa t22036 l22040 ls2711">of </span><span class="pp-class-118 pa t22036 l2628 ls4645">six </span><span class="pp-class-118 pa t22036 l22041 ls7275">members </span><span class="pp-class-118 pa t22036 l22042 ls2711">at </span><span class="pp-class-118 pa t22036 l22043 ls683">the </span><span class="pp-class-118 pa t22036 l18843 ls2713">date </span><span class="pp-class-118 pa t22036 l22044 ls2711">of </span><span class="pp-class-118 pa t22036 l22045 ls7271">approval </span><span class="pp-class-118 pa t22036 l22046 ls2711">of </span><span class="pp-class-118 pa t22036 l22047 ls4645">the </span><span class="pp-class-118 pa t22036 l22048 ls2718">consolidated </span><span class="pp-class-118 pa t22036 l22049 ls692">financial </span><span class="pp-class-118 pa t22036 l22050 ls2716">statements. </span></p><p class="pp-class-107 pp-area-text"><span class="pp-class-118 pa t22051 l3 ls2711">As </span><span class="pp-class-118 pa t22051 l22052 ls2711">of </span><span class="pp-class-118 pa t22051 l22053 ls683">the </span><span class="pp-class-118 pa t22051 l6102 ls7271">approval </span><span class="pp-class-118 pa t22051 l14316 ls2716">date, </span><span class="pp-class-118 pa t22051 l22054 ls683">the </span><span class="pp-class-118 pa t22051 l22055 ls692">Executive </span><span class="pp-class-118 pa t22051 l22056 ls4643">Management </span><span class="pp-class-118 pa t22051 l22057 ls692">consisted </span><span class="pp-class-118 pa t22051 l22058 ls2711">of </span><span class="pp-class-118 pa t22051 l22059 ls683">one </span><span class="pp-class-118 pa t22051 l22060 ls683">member. </span></p></div></div> <div class="pp-class-7" id="pp-id-3361" xmlns="http://www.w3.org/1999/xhtml"><div class="w15596 h22061 pa t2 l3 wtro4 xx16559 tro6 xx16560"><p class="pp-class-107 pp-area-text"><span class="pp-class-119 pa t16561 l3 ls22062">7. </span><span class="pp-class-119 pa t16561 l22063 ls22064">Audit </span><span class="pp-class-119 pa t16561 l22065 ls7542">fees</span></p><p class="pp-class-107 pp-area-text"><span class="pp-class-118 pa t19052 l3">In </span><span class="pp-class-118 pa t19052 l669">addition </span><span class="pp-class-118 pa t19052 l3260">to </span><span class="pp-class-118 pa t19052 l3261">the </span><span class="pp-class-118 pa t19052 l8722">statutory </span><span class="pp-class-118 pa t19052 l14683">audit, </span><span class="pp-class-118 pa t19052 l22066">PricewaterhouseCoopers </span><span class="pp-class-118 pa t19052 l22067">Statsautoriseret </span><span class="pp-class-118 pa t19052 l22068">Revisionspartnerselskab, </span><span class="pp-class-118 pa t19052 l22069 ls786">the </span><span class="pp-class-118 pa t19052 l22070 ls786">auditors </span><span class="pp-class-118 pa t19059 l3">appointed </span><span class="pp-class-118 pa t19059 l3365">at </span><span class="pp-class-118 pa t19059 l22071">the </span><span class="pp-class-118 pa t19059 l15376">Annual </span><span class="pp-class-118 pa t19059 l22072">General </span><span class="pp-class-118 pa t19059 l22073">Meeting, </span><span class="pp-class-118 pa t19059 l17579">provides </span><span class="pp-class-118 pa t19059 l22074">other </span><span class="pp-class-118 pa t19059 l22075">assurance </span><span class="pp-class-118 pa t19059 l22076 ls786">engagements </span><span class="pp-class-118 pa t19059 l22077">and </span><span class="pp-class-118 pa t19059 l22078">other </span><span class="pp-class-118 pa t19059 l22079 ls786">services </span><span class="pp-class-118 pa t19059 l22080 ls786">to </span><span class="pp-class-118 pa t19059 l22081 ls786">the </span><span class="pp-class-118 pa t19059 l22082 ls786">Group. </span></p><table><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t22083 l3 ls14110">DKK’000</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t22083 l15601 ls458">2025</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t22083 l15602 ls1074">2024</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-116 pa t22084 l3 ls294">Specification </span><span class="pp-class-116 pa t22084 l22085 ls1141">by </span><span class="pp-class-116 pa t22084 l22086 ls15710">type </span><span class="pp-class-116 pa t22084 l22087 ls15514">of </span><span class="pp-class-116 pa t22084 l22088 ls22089">cost</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22090 l3">Statutory </span><span class="pp-class-113 pa t22090 l22091">audit</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22090 l22092 ls786">1,463</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22090 l22093 ls786">1,199</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22094 l3">Other </span><span class="pp-class-113 pa t22094 l15637">assurance </span><span class="pp-class-113 pa t22094 l22095">engagements</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22094 l22096">235</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22094 l15652">0</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22097 l3">Tax </span><span class="pp-class-113 pa t22097 l15676">and </span><span class="pp-class-113 pa t22097 l22098">indirect </span><span class="pp-class-113 pa t22097 l22099">tax </span><span class="pp-class-113 pa t22097 l22100">advisory</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22097 l22101">3</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22097 l22102">32</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22103 l3">Other </span><span class="pp-class-113 pa t22103 l15637">services</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22103 l22104">437</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22103 l22105">128</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22106 l22107 ls786">2,138</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22106 l22108 ls786">1,359</span></p></td></tr></table><p class="pp-class-107 pp-area-text"><span class="pp-class-118 pa t19118 l3">The </span><span class="pp-class-118 pa t19118 l550">fee </span><span class="pp-class-118 pa t19118 l13188">for </span><span class="pp-class-118 pa t19118 l22109">non-audit </span><span class="pp-class-118 pa t19118 l9935">services </span><span class="pp-class-118 pa t19118 l22110">delivered </span><span class="pp-class-118 pa t19118 l6096">by </span><span class="pp-class-118 pa t19118 l22111">PricewaterhouseCoopers </span><span class="pp-class-118 pa t19118 l22112">Statsautoriseret </span><span class="pp-class-118 pa t19118 l22113">Revisionspartnerselskab </span><span class="pp-class-118 pa t19118 l22114 ls786">to </span><span class="pp-class-118 pa t19118 l22115 ls786">the </span><span class="pp-class-118 pa t19123 l3">company </span><span class="pp-class-118 pa t19123 l18744">amounted </span><span class="pp-class-118 pa t19123 l2084">to </span><span class="pp-class-118 pa t19123 l7405">DKK </span><span class="pp-class-118 pa t19123 l6416">0.7 </span><span class="pp-class-118 pa t19123 l10448">million </span><span class="pp-class-118 pa t19123 l22116">in </span><span class="pp-class-118 pa t19123 l20082">2025 </span><span class="pp-class-118 pa t19123 l22117">and </span><span class="pp-class-118 pa t19123 l22118">consisted </span><span class="pp-class-118 pa t19123 l22119">of </span><span class="pp-class-118 pa t19123 l22120">various </span><span class="pp-class-118 pa t19123 l22121">accounting </span><span class="pp-class-118 pa t19123 l22122 ls786">advisory </span><span class="pp-class-118 pa t19123 l22123 ls786">services, </span><span class="pp-class-118 pa t19123 l22124">including </span><span class="pp-class-118 pa t19123 l22125 ls786">due </span><span class="pp-class-118 pa t19129 l3">diligence </span><span class="pp-class-118 pa t19129 l11933">in </span><span class="pp-class-118 pa t19129 l6098">connection </span><span class="pp-class-118 pa t19129 l22126">with </span><span class="pp-class-118 pa t19129 l22127">the </span><span class="pp-class-118 pa t19129 l9572">Celebert </span><span class="pp-class-118 pa t19129 l22128">ApS </span><span class="pp-class-118 pa t19129 l18895">acquisition. </span><span class="pp-class-118 pa t19129 l22129">In </span><span class="pp-class-118 pa t19129 l22130">2024, </span><span class="pp-class-118 pa t19129 l22131">the </span><span class="pp-class-118 pa t19129 l22132">fee </span><span class="pp-class-118 pa t19129 l22133">for </span><span class="pp-class-118 pa t19129 l22134 ls786">non-audit </span><span class="pp-class-118 pa t19129 l22135 ls786">services </span><span class="pp-class-118 pa t19129 l22136 ls786">delivered </span><span class="pp-class-118 pa t19129 l22137 ls786">by </span><span class="pp-class-118 pa t19129 l22138 ls786">Pricewa-</span><span class="pp-class-118 pa t19135 l3">terhouseCoopers </span><span class="pp-class-118 pa t19135 l22139">Statsautoriseret </span><span class="pp-class-118 pa t19135 l22140">Revisionspartnerselskab </span><span class="pp-class-118 pa t19135 l22141">to </span><span class="pp-class-118 pa t19135 l22142">the </span><span class="pp-class-118 pa t19135 l22143">company </span><span class="pp-class-118 pa t19135 l22144">amounted </span><span class="pp-class-118 pa t19135 l22145 ls786">to </span><span class="pp-class-118 pa t19135 l22146 ls786">DKK </span><span class="pp-class-118 pa t19135 l22147 ls786">0.2 </span><span class="pp-class-118 pa t19135 l22148">million </span><span class="pp-class-118 pa t19135 l22149">and </span><span class="pp-class-118 pa t19135 l22150">consisted </span><span class="pp-class-118 pa t19841 l3">of </span><span class="pp-class-118 pa t19841 l557">various </span><span class="pp-class-118 pa t19841 l22151">accounting </span><span class="pp-class-118 pa t19841 l22152">advisory </span><span class="pp-class-118 pa t19841 l22153">services. </span></p></div></div> <div class="pp-class-7" id="pp-id-3362" xmlns="http://www.w3.org/1999/xhtml"><div class="w15596 h22154 pa t2 l3 wtro4 xx16559 tro6 xx16560"><p class="pp-class-107 pp-area-text"><span class="pp-class-119 pa t16561 l3 ls268">8. </span><span class="pp-class-119 pa t16561 l22155 ls15046">Depreciation/amortisation </span><span class="pp-class-119 pa t16561 l22156 ls122">and </span><span class="pp-class-119 pa t16561 l22157 ls448">impairment </span><span class="pp-class-119 pa t16561 l22158 ls5936">by </span><span class="pp-class-119 pa t16561 l22159 ls445">function</span></p><table><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t22160 l3 ls14110">DKK’000</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t22161 l22162 ls14105">Depreciation/</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t22163 l22164 ls22165">amortiSation</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t22160 l21220 ls458">2025</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t22163 l22166 ls22167">Impairment</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t22160 l21230 ls458">2025</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t22161 l22168 ls14105">Depreciation/</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t22163 l22169 ls22165">amortiSation</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t22160 l21234 ls1074">2024</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t22163 l22170 ls22167">Impairment</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t22160 l15602 ls1074">2024</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22171 l3">Cost </span><span class="pp-class-113 pa t22171 l15608">of </span><span class="pp-class-113 pa t22171 l15609">goods </span><span class="pp-class-113 pa t22171 l15610">sold</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22171 l22172 ls786">24,171</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22171 l21255">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22171 l22173 ls786">23,131</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22171 l15652">0</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22174 l3">Selling </span><span class="pp-class-113 pa t22174 l15620">expenses</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22174 l22175 ls786">9,715</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22174 l21255">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22174 l22176 ls786">7,689</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22174 l15652">0</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22177 l3">Administrative </span><span class="pp-class-113 pa t22177 l15624">expenses</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22177 l22178 ls786">3,618</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22177 l21255">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22177 l16265 ls786">4,767</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22177 l15652">0</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22179 l3">Total </span><span class="pp-class-114 pa t22179 l15778">depreciation/amortisation </span><span class="pp-class-114 pa t22179 l22180">and </span><span class="pp-class-114 pa t22181 l3">impairment</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22181 l22182 ls786">37,504</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22181 l22183">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22184 l22185 ls786">35,587</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22184 l21392">0</span></p></td></tr></table></div></div><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-118 pa t19093 l3">The </span><span class="pp-class-118 pa t19093 l550">table </span><span class="pp-class-118 pa t19093 l12570">below </span><span class="pp-class-118 pa t19093 l18399">shows </span><span class="pp-class-118 pa t19093 l11425">how </span><span class="pp-class-118 pa t19093 l22211">the </span><span class="pp-class-118 pa t19093 l13796">income </span><span class="pp-class-118 pa t19093 l6090">statement </span><span class="pp-class-118 pa t19093 l22212">(extract) </span><span class="pp-class-118 pa t19093 l22213">would </span><span class="pp-class-118 pa t19093 l22214">have </span><span class="pp-class-118 pa t19093 l22215">been </span><span class="pp-class-118 pa t19093 l22216">presented </span><span class="pp-class-118 pa t19093 l22217 ls786">if </span><span class="pp-class-118 pa t19093 l22218 ls786">no </span><span class="pp-class-118 pa t19093 l22219 ls786">adjustment </span><span class="pp-class-118 pa t19093 l22220">for </span><span class="pp-class-118 pa t19097 l3">non-recurring </span><span class="pp-class-118 pa t19097 l17660">items </span><span class="pp-class-118 pa t19097 l22221">had </span><span class="pp-class-118 pa t19097 l22222">been </span><span class="pp-class-118 pa t19097 l9407">made: </span></p><table xmlns="http://www.w3.org/1999/xhtml"><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t22223 l3 ls14110">DKK’000</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t22223 l15601 ls458">2025</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t22223 l15602 ls1074">2024</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22224 l3">Revenue</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22224 l15605 ls786">1,279,197</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22224 l15606 ls786">1,203,783</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22225 l3">Cost </span><span class="pp-class-113 pa t22225 l15608">of </span><span class="pp-class-113 pa t22225 l15609">goods </span><span class="pp-class-113 pa t22225 l15610">sold</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22225 l15614 ls786">(988,723)</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22225 l15615 ls786">(948,377)</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-116 pa t22226 l3 ls229">Gross </span><span class="pp-class-116 pa t22226 l22227 ls7548">profit</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22228 l15617 ls786">290,474</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22228 l15618 ls786">255,406</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22229 l3">Selling </span><span class="pp-class-113 pa t22229 l15620">expenses</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22229 l15621 ls786">(120,059)</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22229 l15622 ls786">(101,429)</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22230 l3">Administrative </span><span class="pp-class-113 pa t22230 l15624">expenses</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22230 l22231 ls786">(88,983)</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22230 l15629 ls786">(83,060)</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22232 l3">Adjustment </span><span class="pp-class-113 pa t22232 l15631">of </span><span class="pp-class-113 pa t22232 l6413">contingent </span><span class="pp-class-113 pa t22232 l15632">payment </span><span class="pp-class-113 pa t22232 l15633">obligation</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22232 l15634 ls786">4,500</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22232 l15635 ls786">9,500</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22233 l3">Other </span><span class="pp-class-113 pa t22233 l15637">operating </span><span class="pp-class-113 pa t22233 l15638">income</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22233 l15849 ls786">30,353</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22233 l15640 ls786">9,891</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22234 l3">Operating </span><span class="pp-class-114 pa t22234 l15642">profit</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22234 l15654 ls786">116,285</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22234 l15646 ls786">90,308</span></p></td></tr></table> <div class="pp-class-7" id="pp-id-3362" xmlns="http://www.w3.org/1999/xhtml"><div class="w15596 h22154 pa t2 l3 wtro4 xx16559 tro6 xx16560"><p class="pp-class-107 pp-area-text"><span class="pp-class-119 pa t16561 l3 ls268">8. </span><span class="pp-class-119 pa t16561 l22155 ls15046">Depreciation/amortisation </span><span class="pp-class-119 pa t16561 l22156 ls122">and </span><span class="pp-class-119 pa t16561 l22157 ls448">impairment </span><span class="pp-class-119 pa t16561 l22158 ls5936">by </span><span class="pp-class-119 pa t16561 l22159 ls445">function</span></p><table><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t22160 l3 ls14110">DKK’000</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t22161 l22162 ls14105">Depreciation/</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t22163 l22164 ls22165">amortiSation</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t22160 l21220 ls458">2025</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t22163 l22166 ls22167">Impairment</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t22160 l21230 ls458">2025</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t22161 l22168 ls14105">Depreciation/</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t22163 l22169 ls22165">amortiSation</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t22160 l21234 ls1074">2024</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t22163 l22170 ls22167">Impairment</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t22160 l15602 ls1074">2024</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22171 l3">Cost </span><span class="pp-class-113 pa t22171 l15608">of </span><span class="pp-class-113 pa t22171 l15609">goods </span><span class="pp-class-113 pa t22171 l15610">sold</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22171 l22172 ls786">24,171</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22171 l21255">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22171 l22173 ls786">23,131</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22171 l15652">0</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22174 l3">Selling </span><span class="pp-class-113 pa t22174 l15620">expenses</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22174 l22175 ls786">9,715</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22174 l21255">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22174 l22176 ls786">7,689</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22174 l15652">0</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22177 l3">Administrative </span><span class="pp-class-113 pa t22177 l15624">expenses</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22177 l22178 ls786">3,618</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22177 l21255">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22177 l16265 ls786">4,767</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22177 l15652">0</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22179 l3">Total </span><span class="pp-class-114 pa t22179 l15778">depreciation/amortisation </span><span class="pp-class-114 pa t22179 l22180">and </span><span class="pp-class-114 pa t22181 l3">impairment</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22181 l22182 ls786">37,504</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22181 l22183">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22184 l22185 ls786">35,587</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22184 l21392">0</span></p></td></tr></table></div></div><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-118 pa t19093 l3">The </span><span class="pp-class-118 pa t19093 l550">table </span><span class="pp-class-118 pa t19093 l12570">below </span><span class="pp-class-118 pa t19093 l18399">shows </span><span class="pp-class-118 pa t19093 l11425">how </span><span class="pp-class-118 pa t19093 l22211">the </span><span class="pp-class-118 pa t19093 l13796">income </span><span class="pp-class-118 pa t19093 l6090">statement </span><span class="pp-class-118 pa t19093 l22212">(extract) </span><span class="pp-class-118 pa t19093 l22213">would </span><span class="pp-class-118 pa t19093 l22214">have </span><span class="pp-class-118 pa t19093 l22215">been </span><span class="pp-class-118 pa t19093 l22216">presented </span><span class="pp-class-118 pa t19093 l22217 ls786">if </span><span class="pp-class-118 pa t19093 l22218 ls786">no </span><span class="pp-class-118 pa t19093 l22219 ls786">adjustment </span><span class="pp-class-118 pa t19093 l22220">for </span><span class="pp-class-118 pa t19097 l3">non-recurring </span><span class="pp-class-118 pa t19097 l17660">items </span><span class="pp-class-118 pa t19097 l22221">had </span><span class="pp-class-118 pa t19097 l22222">been </span><span class="pp-class-118 pa t19097 l9407">made: </span></p><table xmlns="http://www.w3.org/1999/xhtml"><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t22223 l3 ls14110">DKK’000</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t22223 l15601 ls458">2025</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t22223 l15602 ls1074">2024</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22224 l3">Revenue</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22224 l15605 ls786">1,279,197</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22224 l15606 ls786">1,203,783</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22225 l3">Cost </span><span class="pp-class-113 pa t22225 l15608">of </span><span class="pp-class-113 pa t22225 l15609">goods </span><span class="pp-class-113 pa t22225 l15610">sold</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22225 l15614 ls786">(988,723)</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22225 l15615 ls786">(948,377)</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-116 pa t22226 l3 ls229">Gross </span><span class="pp-class-116 pa t22226 l22227 ls7548">profit</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22228 l15617 ls786">290,474</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22228 l15618 ls786">255,406</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22229 l3">Selling </span><span class="pp-class-113 pa t22229 l15620">expenses</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22229 l15621 ls786">(120,059)</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22229 l15622 ls786">(101,429)</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22230 l3">Administrative </span><span class="pp-class-113 pa t22230 l15624">expenses</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22230 l22231 ls786">(88,983)</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22230 l15629 ls786">(83,060)</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22232 l3">Adjustment </span><span class="pp-class-113 pa t22232 l15631">of </span><span class="pp-class-113 pa t22232 l6413">contingent </span><span class="pp-class-113 pa t22232 l15632">payment </span><span class="pp-class-113 pa t22232 l15633">obligation</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22232 l15634 ls786">4,500</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22232 l15635 ls786">9,500</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22233 l3">Other </span><span class="pp-class-113 pa t22233 l15637">operating </span><span class="pp-class-113 pa t22233 l15638">income</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22233 l15849 ls786">30,353</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22233 l15640 ls786">9,891</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22234 l3">Operating </span><span class="pp-class-114 pa t22234 l15642">profit</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22234 l15654 ls786">116,285</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22234 l15646 ls786">90,308</span></p></td></tr></table><div id="pp-id-3367" xmlns="http://www.w3.org/1999/xhtml"><div class="w15596 h22235 pa t2 l3 wtro4 xx30 tro6 xx31"><p class="pp-class-107 pp-area-text"><span class="pp-class-118 pa t22236 l3">TCM </span><span class="pp-class-118 pa t22236 l1586">Group </span><span class="pp-class-118 pa t22236 l1587">presents </span><span class="pp-class-118 pa t22236 l22237">non-recurring </span><span class="pp-class-118 pa t22236 l22238">items </span><span class="pp-class-118 pa t22236 l17579">separately </span><span class="pp-class-118 pa t22236 l22239">to </span><span class="pp-class-118 pa t22236 l22240">ensure </span><span class="pp-class-118 pa t22236 l22241">comparability. </span><span class="pp-class-118 pa t22236 l22242 ls786">Non-recurring </span><span class="pp-class-118 pa t22236 l22243">items </span><span class="pp-class-118 pa t22236 l22244">consist </span><span class="pp-class-118 pa t22236 l22245 ls786">of </span><span class="pp-class-118 pa t22236 l22246">income </span><span class="pp-class-118 pa t22247 l3">and </span><span class="pp-class-118 pa t22247 l1110">expenses </span><span class="pp-class-118 pa t22247 l22248">that </span><span class="pp-class-118 pa t22247 l22249">are </span><span class="pp-class-118 pa t22247 l635">special </span><span class="pp-class-118 pa t22247 l22250">and </span><span class="pp-class-118 pa t22247 l22251">of </span><span class="pp-class-118 pa t22247 l22252">a </span><span class="pp-class-118 pa t22247 l22253">non-recurring </span><span class="pp-class-118 pa t22247 l22254">nature. </span><span class="pp-class-118 pa t22247 l22255">For </span><span class="pp-class-118 pa t22247 l22256">2025, </span><span class="pp-class-118 pa t22247 l22257">non-recurring </span><span class="pp-class-118 pa t22247 l22258">items </span><span class="pp-class-118 pa t22247 l22259">consisted </span><span class="pp-class-118 pa t22247 l22260 ls786">of </span><span class="pp-class-118 pa t22247 l22261 ls786">transaction </span><span class="pp-class-118 pa t22262 l3">costs </span><span class="pp-class-118 pa t22262 l22263">related </span><span class="pp-class-118 pa t22262 l19870">to </span><span class="pp-class-118 pa t22262 l16968">business </span><span class="pp-class-118 pa t22262 l22264">combinations </span><span class="pp-class-118 pa t22262 l22265">and </span><span class="pp-class-118 pa t22262 l18396">fair </span><span class="pp-class-118 pa t22262 l22266">value </span><span class="pp-class-118 pa t22262 l22267">adjustment </span><span class="pp-class-118 pa t22262 l22268">of </span><span class="pp-class-118 pa t22262 l22269">TCM </span><span class="pp-class-118 pa t22262 l22270 ls786">Group’s </span><span class="pp-class-118 pa t22262 l22271 ls786">45% </span><span class="pp-class-118 pa t22262 l22272 ls786">stake </span><span class="pp-class-118 pa t22262 l22273 ls786">in </span><span class="pp-class-118 pa t22262 l22274">Celebert </span><span class="pp-class-118 pa t22262 l22275 ls786">ApS. </span><span class="pp-class-118 pa t22262 l22276 ls786">There </span><span class="pp-class-118 pa t22277 l3">were </span><span class="pp-class-118 pa t22277 l12579">no </span><span class="pp-class-118 pa t22277 l6329">non-recurring </span><span class="pp-class-118 pa t22277 l22278">items </span><span class="pp-class-118 pa t22277 l22279">in </span><span class="pp-class-118 pa t22277 l19707">2024.</span></p></div></div> <div class="pp-class-7" id="pp-id-3362" xmlns="http://www.w3.org/1999/xhtml"><div class="w15596 h22154 pa t2 l3 wtro4 xx16559 tro6 xx16560"><p class="pp-class-107 pp-area-text"><span class="pp-class-119 pa t16561 l3 ls268">8. </span><span class="pp-class-119 pa t16561 l22155 ls15046">Depreciation/amortisation </span><span class="pp-class-119 pa t16561 l22156 ls122">and </span><span class="pp-class-119 pa t16561 l22157 ls448">impairment </span><span class="pp-class-119 pa t16561 l22158 ls5936">by </span><span class="pp-class-119 pa t16561 l22159 ls445">function</span></p><table><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t22160 l3 ls14110">DKK’000</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t22161 l22162 ls14105">Depreciation/</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t22163 l22164 ls22165">amortiSation</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t22160 l21220 ls458">2025</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t22163 l22166 ls22167">Impairment</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t22160 l21230 ls458">2025</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t22161 l22168 ls14105">Depreciation/</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t22163 l22169 ls22165">amortiSation</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t22160 l21234 ls1074">2024</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t22163 l22170 ls22167">Impairment</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t22160 l15602 ls1074">2024</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22171 l3">Cost </span><span class="pp-class-113 pa t22171 l15608">of </span><span class="pp-class-113 pa t22171 l15609">goods </span><span class="pp-class-113 pa t22171 l15610">sold</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22171 l22172 ls786">24,171</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22171 l21255">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22171 l22173 ls786">23,131</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22171 l15652">0</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22174 l3">Selling </span><span class="pp-class-113 pa t22174 l15620">expenses</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22174 l22175 ls786">9,715</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22174 l21255">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22174 l22176 ls786">7,689</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22174 l15652">0</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22177 l3">Administrative </span><span class="pp-class-113 pa t22177 l15624">expenses</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22177 l22178 ls786">3,618</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22177 l21255">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22177 l16265 ls786">4,767</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22177 l15652">0</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22179 l3">Total </span><span class="pp-class-114 pa t22179 l15778">depreciation/amortisation </span><span class="pp-class-114 pa t22179 l22180">and </span><span class="pp-class-114 pa t22181 l3">impairment</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22181 l22182 ls786">37,504</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22181 l22183">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22184 l22185 ls786">35,587</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22184 l21392">0</span></p></td></tr></table></div></div><div class="pp-class-7" id="pp-id-3370" xmlns="http://www.w3.org/1999/xhtml"><div class="w15596 h22454 pa t2 l3 wtro4 xx16559 tro6 xx16560"><p class="pp-class-107 pp-area-text"><span class="pp-class-119 pa t16561 l3 ls15823">12. </span><span class="pp-class-119 pa t16561 l22455 ls142">Intangible </span><span class="pp-class-119 pa t16561 l22456 ls16342">assets</span></p><table><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t22457 l3 ls14110">DKK’000</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t22457 l22458 ls5830">Goodwill</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t22457 l22459 ls1116">Brands</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t22332 l22460 ls1896">Customer </span><span class="pp-class-112 pa t22457 l22461 ls20643">contracts</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t22333 l22462 ls21479">Other </span><span class="pp-class-112 pa t22332 l22463 ls21223">intangible </span><span class="pp-class-112 pa t22457 l22464 ls458">assets</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t21396 l22465 ls21479">Other </span><span class="pp-class-112 pa t22333 l21235 ls21223">intangible </span><span class="pp-class-112 pa t22332 l22466 ls16067">assets </span><span class="pp-class-112 pa t22332 l22467 ls21020">in </span><span class="pp-class-112 pa t22457 l22468 ls21031">progress</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22469 l3">Opening </span><span class="pp-class-114 pa t22469 l16085">cost </span><span class="pp-class-114 pa t22469 l22470">at </span><span class="pp-class-114 pa t22469 l22471">1 </span><span class="pp-class-114 pa t22469 l22472">January </span><span class="pp-class-114 pa t22469 l22473">2025</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22469 l22474">415,350</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22469 l22475">179,461</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22469 l22476">47,500</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22469 l22477">60,585</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22469 l22478">56,839</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22479 l3">Acquisition </span><span class="pp-class-113 pa t22479 l16257">of </span><span class="pp-class-113 pa t22479 l16258">entities</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22479 l22480 ls786">107,750</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22479 l22481 ls786">44,012</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22479 l22482">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22479 l22483 ls786">5,774</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22479 l22484">0</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22485 l3">Investments </span><span class="pp-class-113 pa t22485 l15869">for </span><span class="pp-class-113 pa t22485 l22486">the </span><span class="pp-class-113 pa t22485 l22487">period</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22485 l22488">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22485 l22489">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22485 l22482">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22485 l22490">59</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22485 l22491 ls786">34,245</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22492 l3">Disposals </span><span class="pp-class-113 pa t22492 l22493">for </span><span class="pp-class-113 pa t22492 l22494">the </span><span class="pp-class-113 pa t22492 l22495">period</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22492 l22496 ls786">(3,352) </span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22492 l22489">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22492 l22482">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22492 l22497">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22492 l22484">0</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22498 l3">Closing </span><span class="pp-class-114 pa t22498 l16156">cost </span><span class="pp-class-114 pa t22498 l22499">at </span><span class="pp-class-114 pa t22500 l3">31 </span><span class="pp-class-114 pa t22500 l22501">December </span><span class="pp-class-114 pa t22500 l22502">2025</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22500 l22503">519,748</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22500 l22504">223,473</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22500 l22476">47,500</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22500 l22505">66,418</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22500 l22506">91,084</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22507 l3">Opening </span><span class="pp-class-113 pa t22507 l22508">amortisation </span><span class="pp-class-113 pa t22507 l22509">and </span><span class="pp-class-113 pa t22510 l3">impairment </span><span class="pp-class-113 pa t22510 l22511">at </span><span class="pp-class-113 pa t22510 l22512">1 </span><span class="pp-class-113 pa t22510 l22513">January </span><span class="pp-class-113 pa t22510 l22514">2025</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22510 l22515 ls786">3,352</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22510 l22516 ls786">2,250</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22510 l22517 ls786">7,125</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22510 l22518 ls786">52,994</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22510 l22519 ls786">1,911</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22520 l3">Disposals </span><span class="pp-class-113 pa t22520 l22493">for </span><span class="pp-class-113 pa t22520 l22494">the </span><span class="pp-class-113 pa t22520 l22495">period</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22520 l22496 ls786">(3,352)</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22520 l22489">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22520 l22482">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22520 l22497">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22520 l22484">0</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22521 l3">Amortisation </span><span class="pp-class-113 pa t22521 l22522">for </span><span class="pp-class-113 pa t22521 l22523">the </span><span class="pp-class-113 pa t22521 l22524">period</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22521 l22488">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22521 l22525 ls786">1,867</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22521 l22526 ls786">4,750 </span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22521 l22527 ls786">5,245</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22521 l22484">0</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22528 l3 ls2618">Closing </span><span class="pp-class-114 pa t22528 l22529 ls7287">amortisation </span><span class="pp-class-114 pa t22528 l22530 ls22531">and </span><span class="pp-class-114 pa t22532 l3 ls22533">impairment </span><span class="pp-class-114 pa t22532 l10875 ls22534">at </span><span class="pp-class-114 pa t22532 l22535 ls22534">31 </span><span class="pp-class-114 pa t22532 l22536 ls22537">December </span><span class="pp-class-114 pa t22532 l22538 ls639">2025</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22532 l22539">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22532 l22540">4,117</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22532 l22541">11,875</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22532 l22542">58,239</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22532 l22543">1,911</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22544 l3">Closing </span><span class="pp-class-114 pa t22544 l16156">carrying </span><span class="pp-class-114 pa t22544 l22545">amount </span><span class="pp-class-114 pa t22544 l22546">at </span><span class="pp-class-114 pa t22547 l3">31 </span><span class="pp-class-114 pa t22547 l22501">December </span><span class="pp-class-114 pa t22547 l22502">2025</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22547 l22503">519,748</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22547 l22548">219,356</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22547 l22549">35,625</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22547 l22550">8,179</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22547 l22551">89,173</span></p></td></tr></table></div></div><div class="pp-class-7" id="pp-id-3371" xmlns="http://www.w3.org/1999/xhtml"><div class="w15596 h22554 pa t2 l3 wtro4 xx30 tro6 xx31"><table><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t22555 l3 ls14110">DKK’000</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t22555 l22458 ls5830">Goodwill</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t22555 l22459 ls1116">Brands</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t16059 l22460 ls1896">Customer </span><span class="pp-class-112 pa t22555 l22461 ls20643">contracts</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t16060 l22462 ls21479">Other </span><span class="pp-class-112 pa t16059 l22463 ls21223">intangible </span><span class="pp-class-112 pa t22555 l22464 ls458">assets</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t15598 l22465 ls21479">Other </span><span class="pp-class-112 pa t16060 l21235 ls21223">intangible </span><span class="pp-class-112 pa t16059 l22466 ls16067">assets </span><span class="pp-class-112 pa t16059 l22467 ls21020">in </span><span class="pp-class-112 pa t22555 l22468 ls21031">progress</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22556 l3">Opening </span><span class="pp-class-114 pa t22556 l16085">cost </span><span class="pp-class-114 pa t22556 l22470">at </span><span class="pp-class-114 pa t22556 l22471">1 </span><span class="pp-class-114 pa t22556 l22472">January </span><span class="pp-class-114 pa t22556 l22473">2024</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22556 l22474">415,350</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22556 l22475">179,461</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22556 l22476">47,500</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22556 l22557">53,578</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22556 l22558">35,576</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22559 l3">Investments </span><span class="pp-class-113 pa t22559 l15869">for </span><span class="pp-class-113 pa t22559 l22486">the </span><span class="pp-class-113 pa t22559 l22487">period</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22559 l22488">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22559 l22489">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22559 l22482">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22559 l22497">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22559 l22560 ls786">28,270</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22561 l3">Transfer</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22561 l22488">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22561 l22489">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22561 l22482">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22561 l22562 ls786">7,007</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22561 l22563 ls786">(7,007)</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22564 l3">Closing </span><span class="pp-class-114 pa t22564 l16156">cost </span><span class="pp-class-114 pa t22564 l22499">at </span><span class="pp-class-114 pa t22565 l3">31 </span><span class="pp-class-114 pa t22565 l22501">December </span><span class="pp-class-114 pa t22565 l22502">2024</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22566 l22474">415,350</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22566 l22475">179,461</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22566 l22476">47,500</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22566 l22477">60,585</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22566 l22478">56,839</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22567 l3">Opening </span><span class="pp-class-113 pa t22567 l22508">amortisation </span><span class="pp-class-113 pa t22567 l22509">and </span><span class="pp-class-113 pa t22568 l3">impairment </span><span class="pp-class-113 pa t22568 l22511">at </span><span class="pp-class-113 pa t22568 l22512">1 </span><span class="pp-class-113 pa t22568 l22513">January </span><span class="pp-class-113 pa t22568 l22514">2024</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22568 l22515 ls786">3,352</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22568 l22569">750</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22568 l22570 ls786">2,375</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22568 l22571 ls786">50,755</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22568 l22519 ls786">1,911</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22572 l3">Amortisation </span><span class="pp-class-113 pa t22572 l22522">for </span><span class="pp-class-113 pa t22572 l22523">the </span><span class="pp-class-113 pa t22572 l22524">period</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22572 l22488">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22572 l22573 ls786">1,500</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22572 l22526 ls786">4,750</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22572 l22574 ls786">2,239</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22572 l22484">0</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22575 l3">Closing </span><span class="pp-class-114 pa t22575 l16156">amortisation </span><span class="pp-class-114 pa t22576 l3">and </span><span class="pp-class-114 pa t22576 l22577">impairment </span><span class="pp-class-114 pa t22576 l22578">at </span><span class="pp-class-114 pa t22579 l3">31 </span><span class="pp-class-114 pa t22579 l22501">December </span><span class="pp-class-114 pa t22579 l22502">2024</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22576 l22580">3,352</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22576 l22581">2,250</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22576 l22582">7,125</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22576 l22583">52,994</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22576 l22543">1,911</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22584 l3">Closing </span><span class="pp-class-114 pa t22584 l16156">carrying </span><span class="pp-class-114 pa t22584 l22545">amount </span><span class="pp-class-114 pa t22584 l22546">at </span><span class="pp-class-114 pa t22585 l3">31 </span><span class="pp-class-114 pa t22585 l22586">December </span><span class="pp-class-114 pa t22585 l6788">2024</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22587 l22588">411,998</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22587 l8829">177,211</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22587 l22589">40,375</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22587 l22590">7,591</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22587 l22591">54,928</span></p></td></tr></table></div></div><div class="pp-class-7" id="pp-id-3376" xmlns="http://www.w3.org/1999/xhtml"><div class="w15596 h23127 pa t2 l3 wtro4 xx16559 tro6 xx16560"><p class="pp-class-107 pp-area-text"><span class="pp-class-119 pa t16561 l3 ls23128">13. </span><span class="pp-class-119 pa t16561 l23129 ls23130">Property, </span><span class="pp-class-119 pa t16561 l23131 ls23132">plant </span><span class="pp-class-119 pa t16561 l23133 ls122">and </span><span class="pp-class-119 pa t16561 l23134 ls23135">equipment</span></p></div></div><div class="pp-class-7" id="pp-id-3377" xmlns="http://www.w3.org/1999/xhtml"><div class="w15792 h23136 pa t2 l3 wtro4 xx30 tro6 xx31"><table><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t23137 l3 ls14110">DKK’000</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t23137 l23138 ls20850">Buildings</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t23139 l23140 ls16065">Land </span><span class="pp-class-112 pa t23141 l23142 ls458">and </span><span class="pp-class-112 pa t23141 l23140 ls16065">land </span><span class="pp-class-112 pa t23143 l23144 ls21031">improve-</span><span class="pp-class-112 pa t23137 l23145 ls2756">ments</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t23146 l23147 ls23148">Property, </span><span class="pp-class-112 pa t23146 l23149 ls23150">plant </span><span class="pp-class-112 pa t23139 l23151 ls458">and </span><span class="pp-class-112 pa t23139 l23152 ls458">equipment </span><span class="pp-class-112 pa t23141 l23153 ls1116">under </span><span class="pp-class-112 pa t23141 l23154 ls458">con-</span><span class="pp-class-112 pa t23143 l23155 ls2759">struction </span><span class="pp-class-112 pa t23143 l23156 ls5868">and </span><span class="pp-class-112 pa t23137 l23157 ls23158">prepayments</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t23139 l23159 ls1217">Machinery </span><span class="pp-class-112 pa t23141 l23160 ls458">and </span><span class="pp-class-112 pa t23141 l23161 ls21479">other </span><span class="pp-class-112 pa t23143 l23162 ls23163">technical </span><span class="pp-class-112 pa t23137 l23164 ls1116">equipment</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t23139 l23165 ls23166">Equipment, </span><span class="pp-class-112 pa t23141 l23167 ls1351">tools, </span><span class="pp-class-112 pa t23143 l23168 ls14110">fixtures </span><span class="pp-class-112 pa t23143 l21237 ls5868">and </span><span class="pp-class-112 pa t23137 l23169 ls138">fittings</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t23170 l3">Opening </span><span class="pp-class-114 pa t23170 l16085">cost </span><span class="pp-class-114 pa t23170 l22470">at </span><span class="pp-class-114 pa t23170 l22471">1 </span><span class="pp-class-114 pa t23170 l22472">January </span><span class="pp-class-114 pa t23170 l22473">2025</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t23170 l23171 ls786">130,066</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t23170 l23172 ls786">15,623</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t23170 l23173 ls786">10,656</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t23170 l23174 ls786">102,807</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t23170 l23175 ls786">15,215</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23176 l3">Acquisition </span><span class="pp-class-113 pa t23176 l16257">of </span><span class="pp-class-113 pa t23176 l16258">entities</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23176 l23177">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23176 l23178">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23176 l23179">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23176 l23180">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23176 l23181 ls786">1,773</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23182 l3">Investments </span><span class="pp-class-113 pa t23182 l15869">for </span><span class="pp-class-113 pa t23182 l22486">the </span><span class="pp-class-113 pa t23182 l22487">period</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23182 l23183 ls786">831</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23182 l23184">4</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23182 l23185 ls786">877</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23182 l23186 ls786">13,942</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23182 l23187 ls786">809</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23188 l3">Transfer</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23188 l23177">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23188 l23178">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23188 l23189 ls786">(10,656)</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23188 l23190 ls786">10,523</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23188 l23191 ls786">133</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23192 l3">Disposals </span><span class="pp-class-113 pa t23192 l22493">for </span><span class="pp-class-113 pa t23192 l22494">the </span><span class="pp-class-113 pa t23192 l22495">period</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23192 l23177">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23192 l23178">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23192 l23179">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23192 l23193 ls786">(614)</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23192 l23194 ls786">(344)</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t23195 l3">Closing </span><span class="pp-class-114 pa t23195 l16156">cost </span><span class="pp-class-114 pa t23195 l22499">at </span><span class="pp-class-114 pa t23195 l23196">31 </span><span class="pp-class-114 pa t23195 l23197">December </span><span class="pp-class-114 pa t23195 l23198">2025</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t23195 l23199 ls786">130,897</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t23195 l23200 ls786">15,627</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t23195 l23201 ls786">877</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t23195 l23202 ls786">126,658</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t23195 l23203 ls786">17,586</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23204 l3">Opening </span><span class="pp-class-113 pa t23204 l22508">depreciation </span><span class="pp-class-113 pa t23204 l23205">and </span><span class="pp-class-113 pa t23204 l23206">impairment </span><span class="pp-class-113 pa t23207 l3">at </span><span class="pp-class-113 pa t23207 l23208">1 </span><span class="pp-class-113 pa t23207 l23209">January </span><span class="pp-class-113 pa t23207 l23210">2025</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23207 l23211 ls786">18,337</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23207 l23178">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23207 l23179">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23207 l23212 ls786">49,462</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23207 l23213 ls786">10,102</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23214 l3">Disposals </span><span class="pp-class-113 pa t23214 l22493">for </span><span class="pp-class-113 pa t23214 l22494">the </span><span class="pp-class-113 pa t23214 l22495">period</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23214 l23177">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23214 l23178">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23214 l23179">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23214 l23193 ls786">(614)</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23214 l23215 ls786">(201)</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23216 l3">Depreciation </span><span class="pp-class-113 pa t23216 l23217">for </span><span class="pp-class-113 pa t23216 l23218">the </span><span class="pp-class-113 pa t23216 l23219">period</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23216 l23220 ls786">3,662</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23216 l23178">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23216 l23179">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23216 l23221 ls786">11,879</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23216 l23222 ls786">1,865</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t23223 l3">Closing </span><span class="pp-class-114 pa t23223 l16156">depreciation </span><span class="pp-class-114 pa t23223 l23224">and </span><span class="pp-class-114 pa t23223 l23225">impairment </span><span class="pp-class-114 pa t23226 l3">at </span><span class="pp-class-114 pa t23226 l23227">31 </span><span class="pp-class-114 pa t23226 l23228">December </span><span class="pp-class-114 pa t23226 l23229">2025</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t23226 l23230 ls786">21,999</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t23226 l23231">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t23226 l23232">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t23226 l23233 ls786">60,727</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t23226 l23234 ls786">11,766</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t23235 l3">Closing </span><span class="pp-class-114 pa t23235 l16156">carrying </span><span class="pp-class-114 pa t23235 l22545">amount </span><span class="pp-class-114 pa t23236 l3">at </span><span class="pp-class-114 pa t23236 l23227">31 </span><span class="pp-class-114 pa t23236 l23228">December </span><span class="pp-class-114 pa t23236 l23229">2025</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t23236 l23237 ls786">108,898</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t23236 l23200 ls786">15,627</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t23236 l23201 ls786">877</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t23236 l23238 ls786">65,931</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t23236 l23239 ls786">5,820</span></p></td></tr></table></div></div><div class="pp-class-7" id="pp-id-3378" xmlns="http://www.w3.org/1999/xhtml"><div class="w15596 h23240 pa t2 l3 wtro4 xx30 tro6 xx31"><table><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t23137 l3 ls14110">DKK’000</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t23137 l23241 ls20850">Buildings</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t23139 l23242 ls21031">Land </span><span class="pp-class-112 pa t23139 l23243 ls5868">and </span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t23141 l23140 ls16065">land </span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t23143 l23144 ls21031">improve-</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t23137 l23145 ls2756">ments</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t23146 l23147 ls23148">Property, </span><span class="pp-class-112 pa t23146 l23149 ls23150">plant </span><span class="pp-class-112 pa t23139 l23151 ls458">and </span><span class="pp-class-112 pa t23139 l23152 ls458">equipment </span><span class="pp-class-112 pa t23141 l23153 ls1116">under </span><span class="pp-class-112 pa t23141 l23154 ls458">con-</span><span class="pp-class-112 pa t23143 l23155 ls2759">struction </span><span class="pp-class-112 pa t23143 l23156 ls5868">and </span><span class="pp-class-112 pa t23137 l23157 ls23158">prepayments</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t23139 l23159 ls1217">Machinery </span><span class="pp-class-112 pa t23141 l23160 ls458">and </span><span class="pp-class-112 pa t23141 l23161 ls21479">other </span><span class="pp-class-112 pa t23143 l23162 ls23163">technical </span><span class="pp-class-112 pa t23137 l23164 ls1116">equipment</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t23139 l23165 ls23166">Equipment, </span><span class="pp-class-112 pa t23141 l23167 ls1351">tools, </span><span class="pp-class-112 pa t23143 l23168 ls14110">fixtures </span><span class="pp-class-112 pa t23143 l21237 ls5868">and </span><span class="pp-class-112 pa t23137 l23169 ls138">fittings</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t23170 l3">Opening </span><span class="pp-class-114 pa t23170 l16085">cost </span><span class="pp-class-114 pa t23170 l22470">at </span><span class="pp-class-114 pa t23170 l22471">1 </span><span class="pp-class-114 pa t23170 l22472">January </span><span class="pp-class-114 pa t23170 l22473">2024</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t23170 l23244 ls786">129,382</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t23170 l23245 ls786">14,248</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t23170 l23246 ls786">6,130</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t23170 l23247 ls786">88,847</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t23170 l21252 ls786">14,945</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23176 l3">Investments </span><span class="pp-class-113 pa t23176 l15869">for </span><span class="pp-class-113 pa t23176 l22486">the </span><span class="pp-class-113 pa t23176 l22487">period</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23176 l23248 ls786">684</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23176 l23249 ls786">1,375</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23176 l23250 ls786">10,656</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23176 l23251 ls786">7,875</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23176 l23252 ls786">394</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23182 l3">Transfer</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23182 l23177">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23182 l23178">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23182 l23253 ls786">(6,130)</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23182 l23254 ls786">6,130</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23182 l15652">0</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23188 l3">Disposals </span><span class="pp-class-113 pa t23188 l22493">for </span><span class="pp-class-113 pa t23188 l22494">the </span><span class="pp-class-113 pa t23188 l22495">period</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23188 l23177">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23188 l23178">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23188 l23255">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23188 l23256 ls786">(45)</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23188 l23257 ls786">(124)</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t23192 l3">Closing </span><span class="pp-class-114 pa t23192 l16156">cost </span><span class="pp-class-114 pa t23192 l22499">at </span><span class="pp-class-114 pa t23192 l23196">31 </span><span class="pp-class-114 pa t23192 l23197">December </span><span class="pp-class-114 pa t23192 l23198">2024</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t23192 l23171 ls786">130,066</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t23192 l23172 ls786">15,623</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t23192 l23258 ls786">10,656</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t23192 l23174 ls786">102,807</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t23192 l23175 ls786">15,215</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23195 l3">Opening </span><span class="pp-class-113 pa t23195 l22508">depreciation </span><span class="pp-class-113 pa t23195 l23205">and </span><span class="pp-class-113 pa t23195 l23206">impairment </span><span class="pp-class-113 pa t23259 l3">at </span><span class="pp-class-113 pa t23259 l23208">1 </span><span class="pp-class-113 pa t23259 l23209">January </span><span class="pp-class-113 pa t23259 l23210">2024</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23259 l23260 ls786">14,705</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23259 l23178">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23259 l23255">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23259 l23261 ls786">34,863</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23259 l23114 ls786">7,807</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23207 l3">Disposals </span><span class="pp-class-113 pa t23207 l22493">for </span><span class="pp-class-113 pa t23207 l22494">the </span><span class="pp-class-113 pa t23207 l22495">period</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23207 l23177">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23207 l23178">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23207 l23255">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23207 l23256 ls786">(45)</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23207 l23257 ls786">(124)</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23214 l3">Depreciation </span><span class="pp-class-113 pa t23214 l23217">for </span><span class="pp-class-113 pa t23214 l23218">the </span><span class="pp-class-113 pa t23214 l23219">period</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23214 l23262 ls786">3,632</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23214 l23178">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23214 l23255">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23214 l23263 ls786">14,644</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23214 l23264 ls786">2,419</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t23216 l3">Closing </span><span class="pp-class-114 pa t23216 l16156">depreciation </span><span class="pp-class-114 pa t23216 l23224">and </span><span class="pp-class-114 pa t23216 l23225">impairment </span><span class="pp-class-114 pa t23265 l3">at </span><span class="pp-class-114 pa t23265 l23227">31 </span><span class="pp-class-114 pa t23265 l23228">December </span><span class="pp-class-114 pa t23265 l23229">2024</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t23266 l23267 ls786">18,337</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t23266 l23231">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t23266 l23268">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t23266 l23269 ls786">49,462</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t23266 l23270 ls786">10,102</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t23226 l3">Closing </span><span class="pp-class-114 pa t23226 l16156">carrying </span><span class="pp-class-114 pa t23226 l22545">amount </span><span class="pp-class-114 pa t23271 l3">at </span><span class="pp-class-114 pa t23271 l23227">31 </span><span class="pp-class-114 pa t23271 l23228">December </span><span class="pp-class-114 pa t23271 l23229">2024</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t23272 l23273 ls786">111,729</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t23272 l23172 ls786">15,623</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t23272 l23258 ls786">10,656</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t23272 l23274 ls786">53,345</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t23272 l23275 ls786">5,113</span></p></td></tr></table><p class="pp-class-107 pp-area-text"><span class="pp-class-118 pa t23276 l3">No </span><span class="pp-class-118 pa t23276 l7520">impairment </span><span class="pp-class-118 pa t23276 l23277">was </span><span class="pp-class-118 pa t23276 l23278">charged </span><span class="pp-class-118 pa t23276 l23279">to </span><span class="pp-class-118 pa t23276 l18971">property, </span><span class="pp-class-118 pa t23276 l17203">plant </span><span class="pp-class-118 pa t23276 l23280">and </span><span class="pp-class-118 pa t23276 l23281">equipment </span><span class="pp-class-118 pa t23276 l23282">in </span><span class="pp-class-118 pa t23276 l23283">2025 </span><span class="pp-class-118 pa t23276 l23284">or </span><span class="pp-class-118 pa t23276 l23285">2024. </span></p></div></div><div class="pp-class-7" id="pp-id-3379" xmlns="http://www.w3.org/1999/xhtml"><div class="w23286 h23287 pa t2 l3 wtro4 xx16559 tro6 xx16560"><p class="pp-class-107 pp-area-text"><span class="pp-class-119 pa t16561 l3 ls21182">14. </span><span class="pp-class-119 pa t16561 l23129 ls23288">Leases</span></p><p class="pp-class-107 pp-area-text"><span class="pp-class-120 pa t20309 l3 ls21466">Right-of-use </span><span class="pp-class-120 pa t20309 l23289 ls2116">assets </span></p></div></div><div class="pp-class-7" id="pp-id-3380" xmlns="http://www.w3.org/1999/xhtml"><div class="w475 h23290 pa t2 l3 wtro4 xx23291 tro6 xx23292"><table><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t23293 l3 ls14110">DKK’000</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t23294 l23295 ls1072">Rental </span><span class="pp-class-112 pa t23294 l23296 ls21020">of </span><span class="pp-class-112 pa t23293 l23297 ls15160">premises</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t23298 l23299 ls23166">Equipment, </span><span class="pp-class-112 pa t23294 l23300 ls21031">tools, </span><span class="pp-class-112 pa t23294 l23301 ls16079">fixtures </span><span class="pp-class-112 pa t23293 l23302 ls458">and </span><span class="pp-class-112 pa t23293 l23303 ls138">fittings</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t23293 l23304 ls11452">Total</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t23305 l3">Opening </span><span class="pp-class-114 pa t23305 l16085">cost </span><span class="pp-class-114 pa t23305 l22470">at </span><span class="pp-class-114 pa t23305 l22471">1 </span><span class="pp-class-114 pa t23305 l22472">January </span><span class="pp-class-114 pa t23305 l22473">2025</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t23305 l23306 ls786">52,320</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t23305 l23307 ls786">7,525</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t23305 l23308 ls786">59,845</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23309 l3">Acquisition </span><span class="pp-class-113 pa t23309 l16257">of </span><span class="pp-class-113 pa t23309 l16258">entities</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23309 l23310 ls786">6,567</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23309 l23311">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23309 l23312 ls786">6,567</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23313 l3">Additions</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23313 l23314 ls786">1,859</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23313 l23315 ls786">2,686</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23313 l23316 ls786">4,545</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23317 l3">Disposals </span><span class="pp-class-113 pa t23317 l22493">for </span><span class="pp-class-113 pa t23317 l22494">the </span><span class="pp-class-113 pa t23317 l22495">period</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23317 l23318">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23317 l11728 ls786">(1,306)</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23317 l23319 ls786">(1,306)</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t23320 l3">Closing </span><span class="pp-class-114 pa t23320 l16156">cost </span><span class="pp-class-114 pa t23320 l22499">at </span><span class="pp-class-114 pa t23320 l23196">31 </span><span class="pp-class-114 pa t23320 l23197">December </span><span class="pp-class-114 pa t23320 l23198">2025</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t23320 l23321 ls786">60,746</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t23320 l23322 ls786">8,905</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t23320 l23323 ls786">69,651</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23324 l3">Opening </span><span class="pp-class-113 pa t23324 l22508">depreciation </span><span class="pp-class-113 pa t23324 l23205">and </span><span class="pp-class-113 pa t23324 l23206">impairment </span><span class="pp-class-113 pa t23324 l23325">at </span><span class="pp-class-113 pa t23324 l23326">1 </span><span class="pp-class-113 pa t23324 l23327">January </span><span class="pp-class-113 pa t23324 l23328">2025</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23324 l23329 ls786">16,838</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23324 l23330 ls786">3,513</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23324 l23331 ls786">20,351</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23332 l3">Disposals </span><span class="pp-class-113 pa t23332 l22493">for </span><span class="pp-class-113 pa t23332 l22494">the </span><span class="pp-class-113 pa t23332 l22495">period</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23332 l23318">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23332 l23333">(921)</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23332 l23334">(921)</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23335 l3">Depreciation </span><span class="pp-class-113 pa t23335 l23217">for </span><span class="pp-class-113 pa t23335 l23218">the </span><span class="pp-class-113 pa t23335 l23219">period</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23335 l23336 ls786">5,875</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23335 l23337 ls786">2,360</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23335 l23338 ls786">8,235</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t23339 l3 ls2618">Closing </span><span class="pp-class-114 pa t23339 l22529 ls7287">depreciation </span><span class="pp-class-114 pa t23339 l23340 ls639">and </span><span class="pp-class-114 pa t23339 l23341 ls22533">impairment </span><span class="pp-class-114 pa t23339 l23342 ls22534">at </span><span class="pp-class-114 pa t23339 l23343 ls22534">31 </span><span class="pp-class-114 pa t23339 l23344 ls22537">December </span><span class="pp-class-114 pa t23339 l23345 ls639">2025</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t23339 l23346 ls786">22,713</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t23339 l23347 ls786">4,952</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t23339 l23348 ls786">27,665</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t23349 l3">Closing </span><span class="pp-class-114 pa t23349 l16156">carrying </span><span class="pp-class-114 pa t23349 l22545">amount </span><span class="pp-class-114 pa t23349 l22546">at </span><span class="pp-class-114 pa t23349 l23350">31 </span><span class="pp-class-114 pa t23349 l23351">December </span><span class="pp-class-114 pa t23349 l23352">2025</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t23349 l23353 ls786">38,033</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t23349 l23354 ls786">3,953</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t23349 l23355 ls786">41,986</span></p></td></tr></table></div></div><div class="pp-class-7" id="pp-id-3381" xmlns="http://www.w3.org/1999/xhtml"><div class="w475 h23356 pa t2 l3 wtro4 xx23291 tro6 xx23292"><table><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t23293 l3 ls14110">DKK’000</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t23294 l23295 ls1072">Rental </span><span class="pp-class-112 pa t23294 l23296 ls21020">of </span><span class="pp-class-112 pa t23293 l23297 ls15160">premises</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t23298 l23299 ls23166">Equipment, </span><span class="pp-class-112 pa t23294 l23300 ls21031">tools, </span><span class="pp-class-112 pa t23294 l23301 ls16079">fixtures </span><span class="pp-class-112 pa t23293 l23302 ls458">and </span><span class="pp-class-112 pa t23293 l23303 ls138">fittings</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t23293 l23304 ls11452">Total</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t23305 l3">Opening </span><span class="pp-class-114 pa t23305 l16085">cost </span><span class="pp-class-114 pa t23305 l22470">at </span><span class="pp-class-114 pa t23305 l22471">1 </span><span class="pp-class-114 pa t23305 l22472">January </span><span class="pp-class-114 pa t23305 l22473">2024</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t23305 l23357 ls786">50,272</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t23305 l23358 ls786">9,584</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t23305 l23359 ls786">59,856</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23309 l3">Additions</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23309 l23360 ls786">2,048</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23309 l23361 ls786">2,807</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23309 l23362 ls786">4,855</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23313 l3">Disposals </span><span class="pp-class-113 pa t23313 l22493">for </span><span class="pp-class-113 pa t23313 l22494">the </span><span class="pp-class-113 pa t23313 l22495">period</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23313 l23318">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23313 l23363 ls786">(4,866)</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23313 l23364 ls786">(4,866)</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t23317 l3">Closing </span><span class="pp-class-114 pa t23317 l16156">cost </span><span class="pp-class-114 pa t23317 l22499">at </span><span class="pp-class-114 pa t23317 l23196">31 </span><span class="pp-class-114 pa t23317 l23197">December </span><span class="pp-class-114 pa t23317 l23198">2024</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t23317 l23306 ls786">52,320</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t23317 l23307 ls786">7,525</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t23317 l23308 ls786">59,845</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23320 l3">Opening </span><span class="pp-class-113 pa t23320 l22508">depreciation </span><span class="pp-class-113 pa t23320 l23205">and </span><span class="pp-class-113 pa t23320 l23206">impairment </span><span class="pp-class-113 pa t23320 l23325">at </span><span class="pp-class-113 pa t23320 l23326">1 </span><span class="pp-class-113 pa t23320 l23327">January </span><span class="pp-class-113 pa t23320 l23328">2024</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23320 l23365 ls786">12,756</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23320 l23366 ls786">5,642</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23320 l23367 ls786">18,398</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23324 l3">Disposals </span><span class="pp-class-113 pa t23324 l22493">for </span><span class="pp-class-113 pa t23324 l22494">the </span><span class="pp-class-113 pa t23324 l22495">period</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23324 l23318">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23324 l23368 ls786">(4,502)</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23324 l23369 ls786">(4,502)</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23332 l3">Depreciation </span><span class="pp-class-113 pa t23332 l23217">for </span><span class="pp-class-113 pa t23332 l23218">the </span><span class="pp-class-113 pa t23332 l23219">period</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23332 l23360 ls786">4,082</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23332 l23370 ls786">2,373</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23332 l23371 ls786">6,455</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t23335 l3 ls2618">Closing </span><span class="pp-class-114 pa t23335 l22529 ls7287">depreciation </span><span class="pp-class-114 pa t23335 l23340 ls639">and </span><span class="pp-class-114 pa t23335 l23341 ls22533">impairment </span><span class="pp-class-114 pa t23335 l23342 ls22534">at </span><span class="pp-class-114 pa t23335 l23343 ls22534">31 </span><span class="pp-class-114 pa t23335 l23344 ls22537">December </span><span class="pp-class-114 pa t23335 l23345 ls639">2024</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t23335 l23372 ls786">16,838</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t23335 l23373 ls786">3,513</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t23335 l23367 ls786">20,351</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t23339 l3">Closing </span><span class="pp-class-114 pa t23339 l16156">carrying </span><span class="pp-class-114 pa t23339 l22545">amount </span><span class="pp-class-114 pa t23339 l22546">at </span><span class="pp-class-114 pa t23339 l23350">31 </span><span class="pp-class-114 pa t23339 l23351">December </span><span class="pp-class-114 pa t23339 l23352">2024</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t23339 l23374 ls786">35,482</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t23339 l23375 ls786">4,012</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t23339 l23376 ls786">39,494</span></p></td></tr></table></div></div><div class="pp-class-7" id="pp-id-3385" xmlns="http://www.w3.org/1999/xhtml"><div class="w15596 h23379 pa t2 l3 wtro4 xx18880 tro6 xx18881"><p class="pp-class-107 pp-area-text"><span class="pp-class-120 pa t18882 l3 ls23380">Lease </span><span class="pp-class-120 pa t18882 l23381 ls20643">receivables</span></p><p class="pp-class-107 pp-area-text"><span class="pp-class-118 pa t16757 l3">Subleases </span><span class="pp-class-118 pa t16757 l1498">are </span><span class="pp-class-118 pa t16757 l23382">specified </span><span class="pp-class-118 pa t16757 l23383">as </span><span class="pp-class-118 pa t16757 l10766">follows:</span></p></div></div><div class="pp-class-7" id="pp-id-3386" xmlns="http://www.w3.org/1999/xhtml"><div class="w15596 h23384 pa t2 l3 wtro4 xx23385 tro6 xx23386"><table><tr><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t23387 l23388 ls458">2025</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t23387 l23389 ls1074">2024</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"/></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t23390 l3 ls14110">DKK’000</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t23390 l23391 ls15600">Book </span><span class="pp-class-112 pa t23390 l23392 ls2728">value</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t23393 l23394 ls23395">Undiscounted </span><span class="pp-class-112 pa t23390 l23396 ls2728">value</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t23390 l23397 ls15600">Book </span><span class="pp-class-112 pa t23390 l23398 ls2728">value</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t23393 l23399 ls23395">Undiscounted </span><span class="pp-class-112 pa t23390 l23400 ls2728">value</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23401 l3">Falling </span><span class="pp-class-113 pa t23401 l23402">due </span><span class="pp-class-113 pa t23401 l23403">for </span><span class="pp-class-113 pa t23401 l23404">payment </span><span class="pp-class-113 pa t23401 l23405">within </span><span class="pp-class-113 pa t23401 l23406">1 </span><span class="pp-class-113 pa t23401 l23407">year</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23401 l23408 ls786">5,640</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23401 l23409 ls786">5,699</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23401 l23410 ls786">6,715</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23401 l23411 ls786">7,029</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23412 l3">Falling </span><span class="pp-class-113 pa t23412 l23402">due </span><span class="pp-class-113 pa t23412 l23403">for </span><span class="pp-class-113 pa t23412 l23404">payment </span><span class="pp-class-113 pa t23412 l23405">within </span><span class="pp-class-113 pa t23412 l23406">1-2 </span><span class="pp-class-113 pa t23412 l23413">years</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23412 l23414">395</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23412 l23415">396</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23412 l23416 ls786">5,146</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23412 l23417 ls786">5,321</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23418 l3">Falling </span><span class="pp-class-113 pa t23418 l23402">due </span><span class="pp-class-113 pa t23418 l23403">for </span><span class="pp-class-113 pa t23418 l23404">payment </span><span class="pp-class-113 pa t23418 l23405">within </span><span class="pp-class-113 pa t23418 l23406">2-3 </span><span class="pp-class-113 pa t23418 l23419">years</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23418 l23420">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23418 l23421">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23418 l23422 ls786">1,539</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23418 l23423 ls786">1,626</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23424 l3">Falling </span><span class="pp-class-113 pa t23424 l23402">due </span><span class="pp-class-113 pa t23424 l23403">for </span><span class="pp-class-113 pa t23424 l23404">payment </span><span class="pp-class-113 pa t23424 l23405">within </span><span class="pp-class-113 pa t23424 l23406">3-4 </span><span class="pp-class-113 pa t23424 l23425">years</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23424 l23420">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23424 l23421">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23424 l23426">901</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23424 l16042">923</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23427 l3">Falling </span><span class="pp-class-113 pa t23427 l23402">due </span><span class="pp-class-113 pa t23427 l23403">for </span><span class="pp-class-113 pa t23427 l23404">payment </span><span class="pp-class-113 pa t23427 l23405">within </span><span class="pp-class-113 pa t23427 l23406">4-5 </span><span class="pp-class-113 pa t23427 l23428">years</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23427 l23420">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23427 l23421">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23427 l15872">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23427 l15652">0</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23429 l3">Falling </span><span class="pp-class-113 pa t23429 l23402">due </span><span class="pp-class-113 pa t23429 l23403">for </span><span class="pp-class-113 pa t23429 l23404">payment </span><span class="pp-class-113 pa t23429 l23405">after </span><span class="pp-class-113 pa t23429 l23430">5 </span><span class="pp-class-113 pa t23429 l23431">years</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23429 l23420">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23429 l23421">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23429 l15872">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23429 l15652">0</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t23432 l3">Total</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t23432 l23433 ls786">6,035</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t23432 l23434 ls786">6,095</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t23432 l23435 ls786">14,301</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t23432 l23436 ls786">14,899</span></p></td></tr></table><p class="pp-class-107 pp-area-text"><span class="pp-class-118 pa t23437 l3">Subleases </span><span class="pp-class-118 pa t23437 l1498">falling </span><span class="pp-class-118 pa t23437 l23438">due </span><span class="pp-class-118 pa t23437 l23439">for </span><span class="pp-class-118 pa t23437 l23440">payment </span><span class="pp-class-118 pa t23437 l23441">later </span><span class="pp-class-118 pa t23437 l23442">than </span><span class="pp-class-118 pa t23437 l23443">1 </span><span class="pp-class-118 pa t23437 l23444">year </span><span class="pp-class-118 pa t23437 l23445">after </span><span class="pp-class-118 pa t23437 l23446">the </span><span class="pp-class-118 pa t23437 l23447">balance </span><span class="pp-class-118 pa t23437 l23448">sheet </span><span class="pp-class-118 pa t23437 l23449">date </span><span class="pp-class-118 pa t23437 l23450 ls786">are </span><span class="pp-class-118 pa t23437 l23451">presented </span><span class="pp-class-118 pa t23437 l23452 ls786">as </span><span class="pp-class-118 pa t23437 l23453 ls786">financial </span><span class="pp-class-118 pa t23437 l23454 ls786">assets. </span><span class="pp-class-118 pa t23455 l3 ls2489">Subleases </span><span class="pp-class-118 pa t23455 l1498">falling </span><span class="pp-class-118 pa t23455 l23438">due </span><span class="pp-class-118 pa t23455 l23439">for </span><span class="pp-class-118 pa t23455 l23440">payment </span><span class="pp-class-118 pa t23455 l23441">within </span><span class="pp-class-118 pa t23455 l13091">1 </span><span class="pp-class-118 pa t23455 l23456">year </span><span class="pp-class-118 pa t23455 l23457">from </span><span class="pp-class-118 pa t23455 l761">the </span><span class="pp-class-118 pa t23455 l23458">balance </span><span class="pp-class-118 pa t23455 l23459">sheet </span><span class="pp-class-118 pa t23455 l23460">date </span><span class="pp-class-118 pa t23455 l23461">are </span><span class="pp-class-118 pa t23455 l23462 ls786">presented </span><span class="pp-class-118 pa t23455 l23463 ls786">as </span><span class="pp-class-118 pa t23455 l23464">current </span><span class="pp-class-118 pa t23455 l23465 ls786">receivables, </span><span class="pp-class-118 pa t23466 l3">but </span><span class="pp-class-118 pa t23466 l4142">are </span><span class="pp-class-118 pa t23466 l17429">not </span><span class="pp-class-118 pa t23466 l1920">included </span><span class="pp-class-118 pa t23466 l19956">in </span><span class="pp-class-118 pa t23466 l6064">the </span><span class="pp-class-118 pa t23466 l23467">calculation </span><span class="pp-class-118 pa t23466 l23468">of </span><span class="pp-class-118 pa t23466 l17993">net </span><span class="pp-class-118 pa t23466 l18491">working </span><span class="pp-class-118 pa t23466 l18293">capital.</span></p></div></div><div class="pp-class-7" id="pp-id-3387" xmlns="http://www.w3.org/1999/xhtml"><div class="w15596 h23469 pa t2 l3 wtro4 xx18880 tro6 xx18881"><p class="pp-class-107 pp-area-text"><span class="pp-class-120 pa t18882 l3 ls23380">Lease </span><span class="pp-class-120 pa t18882 l23381 ls5310">liabilities</span></p></div></div><div class="pp-class-7" id="pp-id-3388" xmlns="http://www.w3.org/1999/xhtml"><div class="w15792 h23470 pa t2 l3 wtro4 xx30 tro6 xx31"><p class="pp-class-107 pp-area-text"><span class="pp-class-118 pa t23471 l3">In </span><span class="pp-class-118 pa t23471 l669">2025, </span><span class="pp-class-118 pa t23471 l916">the </span><span class="pp-class-118 pa t23471 l21660">total </span><span class="pp-class-118 pa t23471 l23472">amount </span><span class="pp-class-118 pa t23471 l23473">of </span><span class="pp-class-118 pa t23471 l17504">cash </span><span class="pp-class-118 pa t23471 l23474">flows </span><span class="pp-class-118 pa t23471 l6591">related </span><span class="pp-class-118 pa t23471 l23475">to </span><span class="pp-class-118 pa t23471 l20835">lease </span><span class="pp-class-118 pa t23471 l23476">liabilities </span><span class="pp-class-118 pa t23471 l22766">was </span><span class="pp-class-118 pa t23471 l23477">DKK </span><span class="pp-class-118 pa t23471 l23478">-10.4 </span><span class="pp-class-118 pa t23471 l23479">million </span><span class="pp-class-118 pa t23471 l23480">(2024: </span><span class="pp-class-118 pa t23471 l23481">DKK </span><span class="pp-class-118 pa t23471 l23482 ls786">-8.8 </span><span class="pp-class-118 pa t23471 l23483 ls786">million), </span><span class="pp-class-118 pa t23471 l23484 ls786">of </span><span class="pp-class-118 pa t23485 l3">which </span><span class="pp-class-118 pa t23485 l6980">the </span><span class="pp-class-118 pa t23485 l1905">interest </span><span class="pp-class-118 pa t23485 l13873">payments </span><span class="pp-class-118 pa t23485 l23486">related </span><span class="pp-class-118 pa t23485 l23487">to </span><span class="pp-class-118 pa t23485 l9347">the </span><span class="pp-class-118 pa t23485 l23488">recognised </span><span class="pp-class-118 pa t23485 l23489">lease </span><span class="pp-class-118 pa t23485 l23490">liabilities </span><span class="pp-class-118 pa t23485 l23491">were </span><span class="pp-class-118 pa t23485 l23492">DKK </span><span class="pp-class-118 pa t23485 l23493">2.8 </span><span class="pp-class-118 pa t23485 l23494">million </span><span class="pp-class-118 pa t23485 l23495">(2024: </span><span class="pp-class-118 pa t23485 l23496">DKK </span><span class="pp-class-118 pa t23485 l23497">2.8 </span><span class="pp-class-118 pa t23485 l23498">million) </span><span class="pp-class-118 pa t23499 l3">and </span><span class="pp-class-118 pa t23499 l1110">repayments </span><span class="pp-class-118 pa t23499 l23500">DKK </span><span class="pp-class-118 pa t23499 l23501">7.6 </span><span class="pp-class-118 pa t23499 l23502">million </span><span class="pp-class-118 pa t23499 l19838">(2024: </span><span class="pp-class-118 pa t23499 l23503">DKK </span><span class="pp-class-118 pa t23499 l23504">6.0 </span><span class="pp-class-118 pa t23499 l23505">million). </span></p><table xmlns="http://www.w3.org/1999/xhtml"><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t15598 l3 ls14110">DKK’000</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t15598 l15601 ls458">2025</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t15598 l15602 ls1074">2024</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t15603 l3">Opening </span><span class="pp-class-113 pa t15603 l22508">balance, </span><span class="pp-class-113 pa t15603 l23506">1 </span><span class="pp-class-113 pa t15603 l23507">January</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t15603 l23508 ls786">55,993</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t15603 l23509 ls786">62,347</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-127 pa t15607 l3">Non-cash </span><span class="pp-class-127 pa t15607 l23510">change</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t15616 l3">Acquisition </span><span class="pp-class-113 pa t15616 l16257">of </span><span class="pp-class-113 pa t15616 l16258">entities</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t15616 l23511 ls786">2,349</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t15616 l15652">0</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t15619 l3">New </span><span class="pp-class-113 pa t15619 l23512">lease </span><span class="pp-class-113 pa t15619 l23513">liabilities</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t15619 l22320 ls786">4,545</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t15619 l23514 ls786">4,855</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t15623 l3">Terminated </span><span class="pp-class-113 pa t15623 l23515">leases</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t15623 l23516 ls786">(392)</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t15623 l23517 ls786">(204)</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t15630 l3">Subleases </span><span class="pp-class-113 pa t15630 l15716">settled </span><span class="pp-class-113 pa t15630 l23518">directly </span><span class="pp-class-113 pa t15630 l23519">by </span><span class="pp-class-113 pa t15630 l23520">the </span><span class="pp-class-113 pa t15630 l23521">franchisee</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t15630 l23522 ls786">(4,048)</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t15630 l23523 ls786">(5,025)</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t15636 l23524 ls786">2,454</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t15636 l23525 ls786">(374)</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-127 pa t15641 l3">Financing </span><span class="pp-class-127 pa t15641 l23526">cash </span><span class="pp-class-127 pa t15641 l23527">flows</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t15647 l3">Repayment </span><span class="pp-class-113 pa t15647 l23528">of </span><span class="pp-class-113 pa t15647 l23529">loans</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t15647 l23530 ls786">(7,616)</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t15647 l16299 ls786">(5,980)</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t15653 l23531 ls786">(7,616)</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t15653 l23532 ls786">(5,980)</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t15662 l3">Closing </span><span class="pp-class-114 pa t15662 l16156">balance, </span><span class="pp-class-114 pa t15662 l16157">31 </span><span class="pp-class-114 pa t15662 l16158">December</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t15662 l23533 ls786">50,831</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t15662 l23534 ls786">55,993</span></p></td></tr></table></div></div><div class="pp-class-7" id="pp-id-3391" xmlns="http://www.w3.org/1999/xhtml"><div class="w15596 h23539 pa t2 l3 wtro4 xx30 tro6 xx31"><table><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t15598 l3 ls14110">DKK’000</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t15598 l15601 ls458">2025</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t15598 l15602 ls1074">2024</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t15603 l3">Maturity </span><span class="pp-class-114 pa t15603 l23540">of </span><span class="pp-class-114 pa t15603 l23541">contractual </span><span class="pp-class-114 pa t15603 l23542">cash </span><span class="pp-class-114 pa t15603 l23543">flow</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t15607 l3">0-6 </span><span class="pp-class-113 pa t15607 l23544">months</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t15607 l23545 ls786">8,717</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t15607 l20676 ls786">7,842</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t15616 l3">6-12 </span><span class="pp-class-113 pa t15616 l23546">months</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t15616 l23547 ls786">7,381</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t15616 l23548 ls786">7,061</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t15619 l3">2-3 </span><span class="pp-class-113 pa t15619 l23549">years</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t15619 l23550 ls786">15,594</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t15619 l23551 ls786">20,081</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t15623 l3">4-5 </span><span class="pp-class-113 pa t15623 l23552">years</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t15623 l23553 ls786">7,640</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t15623 l20954 ls786">9,786</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t15630 l3">5 </span><span class="pp-class-113 pa t15630 l23554">years </span><span class="pp-class-113 pa t15630 l23555">or </span><span class="pp-class-113 pa t15630 l23556">later</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t15630 l23557 ls786">16,128</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t15630 l23558 ls786">19,657</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t15636 l23559 ls786">55,460</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t15636 l23560 ls786">64,427</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t23561 l3 ls14110">DKK’000</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t23561 l15601 ls458">2025</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t23561 l15602 ls1074">2024</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t23562 l3">Amounts </span><span class="pp-class-114 pa t23562 l23563">recognised </span><span class="pp-class-114 pa t23562 l23564">in </span><span class="pp-class-114 pa t23562 l23565">the </span><span class="pp-class-114 pa t23562 l23566">income </span><span class="pp-class-114 pa t23562 l23567">statement</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23568 l3">Cost </span><span class="pp-class-113 pa t23568 l15608">of </span><span class="pp-class-113 pa t23568 l15609">short-term </span><span class="pp-class-113 pa t23568 l23569">leases</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23568 l15876">593</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23568 l23570">498</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23571 l3">Variable </span><span class="pp-class-113 pa t23571 l23572">leasing </span><span class="pp-class-113 pa t23571 l15638">costs </span><span class="pp-class-113 pa t23571 l23573">that </span><span class="pp-class-113 pa t23571 l23574">are </span><span class="pp-class-113 pa t23571 l23575">not </span><span class="pp-class-113 pa t23571 l23576">included </span><span class="pp-class-113 pa t23571 l23577">in </span><span class="pp-class-113 pa t23571 l23578">leasing </span><span class="pp-class-113 pa t23571 l23579">liabilities</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23571 l23580">128</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23571 l23581">161</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t23582 l23583">721</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t23582 l23584">659</span></p></td></tr></table><p class="pp-class-107 pp-area-text"><span class="pp-class-118 pa t23585 l3">TCM </span><span class="pp-class-118 pa t23585 l1586">Group </span><span class="pp-class-118 pa t23585 l1587">leases </span><span class="pp-class-118 pa t23585 l23586">various </span><span class="pp-class-118 pa t23585 l15109">assets </span><span class="pp-class-118 pa t23585 l23587">such </span><span class="pp-class-118 pa t23585 l23588">as </span><span class="pp-class-118 pa t23585 l10727">production </span><span class="pp-class-118 pa t23585 l23589">buildings, </span><span class="pp-class-118 pa t23585 l23590">warehouses, </span><span class="pp-class-118 pa t23585 l23591">office </span><span class="pp-class-118 pa t23585 l23592">buildings, </span><span class="pp-class-118 pa t23585 l23593 ls786">retail </span><span class="pp-class-118 pa t23585 l22050 ls786">property </span><span class="pp-class-118 pa t23585 l23594 ls786">buildings, </span><span class="pp-class-118 pa t23595 l3">company </span><span class="pp-class-118 pa t23595 l18744">cars, </span><span class="pp-class-118 pa t23595 l23596">etc.</span></p><p class="pp-class-107 pp-area-text"><span class="pp-class-118 pa t23597 l3">The </span><span class="pp-class-118 pa t23597 l550">portfolio </span><span class="pp-class-118 pa t23597 l23598">of </span><span class="pp-class-118 pa t23597 l23599">lease </span><span class="pp-class-118 pa t23597 l7554">commitments </span><span class="pp-class-118 pa t23597 l23600">for </span><span class="pp-class-118 pa t23597 l23601">short-term </span><span class="pp-class-118 pa t23597 l23602">leases </span><span class="pp-class-118 pa t23597 l23603">at </span><span class="pp-class-118 pa t23597 l23604">year-end </span><span class="pp-class-118 pa t23597 l23605">is </span><span class="pp-class-118 pa t23597 l23606">similar </span><span class="pp-class-118 pa t23597 l23607 ls786">to </span><span class="pp-class-118 pa t23597 l23608 ls786">the </span><span class="pp-class-118 pa t23597 l23609">portfolio </span><span class="pp-class-118 pa t23597 l23610 ls786">of </span><span class="pp-class-118 pa t23597 l23611 ls786">short-term </span><span class="pp-class-118 pa t23597 l23612 ls786">leases </span><span class="pp-class-118 pa t23613 l3">that </span><span class="pp-class-118 pa t23613 l2107">have </span><span class="pp-class-118 pa t23613 l23614">been </span><span class="pp-class-118 pa t23613 l19034">expensed </span><span class="pp-class-118 pa t23613 l11603">during </span><span class="pp-class-118 pa t23613 l23615">the </span><span class="pp-class-118 pa t23613 l23616">period.</span></p><p class="pp-class-107 pp-area-text"><span class="pp-class-118 pa t23617 l3">TCM </span><span class="pp-class-118 pa t23617 l1586">Group </span><span class="pp-class-118 pa t23617 l1587">has </span><span class="pp-class-118 pa t23617 l1996">not </span><span class="pp-class-118 pa t23617 l9704">entered </span><span class="pp-class-118 pa t23617 l23618">into </span><span class="pp-class-118 pa t23617 l20352">any </span><span class="pp-class-118 pa t23617 l23619">significant </span><span class="pp-class-118 pa t23617 l23620">leases, </span><span class="pp-class-118 pa t23617 l23621">not </span><span class="pp-class-118 pa t23617 l23622">yet </span><span class="pp-class-118 pa t23617 l23623">commenced, </span><span class="pp-class-118 pa t23617 l23624">to </span><span class="pp-class-118 pa t23617 l23625">which </span><span class="pp-class-118 pa t23617 l23626 ls786">it </span><span class="pp-class-118 pa t23617 l23627">is </span><span class="pp-class-118 pa t23617 l23628 ls786">committed.</span></p></div></div> <div class="pp-class-7" id="pp-id-3362" xmlns="http://www.w3.org/1999/xhtml"><div class="w15596 h22154 pa t2 l3 wtro4 xx16559 tro6 xx16560"><p class="pp-class-107 pp-area-text"><span class="pp-class-119 pa t16561 l3 ls268">8. </span><span class="pp-class-119 pa t16561 l22155 ls15046">Depreciation/amortisation </span><span class="pp-class-119 pa t16561 l22156 ls122">and </span><span class="pp-class-119 pa t16561 l22157 ls448">impairment </span><span class="pp-class-119 pa t16561 l22158 ls5936">by </span><span class="pp-class-119 pa t16561 l22159 ls445">function</span></p><table><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t22160 l3 ls14110">DKK’000</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t22161 l22162 ls14105">Depreciation/</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t22163 l22164 ls22165">amortiSation</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t22160 l21220 ls458">2025</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t22163 l22166 ls22167">Impairment</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t22160 l21230 ls458">2025</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t22161 l22168 ls14105">Depreciation/</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t22163 l22169 ls22165">amortiSation</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t22160 l21234 ls1074">2024</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t22163 l22170 ls22167">Impairment</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t22160 l15602 ls1074">2024</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22171 l3">Cost </span><span class="pp-class-113 pa t22171 l15608">of </span><span class="pp-class-113 pa t22171 l15609">goods </span><span class="pp-class-113 pa t22171 l15610">sold</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22171 l22172 ls786">24,171</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22171 l21255">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22171 l22173 ls786">23,131</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22171 l15652">0</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22174 l3">Selling </span><span class="pp-class-113 pa t22174 l15620">expenses</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22174 l22175 ls786">9,715</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22174 l21255">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22174 l22176 ls786">7,689</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22174 l15652">0</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22177 l3">Administrative </span><span class="pp-class-113 pa t22177 l15624">expenses</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22177 l22178 ls786">3,618</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22177 l21255">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22177 l16265 ls786">4,767</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22177 l15652">0</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22179 l3">Total </span><span class="pp-class-114 pa t22179 l15778">depreciation/amortisation </span><span class="pp-class-114 pa t22179 l22180">and </span><span class="pp-class-114 pa t22181 l3">impairment</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22181 l22182 ls786">37,504</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22181 l22183">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22184 l22185 ls786">35,587</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22184 l21392">0</span></p></td></tr></table></div></div><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-118 pa t19093 l3">The </span><span class="pp-class-118 pa t19093 l550">table </span><span class="pp-class-118 pa t19093 l12570">below </span><span class="pp-class-118 pa t19093 l18399">shows </span><span class="pp-class-118 pa t19093 l11425">how </span><span class="pp-class-118 pa t19093 l22211">the </span><span class="pp-class-118 pa t19093 l13796">income </span><span class="pp-class-118 pa t19093 l6090">statement </span><span class="pp-class-118 pa t19093 l22212">(extract) </span><span class="pp-class-118 pa t19093 l22213">would </span><span class="pp-class-118 pa t19093 l22214">have </span><span class="pp-class-118 pa t19093 l22215">been </span><span class="pp-class-118 pa t19093 l22216">presented </span><span class="pp-class-118 pa t19093 l22217 ls786">if </span><span class="pp-class-118 pa t19093 l22218 ls786">no </span><span class="pp-class-118 pa t19093 l22219 ls786">adjustment </span><span class="pp-class-118 pa t19093 l22220">for </span><span class="pp-class-118 pa t19097 l3">non-recurring </span><span class="pp-class-118 pa t19097 l17660">items </span><span class="pp-class-118 pa t19097 l22221">had </span><span class="pp-class-118 pa t19097 l22222">been </span><span class="pp-class-118 pa t19097 l9407">made: </span></p><table xmlns="http://www.w3.org/1999/xhtml"><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t22223 l3 ls14110">DKK’000</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t22223 l15601 ls458">2025</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t22223 l15602 ls1074">2024</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22224 l3">Revenue</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22224 l15605 ls786">1,279,197</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22224 l15606 ls786">1,203,783</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22225 l3">Cost </span><span class="pp-class-113 pa t22225 l15608">of </span><span class="pp-class-113 pa t22225 l15609">goods </span><span class="pp-class-113 pa t22225 l15610">sold</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22225 l15614 ls786">(988,723)</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22225 l15615 ls786">(948,377)</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-116 pa t22226 l3 ls229">Gross </span><span class="pp-class-116 pa t22226 l22227 ls7548">profit</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22228 l15617 ls786">290,474</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22228 l15618 ls786">255,406</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22229 l3">Selling </span><span class="pp-class-113 pa t22229 l15620">expenses</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22229 l15621 ls786">(120,059)</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22229 l15622 ls786">(101,429)</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22230 l3">Administrative </span><span class="pp-class-113 pa t22230 l15624">expenses</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22230 l22231 ls786">(88,983)</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22230 l15629 ls786">(83,060)</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22232 l3">Adjustment </span><span class="pp-class-113 pa t22232 l15631">of </span><span class="pp-class-113 pa t22232 l6413">contingent </span><span class="pp-class-113 pa t22232 l15632">payment </span><span class="pp-class-113 pa t22232 l15633">obligation</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22232 l15634 ls786">4,500</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22232 l15635 ls786">9,500</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22233 l3">Other </span><span class="pp-class-113 pa t22233 l15637">operating </span><span class="pp-class-113 pa t22233 l15638">income</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22233 l15849 ls786">30,353</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22233 l15640 ls786">9,891</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22234 l3">Operating </span><span class="pp-class-114 pa t22234 l15642">profit</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22234 l15654 ls786">116,285</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22234 l15646 ls786">90,308</span></p></td></tr></table><div id="pp-id-3367" xmlns="http://www.w3.org/1999/xhtml"><div class="w15596 h22235 pa t2 l3 wtro4 xx30 tro6 xx31"><p class="pp-class-107 pp-area-text"><span class="pp-class-118 pa t22236 l3">TCM </span><span class="pp-class-118 pa t22236 l1586">Group </span><span class="pp-class-118 pa t22236 l1587">presents </span><span class="pp-class-118 pa t22236 l22237">non-recurring </span><span class="pp-class-118 pa t22236 l22238">items </span><span class="pp-class-118 pa t22236 l17579">separately </span><span class="pp-class-118 pa t22236 l22239">to </span><span class="pp-class-118 pa t22236 l22240">ensure </span><span class="pp-class-118 pa t22236 l22241">comparability. </span><span class="pp-class-118 pa t22236 l22242 ls786">Non-recurring </span><span class="pp-class-118 pa t22236 l22243">items </span><span class="pp-class-118 pa t22236 l22244">consist </span><span class="pp-class-118 pa t22236 l22245 ls786">of </span><span class="pp-class-118 pa t22236 l22246">income </span><span class="pp-class-118 pa t22247 l3">and </span><span class="pp-class-118 pa t22247 l1110">expenses </span><span class="pp-class-118 pa t22247 l22248">that </span><span class="pp-class-118 pa t22247 l22249">are </span><span class="pp-class-118 pa t22247 l635">special </span><span class="pp-class-118 pa t22247 l22250">and </span><span class="pp-class-118 pa t22247 l22251">of </span><span class="pp-class-118 pa t22247 l22252">a </span><span class="pp-class-118 pa t22247 l22253">non-recurring </span><span class="pp-class-118 pa t22247 l22254">nature. </span><span class="pp-class-118 pa t22247 l22255">For </span><span class="pp-class-118 pa t22247 l22256">2025, </span><span class="pp-class-118 pa t22247 l22257">non-recurring </span><span class="pp-class-118 pa t22247 l22258">items </span><span class="pp-class-118 pa t22247 l22259">consisted </span><span class="pp-class-118 pa t22247 l22260 ls786">of </span><span class="pp-class-118 pa t22247 l22261 ls786">transaction </span><span class="pp-class-118 pa t22262 l3">costs </span><span class="pp-class-118 pa t22262 l22263">related </span><span class="pp-class-118 pa t22262 l19870">to </span><span class="pp-class-118 pa t22262 l16968">business </span><span class="pp-class-118 pa t22262 l22264">combinations </span><span class="pp-class-118 pa t22262 l22265">and </span><span class="pp-class-118 pa t22262 l18396">fair </span><span class="pp-class-118 pa t22262 l22266">value </span><span class="pp-class-118 pa t22262 l22267">adjustment </span><span class="pp-class-118 pa t22262 l22268">of </span><span class="pp-class-118 pa t22262 l22269">TCM </span><span class="pp-class-118 pa t22262 l22270 ls786">Group’s </span><span class="pp-class-118 pa t22262 l22271 ls786">45% </span><span class="pp-class-118 pa t22262 l22272 ls786">stake </span><span class="pp-class-118 pa t22262 l22273 ls786">in </span><span class="pp-class-118 pa t22262 l22274">Celebert </span><span class="pp-class-118 pa t22262 l22275 ls786">ApS. </span><span class="pp-class-118 pa t22262 l22276 ls786">There </span><span class="pp-class-118 pa t22277 l3">were </span><span class="pp-class-118 pa t22277 l12579">no </span><span class="pp-class-118 pa t22277 l6329">non-recurring </span><span class="pp-class-118 pa t22277 l22278">items </span><span class="pp-class-118 pa t22277 l22279">in </span><span class="pp-class-118 pa t22277 l19707">2024.</span></p></div></div> <div class="pp-class-7" id="pp-id-3366" xmlns="http://www.w3.org/1999/xhtml"><div class="w15596 h22188 pa t2 l3 wtro4 xx16559 tro6 xx16560"><p class="pp-class-107 pp-area-text"><span class="pp-class-119 pa t16561 l3 ls9093">9. </span><span class="pp-class-119 pa t16561 l22189 ls5776">Non-recurring </span><span class="pp-class-119 pa t16561 l22190 ls5316">items</span></p><table><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t21396 l3 ls14110">DKK’000</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t21396 l15601 ls458">2025</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t21396 l15602 ls1074">2024</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22191 l21537"/></p></td><td xmlns="http://www.w3.org/1999/xhtml"/></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22192 l3">Transaction </span><span class="pp-class-113 pa t22192 l22193">costs </span><span class="pp-class-113 pa t22192 l22194">related </span><span class="pp-class-113 pa t22192 l22195">to </span><span class="pp-class-113 pa t22192 l22196">business </span><span class="pp-class-113 pa t22192 l22197">combinations</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22192 l22198 ls786">2,308</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22192 l15652">0</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22199 l3">Fair </span><span class="pp-class-113 pa t22199 l22200">value </span><span class="pp-class-113 pa t22199 l22201">adjustment </span><span class="pp-class-113 pa t22199 l22202">of </span><span class="pp-class-113 pa t22199 l2703">TCM </span><span class="pp-class-113 pa t22199 l22203">Group’s </span><span class="pp-class-113 pa t22199 l22204">45% </span><span class="pp-class-113 pa t22199 l22205">stake </span><span class="pp-class-113 pa t22199 l22206">in </span><span class="pp-class-113 pa t22199 l22207">Celebert </span><span class="pp-class-113 pa t22199 l22208">ApS</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22199 l22209 ls786">(20,258)</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22199 l15652">0</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22210 l3">Total</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22210 l16222 ls786">(17,950)</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22210 l21392">0</span></p></td></tr></table><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-118 pa t19093 l3">The </span><span class="pp-class-118 pa t19093 l550">table </span><span class="pp-class-118 pa t19093 l12570">below </span><span class="pp-class-118 pa t19093 l18399">shows </span><span class="pp-class-118 pa t19093 l11425">how </span><span class="pp-class-118 pa t19093 l22211">the </span><span class="pp-class-118 pa t19093 l13796">income </span><span class="pp-class-118 pa t19093 l6090">statement </span><span class="pp-class-118 pa t19093 l22212">(extract) </span><span class="pp-class-118 pa t19093 l22213">would </span><span class="pp-class-118 pa t19093 l22214">have </span><span class="pp-class-118 pa t19093 l22215">been </span><span class="pp-class-118 pa t19093 l22216">presented </span><span class="pp-class-118 pa t19093 l22217 ls786">if </span><span class="pp-class-118 pa t19093 l22218 ls786">no </span><span class="pp-class-118 pa t19093 l22219 ls786">adjustment </span><span class="pp-class-118 pa t19093 l22220">for </span><span class="pp-class-118 pa t19097 l3">non-recurring </span><span class="pp-class-118 pa t19097 l17660">items </span><span class="pp-class-118 pa t19097 l22221">had </span><span class="pp-class-118 pa t19097 l22222">been </span><span class="pp-class-118 pa t19097 l9407">made: </span></p><table xmlns="http://www.w3.org/1999/xhtml"><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t22223 l3 ls14110">DKK’000</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t22223 l15601 ls458">2025</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t22223 l15602 ls1074">2024</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22224 l3">Revenue</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22224 l15605 ls786">1,279,197</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22224 l15606 ls786">1,203,783</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22225 l3">Cost </span><span class="pp-class-113 pa t22225 l15608">of </span><span class="pp-class-113 pa t22225 l15609">goods </span><span class="pp-class-113 pa t22225 l15610">sold</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22225 l15614 ls786">(988,723)</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22225 l15615 ls786">(948,377)</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-116 pa t22226 l3 ls229">Gross </span><span class="pp-class-116 pa t22226 l22227 ls7548">profit</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22228 l15617 ls786">290,474</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22228 l15618 ls786">255,406</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22229 l3">Selling </span><span class="pp-class-113 pa t22229 l15620">expenses</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22229 l15621 ls786">(120,059)</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22229 l15622 ls786">(101,429)</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22230 l3">Administrative </span><span class="pp-class-113 pa t22230 l15624">expenses</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22230 l22231 ls786">(88,983)</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22230 l15629 ls786">(83,060)</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22232 l3">Adjustment </span><span class="pp-class-113 pa t22232 l15631">of </span><span class="pp-class-113 pa t22232 l6413">contingent </span><span class="pp-class-113 pa t22232 l15632">payment </span><span class="pp-class-113 pa t22232 l15633">obligation</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22232 l15634 ls786">4,500</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22232 l15635 ls786">9,500</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22233 l3">Other </span><span class="pp-class-113 pa t22233 l15637">operating </span><span class="pp-class-113 pa t22233 l15638">income</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22233 l15849 ls786">30,353</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22233 l15640 ls786">9,891</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22234 l3">Operating </span><span class="pp-class-114 pa t22234 l15642">profit</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22234 l15654 ls786">116,285</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22234 l15646 ls786">90,308</span></p></td></tr></table></div></div><div id="pp-id-3367" xmlns="http://www.w3.org/1999/xhtml"><div class="w15596 h22235 pa t2 l3 wtro4 xx30 tro6 xx31"><p class="pp-class-107 pp-area-text"><span class="pp-class-118 pa t22236 l3">TCM </span><span class="pp-class-118 pa t22236 l1586">Group </span><span class="pp-class-118 pa t22236 l1587">presents </span><span class="pp-class-118 pa t22236 l22237">non-recurring </span><span class="pp-class-118 pa t22236 l22238">items </span><span class="pp-class-118 pa t22236 l17579">separately </span><span class="pp-class-118 pa t22236 l22239">to </span><span class="pp-class-118 pa t22236 l22240">ensure </span><span class="pp-class-118 pa t22236 l22241">comparability. </span><span class="pp-class-118 pa t22236 l22242 ls786">Non-recurring </span><span class="pp-class-118 pa t22236 l22243">items </span><span class="pp-class-118 pa t22236 l22244">consist </span><span class="pp-class-118 pa t22236 l22245 ls786">of </span><span class="pp-class-118 pa t22236 l22246">income </span><span class="pp-class-118 pa t22247 l3">and </span><span class="pp-class-118 pa t22247 l1110">expenses </span><span class="pp-class-118 pa t22247 l22248">that </span><span class="pp-class-118 pa t22247 l22249">are </span><span class="pp-class-118 pa t22247 l635">special </span><span class="pp-class-118 pa t22247 l22250">and </span><span class="pp-class-118 pa t22247 l22251">of </span><span class="pp-class-118 pa t22247 l22252">a </span><span class="pp-class-118 pa t22247 l22253">non-recurring </span><span class="pp-class-118 pa t22247 l22254">nature. </span><span class="pp-class-118 pa t22247 l22255">For </span><span class="pp-class-118 pa t22247 l22256">2025, </span><span class="pp-class-118 pa t22247 l22257">non-recurring </span><span class="pp-class-118 pa t22247 l22258">items </span><span class="pp-class-118 pa t22247 l22259">consisted </span><span class="pp-class-118 pa t22247 l22260 ls786">of </span><span class="pp-class-118 pa t22247 l22261 ls786">transaction </span><span class="pp-class-118 pa t22262 l3">costs </span><span class="pp-class-118 pa t22262 l22263">related </span><span class="pp-class-118 pa t22262 l19870">to </span><span class="pp-class-118 pa t22262 l16968">business </span><span class="pp-class-118 pa t22262 l22264">combinations </span><span class="pp-class-118 pa t22262 l22265">and </span><span class="pp-class-118 pa t22262 l18396">fair </span><span class="pp-class-118 pa t22262 l22266">value </span><span class="pp-class-118 pa t22262 l22267">adjustment </span><span class="pp-class-118 pa t22262 l22268">of </span><span class="pp-class-118 pa t22262 l22269">TCM </span><span class="pp-class-118 pa t22262 l22270 ls786">Group’s </span><span class="pp-class-118 pa t22262 l22271 ls786">45% </span><span class="pp-class-118 pa t22262 l22272 ls786">stake </span><span class="pp-class-118 pa t22262 l22273 ls786">in </span><span class="pp-class-118 pa t22262 l22274">Celebert </span><span class="pp-class-118 pa t22262 l22275 ls786">ApS. </span><span class="pp-class-118 pa t22262 l22276 ls786">There </span><span class="pp-class-118 pa t22277 l3">were </span><span class="pp-class-118 pa t22277 l12579">no </span><span class="pp-class-118 pa t22277 l6329">non-recurring </span><span class="pp-class-118 pa t22277 l22278">items </span><span class="pp-class-118 pa t22277 l22279">in </span><span class="pp-class-118 pa t22277 l19707">2024.</span></p></div></div> <p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-118 pa t19093 l3">The </span><span class="pp-class-118 pa t19093 l550">table </span><span class="pp-class-118 pa t19093 l12570">below </span><span class="pp-class-118 pa t19093 l18399">shows </span><span class="pp-class-118 pa t19093 l11425">how </span><span class="pp-class-118 pa t19093 l22211">the </span><span class="pp-class-118 pa t19093 l13796">income </span><span class="pp-class-118 pa t19093 l6090">statement </span><span class="pp-class-118 pa t19093 l22212">(extract) </span><span class="pp-class-118 pa t19093 l22213">would </span><span class="pp-class-118 pa t19093 l22214">have </span><span class="pp-class-118 pa t19093 l22215">been </span><span class="pp-class-118 pa t19093 l22216">presented </span><span class="pp-class-118 pa t19093 l22217 ls786">if </span><span class="pp-class-118 pa t19093 l22218 ls786">no </span><span class="pp-class-118 pa t19093 l22219 ls786">adjustment </span><span class="pp-class-118 pa t19093 l22220">for </span><span class="pp-class-118 pa t19097 l3">non-recurring </span><span class="pp-class-118 pa t19097 l17660">items </span><span class="pp-class-118 pa t19097 l22221">had </span><span class="pp-class-118 pa t19097 l22222">been </span><span class="pp-class-118 pa t19097 l9407">made: </span></p><table xmlns="http://www.w3.org/1999/xhtml"><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t22223 l3 ls14110">DKK’000</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t22223 l15601 ls458">2025</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t22223 l15602 ls1074">2024</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22224 l3">Revenue</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22224 l15605 ls786">1,279,197</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22224 l15606 ls786">1,203,783</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22225 l3">Cost </span><span class="pp-class-113 pa t22225 l15608">of </span><span class="pp-class-113 pa t22225 l15609">goods </span><span class="pp-class-113 pa t22225 l15610">sold</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22225 l15614 ls786">(988,723)</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22225 l15615 ls786">(948,377)</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-116 pa t22226 l3 ls229">Gross </span><span class="pp-class-116 pa t22226 l22227 ls7548">profit</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22228 l15617 ls786">290,474</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22228 l15618 ls786">255,406</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22229 l3">Selling </span><span class="pp-class-113 pa t22229 l15620">expenses</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22229 l15621 ls786">(120,059)</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22229 l15622 ls786">(101,429)</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22230 l3">Administrative </span><span class="pp-class-113 pa t22230 l15624">expenses</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22230 l22231 ls786">(88,983)</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22230 l15629 ls786">(83,060)</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22232 l3">Adjustment </span><span class="pp-class-113 pa t22232 l15631">of </span><span class="pp-class-113 pa t22232 l6413">contingent </span><span class="pp-class-113 pa t22232 l15632">payment </span><span class="pp-class-113 pa t22232 l15633">obligation</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22232 l15634 ls786">4,500</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22232 l15635 ls786">9,500</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22233 l3">Other </span><span class="pp-class-113 pa t22233 l15637">operating </span><span class="pp-class-113 pa t22233 l15638">income</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22233 l15849 ls786">30,353</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22233 l15640 ls786">9,891</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22234 l3">Operating </span><span class="pp-class-114 pa t22234 l15642">profit</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22234 l15654 ls786">116,285</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22234 l15646 ls786">90,308</span></p></td></tr></table> <p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-118 pa t19093 l3">The </span><span class="pp-class-118 pa t19093 l550">table </span><span class="pp-class-118 pa t19093 l12570">below </span><span class="pp-class-118 pa t19093 l18399">shows </span><span class="pp-class-118 pa t19093 l11425">how </span><span class="pp-class-118 pa t19093 l22211">the </span><span class="pp-class-118 pa t19093 l13796">income </span><span class="pp-class-118 pa t19093 l6090">statement </span><span class="pp-class-118 pa t19093 l22212">(extract) </span><span class="pp-class-118 pa t19093 l22213">would </span><span class="pp-class-118 pa t19093 l22214">have </span><span class="pp-class-118 pa t19093 l22215">been </span><span class="pp-class-118 pa t19093 l22216">presented </span><span class="pp-class-118 pa t19093 l22217 ls786">if </span><span class="pp-class-118 pa t19093 l22218 ls786">no </span><span class="pp-class-118 pa t19093 l22219 ls786">adjustment </span><span class="pp-class-118 pa t19093 l22220">for </span><span class="pp-class-118 pa t19097 l3">non-recurring </span><span class="pp-class-118 pa t19097 l17660">items </span><span class="pp-class-118 pa t19097 l22221">had </span><span class="pp-class-118 pa t19097 l22222">been </span><span class="pp-class-118 pa t19097 l9407">made: </span></p><table xmlns="http://www.w3.org/1999/xhtml"><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t22223 l3 ls14110">DKK’000</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t22223 l15601 ls458">2025</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t22223 l15602 ls1074">2024</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22224 l3">Revenue</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22224 l15605 ls786">1,279,197</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22224 l15606 ls786">1,203,783</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22225 l3">Cost </span><span class="pp-class-113 pa t22225 l15608">of </span><span class="pp-class-113 pa t22225 l15609">goods </span><span class="pp-class-113 pa t22225 l15610">sold</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22225 l15614 ls786">(988,723)</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22225 l15615 ls786">(948,377)</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-116 pa t22226 l3 ls229">Gross </span><span class="pp-class-116 pa t22226 l22227 ls7548">profit</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22228 l15617 ls786">290,474</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22228 l15618 ls786">255,406</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22229 l3">Selling </span><span class="pp-class-113 pa t22229 l15620">expenses</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22229 l15621 ls786">(120,059)</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22229 l15622 ls786">(101,429)</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22230 l3">Administrative </span><span class="pp-class-113 pa t22230 l15624">expenses</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22230 l22231 ls786">(88,983)</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22230 l15629 ls786">(83,060)</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22232 l3">Adjustment </span><span class="pp-class-113 pa t22232 l15631">of </span><span class="pp-class-113 pa t22232 l6413">contingent </span><span class="pp-class-113 pa t22232 l15632">payment </span><span class="pp-class-113 pa t22232 l15633">obligation</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22232 l15634 ls786">4,500</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22232 l15635 ls786">9,500</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22233 l3">Other </span><span class="pp-class-113 pa t22233 l15637">operating </span><span class="pp-class-113 pa t22233 l15638">income</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22233 l15849 ls786">30,353</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22233 l15640 ls786">9,891</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22234 l3">Operating </span><span class="pp-class-114 pa t22234 l15642">profit</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22234 l15654 ls786">116,285</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22234 l15646 ls786">90,308</span></p></td></tr></table> <p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-118 pa t19093 l3">The </span><span class="pp-class-118 pa t19093 l550">table </span><span class="pp-class-118 pa t19093 l12570">below </span><span class="pp-class-118 pa t19093 l18399">shows </span><span class="pp-class-118 pa t19093 l11425">how </span><span class="pp-class-118 pa t19093 l22211">the </span><span class="pp-class-118 pa t19093 l13796">income </span><span class="pp-class-118 pa t19093 l6090">statement </span><span class="pp-class-118 pa t19093 l22212">(extract) </span><span class="pp-class-118 pa t19093 l22213">would </span><span class="pp-class-118 pa t19093 l22214">have </span><span class="pp-class-118 pa t19093 l22215">been </span><span class="pp-class-118 pa t19093 l22216">presented </span><span class="pp-class-118 pa t19093 l22217 ls786">if </span><span class="pp-class-118 pa t19093 l22218 ls786">no </span><span class="pp-class-118 pa t19093 l22219 ls786">adjustment </span><span class="pp-class-118 pa t19093 l22220">for </span><span class="pp-class-118 pa t19097 l3">non-recurring </span><span class="pp-class-118 pa t19097 l17660">items </span><span class="pp-class-118 pa t19097 l22221">had </span><span class="pp-class-118 pa t19097 l22222">been </span><span class="pp-class-118 pa t19097 l9407">made: </span></p><table xmlns="http://www.w3.org/1999/xhtml"><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t22223 l3 ls14110">DKK’000</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t22223 l15601 ls458">2025</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t22223 l15602 ls1074">2024</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22224 l3">Revenue</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22224 l15605 ls786">1,279,197</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22224 l15606 ls786">1,203,783</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22225 l3">Cost </span><span class="pp-class-113 pa t22225 l15608">of </span><span class="pp-class-113 pa t22225 l15609">goods </span><span class="pp-class-113 pa t22225 l15610">sold</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22225 l15614 ls786">(988,723)</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22225 l15615 ls786">(948,377)</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-116 pa t22226 l3 ls229">Gross </span><span class="pp-class-116 pa t22226 l22227 ls7548">profit</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22228 l15617 ls786">290,474</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22228 l15618 ls786">255,406</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22229 l3">Selling </span><span class="pp-class-113 pa t22229 l15620">expenses</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22229 l15621 ls786">(120,059)</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22229 l15622 ls786">(101,429)</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22230 l3">Administrative </span><span class="pp-class-113 pa t22230 l15624">expenses</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22230 l22231 ls786">(88,983)</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22230 l15629 ls786">(83,060)</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22232 l3">Adjustment </span><span class="pp-class-113 pa t22232 l15631">of </span><span class="pp-class-113 pa t22232 l6413">contingent </span><span class="pp-class-113 pa t22232 l15632">payment </span><span class="pp-class-113 pa t22232 l15633">obligation</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22232 l15634 ls786">4,500</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22232 l15635 ls786">9,500</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22233 l3">Other </span><span class="pp-class-113 pa t22233 l15637">operating </span><span class="pp-class-113 pa t22233 l15638">income</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22233 l15849 ls786">30,353</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22233 l15640 ls786">9,891</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22234 l3">Operating </span><span class="pp-class-114 pa t22234 l15642">profit</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22234 l15654 ls786">116,285</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22234 l15646 ls786">90,308</span></p></td></tr></table><div id="pp-id-3367" xmlns="http://www.w3.org/1999/xhtml"><div class="w15596 h22235 pa t2 l3 wtro4 xx30 tro6 xx31"><p class="pp-class-107 pp-area-text"><span class="pp-class-118 pa t22236 l3">TCM </span><span class="pp-class-118 pa t22236 l1586">Group </span><span class="pp-class-118 pa t22236 l1587">presents </span><span class="pp-class-118 pa t22236 l22237">non-recurring </span><span class="pp-class-118 pa t22236 l22238">items </span><span class="pp-class-118 pa t22236 l17579">separately </span><span class="pp-class-118 pa t22236 l22239">to </span><span class="pp-class-118 pa t22236 l22240">ensure </span><span class="pp-class-118 pa t22236 l22241">comparability. </span><span class="pp-class-118 pa t22236 l22242 ls786">Non-recurring </span><span class="pp-class-118 pa t22236 l22243">items </span><span class="pp-class-118 pa t22236 l22244">consist </span><span class="pp-class-118 pa t22236 l22245 ls786">of </span><span class="pp-class-118 pa t22236 l22246">income </span><span class="pp-class-118 pa t22247 l3">and </span><span class="pp-class-118 pa t22247 l1110">expenses </span><span class="pp-class-118 pa t22247 l22248">that </span><span class="pp-class-118 pa t22247 l22249">are </span><span class="pp-class-118 pa t22247 l635">special </span><span class="pp-class-118 pa t22247 l22250">and </span><span class="pp-class-118 pa t22247 l22251">of </span><span class="pp-class-118 pa t22247 l22252">a </span><span class="pp-class-118 pa t22247 l22253">non-recurring </span><span class="pp-class-118 pa t22247 l22254">nature. </span><span class="pp-class-118 pa t22247 l22255">For </span><span class="pp-class-118 pa t22247 l22256">2025, </span><span class="pp-class-118 pa t22247 l22257">non-recurring </span><span class="pp-class-118 pa t22247 l22258">items </span><span class="pp-class-118 pa t22247 l22259">consisted </span><span class="pp-class-118 pa t22247 l22260 ls786">of </span><span class="pp-class-118 pa t22247 l22261 ls786">transaction </span><span class="pp-class-118 pa t22262 l3">costs </span><span class="pp-class-118 pa t22262 l22263">related </span><span class="pp-class-118 pa t22262 l19870">to </span><span class="pp-class-118 pa t22262 l16968">business </span><span class="pp-class-118 pa t22262 l22264">combinations </span><span class="pp-class-118 pa t22262 l22265">and </span><span class="pp-class-118 pa t22262 l18396">fair </span><span class="pp-class-118 pa t22262 l22266">value </span><span class="pp-class-118 pa t22262 l22267">adjustment </span><span class="pp-class-118 pa t22262 l22268">of </span><span class="pp-class-118 pa t22262 l22269">TCM </span><span class="pp-class-118 pa t22262 l22270 ls786">Group’s </span><span class="pp-class-118 pa t22262 l22271 ls786">45% </span><span class="pp-class-118 pa t22262 l22272 ls786">stake </span><span class="pp-class-118 pa t22262 l22273 ls786">in </span><span class="pp-class-118 pa t22262 l22274">Celebert </span><span class="pp-class-118 pa t22262 l22275 ls786">ApS. </span><span class="pp-class-118 pa t22262 l22276 ls786">There </span><span class="pp-class-118 pa t22277 l3">were </span><span class="pp-class-118 pa t22277 l12579">no </span><span class="pp-class-118 pa t22277 l6329">non-recurring </span><span class="pp-class-118 pa t22277 l22278">items </span><span class="pp-class-118 pa t22277 l22279">in </span><span class="pp-class-118 pa t22277 l19707">2024.</span></p></div></div> <p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-118 pa t19093 l3">The </span><span class="pp-class-118 pa t19093 l550">table </span><span class="pp-class-118 pa t19093 l12570">below </span><span class="pp-class-118 pa t19093 l18399">shows </span><span class="pp-class-118 pa t19093 l11425">how </span><span class="pp-class-118 pa t19093 l22211">the </span><span class="pp-class-118 pa t19093 l13796">income </span><span class="pp-class-118 pa t19093 l6090">statement </span><span class="pp-class-118 pa t19093 l22212">(extract) </span><span class="pp-class-118 pa t19093 l22213">would </span><span class="pp-class-118 pa t19093 l22214">have </span><span class="pp-class-118 pa t19093 l22215">been </span><span class="pp-class-118 pa t19093 l22216">presented </span><span class="pp-class-118 pa t19093 l22217 ls786">if </span><span class="pp-class-118 pa t19093 l22218 ls786">no </span><span class="pp-class-118 pa t19093 l22219 ls786">adjustment </span><span class="pp-class-118 pa t19093 l22220">for </span><span class="pp-class-118 pa t19097 l3">non-recurring </span><span class="pp-class-118 pa t19097 l17660">items </span><span class="pp-class-118 pa t19097 l22221">had </span><span class="pp-class-118 pa t19097 l22222">been </span><span class="pp-class-118 pa t19097 l9407">made: </span></p><table xmlns="http://www.w3.org/1999/xhtml"><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t22223 l3 ls14110">DKK’000</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t22223 l15601 ls458">2025</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t22223 l15602 ls1074">2024</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22224 l3">Revenue</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22224 l15605 ls786">1,279,197</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22224 l15606 ls786">1,203,783</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22225 l3">Cost </span><span class="pp-class-113 pa t22225 l15608">of </span><span class="pp-class-113 pa t22225 l15609">goods </span><span class="pp-class-113 pa t22225 l15610">sold</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22225 l15614 ls786">(988,723)</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22225 l15615 ls786">(948,377)</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-116 pa t22226 l3 ls229">Gross </span><span class="pp-class-116 pa t22226 l22227 ls7548">profit</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22228 l15617 ls786">290,474</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22228 l15618 ls786">255,406</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22229 l3">Selling </span><span class="pp-class-113 pa t22229 l15620">expenses</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22229 l15621 ls786">(120,059)</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22229 l15622 ls786">(101,429)</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22230 l3">Administrative </span><span class="pp-class-113 pa t22230 l15624">expenses</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22230 l22231 ls786">(88,983)</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22230 l15629 ls786">(83,060)</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22232 l3">Adjustment </span><span class="pp-class-113 pa t22232 l15631">of </span><span class="pp-class-113 pa t22232 l6413">contingent </span><span class="pp-class-113 pa t22232 l15632">payment </span><span class="pp-class-113 pa t22232 l15633">obligation</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22232 l15634 ls786">4,500</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22232 l15635 ls786">9,500</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22233 l3">Other </span><span class="pp-class-113 pa t22233 l15637">operating </span><span class="pp-class-113 pa t22233 l15638">income</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22233 l15849 ls786">30,353</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22233 l15640 ls786">9,891</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22234 l3">Operating </span><span class="pp-class-114 pa t22234 l15642">profit</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22234 l15654 ls786">116,285</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22234 l15646 ls786">90,308</span></p></td></tr></table><div id="pp-id-3367" xmlns="http://www.w3.org/1999/xhtml"><div class="w15596 h22235 pa t2 l3 wtro4 xx30 tro6 xx31"><p class="pp-class-107 pp-area-text"><span class="pp-class-118 pa t22236 l3">TCM </span><span class="pp-class-118 pa t22236 l1586">Group </span><span class="pp-class-118 pa t22236 l1587">presents </span><span class="pp-class-118 pa t22236 l22237">non-recurring </span><span class="pp-class-118 pa t22236 l22238">items </span><span class="pp-class-118 pa t22236 l17579">separately </span><span class="pp-class-118 pa t22236 l22239">to </span><span class="pp-class-118 pa t22236 l22240">ensure </span><span class="pp-class-118 pa t22236 l22241">comparability. </span><span class="pp-class-118 pa t22236 l22242 ls786">Non-recurring </span><span class="pp-class-118 pa t22236 l22243">items </span><span class="pp-class-118 pa t22236 l22244">consist </span><span class="pp-class-118 pa t22236 l22245 ls786">of </span><span class="pp-class-118 pa t22236 l22246">income </span><span class="pp-class-118 pa t22247 l3">and </span><span class="pp-class-118 pa t22247 l1110">expenses </span><span class="pp-class-118 pa t22247 l22248">that </span><span class="pp-class-118 pa t22247 l22249">are </span><span class="pp-class-118 pa t22247 l635">special </span><span class="pp-class-118 pa t22247 l22250">and </span><span class="pp-class-118 pa t22247 l22251">of </span><span class="pp-class-118 pa t22247 l22252">a </span><span class="pp-class-118 pa t22247 l22253">non-recurring </span><span class="pp-class-118 pa t22247 l22254">nature. </span><span class="pp-class-118 pa t22247 l22255">For </span><span class="pp-class-118 pa t22247 l22256">2025, </span><span class="pp-class-118 pa t22247 l22257">non-recurring </span><span class="pp-class-118 pa t22247 l22258">items </span><span class="pp-class-118 pa t22247 l22259">consisted </span><span class="pp-class-118 pa t22247 l22260 ls786">of </span><span class="pp-class-118 pa t22247 l22261 ls786">transaction </span><span class="pp-class-118 pa t22262 l3">costs </span><span class="pp-class-118 pa t22262 l22263">related </span><span class="pp-class-118 pa t22262 l19870">to </span><span class="pp-class-118 pa t22262 l16968">business </span><span class="pp-class-118 pa t22262 l22264">combinations </span><span class="pp-class-118 pa t22262 l22265">and </span><span class="pp-class-118 pa t22262 l18396">fair </span><span class="pp-class-118 pa t22262 l22266">value </span><span class="pp-class-118 pa t22262 l22267">adjustment </span><span class="pp-class-118 pa t22262 l22268">of </span><span class="pp-class-118 pa t22262 l22269">TCM </span><span class="pp-class-118 pa t22262 l22270 ls786">Group’s </span><span class="pp-class-118 pa t22262 l22271 ls786">45% </span><span class="pp-class-118 pa t22262 l22272 ls786">stake </span><span class="pp-class-118 pa t22262 l22273 ls786">in </span><span class="pp-class-118 pa t22262 l22274">Celebert </span><span class="pp-class-118 pa t22262 l22275 ls786">ApS. </span><span class="pp-class-118 pa t22262 l22276 ls786">There </span><span class="pp-class-118 pa t22277 l3">were </span><span class="pp-class-118 pa t22277 l12579">no </span><span class="pp-class-118 pa t22277 l6329">non-recurring </span><span class="pp-class-118 pa t22277 l22278">items </span><span class="pp-class-118 pa t22277 l22279">in </span><span class="pp-class-118 pa t22277 l19707">2024.</span></p></div></div> <div class="pp-class-7" id="pp-id-3368" xmlns="http://www.w3.org/1999/xhtml"><div class="w22280 h22281 pa t2 l3 wtro4 xx16559 tro6 xx16560"><p class="pp-class-107 pp-area-text"><span class="pp-class-119 pa t16561 l3 ls22282">10. </span><span class="pp-class-119 pa t16561 l22283 ls15595">Financial </span><span class="pp-class-119 pa t16561 l22284 ls15236">income </span><span class="pp-class-119 pa t16561 l22285 ls122">and </span><span class="pp-class-119 pa t16561 l22286 ls2964">expenses</span></p><table><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t21396 l3 ls14110">DKK’000</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t21396 l15601 ls458">2025</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t21396 l15602 ls1074">2024</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-116 pa t22287 l3 ls171">Financial </span><span class="pp-class-116 pa t22287 l20517 ls279">income</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22288 l3">Interest </span><span class="pp-class-113 pa t22288 l233">income </span><span class="pp-class-113 pa t22288 l22289">on </span><span class="pp-class-113 pa t22288 l22290">financial </span><span class="pp-class-113 pa t22288 l22291">assets </span><span class="pp-class-113 pa t22288 l22292">measured </span><span class="pp-class-113 pa t22288 l22293">at </span><span class="pp-class-113 pa t22288 l22294">amortised </span><span class="pp-class-113 pa t22288 l22295">cost</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22288 l22296">777</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22288 l22297">862</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22298 l3">Interest </span><span class="pp-class-113 pa t22298 l233">income </span><span class="pp-class-113 pa t22298 l22289">on </span><span class="pp-class-113 pa t22298 l22290">discounted </span><span class="pp-class-113 pa t22298 l22299">subleases</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22298 l22300">162</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22298 l22301">328</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22302 l3">Foreign </span><span class="pp-class-113 pa t22302 l16033">exchange </span><span class="pp-class-113 pa t22302 l22303">gains</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22302 l22304">203</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22302 l15652">0</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22305 l3">Total</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22305 l22306 ls786">1,142</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22305 l22307 ls786">1,190</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-116 pa t22308 l3 ls171">Financial </span><span class="pp-class-116 pa t22308 l20517 ls182">expenses</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22309 l3">Interest </span><span class="pp-class-113 pa t22309 l233">expense </span><span class="pp-class-113 pa t22309 l22310">on </span><span class="pp-class-113 pa t22309 l22311">liabilities </span><span class="pp-class-113 pa t22309 l22312">measured </span><span class="pp-class-113 pa t22309 l9984">at </span><span class="pp-class-113 pa t22309 l22313">amortised </span><span class="pp-class-113 pa t22309 l22314">cost</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22309 l22315 ls786">18,460</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22309 l22316 ls786">21,409</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22317 l3">Interest </span><span class="pp-class-113 pa t22317 l233">expense </span><span class="pp-class-113 pa t22317 l22310">on </span><span class="pp-class-113 pa t22317 l22311">discounted </span><span class="pp-class-113 pa t22317 l22318">lease </span><span class="pp-class-113 pa t22317 l22319">liabilities</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22317 l22320 ls786">2,788</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22317 l22321 ls786">2,750</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22322 l3">Foreign </span><span class="pp-class-113 pa t22322 l16033">exchange </span><span class="pp-class-113 pa t22322 l22303">losses</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22322 l15872">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22322 l15923 ls786">2,361</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22323 l3">Other </span><span class="pp-class-113 pa t22323 l15637">financial </span><span class="pp-class-113 pa t22323 l15879">costs</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22323 l16287">939</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22323 l22324 ls786">1,268</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22325 l3">Total</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22325 l22326 ls786">22,187</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22325 l22327 ls786">27,788</span></p></td></tr></table></div></div> <div class="pp-class-7" id="pp-id-3368" xmlns="http://www.w3.org/1999/xhtml"><div class="w22280 h22281 pa t2 l3 wtro4 xx16559 tro6 xx16560"><p class="pp-class-107 pp-area-text"><span class="pp-class-119 pa t16561 l3 ls22282">10. </span><span class="pp-class-119 pa t16561 l22283 ls15595">Financial </span><span class="pp-class-119 pa t16561 l22284 ls15236">income </span><span class="pp-class-119 pa t16561 l22285 ls122">and </span><span class="pp-class-119 pa t16561 l22286 ls2964">expenses</span></p><table><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t21396 l3 ls14110">DKK’000</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t21396 l15601 ls458">2025</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t21396 l15602 ls1074">2024</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-116 pa t22287 l3 ls171">Financial </span><span class="pp-class-116 pa t22287 l20517 ls279">income</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22288 l3">Interest </span><span class="pp-class-113 pa t22288 l233">income </span><span class="pp-class-113 pa t22288 l22289">on </span><span class="pp-class-113 pa t22288 l22290">financial </span><span class="pp-class-113 pa t22288 l22291">assets </span><span class="pp-class-113 pa t22288 l22292">measured </span><span class="pp-class-113 pa t22288 l22293">at </span><span class="pp-class-113 pa t22288 l22294">amortised </span><span class="pp-class-113 pa t22288 l22295">cost</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22288 l22296">777</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22288 l22297">862</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22298 l3">Interest </span><span class="pp-class-113 pa t22298 l233">income </span><span class="pp-class-113 pa t22298 l22289">on </span><span class="pp-class-113 pa t22298 l22290">discounted </span><span class="pp-class-113 pa t22298 l22299">subleases</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22298 l22300">162</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22298 l22301">328</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22302 l3">Foreign </span><span class="pp-class-113 pa t22302 l16033">exchange </span><span class="pp-class-113 pa t22302 l22303">gains</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22302 l22304">203</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22302 l15652">0</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22305 l3">Total</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22305 l22306 ls786">1,142</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22305 l22307 ls786">1,190</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-116 pa t22308 l3 ls171">Financial </span><span class="pp-class-116 pa t22308 l20517 ls182">expenses</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22309 l3">Interest </span><span class="pp-class-113 pa t22309 l233">expense </span><span class="pp-class-113 pa t22309 l22310">on </span><span class="pp-class-113 pa t22309 l22311">liabilities </span><span class="pp-class-113 pa t22309 l22312">measured </span><span class="pp-class-113 pa t22309 l9984">at </span><span class="pp-class-113 pa t22309 l22313">amortised </span><span class="pp-class-113 pa t22309 l22314">cost</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22309 l22315 ls786">18,460</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22309 l22316 ls786">21,409</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22317 l3">Interest </span><span class="pp-class-113 pa t22317 l233">expense </span><span class="pp-class-113 pa t22317 l22310">on </span><span class="pp-class-113 pa t22317 l22311">discounted </span><span class="pp-class-113 pa t22317 l22318">lease </span><span class="pp-class-113 pa t22317 l22319">liabilities</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22317 l22320 ls786">2,788</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22317 l22321 ls786">2,750</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22322 l3">Foreign </span><span class="pp-class-113 pa t22322 l16033">exchange </span><span class="pp-class-113 pa t22322 l22303">losses</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22322 l15872">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22322 l15923 ls786">2,361</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22323 l3">Other </span><span class="pp-class-113 pa t22323 l15637">financial </span><span class="pp-class-113 pa t22323 l15879">costs</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22323 l16287">939</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22323 l22324 ls786">1,268</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22325 l3">Total</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22325 l22326 ls786">22,187</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22325 l22327 ls786">27,788</span></p></td></tr></table></div></div> <div class="pp-class-7" id="pp-id-3368" xmlns="http://www.w3.org/1999/xhtml"><div class="w22280 h22281 pa t2 l3 wtro4 xx16559 tro6 xx16560"><p class="pp-class-107 pp-area-text"><span class="pp-class-119 pa t16561 l3 ls22282">10. </span><span class="pp-class-119 pa t16561 l22283 ls15595">Financial </span><span class="pp-class-119 pa t16561 l22284 ls15236">income </span><span class="pp-class-119 pa t16561 l22285 ls122">and </span><span class="pp-class-119 pa t16561 l22286 ls2964">expenses</span></p><table><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t21396 l3 ls14110">DKK’000</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t21396 l15601 ls458">2025</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t21396 l15602 ls1074">2024</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-116 pa t22287 l3 ls171">Financial </span><span class="pp-class-116 pa t22287 l20517 ls279">income</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22288 l3">Interest </span><span class="pp-class-113 pa t22288 l233">income </span><span class="pp-class-113 pa t22288 l22289">on </span><span class="pp-class-113 pa t22288 l22290">financial </span><span class="pp-class-113 pa t22288 l22291">assets </span><span class="pp-class-113 pa t22288 l22292">measured </span><span class="pp-class-113 pa t22288 l22293">at </span><span class="pp-class-113 pa t22288 l22294">amortised </span><span class="pp-class-113 pa t22288 l22295">cost</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22288 l22296">777</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22288 l22297">862</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22298 l3">Interest </span><span class="pp-class-113 pa t22298 l233">income </span><span class="pp-class-113 pa t22298 l22289">on </span><span class="pp-class-113 pa t22298 l22290">discounted </span><span class="pp-class-113 pa t22298 l22299">subleases</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22298 l22300">162</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22298 l22301">328</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22302 l3">Foreign </span><span class="pp-class-113 pa t22302 l16033">exchange </span><span class="pp-class-113 pa t22302 l22303">gains</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22302 l22304">203</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22302 l15652">0</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22305 l3">Total</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22305 l22306 ls786">1,142</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22305 l22307 ls786">1,190</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-116 pa t22308 l3 ls171">Financial </span><span class="pp-class-116 pa t22308 l20517 ls182">expenses</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22309 l3">Interest </span><span class="pp-class-113 pa t22309 l233">expense </span><span class="pp-class-113 pa t22309 l22310">on </span><span class="pp-class-113 pa t22309 l22311">liabilities </span><span class="pp-class-113 pa t22309 l22312">measured </span><span class="pp-class-113 pa t22309 l9984">at </span><span class="pp-class-113 pa t22309 l22313">amortised </span><span class="pp-class-113 pa t22309 l22314">cost</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22309 l22315 ls786">18,460</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22309 l22316 ls786">21,409</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22317 l3">Interest </span><span class="pp-class-113 pa t22317 l233">expense </span><span class="pp-class-113 pa t22317 l22310">on </span><span class="pp-class-113 pa t22317 l22311">discounted </span><span class="pp-class-113 pa t22317 l22318">lease </span><span class="pp-class-113 pa t22317 l22319">liabilities</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22317 l22320 ls786">2,788</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22317 l22321 ls786">2,750</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22322 l3">Foreign </span><span class="pp-class-113 pa t22322 l16033">exchange </span><span class="pp-class-113 pa t22322 l22303">losses</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22322 l15872">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22322 l15923 ls786">2,361</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22323 l3">Other </span><span class="pp-class-113 pa t22323 l15637">financial </span><span class="pp-class-113 pa t22323 l15879">costs</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22323 l16287">939</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22323 l22324 ls786">1,268</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22325 l3">Total</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22325 l22326 ls786">22,187</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22325 l22327 ls786">27,788</span></p></td></tr></table></div></div> <div class="pp-class-7" id="pp-id-3368" xmlns="http://www.w3.org/1999/xhtml"><div class="w22280 h22281 pa t2 l3 wtro4 xx16559 tro6 xx16560"><p class="pp-class-107 pp-area-text"><span class="pp-class-119 pa t16561 l3 ls22282">10. </span><span class="pp-class-119 pa t16561 l22283 ls15595">Financial </span><span class="pp-class-119 pa t16561 l22284 ls15236">income </span><span class="pp-class-119 pa t16561 l22285 ls122">and </span><span class="pp-class-119 pa t16561 l22286 ls2964">expenses</span></p><table><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t21396 l3 ls14110">DKK’000</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t21396 l15601 ls458">2025</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t21396 l15602 ls1074">2024</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-116 pa t22287 l3 ls171">Financial </span><span class="pp-class-116 pa t22287 l20517 ls279">income</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22288 l3">Interest </span><span class="pp-class-113 pa t22288 l233">income </span><span class="pp-class-113 pa t22288 l22289">on </span><span class="pp-class-113 pa t22288 l22290">financial </span><span class="pp-class-113 pa t22288 l22291">assets </span><span class="pp-class-113 pa t22288 l22292">measured </span><span class="pp-class-113 pa t22288 l22293">at </span><span class="pp-class-113 pa t22288 l22294">amortised </span><span class="pp-class-113 pa t22288 l22295">cost</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22288 l22296">777</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22288 l22297">862</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22298 l3">Interest </span><span class="pp-class-113 pa t22298 l233">income </span><span class="pp-class-113 pa t22298 l22289">on </span><span class="pp-class-113 pa t22298 l22290">discounted </span><span class="pp-class-113 pa t22298 l22299">subleases</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22298 l22300">162</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22298 l22301">328</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22302 l3">Foreign </span><span class="pp-class-113 pa t22302 l16033">exchange </span><span class="pp-class-113 pa t22302 l22303">gains</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22302 l22304">203</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22302 l15652">0</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22305 l3">Total</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22305 l22306 ls786">1,142</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22305 l22307 ls786">1,190</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-116 pa t22308 l3 ls171">Financial </span><span class="pp-class-116 pa t22308 l20517 ls182">expenses</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22309 l3">Interest </span><span class="pp-class-113 pa t22309 l233">expense </span><span class="pp-class-113 pa t22309 l22310">on </span><span class="pp-class-113 pa t22309 l22311">liabilities </span><span class="pp-class-113 pa t22309 l22312">measured </span><span class="pp-class-113 pa t22309 l9984">at </span><span class="pp-class-113 pa t22309 l22313">amortised </span><span class="pp-class-113 pa t22309 l22314">cost</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22309 l22315 ls786">18,460</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22309 l22316 ls786">21,409</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22317 l3">Interest </span><span class="pp-class-113 pa t22317 l233">expense </span><span class="pp-class-113 pa t22317 l22310">on </span><span class="pp-class-113 pa t22317 l22311">discounted </span><span class="pp-class-113 pa t22317 l22318">lease </span><span class="pp-class-113 pa t22317 l22319">liabilities</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22317 l22320 ls786">2,788</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22317 l22321 ls786">2,750</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22322 l3">Foreign </span><span class="pp-class-113 pa t22322 l16033">exchange </span><span class="pp-class-113 pa t22322 l22303">losses</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22322 l15872">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22322 l15923 ls786">2,361</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22323 l3">Other </span><span class="pp-class-113 pa t22323 l15637">financial </span><span class="pp-class-113 pa t22323 l15879">costs</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22323 l16287">939</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22323 l22324 ls786">1,268</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22325 l3">Total</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22325 l22326 ls786">22,187</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22325 l22327 ls786">27,788</span></p></td></tr></table></div></div> <div class="pp-class-7" id="pp-id-3368" xmlns="http://www.w3.org/1999/xhtml"><div class="w22280 h22281 pa t2 l3 wtro4 xx16559 tro6 xx16560"><p class="pp-class-107 pp-area-text"><span class="pp-class-119 pa t16561 l3 ls22282">10. </span><span class="pp-class-119 pa t16561 l22283 ls15595">Financial </span><span class="pp-class-119 pa t16561 l22284 ls15236">income </span><span class="pp-class-119 pa t16561 l22285 ls122">and </span><span class="pp-class-119 pa t16561 l22286 ls2964">expenses</span></p><table><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t21396 l3 ls14110">DKK’000</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t21396 l15601 ls458">2025</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t21396 l15602 ls1074">2024</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-116 pa t22287 l3 ls171">Financial </span><span class="pp-class-116 pa t22287 l20517 ls279">income</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22288 l3">Interest </span><span class="pp-class-113 pa t22288 l233">income </span><span class="pp-class-113 pa t22288 l22289">on </span><span class="pp-class-113 pa t22288 l22290">financial </span><span class="pp-class-113 pa t22288 l22291">assets </span><span class="pp-class-113 pa t22288 l22292">measured </span><span class="pp-class-113 pa t22288 l22293">at </span><span class="pp-class-113 pa t22288 l22294">amortised </span><span class="pp-class-113 pa t22288 l22295">cost</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22288 l22296">777</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22288 l22297">862</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22298 l3">Interest </span><span class="pp-class-113 pa t22298 l233">income </span><span class="pp-class-113 pa t22298 l22289">on </span><span class="pp-class-113 pa t22298 l22290">discounted </span><span class="pp-class-113 pa t22298 l22299">subleases</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22298 l22300">162</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22298 l22301">328</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22302 l3">Foreign </span><span class="pp-class-113 pa t22302 l16033">exchange </span><span class="pp-class-113 pa t22302 l22303">gains</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22302 l22304">203</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22302 l15652">0</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22305 l3">Total</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22305 l22306 ls786">1,142</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22305 l22307 ls786">1,190</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-116 pa t22308 l3 ls171">Financial </span><span class="pp-class-116 pa t22308 l20517 ls182">expenses</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22309 l3">Interest </span><span class="pp-class-113 pa t22309 l233">expense </span><span class="pp-class-113 pa t22309 l22310">on </span><span class="pp-class-113 pa t22309 l22311">liabilities </span><span class="pp-class-113 pa t22309 l22312">measured </span><span class="pp-class-113 pa t22309 l9984">at </span><span class="pp-class-113 pa t22309 l22313">amortised </span><span class="pp-class-113 pa t22309 l22314">cost</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22309 l22315 ls786">18,460</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22309 l22316 ls786">21,409</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22317 l3">Interest </span><span class="pp-class-113 pa t22317 l233">expense </span><span class="pp-class-113 pa t22317 l22310">on </span><span class="pp-class-113 pa t22317 l22311">discounted </span><span class="pp-class-113 pa t22317 l22318">lease </span><span class="pp-class-113 pa t22317 l22319">liabilities</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22317 l22320 ls786">2,788</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22317 l22321 ls786">2,750</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22322 l3">Foreign </span><span class="pp-class-113 pa t22322 l16033">exchange </span><span class="pp-class-113 pa t22322 l22303">losses</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22322 l15872">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22322 l15923 ls786">2,361</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22323 l3">Other </span><span class="pp-class-113 pa t22323 l15637">financial </span><span class="pp-class-113 pa t22323 l15879">costs</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22323 l16287">939</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22323 l22324 ls786">1,268</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22325 l3">Total</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22325 l22326 ls786">22,187</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22325 l22327 ls786">27,788</span></p></td></tr></table></div></div> <div class="pp-class-7" id="pp-id-3368" xmlns="http://www.w3.org/1999/xhtml"><div class="w22280 h22281 pa t2 l3 wtro4 xx16559 tro6 xx16560"><p class="pp-class-107 pp-area-text"><span class="pp-class-119 pa t16561 l3 ls22282">10. </span><span class="pp-class-119 pa t16561 l22283 ls15595">Financial </span><span class="pp-class-119 pa t16561 l22284 ls15236">income </span><span class="pp-class-119 pa t16561 l22285 ls122">and </span><span class="pp-class-119 pa t16561 l22286 ls2964">expenses</span></p><table><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t21396 l3 ls14110">DKK’000</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t21396 l15601 ls458">2025</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t21396 l15602 ls1074">2024</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-116 pa t22287 l3 ls171">Financial </span><span class="pp-class-116 pa t22287 l20517 ls279">income</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22288 l3">Interest </span><span class="pp-class-113 pa t22288 l233">income </span><span class="pp-class-113 pa t22288 l22289">on </span><span class="pp-class-113 pa t22288 l22290">financial </span><span class="pp-class-113 pa t22288 l22291">assets </span><span class="pp-class-113 pa t22288 l22292">measured </span><span class="pp-class-113 pa t22288 l22293">at </span><span class="pp-class-113 pa t22288 l22294">amortised </span><span class="pp-class-113 pa t22288 l22295">cost</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22288 l22296">777</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22288 l22297">862</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22298 l3">Interest </span><span class="pp-class-113 pa t22298 l233">income </span><span class="pp-class-113 pa t22298 l22289">on </span><span class="pp-class-113 pa t22298 l22290">discounted </span><span class="pp-class-113 pa t22298 l22299">subleases</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22298 l22300">162</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22298 l22301">328</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22302 l3">Foreign </span><span class="pp-class-113 pa t22302 l16033">exchange </span><span class="pp-class-113 pa t22302 l22303">gains</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22302 l22304">203</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22302 l15652">0</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22305 l3">Total</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22305 l22306 ls786">1,142</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22305 l22307 ls786">1,190</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-116 pa t22308 l3 ls171">Financial </span><span class="pp-class-116 pa t22308 l20517 ls182">expenses</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22309 l3">Interest </span><span class="pp-class-113 pa t22309 l233">expense </span><span class="pp-class-113 pa t22309 l22310">on </span><span class="pp-class-113 pa t22309 l22311">liabilities </span><span class="pp-class-113 pa t22309 l22312">measured </span><span class="pp-class-113 pa t22309 l9984">at </span><span class="pp-class-113 pa t22309 l22313">amortised </span><span class="pp-class-113 pa t22309 l22314">cost</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22309 l22315 ls786">18,460</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22309 l22316 ls786">21,409</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22317 l3">Interest </span><span class="pp-class-113 pa t22317 l233">expense </span><span class="pp-class-113 pa t22317 l22310">on </span><span class="pp-class-113 pa t22317 l22311">discounted </span><span class="pp-class-113 pa t22317 l22318">lease </span><span class="pp-class-113 pa t22317 l22319">liabilities</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22317 l22320 ls786">2,788</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22317 l22321 ls786">2,750</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22322 l3">Foreign </span><span class="pp-class-113 pa t22322 l16033">exchange </span><span class="pp-class-113 pa t22322 l22303">losses</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22322 l15872">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22322 l15923 ls786">2,361</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22323 l3">Other </span><span class="pp-class-113 pa t22323 l15637">financial </span><span class="pp-class-113 pa t22323 l15879">costs</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22323 l16287">939</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22323 l22324 ls786">1,268</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22325 l3">Total</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22325 l22326 ls786">22,187</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22325 l22327 ls786">27,788</span></p></td></tr></table></div></div> <div class="pp-class-7" id="pp-id-3369" xmlns="http://www.w3.org/1999/xhtml"><div class="w15596 h22328 pa t2 l3 wtro4 xx16559 tro6 xx16560"><p class="pp-class-107 pp-area-text"><span class="pp-class-119 pa t16561 l3 ls22329">11. </span><span class="pp-class-119 pa t16561 l22330 ls445">Corporation </span><span class="pp-class-119 pa t16561 l22331 ls15275">tax</span></p><table><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t22332 l3 ls14110">DKK’000</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t22333 l22334 ls22335">Income </span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t22332 l22336 ls22337">statement </span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t21396 l22338 ls21479">Other </span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t22333 l22339 ls4753">comprehensive</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t22332 l22340 ls1116">income</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t21396 l22341 ls11452">Total</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t22333 l22342 ls4753">comprehensive</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t22332 l22343 ls1116">income</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-116 pa t22344 l3 ls22345">Tax </span><span class="pp-class-116 pa t22344 l22346 ls5314">for </span><span class="pp-class-116 pa t22344 l22347 ls5314">the </span><span class="pp-class-116 pa t22344 l22348 ls15710">year </span><span class="pp-class-116 pa t22344 l22349 ls219">can </span><span class="pp-class-116 pa t22344 l22350 ls15514">be </span><span class="pp-class-116 pa t22344 l22351 ls324">specified </span><span class="pp-class-116 pa t22344 l22352 ls5853">as </span><span class="pp-class-116 pa t22344 l22353 ls194">follows:</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22354 l3">Current </span><span class="pp-class-113 pa t22354 l16033">tax</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22354 l22355 ls786">17,806</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22354 l22022">6</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22354 l22356 ls786">17,812</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22357 l3">Change </span><span class="pp-class-113 pa t22357 l15740">in </span><span class="pp-class-113 pa t22357 l15741">deferred </span><span class="pp-class-113 pa t22357 l22358">tax </span><span class="pp-class-113 pa t22357 l20717">during </span><span class="pp-class-113 pa t22357 l22359">the </span><span class="pp-class-113 pa t22357 l22360">year</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22357 l22361 ls786">(1,681)</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22357 l15872">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22357 l22362 ls786">(1,681)</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22363 l3">Total</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22363 l22364 ls786">16,125</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22363 l22365">6</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22363 l22366 ls786">16,131</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-116 pa t22367 l3 ls22345">Tax </span><span class="pp-class-116 pa t22367 l22346 ls5314">for </span><span class="pp-class-116 pa t22367 l22347 ls5314">the </span><span class="pp-class-116 pa t22367 l22368 ls1584">previous </span><span class="pp-class-116 pa t22367 l22369 ls15710">year </span><span class="pp-class-116 pa t22367 l22370 ls219">can </span><span class="pp-class-116 pa t22367 l22371 ls15514">be </span><span class="pp-class-116 pa t22367 l22372 ls324">specified </span><span class="pp-class-116 pa t22367 l22373 ls5853">as </span><span class="pp-class-116 pa t22367 l22374 ls194">follows:</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22375 l3">Current </span><span class="pp-class-113 pa t22375 l16033">tax</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22375 l22376 ls786">13,145</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22375 l22377">296</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22375 l22378 ls786">13,441</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22379 l3">Change </span><span class="pp-class-113 pa t22379 l15740">in </span><span class="pp-class-113 pa t22379 l15741">deferred </span><span class="pp-class-113 pa t22379 l22358">tax </span><span class="pp-class-113 pa t22379 l20717">during </span><span class="pp-class-113 pa t22379 l22359">the </span><span class="pp-class-113 pa t22379 l22360">year</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22379 l22380 ls786">(1,377)</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22379 l15872">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22379 l22381 ls786">(1,377)</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22382 l3">Total</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22382 l22383 ls786">11,768</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22382 l22384">296</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22382 l22385 ls786">12,064</span></p></td></tr></table><p class="pp-class-107 pp-area-text"><span class="pp-class-118 pa t19135 l3">Reconciliation </span><span class="pp-class-118 pa t19135 l22386">of </span><span class="pp-class-118 pa t19135 l22387">the </span><span class="pp-class-118 pa t19135 l11988">effective </span><span class="pp-class-118 pa t19135 l22388">tax </span><span class="pp-class-118 pa t19135 l18132">rate </span><span class="pp-class-118 pa t19135 l17776">for </span><span class="pp-class-118 pa t19135 l22389">the </span><span class="pp-class-118 pa t19135 l22390">period </span><span class="pp-class-118 pa t19135 l22391">can </span><span class="pp-class-118 pa t19135 l22392">be </span><span class="pp-class-118 pa t19135 l22393">specified </span><span class="pp-class-118 pa t19135 l22394">as </span><span class="pp-class-118 pa t19135 l22395">follows:</span></p><table><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t22396 l3 ls14110">DKK’000</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t22396 l22397">%</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t22396 l21230 ls458">2025</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t22396 l22398">%</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t22396 l15602 ls1074">2024</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22399 l22400"/></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22401 l3">Tax </span><span class="pp-class-113 pa t22401 l15676">rate</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22401 l22402">22.0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22401 l22403 ls786">20,657</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22401 l22404">22.0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22401 l22405 ls786">15,277</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22406 l3">Non-taxable </span><span class="pp-class-113 pa t22406 l22407">income</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22406 l21644">(5.8)</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22406 l22408 ls786">(5,447)</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22406 l22409">(4.8)</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22406 l22410 ls786">(3,351)</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22411 l3">Non-deductible </span><span class="pp-class-113 pa t22411 l22412">expenses</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22411 l22413">1.1</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22411 l22414 ls786">1,020</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22411 l22415">0.2</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22411 l22416">144</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22417 l3">Other</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22417 l22418">(0.1)</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22417 l22419">(105)</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22417 l22384">(0.4)</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22417 l22420 ls786">(302)</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22421 l3">Effective </span><span class="pp-class-114 pa t22421 l22422">tax </span><span class="pp-class-114 pa t22421 l22423">rate </span><span class="pp-class-114 pa t22421 l22424">for </span><span class="pp-class-114 pa t22421 l22425">the </span><span class="pp-class-114 pa t22421 l22426">year</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22421 l22427">17.2</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22421 l22364 ls786">16,125</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22421 l22428">17.0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22421 l22429 ls786">11,768</span></p></td></tr></table><p class="pp-class-107 pp-area-text"><span class="pp-class-118 pa t19192 l3">Non-taxable </span><span class="pp-class-118 pa t19192 l22430">income </span><span class="pp-class-118 pa t19192 l22431">primarily </span><span class="pp-class-118 pa t19192 l22432">relates </span><span class="pp-class-118 pa t19192 l505">to </span><span class="pp-class-118 pa t19192 l22433">income </span><span class="pp-class-118 pa t19192 l6756">from </span><span class="pp-class-118 pa t19192 l12179">adjustment </span><span class="pp-class-118 pa t19192 l22434">of </span><span class="pp-class-118 pa t19192 l22435">contingent </span><span class="pp-class-118 pa t19192 l22436 ls786">payment </span><span class="pp-class-118 pa t19192 l22437 ls786">obligations, </span><span class="pp-class-118 pa t19192 l22438 ls786">step-up </span><span class="pp-class-118 pa t19192 l22439">alloca-</span><span class="pp-class-118 pa t19198 l3">tion </span><span class="pp-class-118 pa t19198 l11323">and </span><span class="pp-class-118 pa t19198 l20836">result </span><span class="pp-class-118 pa t19198 l17660">of </span><span class="pp-class-118 pa t19198 l22440">associates. </span><span class="pp-class-118 pa t19198 l22441">Non-deductible </span><span class="pp-class-118 pa t19198 l22442">expenses </span><span class="pp-class-118 pa t19198 l22443">primarily </span><span class="pp-class-118 pa t19198 l22444">relate </span><span class="pp-class-118 pa t19198 l22445">to </span><span class="pp-class-118 pa t19198 l22446 ls786">transaction </span><span class="pp-class-118 pa t19198 l22447 ls786">costs </span><span class="pp-class-118 pa t19198 l22448 ls786">in </span><span class="pp-class-118 pa t19198 l22449">connection </span><span class="pp-class-118 pa t19198 l22450 ls786">with </span><span class="pp-class-118 pa t19198 l22451 ls786">acqui-</span><span class="pp-class-118 pa t19205 l3">sitions </span><span class="pp-class-118 pa t19205 l22452">and </span><span class="pp-class-118 pa t19205 l22453">result </span><span class="pp-class-118 pa t19205 l18405">of </span><span class="pp-class-118 pa t19205 l1643">associates.</span></p></div></div> <div class="pp-class-7" id="pp-id-3376" xmlns="http://www.w3.org/1999/xhtml"><div class="w15596 h23127 pa t2 l3 wtro4 xx16559 tro6 xx16560"><p class="pp-class-107 pp-area-text"><span class="pp-class-119 pa t16561 l3 ls23128">13. </span><span class="pp-class-119 pa t16561 l23129 ls23130">Property, </span><span class="pp-class-119 pa t16561 l23131 ls23132">plant </span><span class="pp-class-119 pa t16561 l23133 ls122">and </span><span class="pp-class-119 pa t16561 l23134 ls23135">equipment</span></p></div></div><div class="pp-class-7" id="pp-id-3377" xmlns="http://www.w3.org/1999/xhtml"><div class="w15792 h23136 pa t2 l3 wtro4 xx30 tro6 xx31"><table><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t23137 l3 ls14110">DKK’000</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t23137 l23138 ls20850">Buildings</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t23139 l23140 ls16065">Land </span><span class="pp-class-112 pa t23141 l23142 ls458">and </span><span class="pp-class-112 pa t23141 l23140 ls16065">land </span><span class="pp-class-112 pa t23143 l23144 ls21031">improve-</span><span class="pp-class-112 pa t23137 l23145 ls2756">ments</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t23146 l23147 ls23148">Property, </span><span class="pp-class-112 pa t23146 l23149 ls23150">plant </span><span class="pp-class-112 pa t23139 l23151 ls458">and </span><span class="pp-class-112 pa t23139 l23152 ls458">equipment </span><span class="pp-class-112 pa t23141 l23153 ls1116">under </span><span class="pp-class-112 pa t23141 l23154 ls458">con-</span><span class="pp-class-112 pa t23143 l23155 ls2759">struction </span><span class="pp-class-112 pa t23143 l23156 ls5868">and </span><span class="pp-class-112 pa t23137 l23157 ls23158">prepayments</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t23139 l23159 ls1217">Machinery </span><span class="pp-class-112 pa t23141 l23160 ls458">and </span><span class="pp-class-112 pa t23141 l23161 ls21479">other </span><span class="pp-class-112 pa t23143 l23162 ls23163">technical </span><span class="pp-class-112 pa t23137 l23164 ls1116">equipment</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t23139 l23165 ls23166">Equipment, </span><span class="pp-class-112 pa t23141 l23167 ls1351">tools, </span><span class="pp-class-112 pa t23143 l23168 ls14110">fixtures </span><span class="pp-class-112 pa t23143 l21237 ls5868">and </span><span class="pp-class-112 pa t23137 l23169 ls138">fittings</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t23170 l3">Opening </span><span class="pp-class-114 pa t23170 l16085">cost </span><span class="pp-class-114 pa t23170 l22470">at </span><span class="pp-class-114 pa t23170 l22471">1 </span><span class="pp-class-114 pa t23170 l22472">January </span><span class="pp-class-114 pa t23170 l22473">2025</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t23170 l23171 ls786">130,066</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t23170 l23172 ls786">15,623</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t23170 l23173 ls786">10,656</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t23170 l23174 ls786">102,807</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t23170 l23175 ls786">15,215</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23176 l3">Acquisition </span><span class="pp-class-113 pa t23176 l16257">of </span><span class="pp-class-113 pa t23176 l16258">entities</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23176 l23177">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23176 l23178">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23176 l23179">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23176 l23180">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23176 l23181 ls786">1,773</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23182 l3">Investments </span><span class="pp-class-113 pa t23182 l15869">for </span><span class="pp-class-113 pa t23182 l22486">the </span><span class="pp-class-113 pa t23182 l22487">period</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23182 l23183 ls786">831</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23182 l23184">4</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23182 l23185 ls786">877</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23182 l23186 ls786">13,942</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23182 l23187 ls786">809</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23188 l3">Transfer</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23188 l23177">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23188 l23178">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23188 l23189 ls786">(10,656)</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23188 l23190 ls786">10,523</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23188 l23191 ls786">133</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23192 l3">Disposals </span><span class="pp-class-113 pa t23192 l22493">for </span><span class="pp-class-113 pa t23192 l22494">the </span><span class="pp-class-113 pa t23192 l22495">period</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23192 l23177">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23192 l23178">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23192 l23179">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23192 l23193 ls786">(614)</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23192 l23194 ls786">(344)</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t23195 l3">Closing </span><span class="pp-class-114 pa t23195 l16156">cost </span><span class="pp-class-114 pa t23195 l22499">at </span><span class="pp-class-114 pa t23195 l23196">31 </span><span class="pp-class-114 pa t23195 l23197">December </span><span class="pp-class-114 pa t23195 l23198">2025</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t23195 l23199 ls786">130,897</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t23195 l23200 ls786">15,627</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t23195 l23201 ls786">877</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t23195 l23202 ls786">126,658</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t23195 l23203 ls786">17,586</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23204 l3">Opening </span><span class="pp-class-113 pa t23204 l22508">depreciation </span><span class="pp-class-113 pa t23204 l23205">and </span><span class="pp-class-113 pa t23204 l23206">impairment </span><span class="pp-class-113 pa t23207 l3">at </span><span class="pp-class-113 pa t23207 l23208">1 </span><span class="pp-class-113 pa t23207 l23209">January </span><span class="pp-class-113 pa t23207 l23210">2025</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23207 l23211 ls786">18,337</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23207 l23178">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23207 l23179">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23207 l23212 ls786">49,462</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23207 l23213 ls786">10,102</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23214 l3">Disposals </span><span class="pp-class-113 pa t23214 l22493">for </span><span class="pp-class-113 pa t23214 l22494">the </span><span class="pp-class-113 pa t23214 l22495">period</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23214 l23177">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23214 l23178">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23214 l23179">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23214 l23193 ls786">(614)</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23214 l23215 ls786">(201)</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23216 l3">Depreciation </span><span class="pp-class-113 pa t23216 l23217">for </span><span class="pp-class-113 pa t23216 l23218">the </span><span class="pp-class-113 pa t23216 l23219">period</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23216 l23220 ls786">3,662</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23216 l23178">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23216 l23179">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23216 l23221 ls786">11,879</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23216 l23222 ls786">1,865</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t23223 l3">Closing </span><span class="pp-class-114 pa t23223 l16156">depreciation </span><span class="pp-class-114 pa t23223 l23224">and </span><span class="pp-class-114 pa t23223 l23225">impairment </span><span class="pp-class-114 pa t23226 l3">at </span><span class="pp-class-114 pa t23226 l23227">31 </span><span class="pp-class-114 pa t23226 l23228">December </span><span class="pp-class-114 pa t23226 l23229">2025</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t23226 l23230 ls786">21,999</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t23226 l23231">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t23226 l23232">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t23226 l23233 ls786">60,727</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t23226 l23234 ls786">11,766</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t23235 l3">Closing </span><span class="pp-class-114 pa t23235 l16156">carrying </span><span class="pp-class-114 pa t23235 l22545">amount </span><span class="pp-class-114 pa t23236 l3">at </span><span class="pp-class-114 pa t23236 l23227">31 </span><span class="pp-class-114 pa t23236 l23228">December </span><span class="pp-class-114 pa t23236 l23229">2025</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t23236 l23237 ls786">108,898</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t23236 l23200 ls786">15,627</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t23236 l23201 ls786">877</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t23236 l23238 ls786">65,931</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t23236 l23239 ls786">5,820</span></p></td></tr></table></div></div><div class="pp-class-7" id="pp-id-3378" xmlns="http://www.w3.org/1999/xhtml"><div class="w15596 h23240 pa t2 l3 wtro4 xx30 tro6 xx31"><table><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t23137 l3 ls14110">DKK’000</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t23137 l23241 ls20850">Buildings</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t23139 l23242 ls21031">Land </span><span class="pp-class-112 pa t23139 l23243 ls5868">and </span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t23141 l23140 ls16065">land </span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t23143 l23144 ls21031">improve-</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t23137 l23145 ls2756">ments</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t23146 l23147 ls23148">Property, </span><span class="pp-class-112 pa t23146 l23149 ls23150">plant </span><span class="pp-class-112 pa t23139 l23151 ls458">and </span><span class="pp-class-112 pa t23139 l23152 ls458">equipment </span><span class="pp-class-112 pa t23141 l23153 ls1116">under </span><span class="pp-class-112 pa t23141 l23154 ls458">con-</span><span class="pp-class-112 pa t23143 l23155 ls2759">struction </span><span class="pp-class-112 pa t23143 l23156 ls5868">and </span><span class="pp-class-112 pa t23137 l23157 ls23158">prepayments</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t23139 l23159 ls1217">Machinery </span><span class="pp-class-112 pa t23141 l23160 ls458">and </span><span class="pp-class-112 pa t23141 l23161 ls21479">other </span><span class="pp-class-112 pa t23143 l23162 ls23163">technical </span><span class="pp-class-112 pa t23137 l23164 ls1116">equipment</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t23139 l23165 ls23166">Equipment, </span><span class="pp-class-112 pa t23141 l23167 ls1351">tools, </span><span class="pp-class-112 pa t23143 l23168 ls14110">fixtures </span><span class="pp-class-112 pa t23143 l21237 ls5868">and </span><span class="pp-class-112 pa t23137 l23169 ls138">fittings</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t23170 l3">Opening </span><span class="pp-class-114 pa t23170 l16085">cost </span><span class="pp-class-114 pa t23170 l22470">at </span><span class="pp-class-114 pa t23170 l22471">1 </span><span class="pp-class-114 pa t23170 l22472">January </span><span class="pp-class-114 pa t23170 l22473">2024</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t23170 l23244 ls786">129,382</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t23170 l23245 ls786">14,248</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t23170 l23246 ls786">6,130</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t23170 l23247 ls786">88,847</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t23170 l21252 ls786">14,945</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23176 l3">Investments </span><span class="pp-class-113 pa t23176 l15869">for </span><span class="pp-class-113 pa t23176 l22486">the </span><span class="pp-class-113 pa t23176 l22487">period</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23176 l23248 ls786">684</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23176 l23249 ls786">1,375</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23176 l23250 ls786">10,656</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23176 l23251 ls786">7,875</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23176 l23252 ls786">394</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23182 l3">Transfer</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23182 l23177">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23182 l23178">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23182 l23253 ls786">(6,130)</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23182 l23254 ls786">6,130</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23182 l15652">0</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23188 l3">Disposals </span><span class="pp-class-113 pa t23188 l22493">for </span><span class="pp-class-113 pa t23188 l22494">the </span><span class="pp-class-113 pa t23188 l22495">period</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23188 l23177">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23188 l23178">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23188 l23255">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23188 l23256 ls786">(45)</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23188 l23257 ls786">(124)</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t23192 l3">Closing </span><span class="pp-class-114 pa t23192 l16156">cost </span><span class="pp-class-114 pa t23192 l22499">at </span><span class="pp-class-114 pa t23192 l23196">31 </span><span class="pp-class-114 pa t23192 l23197">December </span><span class="pp-class-114 pa t23192 l23198">2024</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t23192 l23171 ls786">130,066</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t23192 l23172 ls786">15,623</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t23192 l23258 ls786">10,656</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t23192 l23174 ls786">102,807</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t23192 l23175 ls786">15,215</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23195 l3">Opening </span><span class="pp-class-113 pa t23195 l22508">depreciation </span><span class="pp-class-113 pa t23195 l23205">and </span><span class="pp-class-113 pa t23195 l23206">impairment </span><span class="pp-class-113 pa t23259 l3">at </span><span class="pp-class-113 pa t23259 l23208">1 </span><span class="pp-class-113 pa t23259 l23209">January </span><span class="pp-class-113 pa t23259 l23210">2024</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23259 l23260 ls786">14,705</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23259 l23178">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23259 l23255">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23259 l23261 ls786">34,863</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23259 l23114 ls786">7,807</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23207 l3">Disposals </span><span class="pp-class-113 pa t23207 l22493">for </span><span class="pp-class-113 pa t23207 l22494">the </span><span class="pp-class-113 pa t23207 l22495">period</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23207 l23177">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23207 l23178">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23207 l23255">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23207 l23256 ls786">(45)</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23207 l23257 ls786">(124)</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23214 l3">Depreciation </span><span class="pp-class-113 pa t23214 l23217">for </span><span class="pp-class-113 pa t23214 l23218">the </span><span class="pp-class-113 pa t23214 l23219">period</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23214 l23262 ls786">3,632</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23214 l23178">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23214 l23255">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23214 l23263 ls786">14,644</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23214 l23264 ls786">2,419</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t23216 l3">Closing </span><span class="pp-class-114 pa t23216 l16156">depreciation </span><span class="pp-class-114 pa t23216 l23224">and </span><span class="pp-class-114 pa t23216 l23225">impairment </span><span class="pp-class-114 pa t23265 l3">at </span><span class="pp-class-114 pa t23265 l23227">31 </span><span class="pp-class-114 pa t23265 l23228">December </span><span class="pp-class-114 pa t23265 l23229">2024</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t23266 l23267 ls786">18,337</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t23266 l23231">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t23266 l23268">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t23266 l23269 ls786">49,462</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t23266 l23270 ls786">10,102</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t23226 l3">Closing </span><span class="pp-class-114 pa t23226 l16156">carrying </span><span class="pp-class-114 pa t23226 l22545">amount </span><span class="pp-class-114 pa t23271 l3">at </span><span class="pp-class-114 pa t23271 l23227">31 </span><span class="pp-class-114 pa t23271 l23228">December </span><span class="pp-class-114 pa t23271 l23229">2024</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t23272 l23273 ls786">111,729</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t23272 l23172 ls786">15,623</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t23272 l23258 ls786">10,656</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t23272 l23274 ls786">53,345</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t23272 l23275 ls786">5,113</span></p></td></tr></table><p class="pp-class-107 pp-area-text"><span class="pp-class-118 pa t23276 l3">No </span><span class="pp-class-118 pa t23276 l7520">impairment </span><span class="pp-class-118 pa t23276 l23277">was </span><span class="pp-class-118 pa t23276 l23278">charged </span><span class="pp-class-118 pa t23276 l23279">to </span><span class="pp-class-118 pa t23276 l18971">property, </span><span class="pp-class-118 pa t23276 l17203">plant </span><span class="pp-class-118 pa t23276 l23280">and </span><span class="pp-class-118 pa t23276 l23281">equipment </span><span class="pp-class-118 pa t23276 l23282">in </span><span class="pp-class-118 pa t23276 l23283">2025 </span><span class="pp-class-118 pa t23276 l23284">or </span><span class="pp-class-118 pa t23276 l23285">2024. </span></p></div></div> <div class="pp-class-7" id="pp-id-3379" xmlns="http://www.w3.org/1999/xhtml"><div class="w23286 h23287 pa t2 l3 wtro4 xx16559 tro6 xx16560"><p class="pp-class-107 pp-area-text"><span class="pp-class-119 pa t16561 l3 ls21182">14. </span><span class="pp-class-119 pa t16561 l23129 ls23288">Leases</span></p><p class="pp-class-107 pp-area-text"><span class="pp-class-120 pa t20309 l3 ls21466">Right-of-use </span><span class="pp-class-120 pa t20309 l23289 ls2116">assets </span></p></div></div><div class="pp-class-7" id="pp-id-3380" xmlns="http://www.w3.org/1999/xhtml"><div class="w475 h23290 pa t2 l3 wtro4 xx23291 tro6 xx23292"><table><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t23293 l3 ls14110">DKK’000</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t23294 l23295 ls1072">Rental </span><span class="pp-class-112 pa t23294 l23296 ls21020">of </span><span class="pp-class-112 pa t23293 l23297 ls15160">premises</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t23298 l23299 ls23166">Equipment, </span><span class="pp-class-112 pa t23294 l23300 ls21031">tools, </span><span class="pp-class-112 pa t23294 l23301 ls16079">fixtures </span><span class="pp-class-112 pa t23293 l23302 ls458">and </span><span class="pp-class-112 pa t23293 l23303 ls138">fittings</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t23293 l23304 ls11452">Total</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t23305 l3">Opening </span><span class="pp-class-114 pa t23305 l16085">cost </span><span class="pp-class-114 pa t23305 l22470">at </span><span class="pp-class-114 pa t23305 l22471">1 </span><span class="pp-class-114 pa t23305 l22472">January </span><span class="pp-class-114 pa t23305 l22473">2025</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t23305 l23306 ls786">52,320</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t23305 l23307 ls786">7,525</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t23305 l23308 ls786">59,845</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23309 l3">Acquisition </span><span class="pp-class-113 pa t23309 l16257">of </span><span class="pp-class-113 pa t23309 l16258">entities</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23309 l23310 ls786">6,567</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23309 l23311">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23309 l23312 ls786">6,567</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23313 l3">Additions</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23313 l23314 ls786">1,859</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23313 l23315 ls786">2,686</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23313 l23316 ls786">4,545</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23317 l3">Disposals </span><span class="pp-class-113 pa t23317 l22493">for </span><span class="pp-class-113 pa t23317 l22494">the </span><span class="pp-class-113 pa t23317 l22495">period</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23317 l23318">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23317 l11728 ls786">(1,306)</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23317 l23319 ls786">(1,306)</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t23320 l3">Closing </span><span class="pp-class-114 pa t23320 l16156">cost </span><span class="pp-class-114 pa t23320 l22499">at </span><span class="pp-class-114 pa t23320 l23196">31 </span><span class="pp-class-114 pa t23320 l23197">December </span><span class="pp-class-114 pa t23320 l23198">2025</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t23320 l23321 ls786">60,746</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t23320 l23322 ls786">8,905</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t23320 l23323 ls786">69,651</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23324 l3">Opening </span><span class="pp-class-113 pa t23324 l22508">depreciation </span><span class="pp-class-113 pa t23324 l23205">and </span><span class="pp-class-113 pa t23324 l23206">impairment </span><span class="pp-class-113 pa t23324 l23325">at </span><span class="pp-class-113 pa t23324 l23326">1 </span><span class="pp-class-113 pa t23324 l23327">January </span><span class="pp-class-113 pa t23324 l23328">2025</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23324 l23329 ls786">16,838</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23324 l23330 ls786">3,513</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23324 l23331 ls786">20,351</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23332 l3">Disposals </span><span class="pp-class-113 pa t23332 l22493">for </span><span class="pp-class-113 pa t23332 l22494">the </span><span class="pp-class-113 pa t23332 l22495">period</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23332 l23318">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23332 l23333">(921)</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23332 l23334">(921)</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23335 l3">Depreciation </span><span class="pp-class-113 pa t23335 l23217">for </span><span class="pp-class-113 pa t23335 l23218">the </span><span class="pp-class-113 pa t23335 l23219">period</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23335 l23336 ls786">5,875</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23335 l23337 ls786">2,360</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23335 l23338 ls786">8,235</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t23339 l3 ls2618">Closing </span><span class="pp-class-114 pa t23339 l22529 ls7287">depreciation </span><span class="pp-class-114 pa t23339 l23340 ls639">and </span><span class="pp-class-114 pa t23339 l23341 ls22533">impairment </span><span class="pp-class-114 pa t23339 l23342 ls22534">at </span><span class="pp-class-114 pa t23339 l23343 ls22534">31 </span><span class="pp-class-114 pa t23339 l23344 ls22537">December </span><span class="pp-class-114 pa t23339 l23345 ls639">2025</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t23339 l23346 ls786">22,713</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t23339 l23347 ls786">4,952</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t23339 l23348 ls786">27,665</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t23349 l3">Closing </span><span class="pp-class-114 pa t23349 l16156">carrying </span><span class="pp-class-114 pa t23349 l22545">amount </span><span class="pp-class-114 pa t23349 l22546">at </span><span class="pp-class-114 pa t23349 l23350">31 </span><span class="pp-class-114 pa t23349 l23351">December </span><span class="pp-class-114 pa t23349 l23352">2025</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t23349 l23353 ls786">38,033</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t23349 l23354 ls786">3,953</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t23349 l23355 ls786">41,986</span></p></td></tr></table></div></div><div class="pp-class-7" id="pp-id-3381" xmlns="http://www.w3.org/1999/xhtml"><div class="w475 h23356 pa t2 l3 wtro4 xx23291 tro6 xx23292"><table><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t23293 l3 ls14110">DKK’000</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t23294 l23295 ls1072">Rental </span><span class="pp-class-112 pa t23294 l23296 ls21020">of </span><span class="pp-class-112 pa t23293 l23297 ls15160">premises</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t23298 l23299 ls23166">Equipment, </span><span class="pp-class-112 pa t23294 l23300 ls21031">tools, </span><span class="pp-class-112 pa t23294 l23301 ls16079">fixtures </span><span class="pp-class-112 pa t23293 l23302 ls458">and </span><span class="pp-class-112 pa t23293 l23303 ls138">fittings</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t23293 l23304 ls11452">Total</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t23305 l3">Opening </span><span class="pp-class-114 pa t23305 l16085">cost </span><span class="pp-class-114 pa t23305 l22470">at </span><span class="pp-class-114 pa t23305 l22471">1 </span><span class="pp-class-114 pa t23305 l22472">January </span><span class="pp-class-114 pa t23305 l22473">2024</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t23305 l23357 ls786">50,272</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t23305 l23358 ls786">9,584</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t23305 l23359 ls786">59,856</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23309 l3">Additions</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23309 l23360 ls786">2,048</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23309 l23361 ls786">2,807</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23309 l23362 ls786">4,855</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23313 l3">Disposals </span><span class="pp-class-113 pa t23313 l22493">for </span><span class="pp-class-113 pa t23313 l22494">the </span><span class="pp-class-113 pa t23313 l22495">period</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23313 l23318">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23313 l23363 ls786">(4,866)</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23313 l23364 ls786">(4,866)</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t23317 l3">Closing </span><span class="pp-class-114 pa t23317 l16156">cost </span><span class="pp-class-114 pa t23317 l22499">at </span><span class="pp-class-114 pa t23317 l23196">31 </span><span class="pp-class-114 pa t23317 l23197">December </span><span class="pp-class-114 pa t23317 l23198">2024</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t23317 l23306 ls786">52,320</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t23317 l23307 ls786">7,525</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t23317 l23308 ls786">59,845</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23320 l3">Opening </span><span class="pp-class-113 pa t23320 l22508">depreciation </span><span class="pp-class-113 pa t23320 l23205">and </span><span class="pp-class-113 pa t23320 l23206">impairment </span><span class="pp-class-113 pa t23320 l23325">at </span><span class="pp-class-113 pa t23320 l23326">1 </span><span class="pp-class-113 pa t23320 l23327">January </span><span class="pp-class-113 pa t23320 l23328">2024</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23320 l23365 ls786">12,756</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23320 l23366 ls786">5,642</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23320 l23367 ls786">18,398</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23324 l3">Disposals </span><span class="pp-class-113 pa t23324 l22493">for </span><span class="pp-class-113 pa t23324 l22494">the </span><span class="pp-class-113 pa t23324 l22495">period</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23324 l23318">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23324 l23368 ls786">(4,502)</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23324 l23369 ls786">(4,502)</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23332 l3">Depreciation </span><span class="pp-class-113 pa t23332 l23217">for </span><span class="pp-class-113 pa t23332 l23218">the </span><span class="pp-class-113 pa t23332 l23219">period</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23332 l23360 ls786">4,082</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23332 l23370 ls786">2,373</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23332 l23371 ls786">6,455</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t23335 l3 ls2618">Closing </span><span class="pp-class-114 pa t23335 l22529 ls7287">depreciation </span><span class="pp-class-114 pa t23335 l23340 ls639">and </span><span class="pp-class-114 pa t23335 l23341 ls22533">impairment </span><span class="pp-class-114 pa t23335 l23342 ls22534">at </span><span class="pp-class-114 pa t23335 l23343 ls22534">31 </span><span class="pp-class-114 pa t23335 l23344 ls22537">December </span><span class="pp-class-114 pa t23335 l23345 ls639">2024</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t23335 l23372 ls786">16,838</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t23335 l23373 ls786">3,513</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t23335 l23367 ls786">20,351</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t23339 l3">Closing </span><span class="pp-class-114 pa t23339 l16156">carrying </span><span class="pp-class-114 pa t23339 l22545">amount </span><span class="pp-class-114 pa t23339 l22546">at </span><span class="pp-class-114 pa t23339 l23350">31 </span><span class="pp-class-114 pa t23339 l23351">December </span><span class="pp-class-114 pa t23339 l23352">2024</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t23339 l23374 ls786">35,482</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t23339 l23375 ls786">4,012</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t23339 l23376 ls786">39,494</span></p></td></tr></table></div></div><div class="pp-class-7" id="pp-id-3385" xmlns="http://www.w3.org/1999/xhtml"><div class="w15596 h23379 pa t2 l3 wtro4 xx18880 tro6 xx18881"><p class="pp-class-107 pp-area-text"><span class="pp-class-120 pa t18882 l3 ls23380">Lease </span><span class="pp-class-120 pa t18882 l23381 ls20643">receivables</span></p><p class="pp-class-107 pp-area-text"><span class="pp-class-118 pa t16757 l3">Subleases </span><span class="pp-class-118 pa t16757 l1498">are </span><span class="pp-class-118 pa t16757 l23382">specified </span><span class="pp-class-118 pa t16757 l23383">as </span><span class="pp-class-118 pa t16757 l10766">follows:</span></p></div></div><div class="pp-class-7" id="pp-id-3386" xmlns="http://www.w3.org/1999/xhtml"><div class="w15596 h23384 pa t2 l3 wtro4 xx23385 tro6 xx23386"><table><tr><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t23387 l23388 ls458">2025</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t23387 l23389 ls1074">2024</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"/></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t23390 l3 ls14110">DKK’000</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t23390 l23391 ls15600">Book </span><span class="pp-class-112 pa t23390 l23392 ls2728">value</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t23393 l23394 ls23395">Undiscounted </span><span class="pp-class-112 pa t23390 l23396 ls2728">value</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t23390 l23397 ls15600">Book </span><span class="pp-class-112 pa t23390 l23398 ls2728">value</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t23393 l23399 ls23395">Undiscounted </span><span class="pp-class-112 pa t23390 l23400 ls2728">value</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23401 l3">Falling </span><span class="pp-class-113 pa t23401 l23402">due </span><span class="pp-class-113 pa t23401 l23403">for </span><span class="pp-class-113 pa t23401 l23404">payment </span><span class="pp-class-113 pa t23401 l23405">within </span><span class="pp-class-113 pa t23401 l23406">1 </span><span class="pp-class-113 pa t23401 l23407">year</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23401 l23408 ls786">5,640</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23401 l23409 ls786">5,699</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23401 l23410 ls786">6,715</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23401 l23411 ls786">7,029</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23412 l3">Falling </span><span class="pp-class-113 pa t23412 l23402">due </span><span class="pp-class-113 pa t23412 l23403">for </span><span class="pp-class-113 pa t23412 l23404">payment </span><span class="pp-class-113 pa t23412 l23405">within </span><span class="pp-class-113 pa t23412 l23406">1-2 </span><span class="pp-class-113 pa t23412 l23413">years</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23412 l23414">395</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23412 l23415">396</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23412 l23416 ls786">5,146</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23412 l23417 ls786">5,321</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23418 l3">Falling </span><span class="pp-class-113 pa t23418 l23402">due </span><span class="pp-class-113 pa t23418 l23403">for </span><span class="pp-class-113 pa t23418 l23404">payment </span><span class="pp-class-113 pa t23418 l23405">within </span><span class="pp-class-113 pa t23418 l23406">2-3 </span><span class="pp-class-113 pa t23418 l23419">years</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23418 l23420">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23418 l23421">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23418 l23422 ls786">1,539</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23418 l23423 ls786">1,626</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23424 l3">Falling </span><span class="pp-class-113 pa t23424 l23402">due </span><span class="pp-class-113 pa t23424 l23403">for </span><span class="pp-class-113 pa t23424 l23404">payment </span><span class="pp-class-113 pa t23424 l23405">within </span><span class="pp-class-113 pa t23424 l23406">3-4 </span><span class="pp-class-113 pa t23424 l23425">years</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23424 l23420">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23424 l23421">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23424 l23426">901</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23424 l16042">923</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23427 l3">Falling </span><span class="pp-class-113 pa t23427 l23402">due </span><span class="pp-class-113 pa t23427 l23403">for </span><span class="pp-class-113 pa t23427 l23404">payment </span><span class="pp-class-113 pa t23427 l23405">within </span><span class="pp-class-113 pa t23427 l23406">4-5 </span><span class="pp-class-113 pa t23427 l23428">years</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23427 l23420">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23427 l23421">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23427 l15872">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23427 l15652">0</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23429 l3">Falling </span><span class="pp-class-113 pa t23429 l23402">due </span><span class="pp-class-113 pa t23429 l23403">for </span><span class="pp-class-113 pa t23429 l23404">payment </span><span class="pp-class-113 pa t23429 l23405">after </span><span class="pp-class-113 pa t23429 l23430">5 </span><span class="pp-class-113 pa t23429 l23431">years</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23429 l23420">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23429 l23421">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23429 l15872">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23429 l15652">0</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t23432 l3">Total</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t23432 l23433 ls786">6,035</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t23432 l23434 ls786">6,095</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t23432 l23435 ls786">14,301</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t23432 l23436 ls786">14,899</span></p></td></tr></table><p class="pp-class-107 pp-area-text"><span class="pp-class-118 pa t23437 l3">Subleases </span><span class="pp-class-118 pa t23437 l1498">falling </span><span class="pp-class-118 pa t23437 l23438">due </span><span class="pp-class-118 pa t23437 l23439">for </span><span class="pp-class-118 pa t23437 l23440">payment </span><span class="pp-class-118 pa t23437 l23441">later </span><span class="pp-class-118 pa t23437 l23442">than </span><span class="pp-class-118 pa t23437 l23443">1 </span><span class="pp-class-118 pa t23437 l23444">year </span><span class="pp-class-118 pa t23437 l23445">after </span><span class="pp-class-118 pa t23437 l23446">the </span><span class="pp-class-118 pa t23437 l23447">balance </span><span class="pp-class-118 pa t23437 l23448">sheet </span><span class="pp-class-118 pa t23437 l23449">date </span><span class="pp-class-118 pa t23437 l23450 ls786">are </span><span class="pp-class-118 pa t23437 l23451">presented </span><span class="pp-class-118 pa t23437 l23452 ls786">as </span><span class="pp-class-118 pa t23437 l23453 ls786">financial </span><span class="pp-class-118 pa t23437 l23454 ls786">assets. </span><span class="pp-class-118 pa t23455 l3 ls2489">Subleases </span><span class="pp-class-118 pa t23455 l1498">falling </span><span class="pp-class-118 pa t23455 l23438">due </span><span class="pp-class-118 pa t23455 l23439">for </span><span class="pp-class-118 pa t23455 l23440">payment </span><span class="pp-class-118 pa t23455 l23441">within </span><span class="pp-class-118 pa t23455 l13091">1 </span><span class="pp-class-118 pa t23455 l23456">year </span><span class="pp-class-118 pa t23455 l23457">from </span><span class="pp-class-118 pa t23455 l761">the </span><span class="pp-class-118 pa t23455 l23458">balance </span><span class="pp-class-118 pa t23455 l23459">sheet </span><span class="pp-class-118 pa t23455 l23460">date </span><span class="pp-class-118 pa t23455 l23461">are </span><span class="pp-class-118 pa t23455 l23462 ls786">presented </span><span class="pp-class-118 pa t23455 l23463 ls786">as </span><span class="pp-class-118 pa t23455 l23464">current </span><span class="pp-class-118 pa t23455 l23465 ls786">receivables, </span><span class="pp-class-118 pa t23466 l3">but </span><span class="pp-class-118 pa t23466 l4142">are </span><span class="pp-class-118 pa t23466 l17429">not </span><span class="pp-class-118 pa t23466 l1920">included </span><span class="pp-class-118 pa t23466 l19956">in </span><span class="pp-class-118 pa t23466 l6064">the </span><span class="pp-class-118 pa t23466 l23467">calculation </span><span class="pp-class-118 pa t23466 l23468">of </span><span class="pp-class-118 pa t23466 l17993">net </span><span class="pp-class-118 pa t23466 l18491">working </span><span class="pp-class-118 pa t23466 l18293">capital.</span></p></div></div><div class="pp-class-7" id="pp-id-3387" xmlns="http://www.w3.org/1999/xhtml"><div class="w15596 h23469 pa t2 l3 wtro4 xx18880 tro6 xx18881"><p class="pp-class-107 pp-area-text"><span class="pp-class-120 pa t18882 l3 ls23380">Lease </span><span class="pp-class-120 pa t18882 l23381 ls5310">liabilities</span></p></div></div><div class="pp-class-7" id="pp-id-3388" xmlns="http://www.w3.org/1999/xhtml"><div class="w15792 h23470 pa t2 l3 wtro4 xx30 tro6 xx31"><p class="pp-class-107 pp-area-text"><span class="pp-class-118 pa t23471 l3">In </span><span class="pp-class-118 pa t23471 l669">2025, </span><span class="pp-class-118 pa t23471 l916">the </span><span class="pp-class-118 pa t23471 l21660">total </span><span class="pp-class-118 pa t23471 l23472">amount </span><span class="pp-class-118 pa t23471 l23473">of </span><span class="pp-class-118 pa t23471 l17504">cash </span><span class="pp-class-118 pa t23471 l23474">flows </span><span class="pp-class-118 pa t23471 l6591">related </span><span class="pp-class-118 pa t23471 l23475">to </span><span class="pp-class-118 pa t23471 l20835">lease </span><span class="pp-class-118 pa t23471 l23476">liabilities </span><span class="pp-class-118 pa t23471 l22766">was </span><span class="pp-class-118 pa t23471 l23477">DKK </span><span class="pp-class-118 pa t23471 l23478">-10.4 </span><span class="pp-class-118 pa t23471 l23479">million </span><span class="pp-class-118 pa t23471 l23480">(2024: </span><span class="pp-class-118 pa t23471 l23481">DKK </span><span class="pp-class-118 pa t23471 l23482 ls786">-8.8 </span><span class="pp-class-118 pa t23471 l23483 ls786">million), </span><span class="pp-class-118 pa t23471 l23484 ls786">of </span><span class="pp-class-118 pa t23485 l3">which </span><span class="pp-class-118 pa t23485 l6980">the </span><span class="pp-class-118 pa t23485 l1905">interest </span><span class="pp-class-118 pa t23485 l13873">payments </span><span class="pp-class-118 pa t23485 l23486">related </span><span class="pp-class-118 pa t23485 l23487">to </span><span class="pp-class-118 pa t23485 l9347">the </span><span class="pp-class-118 pa t23485 l23488">recognised </span><span class="pp-class-118 pa t23485 l23489">lease </span><span class="pp-class-118 pa t23485 l23490">liabilities </span><span class="pp-class-118 pa t23485 l23491">were </span><span class="pp-class-118 pa t23485 l23492">DKK </span><span class="pp-class-118 pa t23485 l23493">2.8 </span><span class="pp-class-118 pa t23485 l23494">million </span><span class="pp-class-118 pa t23485 l23495">(2024: </span><span class="pp-class-118 pa t23485 l23496">DKK </span><span class="pp-class-118 pa t23485 l23497">2.8 </span><span class="pp-class-118 pa t23485 l23498">million) </span><span class="pp-class-118 pa t23499 l3">and </span><span class="pp-class-118 pa t23499 l1110">repayments </span><span class="pp-class-118 pa t23499 l23500">DKK </span><span class="pp-class-118 pa t23499 l23501">7.6 </span><span class="pp-class-118 pa t23499 l23502">million </span><span class="pp-class-118 pa t23499 l19838">(2024: </span><span class="pp-class-118 pa t23499 l23503">DKK </span><span class="pp-class-118 pa t23499 l23504">6.0 </span><span class="pp-class-118 pa t23499 l23505">million). </span></p><table xmlns="http://www.w3.org/1999/xhtml"><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t15598 l3 ls14110">DKK’000</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t15598 l15601 ls458">2025</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t15598 l15602 ls1074">2024</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t15603 l3">Opening </span><span class="pp-class-113 pa t15603 l22508">balance, </span><span class="pp-class-113 pa t15603 l23506">1 </span><span class="pp-class-113 pa t15603 l23507">January</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t15603 l23508 ls786">55,993</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t15603 l23509 ls786">62,347</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-127 pa t15607 l3">Non-cash </span><span class="pp-class-127 pa t15607 l23510">change</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t15616 l3">Acquisition </span><span class="pp-class-113 pa t15616 l16257">of </span><span class="pp-class-113 pa t15616 l16258">entities</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t15616 l23511 ls786">2,349</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t15616 l15652">0</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t15619 l3">New </span><span class="pp-class-113 pa t15619 l23512">lease </span><span class="pp-class-113 pa t15619 l23513">liabilities</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t15619 l22320 ls786">4,545</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t15619 l23514 ls786">4,855</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t15623 l3">Terminated </span><span class="pp-class-113 pa t15623 l23515">leases</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t15623 l23516 ls786">(392)</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t15623 l23517 ls786">(204)</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t15630 l3">Subleases </span><span class="pp-class-113 pa t15630 l15716">settled </span><span class="pp-class-113 pa t15630 l23518">directly </span><span class="pp-class-113 pa t15630 l23519">by </span><span class="pp-class-113 pa t15630 l23520">the </span><span class="pp-class-113 pa t15630 l23521">franchisee</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t15630 l23522 ls786">(4,048)</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t15630 l23523 ls786">(5,025)</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t15636 l23524 ls786">2,454</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t15636 l23525 ls786">(374)</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-127 pa t15641 l3">Financing </span><span class="pp-class-127 pa t15641 l23526">cash </span><span class="pp-class-127 pa t15641 l23527">flows</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t15647 l3">Repayment </span><span class="pp-class-113 pa t15647 l23528">of </span><span class="pp-class-113 pa t15647 l23529">loans</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t15647 l23530 ls786">(7,616)</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t15647 l16299 ls786">(5,980)</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t15653 l23531 ls786">(7,616)</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t15653 l23532 ls786">(5,980)</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t15662 l3">Closing </span><span class="pp-class-114 pa t15662 l16156">balance, </span><span class="pp-class-114 pa t15662 l16157">31 </span><span class="pp-class-114 pa t15662 l16158">December</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t15662 l23533 ls786">50,831</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t15662 l23534 ls786">55,993</span></p></td></tr></table></div></div><div class="pp-class-7" id="pp-id-3391" xmlns="http://www.w3.org/1999/xhtml"><div class="w15596 h23539 pa t2 l3 wtro4 xx30 tro6 xx31"><table><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t15598 l3 ls14110">DKK’000</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t15598 l15601 ls458">2025</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t15598 l15602 ls1074">2024</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t15603 l3">Maturity </span><span class="pp-class-114 pa t15603 l23540">of </span><span class="pp-class-114 pa t15603 l23541">contractual </span><span class="pp-class-114 pa t15603 l23542">cash </span><span class="pp-class-114 pa t15603 l23543">flow</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t15607 l3">0-6 </span><span class="pp-class-113 pa t15607 l23544">months</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t15607 l23545 ls786">8,717</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t15607 l20676 ls786">7,842</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t15616 l3">6-12 </span><span class="pp-class-113 pa t15616 l23546">months</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t15616 l23547 ls786">7,381</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t15616 l23548 ls786">7,061</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t15619 l3">2-3 </span><span class="pp-class-113 pa t15619 l23549">years</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t15619 l23550 ls786">15,594</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t15619 l23551 ls786">20,081</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t15623 l3">4-5 </span><span class="pp-class-113 pa t15623 l23552">years</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t15623 l23553 ls786">7,640</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t15623 l20954 ls786">9,786</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t15630 l3">5 </span><span class="pp-class-113 pa t15630 l23554">years </span><span class="pp-class-113 pa t15630 l23555">or </span><span class="pp-class-113 pa t15630 l23556">later</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t15630 l23557 ls786">16,128</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t15630 l23558 ls786">19,657</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t15636 l23559 ls786">55,460</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t15636 l23560 ls786">64,427</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t23561 l3 ls14110">DKK’000</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t23561 l15601 ls458">2025</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t23561 l15602 ls1074">2024</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t23562 l3">Amounts </span><span class="pp-class-114 pa t23562 l23563">recognised </span><span class="pp-class-114 pa t23562 l23564">in </span><span class="pp-class-114 pa t23562 l23565">the </span><span class="pp-class-114 pa t23562 l23566">income </span><span class="pp-class-114 pa t23562 l23567">statement</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23568 l3">Cost </span><span class="pp-class-113 pa t23568 l15608">of </span><span class="pp-class-113 pa t23568 l15609">short-term </span><span class="pp-class-113 pa t23568 l23569">leases</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23568 l15876">593</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23568 l23570">498</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23571 l3">Variable </span><span class="pp-class-113 pa t23571 l23572">leasing </span><span class="pp-class-113 pa t23571 l15638">costs </span><span class="pp-class-113 pa t23571 l23573">that </span><span class="pp-class-113 pa t23571 l23574">are </span><span class="pp-class-113 pa t23571 l23575">not </span><span class="pp-class-113 pa t23571 l23576">included </span><span class="pp-class-113 pa t23571 l23577">in </span><span class="pp-class-113 pa t23571 l23578">leasing </span><span class="pp-class-113 pa t23571 l23579">liabilities</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23571 l23580">128</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23571 l23581">161</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t23582 l23583">721</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t23582 l23584">659</span></p></td></tr></table><p class="pp-class-107 pp-area-text"><span class="pp-class-118 pa t23585 l3">TCM </span><span class="pp-class-118 pa t23585 l1586">Group </span><span class="pp-class-118 pa t23585 l1587">leases </span><span class="pp-class-118 pa t23585 l23586">various </span><span class="pp-class-118 pa t23585 l15109">assets </span><span class="pp-class-118 pa t23585 l23587">such </span><span class="pp-class-118 pa t23585 l23588">as </span><span class="pp-class-118 pa t23585 l10727">production </span><span class="pp-class-118 pa t23585 l23589">buildings, </span><span class="pp-class-118 pa t23585 l23590">warehouses, </span><span class="pp-class-118 pa t23585 l23591">office </span><span class="pp-class-118 pa t23585 l23592">buildings, </span><span class="pp-class-118 pa t23585 l23593 ls786">retail </span><span class="pp-class-118 pa t23585 l22050 ls786">property </span><span class="pp-class-118 pa t23585 l23594 ls786">buildings, </span><span class="pp-class-118 pa t23595 l3">company </span><span class="pp-class-118 pa t23595 l18744">cars, </span><span class="pp-class-118 pa t23595 l23596">etc.</span></p><p class="pp-class-107 pp-area-text"><span class="pp-class-118 pa t23597 l3">The </span><span class="pp-class-118 pa t23597 l550">portfolio </span><span class="pp-class-118 pa t23597 l23598">of </span><span class="pp-class-118 pa t23597 l23599">lease </span><span class="pp-class-118 pa t23597 l7554">commitments </span><span class="pp-class-118 pa t23597 l23600">for </span><span class="pp-class-118 pa t23597 l23601">short-term </span><span class="pp-class-118 pa t23597 l23602">leases </span><span class="pp-class-118 pa t23597 l23603">at </span><span class="pp-class-118 pa t23597 l23604">year-end </span><span class="pp-class-118 pa t23597 l23605">is </span><span class="pp-class-118 pa t23597 l23606">similar </span><span class="pp-class-118 pa t23597 l23607 ls786">to </span><span class="pp-class-118 pa t23597 l23608 ls786">the </span><span class="pp-class-118 pa t23597 l23609">portfolio </span><span class="pp-class-118 pa t23597 l23610 ls786">of </span><span class="pp-class-118 pa t23597 l23611 ls786">short-term </span><span class="pp-class-118 pa t23597 l23612 ls786">leases </span><span class="pp-class-118 pa t23613 l3">that </span><span class="pp-class-118 pa t23613 l2107">have </span><span class="pp-class-118 pa t23613 l23614">been </span><span class="pp-class-118 pa t23613 l19034">expensed </span><span class="pp-class-118 pa t23613 l11603">during </span><span class="pp-class-118 pa t23613 l23615">the </span><span class="pp-class-118 pa t23613 l23616">period.</span></p><p class="pp-class-107 pp-area-text"><span class="pp-class-118 pa t23617 l3">TCM </span><span class="pp-class-118 pa t23617 l1586">Group </span><span class="pp-class-118 pa t23617 l1587">has </span><span class="pp-class-118 pa t23617 l1996">not </span><span class="pp-class-118 pa t23617 l9704">entered </span><span class="pp-class-118 pa t23617 l23618">into </span><span class="pp-class-118 pa t23617 l20352">any </span><span class="pp-class-118 pa t23617 l23619">significant </span><span class="pp-class-118 pa t23617 l23620">leases, </span><span class="pp-class-118 pa t23617 l23621">not </span><span class="pp-class-118 pa t23617 l23622">yet </span><span class="pp-class-118 pa t23617 l23623">commenced, </span><span class="pp-class-118 pa t23617 l23624">to </span><span class="pp-class-118 pa t23617 l23625">which </span><span class="pp-class-118 pa t23617 l23626 ls786">it </span><span class="pp-class-118 pa t23617 l23627">is </span><span class="pp-class-118 pa t23617 l23628 ls786">committed.</span></p></div></div> <table xmlns="http://www.w3.org/1999/xhtml"><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t15598 l3 ls14110">DKK’000</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t15598 l15601 ls458">2025</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t15598 l15602 ls1074">2024</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t15603 l3">Opening </span><span class="pp-class-113 pa t15603 l22508">balance, </span><span class="pp-class-113 pa t15603 l23506">1 </span><span class="pp-class-113 pa t15603 l23507">January</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t15603 l23508 ls786">55,993</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t15603 l23509 ls786">62,347</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-127 pa t15607 l3">Non-cash </span><span class="pp-class-127 pa t15607 l23510">change</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t15616 l3">Acquisition </span><span class="pp-class-113 pa t15616 l16257">of </span><span class="pp-class-113 pa t15616 l16258">entities</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t15616 l23511 ls786">2,349</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t15616 l15652">0</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t15619 l3">New </span><span class="pp-class-113 pa t15619 l23512">lease </span><span class="pp-class-113 pa t15619 l23513">liabilities</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t15619 l22320 ls786">4,545</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t15619 l23514 ls786">4,855</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t15623 l3">Terminated </span><span class="pp-class-113 pa t15623 l23515">leases</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t15623 l23516 ls786">(392)</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t15623 l23517 ls786">(204)</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t15630 l3">Subleases </span><span class="pp-class-113 pa t15630 l15716">settled </span><span class="pp-class-113 pa t15630 l23518">directly </span><span class="pp-class-113 pa t15630 l23519">by </span><span class="pp-class-113 pa t15630 l23520">the </span><span class="pp-class-113 pa t15630 l23521">franchisee</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t15630 l23522 ls786">(4,048)</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t15630 l23523 ls786">(5,025)</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t15636 l23524 ls786">2,454</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t15636 l23525 ls786">(374)</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-127 pa t15641 l3">Financing </span><span class="pp-class-127 pa t15641 l23526">cash </span><span class="pp-class-127 pa t15641 l23527">flows</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t15647 l3">Repayment </span><span class="pp-class-113 pa t15647 l23528">of </span><span class="pp-class-113 pa t15647 l23529">loans</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t15647 l23530 ls786">(7,616)</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t15647 l16299 ls786">(5,980)</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t15653 l23531 ls786">(7,616)</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t15653 l23532 ls786">(5,980)</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t15662 l3">Closing </span><span class="pp-class-114 pa t15662 l16156">balance, </span><span class="pp-class-114 pa t15662 l16157">31 </span><span class="pp-class-114 pa t15662 l16158">December</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t15662 l23533 ls786">50,831</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t15662 l23534 ls786">55,993</span></p></td></tr></table><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t15598 l3 ls14110">DKK’000</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t15598 l15601 ls458">2025</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t15598 l15602 ls1074">2024</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t15603 l3">Maturity </span><span class="pp-class-114 pa t15603 l23540">of </span><span class="pp-class-114 pa t15603 l23541">contractual </span><span class="pp-class-114 pa t15603 l23542">cash </span><span class="pp-class-114 pa t15603 l23543">flow</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t15607 l3">0-6 </span><span class="pp-class-113 pa t15607 l23544">months</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t15607 l23545 ls786">8,717</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t15607 l20676 ls786">7,842</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t15616 l3">6-12 </span><span class="pp-class-113 pa t15616 l23546">months</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t15616 l23547 ls786">7,381</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t15616 l23548 ls786">7,061</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t15619 l3">2-3 </span><span class="pp-class-113 pa t15619 l23549">years</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t15619 l23550 ls786">15,594</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t15619 l23551 ls786">20,081</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t15623 l3">4-5 </span><span class="pp-class-113 pa t15623 l23552">years</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t15623 l23553 ls786">7,640</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t15623 l20954 ls786">9,786</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t15630 l3">5 </span><span class="pp-class-113 pa t15630 l23554">years </span><span class="pp-class-113 pa t15630 l23555">or </span><span class="pp-class-113 pa t15630 l23556">later</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t15630 l23557 ls786">16,128</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t15630 l23558 ls786">19,657</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t15636 l23559 ls786">55,460</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t15636 l23560 ls786">64,427</span></p><div class="pp-class-7" id="pp-id-3418" xmlns="http://www.w3.org/1999/xhtml"><div class="w15596 h25038 pa t2 l3 wtro4 xx25039 tro6 xx25040"><div><p class="pp-class-107 pp-area-text"><span class="pp-class-119 pa t25041 l3 ls21630">27. </span><span class="pp-class-119 pa t25041 l25042 ls25043">Changes </span><span class="pp-class-119 pa t25041 l18453 ls15254">in </span><span class="pp-class-119 pa t25041 l25044 ls12435">liabilities </span><span class="pp-class-119 pa t25041 l25045 ls25046">attributable </span><span class="pp-class-119 pa t25041 l25047 ls25048">to </span><span class="pp-class-119 pa t25041 l25049 ls25050">financing </span><span class="pp-class-119 pa t25041 l25051 ls10153">activities</span></p><div><p class="pp-class-107 pp-area-text"><span class="pp-class-112 pa t25052 l3 ls458">DKK’000 </span></p></div><div><p class="pp-class-107 pp-area-text"><span class="pp-class-112 pa t25053 l25054 ls7058">Mortgage</span></p><p class="pp-class-107 pp-area-text"><span class="pp-class-112 pa t25052 l25055 ls25056">loans</span></p></div><div><p class="pp-class-107 pp-area-text"><span class="pp-class-112 pa t25053 l25057 ls20934">Bank</span></p><p class="pp-class-107 pp-area-text"><span class="pp-class-112 pa t25052 l25058 ls25056">loans</span></p></div><div><p class="pp-class-107 pp-area-text"><span class="pp-class-112 pa t25052 l23304 ls11452">Total</span></p></div><div><p class="pp-class-107 pp-area-text"><span class="pp-class-113 pa t25059 l3">Opening </span><span class="pp-class-113 pa t25059 l22508">balance, </span><span class="pp-class-113 pa t25059 l23506">1 </span><span class="pp-class-113 pa t25059 l23507">January </span><span class="pp-class-113 pa t25059 l24241">2025</span></p></div><div><p class="pp-class-107 pp-area-text"><span class="pp-class-113 pa t25060 l25061 ls786">36,456</span></p></div><div><p class="pp-class-107 pp-area-text"><span class="pp-class-113 pa t25060 l25062 ls786">215,365</span></p></div><div><p class="pp-class-107 pp-area-text"><span class="pp-class-113 pa t25060 l25063 ls786">251,821</span></p></div><div><p class="pp-class-107 pp-area-text"><span class="pp-class-127 pa t25064 l3">Non-cash </span><span class="pp-class-127 pa t25064 l23510">change</span></p></div><div><p class="pp-class-107 pp-area-text"><span class="pp-class-113 pa t25065 l3">Amortisation </span><span class="pp-class-113 pa t25065 l22522">of </span><span class="pp-class-113 pa t25065 l25066">borrowing </span><span class="pp-class-113 pa t25065 l25067">costs</span></p></div><div><p class="pp-class-107 pp-area-text"><span class="pp-class-113 pa t25068 l25069">4</span></p></div><div><p class="pp-class-107 pp-area-text"><span class="pp-class-113 pa t25068 l25070">530</span></p></div><div><p class="pp-class-107 pp-area-text"><span class="pp-class-113 pa t25068 l25071">534</span></p></div><div><p class="pp-class-107 pp-area-text"><span class="pp-class-114 pa t25072 l25073">4</span></p></div><div><p class="pp-class-107 pp-area-text"><span class="pp-class-114 pa t25072 l25074">530</span></p></div><div><p class="pp-class-107 pp-area-text"><span class="pp-class-114 pa t25072 l25075">534</span></p></div><div><p class="pp-class-107 pp-area-text"><span class="pp-class-127 pa t25076 l3">Financing </span><span class="pp-class-127 pa t25076 l23526">cash </span><span class="pp-class-127 pa t25076 l23527">flows</span></p></div><div><p class="pp-class-107 pp-area-text"><span class="pp-class-113 pa t25077 l3">Proceeds </span><span class="pp-class-113 pa t25077 l16288">from </span><span class="pp-class-113 pa t25077 l16289">loans</span></p></div><div><p class="pp-class-107 pp-area-text"><span class="pp-class-113 pa t25078 l23318">0</span></p></div><div><p class="pp-class-107 pp-area-text"><span class="pp-class-113 pa t25078 l25079 ls786">50,000</span></p></div><div><p class="pp-class-107 pp-area-text"><span class="pp-class-113 pa t25078 l25080 ls786">50,000</span></p></div><div><p class="pp-class-107 pp-area-text"><span class="pp-class-113 pa t25081 l3">Repayment </span><span class="pp-class-113 pa t25081 l23528">of </span><span class="pp-class-113 pa t25081 l23529">loans</span></p></div><div><p class="pp-class-107 pp-area-text"><span class="pp-class-113 pa t25082 l25083 ls786">(1,240)</span></p></div><div><p class="pp-class-107 pp-area-text"><span class="pp-class-113 pa t25082 l25084 ls786">(20,000)</span></p></div><div><p class="pp-class-107 pp-area-text"><span class="pp-class-113 pa t25082 l25085 ls786">(21,240)</span></p></div><div><p class="pp-class-107 pp-area-text"><span class="pp-class-113 pa t25086 l3">Changes </span><span class="pp-class-113 pa t25086 l25087">in </span><span class="pp-class-118 pa t25088 l25089">committed </span><span class="pp-class-118 pa t25088 l25090">facility</span></p></div><div><p class="pp-class-107 pp-area-text"><span class="pp-class-113 pa t25091 l23318">0</span></p></div><div><p class="pp-class-107 pp-area-text"><span class="pp-class-113 pa t25091 l25092 ls786">75,616</span></p></div><div><p class="pp-class-107 pp-area-text"><span class="pp-class-113 pa t25091 l25093 ls786">75,616</span></p></div><div><p class="pp-class-107 pp-area-text"><span class="pp-class-114 pa t25094 l25095 ls786">(1,240)</span></p></div><div><p class="pp-class-107 pp-area-text"><span class="pp-class-114 pa t25094 l25096 ls786">105,616</span></p></div><div><p class="pp-class-107 pp-area-text"><span class="pp-class-114 pa t25094 l25097 ls786">104,376</span></p></div><div><p class="pp-class-107 pp-area-text"><span class="pp-class-114 pa t25098 l3">Closing </span><span class="pp-class-114 pa t25098 l16156">balance, </span><span class="pp-class-114 pa t25098 l16157">31 </span><span class="pp-class-114 pa t25098 l16158">December </span><span class="pp-class-114 pa t25098 l16159">2025</span></p></div><div><p class="pp-class-107 pp-area-text"><span class="pp-class-114 pa t25099 l23306 ls786">35,220</span></p></div><div><p class="pp-class-107 pp-area-text"><span class="pp-class-114 pa t25099 l25100 ls786">321,511</span></p></div><div><p class="pp-class-107 pp-area-text"><span class="pp-class-114 pa t25099 l25101 ls786">356,731</span></p></div></div></div></div><div class="pp-class-7" id="pp-id-3419" xmlns="http://www.w3.org/1999/xhtml"><div class="w15596 h25102 pa t2 l3 wtro4 xx30 tro6 xx31"><div><div><p class="pp-class-107 pp-area-text"><span class="pp-class-112 pa t25103 l3 ls458">DKK’000 </span></p></div><div><p class="pp-class-107 pp-area-text"><span class="pp-class-112 pa t25104 l25054 ls7058">Mortgage</span></p><p class="pp-class-107 pp-area-text"><span class="pp-class-112 pa t25103 l25055 ls25056">loans</span></p></div><div><p class="pp-class-107 pp-area-text"><span class="pp-class-112 pa t25104 l25057 ls20934">Bank</span></p><p class="pp-class-107 pp-area-text"><span class="pp-class-112 pa t25103 l25058 ls25056">loans</span></p></div><div><p class="pp-class-107 pp-area-text"><span class="pp-class-112 pa t25103 l23304 ls11452">Total</span></p></div><div><p class="pp-class-107 pp-area-text"><span class="pp-class-113 pa t25105 l3">Opening </span><span class="pp-class-113 pa t25105 l22508">balance, </span><span class="pp-class-113 pa t25105 l23506">1 </span><span class="pp-class-113 pa t25105 l23507">January </span><span class="pp-class-113 pa t25105 l24241">2024</span></p></div><div><p class="pp-class-107 pp-area-text"><span class="pp-class-113 pa t25106 l25107 ls786">25,254</span></p></div><div><p class="pp-class-107 pp-area-text"><span class="pp-class-113 pa t25106 l25108 ls786">238,328</span></p></div><div><p class="pp-class-107 pp-area-text"><span class="pp-class-113 pa t25106 l25109 ls786">263,582</span></p></div><div><p class="pp-class-107 pp-area-text"><span class="pp-class-127 pa t25110 l3">Non-cash </span><span class="pp-class-127 pa t25110 l23510">change</span></p></div><div><p class="pp-class-107 pp-area-text"><span class="pp-class-113 pa t25111 l3">Amortisation </span><span class="pp-class-113 pa t25111 l22522">of </span><span class="pp-class-113 pa t25111 l25066">borrowing </span><span class="pp-class-113 pa t25111 l25067">costs</span></p></div><div><p class="pp-class-107 pp-area-text"><span class="pp-class-113 pa t25112 l25113">88</span></p></div><div><p class="pp-class-107 pp-area-text"><span class="pp-class-113 pa t25112 l25070">530</span></p></div><div><p class="pp-class-107 pp-area-text"><span class="pp-class-113 pa t25112 l25114">618</span></p></div><div><p class="pp-class-107 pp-area-text"><span class="pp-class-114 pa t25115 l25116">88</span></p></div><div><p class="pp-class-107 pp-area-text"><span class="pp-class-114 pa t25115 l25074">530</span></p></div><div><p class="pp-class-107 pp-area-text"><span class="pp-class-114 pa t25115 l25117">618</span></p></div><div><p class="pp-class-107 pp-area-text"><span class="pp-class-127 pa t25118 l3">Financing </span><span class="pp-class-127 pa t25118 l23526">cash </span><span class="pp-class-127 pa t25118 l23527">flows</span></p></div><div><p class="pp-class-107 pp-area-text"><span class="pp-class-113 pa t25119 l3">Proceeds </span><span class="pp-class-113 pa t25119 l16288">from </span><span class="pp-class-113 pa t25119 l16289">loans</span></p></div><div><p class="pp-class-107 pp-area-text"><span class="pp-class-113 pa t25120 l25121 ls786">36,757</span></p></div><div><p class="pp-class-107 pp-area-text"><span class="pp-class-113 pa t25120 l23311">0</span></p></div><div><p class="pp-class-107 pp-area-text"><span class="pp-class-113 pa t25120 l25122 ls786">36,757</span></p></div><div><p class="pp-class-107 pp-area-text"><span class="pp-class-113 pa t25123 l3">Repayment </span><span class="pp-class-113 pa t25123 l23528">of </span><span class="pp-class-113 pa t25123 l23529">loans</span></p></div><div><p class="pp-class-107 pp-area-text"><span class="pp-class-113 pa t25124 l25125 ls786">(25,643)</span></p></div><div><p class="pp-class-107 pp-area-text"><span class="pp-class-113 pa t25124 l25084 ls786">(20,000)</span></p></div><div><p class="pp-class-107 pp-area-text"><span class="pp-class-113 pa t25124 l25126 ls786">(45,643)</span></p></div><div><p class="pp-class-107 pp-area-text"><span class="pp-class-113 pa t25127 l3">Changes </span><span class="pp-class-113 pa t25127 l25087">in </span><span class="pp-class-118 pa t25128 l25089">committed </span><span class="pp-class-118 pa t25128 l25090">facility</span></p></div><div><p class="pp-class-107 pp-area-text"><span class="pp-class-113 pa t25129 l23318">0</span></p></div><div><p class="pp-class-107 pp-area-text"><span class="pp-class-113 pa t25129 l25130 ls786">(3,493)</span></p></div><div><p class="pp-class-107 pp-area-text"><span class="pp-class-113 pa t25129 l25131 ls786">(3,493)</span></p></div><div><p class="pp-class-107 pp-area-text"><span class="pp-class-114 pa t25132 l25133 ls786">11,114</span></p></div><div><p class="pp-class-107 pp-area-text"><span class="pp-class-114 pa t25132 l25134 ls786">(23,493)</span></p></div><div><p class="pp-class-107 pp-area-text"><span class="pp-class-114 pa t25132 l25135 ls786">(12,379)</span></p></div><div><p class="pp-class-107 pp-area-text"><span class="pp-class-114 pa t25136 l3">Closing </span><span class="pp-class-114 pa t25136 l16156">balance, </span><span class="pp-class-114 pa t25136 l16157">31 </span><span class="pp-class-114 pa t25136 l16158">December </span><span class="pp-class-114 pa t25136 l16159">2024</span></p></div><div><p class="pp-class-107 pp-area-text"><span class="pp-class-114 pa t25137 l25138 ls786">36,456</span></p></div><div><p class="pp-class-107 pp-area-text"><span class="pp-class-114 pa t25137 l25139 ls786">215,365</span></p></div><div><p class="pp-class-107 pp-area-text"><span class="pp-class-114 pa t25137 l25140 ls786">251,821</span></p></div></div></div></div> <div class="pp-class-7" id="pp-id-3392" xmlns="http://www.w3.org/1999/xhtml"><div class="w15596 h23629 pa t2 l3 wtro4 xx16559 tro6 xx16560"><p class="pp-class-107 pp-area-text"><span class="pp-class-119 pa t16561 l3 ls229">15. </span><span class="pp-class-119 pa t16561 l23630 ls23631">Investments </span><span class="pp-class-119 pa t16561 l23632 ls15254">in </span><span class="pp-class-119 pa t16561 l23633 ls23634">associates</span></p><table><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t21396 l3 ls14110">DKK’000</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t21396 l15601 ls458">2025</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t21396 l15602 ls1074">2024</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22192 l3">Cost </span><span class="pp-class-113 pa t22192 l15608">at </span><span class="pp-class-113 pa t22192 l23635">start </span><span class="pp-class-113 pa t22192 l23636">of </span><span class="pp-class-113 pa t22192 l23637">year</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22192 l15815 ls786">61,837</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22192 l23638 ls786">61,270</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22199 l3">Additions</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22199 l23639 ls786">4,257</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22199 l23640">567</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22210 l3">Transfer</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22210 l23641 ls786">(61,178)</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22210 l15652">0</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23642 l3">Divestment</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23642 l23643 ls786">(4,916)</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23642 l15652">0</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t23644 l3">Carrying </span><span class="pp-class-114 pa t23644 l16288">amount </span><span class="pp-class-114 pa t23644 l23645">at </span><span class="pp-class-114 pa t23644 l23646">year-end</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t23644 l23647">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t23644 l23648">61,837</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23649 l3">Value </span><span class="pp-class-113 pa t23649 l15973">adjustments </span><span class="pp-class-113 pa t23649 l15974">at </span><span class="pp-class-113 pa t23649 l23650">start </span><span class="pp-class-113 pa t23649 l23651">of </span><span class="pp-class-113 pa t23649 l23652">year</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23649 l23653 ls786">(12,044)</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23649 l16333 ls786">(13,276)</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23654 l3">Impairment</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23654 l20652 ls786">(3,499)</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23654 l23655 ls786">(567)</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23656 l3">Dividend </span><span class="pp-class-113 pa t23656 l16130">received</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23656 l16002 ls786">(6,750)</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23656 l23657 ls786">(4,500)</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23658 l3">Share </span><span class="pp-class-113 pa t23658 l15656">of </span><span class="pp-class-113 pa t23658 l15657">profit/(loss)</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23658 l23659 ls786">2,154</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23658 l23660 ls786">6,299</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23661 l3">Transfer</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23661 l23662 ls786">15,981</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23661 l15652">0</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23663 l3">Divestment</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23663 l23664 ls786">4,158</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23663 l15652">0</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t23665 l3">Value </span><span class="pp-class-114 pa t23665 l23666">adjustments </span><span class="pp-class-114 pa t23665 l23667">at </span><span class="pp-class-114 pa t23665 l23668">year-end</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t23665 l23647">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t23665 l23669">(12,044)</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t23670 l3">Carrying </span><span class="pp-class-114 pa t23670 l16288">amount </span><span class="pp-class-114 pa t23670 l23645">at </span><span class="pp-class-114 pa t23670 l23646">year-end</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t23670 l23647">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t23670 l23671">49,793</span></p></td></tr></table><p class="pp-class-107 pp-area-text"><span class="pp-class-118 pa t19159 l3">The </span><span class="pp-class-118 pa t19159 l550">associate </span><span class="pp-class-118 pa t19159 l23672">Celebert </span><span class="pp-class-118 pa t19159 l23673">ApS </span><span class="pp-class-118 pa t19159 l4698">sells </span><span class="pp-class-118 pa t19159 l23674">kitchens, </span><span class="pp-class-118 pa t19159 l23675">bathrooms </span><span class="pp-class-118 pa t19159 l23676">and </span><span class="pp-class-118 pa t19159 l23677">storage </span><span class="pp-class-118 pa t19159 l23678">solutions </span><span class="pp-class-118 pa t19159 l23679">online </span><span class="pp-class-118 pa t19159 l23680">and </span><span class="pp-class-118 pa t19159 l23681 ls786">has </span><span class="pp-class-118 pa t19159 l23682 ls786">a </span><span class="pp-class-118 pa t19159 l23683 ls786">balance </span><span class="pp-class-118 pa t19159 l23684 ls786">sheet </span><span class="pp-class-118 pa t19159 l23685">date </span><span class="pp-class-118 pa t19159 l23686 ls786">of </span><span class="pp-class-118 pa t19159 l23687 ls786">31 </span><span class="pp-class-118 pa t19165 l3">December. </span><span class="pp-class-118 pa t19165 l23688">On </span><span class="pp-class-118 pa t19165 l23689">25 </span><span class="pp-class-118 pa t19165 l23690 ls786">November </span><span class="pp-class-118 pa t19165 l23691">2025, </span><span class="pp-class-118 pa t19165 l9420">TCM </span><span class="pp-class-118 pa t19165 l23692 ls786">Group </span><span class="pp-class-118 pa t19165 l23693">A/S </span><span class="pp-class-118 pa t19165 l23694">acquired </span><span class="pp-class-118 pa t19165 l23695">the </span><span class="pp-class-118 pa t19165 l23696">remaining </span><span class="pp-class-118 pa t19165 l23697">55% </span><span class="pp-class-118 pa t19165 l23698">of </span><span class="pp-class-118 pa t19165 l23699 ls786">the </span><span class="pp-class-118 pa t19165 l23700">shares </span><span class="pp-class-118 pa t19165 l23701 ls786">in </span><span class="pp-class-118 pa t19165 l23702 ls786">Celebert </span><span class="pp-class-118 pa t19165 l23703">ApS </span><span class="pp-class-118 pa t19165 l23704">and </span><span class="pp-class-118 pa t19165 l23705 ls786">there-</span><span class="pp-class-118 pa t19168 l3">fore </span><span class="pp-class-118 pa t19168 l23706">now </span><span class="pp-class-118 pa t19168 l12569">owns </span><span class="pp-class-118 pa t19168 l23707">100% </span><span class="pp-class-118 pa t19168 l23708">of </span><span class="pp-class-118 pa t19168 l8626">the </span><span class="pp-class-118 pa t19168 l23709">company. </span><span class="pp-class-118 pa t19168 l23710">See </span><span class="pp-class-118 pa t19168 l23711">note </span><span class="pp-class-118 pa t19168 l23712">26 </span><span class="pp-class-118 pa t19168 l23713">for </span><span class="pp-class-118 pa t19168 l23714">further </span><span class="pp-class-118 pa t19168 l23715">information </span><span class="pp-class-118 pa t19168 l23716">about </span><span class="pp-class-118 pa t19168 l23717">the </span><span class="pp-class-118 pa t19168 l23718">acquisition. </span><span class="pp-class-118 pa t19173 l3">At </span><span class="pp-class-118 pa t19173 l9308">25 </span><span class="pp-class-118 pa t19173 l23719">November </span><span class="pp-class-118 pa t19173 l23720">2025, </span><span class="pp-class-118 pa t19173 l23721">Celebert </span><span class="pp-class-118 pa t19173 l779">ApS </span><span class="pp-class-118 pa t19173 l4204">posted </span><span class="pp-class-118 pa t19173 l15644">a </span><span class="pp-class-118 pa t19173 l12412">gross </span><span class="pp-class-118 pa t19173 l23722">profit </span><span class="pp-class-118 pa t19173 l23723">of </span><span class="pp-class-118 pa t19173 l23724">DKK </span><span class="pp-class-118 pa t19173 l23725">35 </span><span class="pp-class-118 pa t19173 l23726">million </span><span class="pp-class-118 pa t19173 l23727">and </span><span class="pp-class-118 pa t19173 l23728">a </span><span class="pp-class-118 pa t19173 l23729">net </span><span class="pp-class-118 pa t19173 l23730">profit </span><span class="pp-class-118 pa t19173 l23731 ls786">of </span><span class="pp-class-118 pa t19173 l23732 ls786">DKK </span><span class="pp-class-118 pa t19173 l23733 ls786">7 </span><span class="pp-class-118 pa t19173 l23734 ls786">million.</span></p><p class="pp-class-107 pp-area-text"><span class="pp-class-118 pa t19187 l3">The </span><span class="pp-class-118 pa t19187 l550">associate </span><span class="pp-class-118 pa t19187 l23672">Svane </span><span class="pp-class-118 pa t19187 l23735">Alnabru </span><span class="pp-class-118 pa t19187 l23736">AS </span><span class="pp-class-118 pa t19187 l19405">operates </span><span class="pp-class-118 pa t19187 l1226">the </span><span class="pp-class-118 pa t19187 l23737">Svane </span><span class="pp-class-118 pa t19187 l23738">Køkkenet </span><span class="pp-class-118 pa t19187 l23739">Alnabru </span><span class="pp-class-118 pa t19187 l23740">store </span><span class="pp-class-118 pa t19187 l23741">in </span><span class="pp-class-118 pa t19187 l23742">Oslo, </span><span class="pp-class-118 pa t19187 l23743 ls786">Norway. </span><span class="pp-class-118 pa t19187 l23744 ls786">On </span><span class="pp-class-118 pa t19187 l23745 ls786">18 </span><span class="pp-class-118 pa t19187 l23746">December </span><span class="pp-class-118 pa t19187 l23747 ls786">2025, </span><span class="pp-class-118 pa t19192 l3">TCM </span><span class="pp-class-118 pa t19192 l1586">Group </span><span class="pp-class-118 pa t19192 l1587">acquired </span><span class="pp-class-118 pa t19192 l23748">the </span><span class="pp-class-118 pa t19192 l23749">remaining </span><span class="pp-class-118 pa t19192 l23750">40% </span><span class="pp-class-118 pa t19192 l569">af </span><span class="pp-class-118 pa t19192 l23751">the </span><span class="pp-class-118 pa t19192 l23752">shares </span><span class="pp-class-118 pa t19192 l23753">and </span><span class="pp-class-118 pa t19192 l23754">therefore </span><span class="pp-class-118 pa t19192 l23755">owns </span><span class="pp-class-118 pa t19192 l23756">100% </span><span class="pp-class-118 pa t19192 l23757 ls786">af </span><span class="pp-class-118 pa t19192 l23758 ls786">the </span><span class="pp-class-118 pa t19192 l23759">shares </span><span class="pp-class-118 pa t19192 l23760 ls786">in </span><span class="pp-class-118 pa t19192 l23761 ls786">the </span><span class="pp-class-118 pa t19192 l23762">company. </span><span class="pp-class-118 pa t19192 l23763">Before </span><span class="pp-class-118 pa t19198 l3">the </span><span class="pp-class-118 pa t19198 l1444">acquisition, </span><span class="pp-class-118 pa t19198 l6736">TCM </span><span class="pp-class-118 pa t19198 l12032">Group </span><span class="pp-class-118 pa t19198 l13077">exercised </span><span class="pp-class-118 pa t19198 l7690">a </span><span class="pp-class-118 pa t19198 l23764">committed </span><span class="pp-class-118 pa t19198 l23765">capital </span><span class="pp-class-118 pa t19198 l23766">increase </span><span class="pp-class-118 pa t19198 l23767">of </span><span class="pp-class-118 pa t19198 l23768">DKK </span><span class="pp-class-118 pa t19198 l23769">4.0 </span><span class="pp-class-118 pa t19198 l23770 ls786">million, </span><span class="pp-class-118 pa t19198 l23771 ls786">which </span><span class="pp-class-118 pa t19198 l23772">was </span><span class="pp-class-118 pa t19198 l23773">impaired </span><span class="pp-class-118 pa t19198 l23774 ls786">to </span><span class="pp-class-118 pa t19198 l23775 ls786">the </span><span class="pp-class-118 pa t19198 l23776">book </span><span class="pp-class-118 pa t19205 l3">value </span><span class="pp-class-118 pa t19205 l1282">of </span><span class="pp-class-118 pa t19205 l9893">the </span><span class="pp-class-118 pa t19205 l1446">company. </span><span class="pp-class-118 pa t19205 l23777">On </span><span class="pp-class-118 pa t19205 l23778">30 </span><span class="pp-class-118 pa t19205 l16905">December </span><span class="pp-class-118 pa t19205 l23779">2025, </span><span class="pp-class-118 pa t19205 l14914">TCM </span><span class="pp-class-118 pa t19205 l23780">Group </span><span class="pp-class-118 pa t19205 l23781">sold </span><span class="pp-class-118 pa t19205 l23782">100% </span><span class="pp-class-118 pa t19205 l23783">of </span><span class="pp-class-118 pa t19205 l23784">the </span><span class="pp-class-118 pa t19205 l23785">shares </span><span class="pp-class-118 pa t19205 l23786 ls786">to </span><span class="pp-class-118 pa t19205 l23787">an </span><span class="pp-class-118 pa t19205 l23788 ls786">external </span><span class="pp-class-118 pa t19205 l23789 ls786">party. </span><span class="pp-class-118 pa t19205 l23790 ls786">See </span><span class="pp-class-118 pa t19205 l23791">note </span><span class="pp-class-118 pa t19205 l23792">26 </span><span class="pp-class-118 pa t19205 l23793">for </span><span class="pp-class-118 pa t20438 l3">further </span><span class="pp-class-118 pa t20438 l9617">information </span><span class="pp-class-118 pa t20438 l23794">about </span><span class="pp-class-118 pa t20438 l23795">the </span><span class="pp-class-118 pa t20438 l14304">transactions. </span><span class="pp-class-118 pa t19209 l3">At </span><span class="pp-class-118 pa t19209 l9308">30 </span><span class="pp-class-118 pa t19209 l23796">December </span><span class="pp-class-118 pa t19209 l23797">2025, </span><span class="pp-class-118 pa t19209 l20785">Svane </span><span class="pp-class-118 pa t19209 l23798">Alnabru </span><span class="pp-class-118 pa t19209 l23799">AS </span><span class="pp-class-118 pa t19209 l23800">posted </span><span class="pp-class-118 pa t19209 l23801">a </span><span class="pp-class-118 pa t19209 l23802">gross </span><span class="pp-class-118 pa t19209 l23803">profit </span><span class="pp-class-118 pa t19209 l23804">of </span><span class="pp-class-118 pa t19209 l23805">DKK </span><span class="pp-class-118 pa t19209 l23806">5 </span><span class="pp-class-118 pa t19209 l23807">million </span><span class="pp-class-118 pa t19209 l23808 ls786">and </span><span class="pp-class-118 pa t19209 l23809 ls786">a </span><span class="pp-class-118 pa t19209 l23810">net </span><span class="pp-class-118 pa t19209 l23811">loss </span><span class="pp-class-118 pa t19209 l23812 ls786">of </span><span class="pp-class-118 pa t19209 l23813 ls786">DKK </span><span class="pp-class-118 pa t19209 l23814 ls786">1 </span><span class="pp-class-118 pa t19209 l23815 ls786">million. </span><span class="pp-class-118 pa t19212 l3"/></p></div></div><div class="pp-class-7" id="pp-id-3424" xmlns="http://www.w3.org/1999/xhtml"><div class="w15596 h25436 pa t2 l3 wtro4 xx16559 tro6 xx16560"><p class="pp-class-107 pp-area-text"><span class="pp-class-119 pa t16561 l3 ls25437">31. </span><span class="pp-class-119 pa t16561 l25438 ls2442">Companies </span><span class="pp-class-119 pa t16561 l25439 ls15254">in </span><span class="pp-class-119 pa t16561 l25440 ls15275">TCM </span><span class="pp-class-119 pa t16561 l25441 ls20109">Group</span></p><table><tr><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t21396 l25442 ls16079">Business </span><span class="pp-class-112 pa t22333 l25443 ls7058">registration </span><span class="pp-class-112 pa t22333 l25444 ls1762">no.</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t22333 l25445 ls138">Domicile</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t22333 l25446 ls1116">Share </span><span class="pp-class-112 pa t22333 l25447 ls1762">of </span><span class="pp-class-112 pa t22333 l25448 ls458">equity</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-116 pa t25449 l3 ls25437">Parent </span><span class="pp-class-116 pa t25449 l25450 ls25437">company</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t25451 l3">TCM </span><span class="pp-class-113 pa t25451 l25452">Group </span><span class="pp-class-113 pa t25451 l25211">A/S</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t25451 l25453 ls786">37291269</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t25451 l25454 ls786">Holstebro</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"/></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-116 pa t25455 l3 ls24634">Subsidiaries</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t25456 l3">TCM </span><span class="pp-class-113 pa t25456 l25452">Operations </span><span class="pp-class-113 pa t25456 l25457">A/S</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t25456 l25458 ls786">75924712</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t25456 l25454 ls786">Holstebro</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t25456 l25459 ls786">100%</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t25460 l3">AUBO </span><span class="pp-class-113 pa t25460 l25461">Production </span><span class="pp-class-113 pa t25460 l25462">A/S</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t25460 l25463 ls786">28854846</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t25460 l25464 ls786">Aulum</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t25460 l25459 ls786">100%</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t25465 l3">Svane </span><span class="pp-class-113 pa t25465 l25466">Køkkenet </span><span class="pp-class-113 pa t25465 l25467">Aalborg </span><span class="pp-class-113 pa t25465 l25468">ApS</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t25465 l25469 ls786">45313948</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t25465 l25454 ls786">Holstebro</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t25465 l25459 ls786">100%</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t25470 l3">Svane </span><span class="pp-class-113 pa t25470 l25466">Køkkenet </span><span class="pp-class-113 pa t25470 l25467">Hjørring </span><span class="pp-class-113 pa t25470 l25471">ApS</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t25470 l25472 ls786">45313964</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t25470 l25454 ls786">Holstebro</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t25470 l25459 ls786">100%</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t25473 l3">Nettoline </span><span class="pp-class-113 pa t25473 l25474">Kolding </span><span class="pp-class-113 pa t25473 l25475">ApS</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t25473 l25476 ls786">45839559</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t25473 l25477 ls786">Kolding</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t25473 l25459 ls786">100%</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t25478 l3">AUBO </span><span class="pp-class-113 pa t25478 l25461">Køkken </span><span class="pp-class-113 pa t25478 l25479">og </span><span class="pp-class-113 pa t25478 l25480">Bad </span><span class="pp-class-113 pa t25478 l25481">Esbjerg </span><span class="pp-class-113 pa t25478 l25482">010925 </span><span class="pp-class-113 pa t25478 l25483">ApS</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t25478 l25484 ls786">45837955</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t25478 l25485 ls786">Esbjerg</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t25478 l25459 ls786">100%</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t25486 l3">Celebert </span><span class="pp-class-113 pa t25486 l25487">ApS</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t25486 l25488 ls786">27428959</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t25486 l25489 ls786">Aalborg</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t25486 l25459 ls786">100%</span></p></td></tr></table></div></div> <div class="pp-class-7" id="pp-id-3392" xmlns="http://www.w3.org/1999/xhtml"><div class="w15596 h23629 pa t2 l3 wtro4 xx16559 tro6 xx16560"><p class="pp-class-107 pp-area-text"><span class="pp-class-119 pa t16561 l3 ls229">15. </span><span class="pp-class-119 pa t16561 l23630 ls23631">Investments </span><span class="pp-class-119 pa t16561 l23632 ls15254">in </span><span class="pp-class-119 pa t16561 l23633 ls23634">associates</span></p><table><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t21396 l3 ls14110">DKK’000</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t21396 l15601 ls458">2025</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t21396 l15602 ls1074">2024</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22192 l3">Cost </span><span class="pp-class-113 pa t22192 l15608">at </span><span class="pp-class-113 pa t22192 l23635">start </span><span class="pp-class-113 pa t22192 l23636">of </span><span class="pp-class-113 pa t22192 l23637">year</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22192 l15815 ls786">61,837</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22192 l23638 ls786">61,270</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22199 l3">Additions</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22199 l23639 ls786">4,257</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22199 l23640">567</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22210 l3">Transfer</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22210 l23641 ls786">(61,178)</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22210 l15652">0</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23642 l3">Divestment</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23642 l23643 ls786">(4,916)</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23642 l15652">0</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t23644 l3">Carrying </span><span class="pp-class-114 pa t23644 l16288">amount </span><span class="pp-class-114 pa t23644 l23645">at </span><span class="pp-class-114 pa t23644 l23646">year-end</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t23644 l23647">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t23644 l23648">61,837</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23649 l3">Value </span><span class="pp-class-113 pa t23649 l15973">adjustments </span><span class="pp-class-113 pa t23649 l15974">at </span><span class="pp-class-113 pa t23649 l23650">start </span><span class="pp-class-113 pa t23649 l23651">of </span><span class="pp-class-113 pa t23649 l23652">year</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23649 l23653 ls786">(12,044)</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23649 l16333 ls786">(13,276)</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23654 l3">Impairment</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23654 l20652 ls786">(3,499)</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23654 l23655 ls786">(567)</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23656 l3">Dividend </span><span class="pp-class-113 pa t23656 l16130">received</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23656 l16002 ls786">(6,750)</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23656 l23657 ls786">(4,500)</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23658 l3">Share </span><span class="pp-class-113 pa t23658 l15656">of </span><span class="pp-class-113 pa t23658 l15657">profit/(loss)</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23658 l23659 ls786">2,154</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23658 l23660 ls786">6,299</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23661 l3">Transfer</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23661 l23662 ls786">15,981</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23661 l15652">0</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23663 l3">Divestment</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23663 l23664 ls786">4,158</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23663 l15652">0</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t23665 l3">Value </span><span class="pp-class-114 pa t23665 l23666">adjustments </span><span class="pp-class-114 pa t23665 l23667">at </span><span class="pp-class-114 pa t23665 l23668">year-end</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t23665 l23647">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t23665 l23669">(12,044)</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t23670 l3">Carrying </span><span class="pp-class-114 pa t23670 l16288">amount </span><span class="pp-class-114 pa t23670 l23645">at </span><span class="pp-class-114 pa t23670 l23646">year-end</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t23670 l23647">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t23670 l23671">49,793</span></p></td></tr></table><p class="pp-class-107 pp-area-text"><span class="pp-class-118 pa t19159 l3">The </span><span class="pp-class-118 pa t19159 l550">associate </span><span class="pp-class-118 pa t19159 l23672">Celebert </span><span class="pp-class-118 pa t19159 l23673">ApS </span><span class="pp-class-118 pa t19159 l4698">sells </span><span class="pp-class-118 pa t19159 l23674">kitchens, </span><span class="pp-class-118 pa t19159 l23675">bathrooms </span><span class="pp-class-118 pa t19159 l23676">and </span><span class="pp-class-118 pa t19159 l23677">storage </span><span class="pp-class-118 pa t19159 l23678">solutions </span><span class="pp-class-118 pa t19159 l23679">online </span><span class="pp-class-118 pa t19159 l23680">and </span><span class="pp-class-118 pa t19159 l23681 ls786">has </span><span class="pp-class-118 pa t19159 l23682 ls786">a </span><span class="pp-class-118 pa t19159 l23683 ls786">balance </span><span class="pp-class-118 pa t19159 l23684 ls786">sheet </span><span class="pp-class-118 pa t19159 l23685">date </span><span class="pp-class-118 pa t19159 l23686 ls786">of </span><span class="pp-class-118 pa t19159 l23687 ls786">31 </span><span class="pp-class-118 pa t19165 l3">December. </span><span class="pp-class-118 pa t19165 l23688">On </span><span class="pp-class-118 pa t19165 l23689">25 </span><span class="pp-class-118 pa t19165 l23690 ls786">November </span><span class="pp-class-118 pa t19165 l23691">2025, </span><span class="pp-class-118 pa t19165 l9420">TCM </span><span class="pp-class-118 pa t19165 l23692 ls786">Group </span><span class="pp-class-118 pa t19165 l23693">A/S </span><span class="pp-class-118 pa t19165 l23694">acquired </span><span class="pp-class-118 pa t19165 l23695">the </span><span class="pp-class-118 pa t19165 l23696">remaining </span><span class="pp-class-118 pa t19165 l23697">55% </span><span class="pp-class-118 pa t19165 l23698">of </span><span class="pp-class-118 pa t19165 l23699 ls786">the </span><span class="pp-class-118 pa t19165 l23700">shares </span><span class="pp-class-118 pa t19165 l23701 ls786">in </span><span class="pp-class-118 pa t19165 l23702 ls786">Celebert </span><span class="pp-class-118 pa t19165 l23703">ApS </span><span class="pp-class-118 pa t19165 l23704">and </span><span class="pp-class-118 pa t19165 l23705 ls786">there-</span><span class="pp-class-118 pa t19168 l3">fore </span><span class="pp-class-118 pa t19168 l23706">now </span><span class="pp-class-118 pa t19168 l12569">owns </span><span class="pp-class-118 pa t19168 l23707">100% </span><span class="pp-class-118 pa t19168 l23708">of </span><span class="pp-class-118 pa t19168 l8626">the </span><span class="pp-class-118 pa t19168 l23709">company. </span><span class="pp-class-118 pa t19168 l23710">See </span><span class="pp-class-118 pa t19168 l23711">note </span><span class="pp-class-118 pa t19168 l23712">26 </span><span class="pp-class-118 pa t19168 l23713">for </span><span class="pp-class-118 pa t19168 l23714">further </span><span class="pp-class-118 pa t19168 l23715">information </span><span class="pp-class-118 pa t19168 l23716">about </span><span class="pp-class-118 pa t19168 l23717">the </span><span class="pp-class-118 pa t19168 l23718">acquisition. </span><span class="pp-class-118 pa t19173 l3">At </span><span class="pp-class-118 pa t19173 l9308">25 </span><span class="pp-class-118 pa t19173 l23719">November </span><span class="pp-class-118 pa t19173 l23720">2025, </span><span class="pp-class-118 pa t19173 l23721">Celebert </span><span class="pp-class-118 pa t19173 l779">ApS </span><span class="pp-class-118 pa t19173 l4204">posted </span><span class="pp-class-118 pa t19173 l15644">a </span><span class="pp-class-118 pa t19173 l12412">gross </span><span class="pp-class-118 pa t19173 l23722">profit </span><span class="pp-class-118 pa t19173 l23723">of </span><span class="pp-class-118 pa t19173 l23724">DKK </span><span class="pp-class-118 pa t19173 l23725">35 </span><span class="pp-class-118 pa t19173 l23726">million </span><span class="pp-class-118 pa t19173 l23727">and </span><span class="pp-class-118 pa t19173 l23728">a </span><span class="pp-class-118 pa t19173 l23729">net </span><span class="pp-class-118 pa t19173 l23730">profit </span><span class="pp-class-118 pa t19173 l23731 ls786">of </span><span class="pp-class-118 pa t19173 l23732 ls786">DKK </span><span class="pp-class-118 pa t19173 l23733 ls786">7 </span><span class="pp-class-118 pa t19173 l23734 ls786">million.</span></p><p class="pp-class-107 pp-area-text"><span class="pp-class-118 pa t19187 l3">The </span><span class="pp-class-118 pa t19187 l550">associate </span><span class="pp-class-118 pa t19187 l23672">Svane </span><span class="pp-class-118 pa t19187 l23735">Alnabru </span><span class="pp-class-118 pa t19187 l23736">AS </span><span class="pp-class-118 pa t19187 l19405">operates </span><span class="pp-class-118 pa t19187 l1226">the </span><span class="pp-class-118 pa t19187 l23737">Svane </span><span class="pp-class-118 pa t19187 l23738">Køkkenet </span><span class="pp-class-118 pa t19187 l23739">Alnabru </span><span class="pp-class-118 pa t19187 l23740">store </span><span class="pp-class-118 pa t19187 l23741">in </span><span class="pp-class-118 pa t19187 l23742">Oslo, </span><span class="pp-class-118 pa t19187 l23743 ls786">Norway. </span><span class="pp-class-118 pa t19187 l23744 ls786">On </span><span class="pp-class-118 pa t19187 l23745 ls786">18 </span><span class="pp-class-118 pa t19187 l23746">December </span><span class="pp-class-118 pa t19187 l23747 ls786">2025, </span><span class="pp-class-118 pa t19192 l3">TCM </span><span class="pp-class-118 pa t19192 l1586">Group </span><span class="pp-class-118 pa t19192 l1587">acquired </span><span class="pp-class-118 pa t19192 l23748">the </span><span class="pp-class-118 pa t19192 l23749">remaining </span><span class="pp-class-118 pa t19192 l23750">40% </span><span class="pp-class-118 pa t19192 l569">af </span><span class="pp-class-118 pa t19192 l23751">the </span><span class="pp-class-118 pa t19192 l23752">shares </span><span class="pp-class-118 pa t19192 l23753">and </span><span class="pp-class-118 pa t19192 l23754">therefore </span><span class="pp-class-118 pa t19192 l23755">owns </span><span class="pp-class-118 pa t19192 l23756">100% </span><span class="pp-class-118 pa t19192 l23757 ls786">af </span><span class="pp-class-118 pa t19192 l23758 ls786">the </span><span class="pp-class-118 pa t19192 l23759">shares </span><span class="pp-class-118 pa t19192 l23760 ls786">in </span><span class="pp-class-118 pa t19192 l23761 ls786">the </span><span class="pp-class-118 pa t19192 l23762">company. </span><span class="pp-class-118 pa t19192 l23763">Before </span><span class="pp-class-118 pa t19198 l3">the </span><span class="pp-class-118 pa t19198 l1444">acquisition, </span><span class="pp-class-118 pa t19198 l6736">TCM </span><span class="pp-class-118 pa t19198 l12032">Group </span><span class="pp-class-118 pa t19198 l13077">exercised </span><span class="pp-class-118 pa t19198 l7690">a </span><span class="pp-class-118 pa t19198 l23764">committed </span><span class="pp-class-118 pa t19198 l23765">capital </span><span class="pp-class-118 pa t19198 l23766">increase </span><span class="pp-class-118 pa t19198 l23767">of </span><span class="pp-class-118 pa t19198 l23768">DKK </span><span class="pp-class-118 pa t19198 l23769">4.0 </span><span class="pp-class-118 pa t19198 l23770 ls786">million, </span><span class="pp-class-118 pa t19198 l23771 ls786">which </span><span class="pp-class-118 pa t19198 l23772">was </span><span class="pp-class-118 pa t19198 l23773">impaired </span><span class="pp-class-118 pa t19198 l23774 ls786">to </span><span class="pp-class-118 pa t19198 l23775 ls786">the </span><span class="pp-class-118 pa t19198 l23776">book </span><span class="pp-class-118 pa t19205 l3">value </span><span class="pp-class-118 pa t19205 l1282">of </span><span class="pp-class-118 pa t19205 l9893">the </span><span class="pp-class-118 pa t19205 l1446">company. </span><span class="pp-class-118 pa t19205 l23777">On </span><span class="pp-class-118 pa t19205 l23778">30 </span><span class="pp-class-118 pa t19205 l16905">December </span><span class="pp-class-118 pa t19205 l23779">2025, </span><span class="pp-class-118 pa t19205 l14914">TCM </span><span class="pp-class-118 pa t19205 l23780">Group </span><span class="pp-class-118 pa t19205 l23781">sold </span><span class="pp-class-118 pa t19205 l23782">100% </span><span class="pp-class-118 pa t19205 l23783">of </span><span class="pp-class-118 pa t19205 l23784">the </span><span class="pp-class-118 pa t19205 l23785">shares </span><span class="pp-class-118 pa t19205 l23786 ls786">to </span><span class="pp-class-118 pa t19205 l23787">an </span><span class="pp-class-118 pa t19205 l23788 ls786">external </span><span class="pp-class-118 pa t19205 l23789 ls786">party. </span><span class="pp-class-118 pa t19205 l23790 ls786">See </span><span class="pp-class-118 pa t19205 l23791">note </span><span class="pp-class-118 pa t19205 l23792">26 </span><span class="pp-class-118 pa t19205 l23793">for </span><span class="pp-class-118 pa t20438 l3">further </span><span class="pp-class-118 pa t20438 l9617">information </span><span class="pp-class-118 pa t20438 l23794">about </span><span class="pp-class-118 pa t20438 l23795">the </span><span class="pp-class-118 pa t20438 l14304">transactions. </span><span class="pp-class-118 pa t19209 l3">At </span><span class="pp-class-118 pa t19209 l9308">30 </span><span class="pp-class-118 pa t19209 l23796">December </span><span class="pp-class-118 pa t19209 l23797">2025, </span><span class="pp-class-118 pa t19209 l20785">Svane </span><span class="pp-class-118 pa t19209 l23798">Alnabru </span><span class="pp-class-118 pa t19209 l23799">AS </span><span class="pp-class-118 pa t19209 l23800">posted </span><span class="pp-class-118 pa t19209 l23801">a </span><span class="pp-class-118 pa t19209 l23802">gross </span><span class="pp-class-118 pa t19209 l23803">profit </span><span class="pp-class-118 pa t19209 l23804">of </span><span class="pp-class-118 pa t19209 l23805">DKK </span><span class="pp-class-118 pa t19209 l23806">5 </span><span class="pp-class-118 pa t19209 l23807">million </span><span class="pp-class-118 pa t19209 l23808 ls786">and </span><span class="pp-class-118 pa t19209 l23809 ls786">a </span><span class="pp-class-118 pa t19209 l23810">net </span><span class="pp-class-118 pa t19209 l23811">loss </span><span class="pp-class-118 pa t19209 l23812 ls786">of </span><span class="pp-class-118 pa t19209 l23813 ls786">DKK </span><span class="pp-class-118 pa t19209 l23814 ls786">1 </span><span class="pp-class-118 pa t19209 l23815 ls786">million. </span><span class="pp-class-118 pa t19212 l3"/></p></div></div> <div class="pp-class-7" id="pp-id-3393" xmlns="http://www.w3.org/1999/xhtml"><div class="w15596 h23817 pa t2 l3 wtro4 xx16559 tro6 xx16560"><p class="pp-class-107 pp-area-text"><span class="pp-class-119 pa t16561 l3 ls21590">16. </span><span class="pp-class-119 pa t16561 l23818 ls4296">Other </span><span class="pp-class-119 pa t16561 l23819 ls15595">financial </span><span class="pp-class-119 pa t16561 l23820 ls16342">assets</span></p><table><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t23821 l3 ls14110">DKK’000</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t23821 l15601 ls458">2025</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t23821 l15602 ls1074">2024</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t23822 l3">Other </span><span class="pp-class-114 pa t23822 l15770">financial </span><span class="pp-class-114 pa t23822 l16272">assets</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23823 l3">Receivables </span><span class="pp-class-113 pa t23823 l15921">falling </span><span class="pp-class-113 pa t23823 l23824">due </span><span class="pp-class-113 pa t23823 l1931">in </span><span class="pp-class-113 pa t23823 l23825">12 </span><span class="pp-class-113 pa t23823 l23826">months </span><span class="pp-class-113 pa t23823 l23827">or </span><span class="pp-class-113 pa t23823 l7028">later</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23823 l23828 ls786">2,341</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23823 l16219 ls786">6,919</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23829 l3">Deposits</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23829 l23830 ls786">1,488</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23829 l23831 ls786">1,337</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t23832 l3">Total</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t23832 l23833 ls786">3,829</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t23832 l23834 ls786">8,256</span></p></td></tr></table></div></div> <div class="pp-class-7" id="pp-id-3393" xmlns="http://www.w3.org/1999/xhtml"><div class="w15596 h23817 pa t2 l3 wtro4 xx16559 tro6 xx16560"><p class="pp-class-107 pp-area-text"><span class="pp-class-119 pa t16561 l3 ls21590">16. </span><span class="pp-class-119 pa t16561 l23818 ls4296">Other </span><span class="pp-class-119 pa t16561 l23819 ls15595">financial </span><span class="pp-class-119 pa t16561 l23820 ls16342">assets</span></p><table><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t23821 l3 ls14110">DKK’000</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t23821 l15601 ls458">2025</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t23821 l15602 ls1074">2024</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t23822 l3">Other </span><span class="pp-class-114 pa t23822 l15770">financial </span><span class="pp-class-114 pa t23822 l16272">assets</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23823 l3">Receivables </span><span class="pp-class-113 pa t23823 l15921">falling </span><span class="pp-class-113 pa t23823 l23824">due </span><span class="pp-class-113 pa t23823 l1931">in </span><span class="pp-class-113 pa t23823 l23825">12 </span><span class="pp-class-113 pa t23823 l23826">months </span><span class="pp-class-113 pa t23823 l23827">or </span><span class="pp-class-113 pa t23823 l7028">later</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23823 l23828 ls786">2,341</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23823 l16219 ls786">6,919</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23829 l3">Deposits</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23829 l23830 ls786">1,488</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23829 l23831 ls786">1,337</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t23832 l3">Total</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t23832 l23833 ls786">3,829</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t23832 l23834 ls786">8,256</span></p></td></tr></table></div></div> <div class="pp-class-7" id="pp-id-3394" xmlns="http://www.w3.org/1999/xhtml"><div class="w15596 h23835 pa t2 l3 wtro4 xx16559 tro6 xx16560"><p class="pp-class-107 pp-area-text"><span class="pp-class-119 pa t16561 l3 ls1141">17. </span><span class="pp-class-119 pa t16561 l23836 ls12435">Inventories</span></p><table><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t21396 l3 ls14110">DKK’000</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t21396 l15601 ls458">2025</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t21396 l15602 ls1074">2024</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22192 l3">Raw </span><span class="pp-class-113 pa t22192 l15892">materials </span><span class="pp-class-113 pa t22192 l15893">and </span><span class="pp-class-113 pa t22192 l15894">consumables</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22192 l23837 ls786">55,425</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22192 l23838 ls786">51,617</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22199 l3">Semi-finished </span><span class="pp-class-113 pa t22199 l15898">products</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22199 l23839 ls786">37,587</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22199 l16003 ls786">32,052</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22210 l3">Finished </span><span class="pp-class-113 pa t22210 l15902">products</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22210 l23840 ls786">17,287</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22210 l23841 ls786">12,832</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23642 l3">Total </span><span class="pp-class-113 pa t23642 l23842">write-down </span><span class="pp-class-113 pa t23642 l23843">of </span><span class="pp-class-113 pa t23642 l23844">inventories </span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23642 l16300 ls786">(8,263)</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23642 l23845 ls786">(7,354)</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t23644 l15907 ls786">102,036</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t23644 l15908 ls786">89,147</span></p></td></tr></table><p class="pp-class-107 pp-area-text"><span class="pp-class-118 pa t23846 l3 ls639">Cost </span><span class="pp-class-118 pa t23846 l23847 ls615">of </span><span class="pp-class-118 pa t23846 l23848 ls628">goods </span><span class="pp-class-118 pa t23846 l23849 ls639">sold </span><span class="pp-class-118 pa t23846 l6126 ls636">recognised </span><span class="pp-class-118 pa t23846 l23850 ls615">as </span><span class="pp-class-118 pa t23846 l23851 ls615">an </span><span class="pp-class-118 pa t23846 l23852 ls623">expense </span><span class="pp-class-118 pa t23846 l16724 ls626">during </span><span class="pp-class-118 pa t23846 l23853 ls617">the </span><span class="pp-class-118 pa t23846 l23854 ls626">period </span><span class="pp-class-118 pa t23846 l23855 ls617">was </span><span class="pp-class-118 pa t23846 l23856 ls617">DKK </span><span class="pp-class-118 pa t23846 l23857 ls628">988.7 </span><span class="pp-class-118 pa t23846 l22841 ls623">million </span><span class="pp-class-118 pa t23846 l23858 ls626">(2024: </span><span class="pp-class-118 pa t23846 l23859 ls617">DKK </span><span class="pp-class-118 pa t23846 l23860 ls628">948.4 </span><span class="pp-class-118 pa t23846 l23861 ls620">million) </span><span class="pp-class-118 pa t23846 l23862 ls7807">and </span><span class="pp-class-118 pa t23863 l3 ls628">write-downs </span><span class="pp-class-118 pa t23863 l23864 ls615">of </span><span class="pp-class-118 pa t23863 l23865 ls663">inventories </span><span class="pp-class-118 pa t23863 l23866 ls636">recognised </span><span class="pp-class-118 pa t23863 l9112 ls615">as </span><span class="pp-class-118 pa t23863 l23867 ls615">an </span><span class="pp-class-118 pa t23863 l23868 ls623">expense </span><span class="pp-class-118 pa t23863 l23869 ls626">during </span><span class="pp-class-118 pa t23863 l23870 ls617">the </span><span class="pp-class-118 pa t23863 l23871 ls626">period </span><span class="pp-class-118 pa t23863 l23872 ls620">totalled </span><span class="pp-class-118 pa t23863 l23873 ls617">DKK </span><span class="pp-class-118 pa t23863 l23874 ls617">0.9 </span><span class="pp-class-118 pa t23863 l23875 ls623">million </span><span class="pp-class-118 pa t23863 l23876 ls626">(2024: </span><span class="pp-class-118 pa t23863 l23877 ls617">DKK </span><span class="pp-class-118 pa t23863 l23878 ls7807">2.2 </span><span class="pp-class-118 pa t23879 l3 ls620">million).</span></p></div></div> <div class="pp-class-7" id="pp-id-3395" xmlns="http://www.w3.org/1999/xhtml"><div class="w15596 h23880 pa t2 l3 wtro4 xx16559 tro6 xx16560"><p class="pp-class-107 pp-area-text"><span class="pp-class-119 pa t16561 l3 ls23881">18. </span><span class="pp-class-119 pa t16561 l23882 ls4064">Prepaid </span><span class="pp-class-119 pa t16561 l23883 ls2925">expenses </span><span class="pp-class-119 pa t16561 l23884 ls122">and </span><span class="pp-class-119 pa t16561 l23885 ls23886">accrued </span><span class="pp-class-119 pa t16561 l23887 ls249">income</span></p><table><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t21396 l3 ls14110">DKK’000</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t21396 l15601 ls458">2025</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t21396 l15602 ls1074">2024</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22192 l3">Contract </span><span class="pp-class-113 pa t22192 l21388">work </span><span class="pp-class-113 pa t22192 l23888">in </span><span class="pp-class-113 pa t22192 l23889">progress</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22192 l23890 ls786">1,552</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22192 l15652">0</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22199 l3">Other </span><span class="pp-class-113 pa t22199 l15637">prepaid </span><span class="pp-class-113 pa t22199 l23891">expenses</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22199 l23892 ls786">2,945</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22199 l15935 ls786">1,676</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22210 l3">Total</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22210 l23893 ls786">4,497</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22210 l23894 ls786">1,676</span></p></td></tr></table></div></div> <div class="pp-class-7" id="pp-id-3396" xmlns="http://www.w3.org/1999/xhtml"><div class="w15596 h23895 pa t2 l3 wtro4 xx16559 tro6 xx16560"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-119 pa t16561 l3 ls165">19. </span><span class="pp-class-119 pa t16561 l23896 ls23897">Share </span><span class="pp-class-119 pa t16561 l23898 ls23899">capital</span></p><table xmlns="http://www.w3.org/1999/xhtml"><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t22332 l3 ls1116">Share </span><span class="pp-class-112 pa t22332 l23900 ls16063">capital</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t21396 l23901 ls458">No. </span><span class="pp-class-112 pa t21396 l23902 ls5868">of</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t22333 l23903 ls23380">registered</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t22332 l23904 ls16067">shares</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t21396 l23905 ls458">No. </span><span class="pp-class-112 pa t21396 l23906 ls5868">of</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t22333 l23907 ls16067">shares</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t22332 l23908 ls23909">outstanding</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t22332 l23910 ls20643">Nominal </span><span class="pp-class-112 pa t22332 l23400 ls2728">value</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23911 l3">At </span><span class="pp-class-113 pa t23911 l23912">1 </span><span class="pp-class-113 pa t23911 l23913">January </span><span class="pp-class-113 pa t23911 l23914">2025</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23911 l23915 ls786">10,513,638</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23911 l23916 ls786">10,440,587</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23911 l23917 ls786">1,051,364</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22354 l3">Purchase </span><span class="pp-class-113 pa t22354 l16144">of </span><span class="pp-class-113 pa t22354 l16145">treasury </span><span class="pp-class-113 pa t22354 l16146">shares</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22354 l21255">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22354 l23918 ls786">(112,331)</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22354 l15652">0</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22357 l3">Performance </span><span class="pp-class-113 pa t22357 l8552">shares</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22357 l21255">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22357 l23919 ls786">3,485</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22357 l15652">0</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22363 l3">At </span><span class="pp-class-114 pa t22363 l23920">31 </span><span class="pp-class-114 pa t22363 l23921">December </span><span class="pp-class-114 pa t22363 l23922">2025</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22363 l23923 ls786">10,513,638</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22363 l23924 ls786">10,331,741</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22363 l23925 ls786">1,051,364</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23926 l3">At </span><span class="pp-class-113 pa t23926 l23912">1 </span><span class="pp-class-113 pa t23926 l23913">January </span><span class="pp-class-113 pa t23926 l23914">2024</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23926 l23915 ls786">10,513,638</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23926 l8820 ls786">10,438,638</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23926 l23917 ls786">1,051,364</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22375 l3">Performance </span><span class="pp-class-113 pa t22375 l8552">shares</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22375 l21255">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22375 l23927 ls786">1,949</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22375 l15652">0</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22379 l3">At </span><span class="pp-class-114 pa t22379 l23920">31 </span><span class="pp-class-114 pa t22379 l23921">December </span><span class="pp-class-114 pa t22379 l23922">2024</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22379 l23923 ls786">10,513,638</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22379 l23928 ls786">10,440,587</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22379 l23925 ls786">1,051,364</span></p></td></tr></table><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-118 pa t19129 l3">The </span><span class="pp-class-118 pa t19129 l550">share </span><span class="pp-class-118 pa t19129 l23929">capital </span><span class="pp-class-118 pa t19129 l23930">amounted </span><span class="pp-class-118 pa t19129 l23931">to </span><span class="pp-class-118 pa t19129 l23932">nominal </span><span class="pp-class-118 pa t19129 l23933">DKK </span><span class="pp-class-118 pa t19129 l23934">1,051,364. </span><span class="pp-class-118 pa t19129 l23935">Each </span><span class="pp-class-118 pa t19129 l23936">share </span><span class="pp-class-118 pa t19129 l23937">has </span><span class="pp-class-118 pa t19129 l23938">a </span><span class="pp-class-118 pa t19129 l23939">nominal </span><span class="pp-class-118 pa t19129 l23940 ls786">value </span><span class="pp-class-118 pa t19129 l23941 ls786">of </span><span class="pp-class-118 pa t19129 l23942">DKK </span><span class="pp-class-118 pa t19129 l23943">0.1. </span><span class="pp-class-118 pa t19135 l3">All </span><span class="pp-class-118 pa t19135 l2483">of </span><span class="pp-class-118 pa t19135 l23944">the </span><span class="pp-class-118 pa t19135 l23945">registered </span><span class="pp-class-118 pa t19135 l7428">shares </span><span class="pp-class-118 pa t19135 l23946">are </span><span class="pp-class-118 pa t19135 l12355">fully </span><span class="pp-class-118 pa t19135 l19906">paid. </span><span class="pp-class-118 pa t19135 l23947">All </span><span class="pp-class-118 pa t19135 l1601">shares </span><span class="pp-class-118 pa t19135 l18510">are </span><span class="pp-class-118 pa t19135 l23948">ordinary </span><span class="pp-class-118 pa t19135 l23949">shares </span><span class="pp-class-118 pa t19135 l23950">of </span><span class="pp-class-118 pa t19135 l23951">the </span><span class="pp-class-118 pa t19135 l23952 ls786">same </span><span class="pp-class-118 pa t19135 l23953 ls786">class. </span></p><table xmlns="http://www.w3.org/1999/xhtml"><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t23954 l3 ls23955">Treasury </span><span class="pp-class-112 pa t23954 l23956 ls16067">shares</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t23954 l23957 ls458">No. </span><span class="pp-class-112 pa t23954 l23958 ls1762">of </span><span class="pp-class-112 pa t23954 l23959 ls16067">shares</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t23954 l23960 ls20643">NominAl </span><span class="pp-class-112 pa t23954 l23961 ls2728">value</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t23954 l23962 ls5868">% </span><span class="pp-class-112 pa t23954 l23963 ls1762">of </span><span class="pp-class-112 pa t23954 l23964 ls16067">shares</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23965 l3">At </span><span class="pp-class-113 pa t23965 l23912">1 </span><span class="pp-class-113 pa t23965 l23913">January </span><span class="pp-class-113 pa t23965 l23914">2025</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23965 l23966 ls786">73,051</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23965 l23967 ls786">7,305</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23965 l23968">0.7</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23969 l3">Used </span><span class="pp-class-113 pa t23969 l23970">to </span><span class="pp-class-113 pa t23969 l23971">settle </span><span class="pp-class-113 pa t23969 l23972">performance </span><span class="pp-class-113 pa t23969 l23973">shares</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23969 l23974 ls786">(3,485)</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23969 l23975 ls786">(348)</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23969 l23976">0.0</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23977 l3">Purchase </span><span class="pp-class-113 pa t23977 l16144">of </span><span class="pp-class-113 pa t23977 l16145">treasury </span><span class="pp-class-113 pa t23977 l16146">shares</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23977 l23978 ls786">112,331</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23977 l23979 ls786">11,233</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23977 l23980">1.0</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t23981 l3">At </span><span class="pp-class-114 pa t23981 l23920">31 </span><span class="pp-class-114 pa t23981 l23921">December </span><span class="pp-class-114 pa t23981 l23922">2025</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t23981 l23982 ls786">181,897</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t23981 l23983 ls786">18,190</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t23981 l23984">1.7</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23985 l3">At </span><span class="pp-class-113 pa t23985 l23912">1 </span><span class="pp-class-113 pa t23985 l23913">January </span><span class="pp-class-113 pa t23985 l23914">2024</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23985 l23986 ls786">75,000</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23985 l23987 ls786">7,500</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23985 l23968">0.7</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23988 l3">Used </span><span class="pp-class-113 pa t23988 l23970">to </span><span class="pp-class-113 pa t23988 l23971">settle </span><span class="pp-class-113 pa t23988 l23972">performance </span><span class="pp-class-113 pa t23988 l23973">shares</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23988 l23989 ls786">(1,949)</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23988 l23990">(195)</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23988 l23976">0.0</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t23991 l3">At </span><span class="pp-class-114 pa t23991 l23920">31 </span><span class="pp-class-114 pa t23991 l23921">December </span><span class="pp-class-114 pa t23991 l23922">2024</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t23991 l23992 ls786">73,051</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t23991 l23993 ls786">7,305</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t23991 l23994">0.7</span></p></td></tr></table><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-118 pa t19212 l3">The </span><span class="pp-class-118 pa t19212 l550">purchase </span><span class="pp-class-118 pa t19212 l23995">of </span><span class="pp-class-118 pa t19212 l23996">treasury </span><span class="pp-class-118 pa t19212 l23997">shares </span><span class="pp-class-118 pa t19212 l23998">in </span><span class="pp-class-118 pa t19212 l23999">2025 </span><span class="pp-class-118 pa t19212 l19071">is </span><span class="pp-class-118 pa t19212 l24000">intended </span><span class="pp-class-118 pa t19212 l24001">for </span><span class="pp-class-118 pa t19212 l24002">the </span><span class="pp-class-118 pa t19212 l24003">future </span><span class="pp-class-118 pa t19212 l24004">LTI </span><span class="pp-class-118 pa t19212 l24005 ls786">programme.</span></p></div></div><div class="pp-class-7" id="pp-id-3398" xmlns="http://www.w3.org/1999/xhtml"><div class="w15596 h24007 pa t2 l3 wtro4 xx16559 tro6 xx16560"><p class="pp-class-107 pp-area-text"><span class="pp-class-119 pa t16561 l3 ls185">20. </span><span class="pp-class-119 pa t16561 l24008 ls7581">Value </span><span class="pp-class-119 pa t16561 l24009 ls24010">adjustments </span><span class="pp-class-119 pa t16561 l24011 ls207">of </span><span class="pp-class-119 pa t16561 l24012 ls24013">currency </span><span class="pp-class-119 pa t16561 l24014 ls15960">hedges</span></p><table><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t22457 l3 ls14110">DKK’000</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t21396 l24015 ls24016">Value </span><span class="pp-class-112 pa t22333 l24017 ls24018">adjustments </span><span class="pp-class-112 pa t22332 l24019 ls24020">of </span><span class="pp-class-112 pa t22332 l24021 ls24022">cash </span><span class="pp-class-112 pa t22332 l24023 ls24024">flow </span><span class="pp-class-112 pa t22457 l24025 ls24026">hedges </span><span class="pp-class-112 pa t22457 l24027 ls2718">2025</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t22332 l24028 ls16082">Total </span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t22457 l21230 ls458">2025</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t21396 l24029 ls24016">Value </span><span class="pp-class-112 pa t22333 l24030 ls24018">adjustments </span><span class="pp-class-112 pa t22332 l24031 ls24020">of </span><span class="pp-class-112 pa t22332 l24032 ls24022">cash </span><span class="pp-class-112 pa t22332 l24033 ls24024">flow </span><span class="pp-class-112 pa t22457 l24034 ls24026">hedges </span><span class="pp-class-112 pa t22457 l24035 ls3582">2024</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t22332 l22341 ls16082">Total </span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t22457 l15602 ls1074">2024</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t24036 l3">Opening </span><span class="pp-class-114 pa t24036 l16085">balance</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t24036 l24037">99</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t24036 l24038">99</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t24036 l24039">(916)</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t24036 l24040">(916)</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t24041 l3">Adjustment, </span><span class="pp-class-113 pa t24041 l16134">cash </span><span class="pp-class-113 pa t24041 l16182">flow </span><span class="pp-class-113 pa t24041 l16183">hedges</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t24041 l21639">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t24041 l21255">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t24041 l24042">(36)</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t24041 l24043">(36)</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t24044 l3">Value </span><span class="pp-class-113 pa t24044 l15973">adjustments </span><span class="pp-class-113 pa t24044 l15974">of </span><span class="pp-class-113 pa t24044 l15975">currency </span><span class="pp-class-113 pa t24044 l24045">hedges </span><span class="pp-class-113 pa t24046 l3">before </span><span class="pp-class-113 pa t24046 l24047">tax</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t24046 l24048">27</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t24046 l16290">27</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t24046 l24049 ls786">1,347</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t24046 l20677 ls786">1,347</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t24050 l3">Tax </span><span class="pp-class-113 pa t24050 l15676">on </span><span class="pp-class-113 pa t24050 l15762">value </span><span class="pp-class-113 pa t24050 l15763">adjustments </span><span class="pp-class-113 pa t24050 l15764">of </span><span class="pp-class-113 pa t24050 l15765">currency </span><span class="pp-class-113 pa t24051 l3">hedges</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t24051 l24052">(6)</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t24051 l24053">(6)</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t24054 l24055 ls786">(296)</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t24054 l15768 ls786">(296)</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t24056 l3">Closing </span><span class="pp-class-114 pa t24056 l16156">balance</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t24056 l24057">120</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t24056 l24058">120</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t24056 l24059">99</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t24056 l24060">99</span></p></td></tr></table><p class="pp-class-107 pp-area-text"><span class="pp-class-120 pa t24061 l3 ls15165">Hedging </span><span class="pp-class-120 pa t24061 l24062 ls20398">reserve</span></p><p class="pp-class-107 pp-area-text"><span class="pp-class-118 pa t19129 l3">The </span><span class="pp-class-118 pa t19129 l550">fair </span><span class="pp-class-118 pa t19129 l20961">value </span><span class="pp-class-118 pa t19129 l20962">adjustment </span><span class="pp-class-118 pa t19129 l24063">of </span><span class="pp-class-118 pa t19129 l13854">unrealised </span><span class="pp-class-118 pa t19129 l13126">gains/losses </span><span class="pp-class-118 pa t19129 l24064">on </span><span class="pp-class-118 pa t19129 l24065">forward </span><span class="pp-class-118 pa t19129 l24066">exchange </span><span class="pp-class-118 pa t19129 l24067">contracts </span><span class="pp-class-118 pa t19129 l24068">is </span><span class="pp-class-118 pa t19129 l24069">adjusted </span><span class="pp-class-118 pa t19129 l24070 ls786">in </span><span class="pp-class-118 pa t19129 l24071 ls786">equity.</span></p><p class="pp-class-107 pp-area-text"><span class="pp-class-118 pa t19841 l3">The </span><span class="pp-class-118 pa t19841 l550">forward </span><span class="pp-class-118 pa t19841 l24072">exchange </span><span class="pp-class-118 pa t19841 l540">contracts, </span><span class="pp-class-118 pa t19841 l13452">which </span><span class="pp-class-118 pa t19841 l12705">have </span><span class="pp-class-118 pa t19841 l24073">been </span><span class="pp-class-118 pa t19841 l24074">entered </span><span class="pp-class-118 pa t19841 l24075">into </span><span class="pp-class-118 pa t19841 l24076">with </span><span class="pp-class-118 pa t19841 l24077">the </span><span class="pp-class-118 pa t19841 l24078">company’s </span><span class="pp-class-118 pa t19841 l24079 ls786">usual </span><span class="pp-class-118 pa t19841 l24080">bank </span><span class="pp-class-118 pa t19841 l24081 ls786">connection, </span><span class="pp-class-118 pa t19841 l24082 ls786">cover </span><span class="pp-class-118 pa t19140 l3 ls21290">periods </span><span class="pp-class-118 pa t19140 l18295">of </span><span class="pp-class-118 pa t19140 l18296">0-12 </span><span class="pp-class-118 pa t19140 l24083">months </span><span class="pp-class-118 pa t19140 l24084">from </span><span class="pp-class-118 pa t19140 l24085">the </span><span class="pp-class-118 pa t19140 l24086">balance </span><span class="pp-class-118 pa t19140 l24087">sheet </span><span class="pp-class-118 pa t19140 l24088">date.</span></p></div></div> <p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-119 pa t16561 l3 ls165">19. </span><span class="pp-class-119 pa t16561 l23896 ls23897">Share </span><span class="pp-class-119 pa t16561 l23898 ls23899">capital</span></p><table xmlns="http://www.w3.org/1999/xhtml"><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t22332 l3 ls1116">Share </span><span class="pp-class-112 pa t22332 l23900 ls16063">capital</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t21396 l23901 ls458">No. </span><span class="pp-class-112 pa t21396 l23902 ls5868">of</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t22333 l23903 ls23380">registered</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t22332 l23904 ls16067">shares</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t21396 l23905 ls458">No. </span><span class="pp-class-112 pa t21396 l23906 ls5868">of</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t22333 l23907 ls16067">shares</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t22332 l23908 ls23909">outstanding</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t22332 l23910 ls20643">Nominal </span><span class="pp-class-112 pa t22332 l23400 ls2728">value</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23911 l3">At </span><span class="pp-class-113 pa t23911 l23912">1 </span><span class="pp-class-113 pa t23911 l23913">January </span><span class="pp-class-113 pa t23911 l23914">2025</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23911 l23915 ls786">10,513,638</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23911 l23916 ls786">10,440,587</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23911 l23917 ls786">1,051,364</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22354 l3">Purchase </span><span class="pp-class-113 pa t22354 l16144">of </span><span class="pp-class-113 pa t22354 l16145">treasury </span><span class="pp-class-113 pa t22354 l16146">shares</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22354 l21255">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22354 l23918 ls786">(112,331)</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22354 l15652">0</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22357 l3">Performance </span><span class="pp-class-113 pa t22357 l8552">shares</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22357 l21255">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22357 l23919 ls786">3,485</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22357 l15652">0</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22363 l3">At </span><span class="pp-class-114 pa t22363 l23920">31 </span><span class="pp-class-114 pa t22363 l23921">December </span><span class="pp-class-114 pa t22363 l23922">2025</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22363 l23923 ls786">10,513,638</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22363 l23924 ls786">10,331,741</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22363 l23925 ls786">1,051,364</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23926 l3">At </span><span class="pp-class-113 pa t23926 l23912">1 </span><span class="pp-class-113 pa t23926 l23913">January </span><span class="pp-class-113 pa t23926 l23914">2024</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23926 l23915 ls786">10,513,638</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23926 l8820 ls786">10,438,638</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23926 l23917 ls786">1,051,364</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22375 l3">Performance </span><span class="pp-class-113 pa t22375 l8552">shares</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22375 l21255">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22375 l23927 ls786">1,949</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t22375 l15652">0</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22379 l3">At </span><span class="pp-class-114 pa t22379 l23920">31 </span><span class="pp-class-114 pa t22379 l23921">December </span><span class="pp-class-114 pa t22379 l23922">2024</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22379 l23923 ls786">10,513,638</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22379 l23928 ls786">10,440,587</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t22379 l23925 ls786">1,051,364</span></p></td></tr></table><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-118 pa t19129 l3">The </span><span class="pp-class-118 pa t19129 l550">share </span><span class="pp-class-118 pa t19129 l23929">capital </span><span class="pp-class-118 pa t19129 l23930">amounted </span><span class="pp-class-118 pa t19129 l23931">to </span><span class="pp-class-118 pa t19129 l23932">nominal </span><span class="pp-class-118 pa t19129 l23933">DKK </span><span class="pp-class-118 pa t19129 l23934">1,051,364. </span><span class="pp-class-118 pa t19129 l23935">Each </span><span class="pp-class-118 pa t19129 l23936">share </span><span class="pp-class-118 pa t19129 l23937">has </span><span class="pp-class-118 pa t19129 l23938">a </span><span class="pp-class-118 pa t19129 l23939">nominal </span><span class="pp-class-118 pa t19129 l23940 ls786">value </span><span class="pp-class-118 pa t19129 l23941 ls786">of </span><span class="pp-class-118 pa t19129 l23942">DKK </span><span class="pp-class-118 pa t19129 l23943">0.1. </span><span class="pp-class-118 pa t19135 l3">All </span><span class="pp-class-118 pa t19135 l2483">of </span><span class="pp-class-118 pa t19135 l23944">the </span><span class="pp-class-118 pa t19135 l23945">registered </span><span class="pp-class-118 pa t19135 l7428">shares </span><span class="pp-class-118 pa t19135 l23946">are </span><span class="pp-class-118 pa t19135 l12355">fully </span><span class="pp-class-118 pa t19135 l19906">paid. </span><span class="pp-class-118 pa t19135 l23947">All </span><span class="pp-class-118 pa t19135 l1601">shares </span><span class="pp-class-118 pa t19135 l18510">are </span><span class="pp-class-118 pa t19135 l23948">ordinary </span><span class="pp-class-118 pa t19135 l23949">shares </span><span class="pp-class-118 pa t19135 l23950">of </span><span class="pp-class-118 pa t19135 l23951">the </span><span class="pp-class-118 pa t19135 l23952 ls786">same </span><span class="pp-class-118 pa t19135 l23953 ls786">class. </span></p> <table xmlns="http://www.w3.org/1999/xhtml"><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t23954 l3 ls23955">Treasury </span><span class="pp-class-112 pa t23954 l23956 ls16067">shares</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t23954 l23957 ls458">No. </span><span class="pp-class-112 pa t23954 l23958 ls1762">of </span><span class="pp-class-112 pa t23954 l23959 ls16067">shares</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t23954 l23960 ls20643">NominAl </span><span class="pp-class-112 pa t23954 l23961 ls2728">value</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t23954 l23962 ls5868">% </span><span class="pp-class-112 pa t23954 l23963 ls1762">of </span><span class="pp-class-112 pa t23954 l23964 ls16067">shares</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23965 l3">At </span><span class="pp-class-113 pa t23965 l23912">1 </span><span class="pp-class-113 pa t23965 l23913">January </span><span class="pp-class-113 pa t23965 l23914">2025</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23965 l23966 ls786">73,051</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23965 l23967 ls786">7,305</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23965 l23968">0.7</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23969 l3">Used </span><span class="pp-class-113 pa t23969 l23970">to </span><span class="pp-class-113 pa t23969 l23971">settle </span><span class="pp-class-113 pa t23969 l23972">performance </span><span class="pp-class-113 pa t23969 l23973">shares</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23969 l23974 ls786">(3,485)</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23969 l23975 ls786">(348)</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23969 l23976">0.0</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23977 l3">Purchase </span><span class="pp-class-113 pa t23977 l16144">of </span><span class="pp-class-113 pa t23977 l16145">treasury </span><span class="pp-class-113 pa t23977 l16146">shares</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23977 l23978 ls786">112,331</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23977 l23979 ls786">11,233</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23977 l23980">1.0</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t23981 l3">At </span><span class="pp-class-114 pa t23981 l23920">31 </span><span class="pp-class-114 pa t23981 l23921">December </span><span class="pp-class-114 pa t23981 l23922">2025</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t23981 l23982 ls786">181,897</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t23981 l23983 ls786">18,190</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t23981 l23984">1.7</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23985 l3">At </span><span class="pp-class-113 pa t23985 l23912">1 </span><span class="pp-class-113 pa t23985 l23913">January </span><span class="pp-class-113 pa t23985 l23914">2024</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23985 l23986 ls786">75,000</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23985 l23987 ls786">7,500</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23985 l23968">0.7</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23988 l3">Used </span><span class="pp-class-113 pa t23988 l23970">to </span><span class="pp-class-113 pa t23988 l23971">settle </span><span class="pp-class-113 pa t23988 l23972">performance </span><span class="pp-class-113 pa t23988 l23973">shares</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23988 l23989 ls786">(1,949)</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23988 l23990">(195)</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t23988 l23976">0.0</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t23991 l3">At </span><span class="pp-class-114 pa t23991 l23920">31 </span><span class="pp-class-114 pa t23991 l23921">December </span><span class="pp-class-114 pa t23991 l23922">2024</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t23991 l23992 ls786">73,051</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t23991 l23993 ls786">7,305</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t23991 l23994">0.7</span></p></td></tr></table><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-118 pa t19212 l3">The </span><span class="pp-class-118 pa t19212 l550">purchase </span><span class="pp-class-118 pa t19212 l23995">of </span><span class="pp-class-118 pa t19212 l23996">treasury </span><span class="pp-class-118 pa t19212 l23997">shares </span><span class="pp-class-118 pa t19212 l23998">in </span><span class="pp-class-118 pa t19212 l23999">2025 </span><span class="pp-class-118 pa t19212 l19071">is </span><span class="pp-class-118 pa t19212 l24000">intended </span><span class="pp-class-118 pa t19212 l24001">for </span><span class="pp-class-118 pa t19212 l24002">the </span><span class="pp-class-118 pa t19212 l24003">future </span><span class="pp-class-118 pa t19212 l24004">LTI </span><span class="pp-class-118 pa t19212 l24005 ls786">programme.</span></p> <div class="pp-class-7" id="pp-id-3398" xmlns="http://www.w3.org/1999/xhtml"><div class="w15596 h24007 pa t2 l3 wtro4 xx16559 tro6 xx16560"><p class="pp-class-107 pp-area-text"><span class="pp-class-119 pa t16561 l3 ls185">20. </span><span class="pp-class-119 pa t16561 l24008 ls7581">Value </span><span class="pp-class-119 pa t16561 l24009 ls24010">adjustments </span><span class="pp-class-119 pa t16561 l24011 ls207">of </span><span class="pp-class-119 pa t16561 l24012 ls24013">currency </span><span class="pp-class-119 pa t16561 l24014 ls15960">hedges</span></p><table><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t22457 l3 ls14110">DKK’000</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t21396 l24015 ls24016">Value </span><span class="pp-class-112 pa t22333 l24017 ls24018">adjustments </span><span class="pp-class-112 pa t22332 l24019 ls24020">of </span><span class="pp-class-112 pa t22332 l24021 ls24022">cash </span><span class="pp-class-112 pa t22332 l24023 ls24024">flow </span><span class="pp-class-112 pa t22457 l24025 ls24026">hedges </span><span class="pp-class-112 pa t22457 l24027 ls2718">2025</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t22332 l24028 ls16082">Total </span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t22457 l21230 ls458">2025</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t21396 l24029 ls24016">Value </span><span class="pp-class-112 pa t22333 l24030 ls24018">adjustments </span><span class="pp-class-112 pa t22332 l24031 ls24020">of </span><span class="pp-class-112 pa t22332 l24032 ls24022">cash </span><span class="pp-class-112 pa t22332 l24033 ls24024">flow </span><span class="pp-class-112 pa t22457 l24034 ls24026">hedges </span><span class="pp-class-112 pa t22457 l24035 ls3582">2024</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t22332 l22341 ls16082">Total </span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t22457 l15602 ls1074">2024</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t24036 l3">Opening </span><span class="pp-class-114 pa t24036 l16085">balance</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t24036 l24037">99</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t24036 l24038">99</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t24036 l24039">(916)</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t24036 l24040">(916)</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t24041 l3">Adjustment, </span><span class="pp-class-113 pa t24041 l16134">cash </span><span class="pp-class-113 pa t24041 l16182">flow </span><span class="pp-class-113 pa t24041 l16183">hedges</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t24041 l21639">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t24041 l21255">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t24041 l24042">(36)</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t24041 l24043">(36)</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t24044 l3">Value </span><span class="pp-class-113 pa t24044 l15973">adjustments </span><span class="pp-class-113 pa t24044 l15974">of </span><span class="pp-class-113 pa t24044 l15975">currency </span><span class="pp-class-113 pa t24044 l24045">hedges </span><span class="pp-class-113 pa t24046 l3">before </span><span class="pp-class-113 pa t24046 l24047">tax</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t24046 l24048">27</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t24046 l16290">27</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t24046 l24049 ls786">1,347</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t24046 l20677 ls786">1,347</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t24050 l3">Tax </span><span class="pp-class-113 pa t24050 l15676">on </span><span class="pp-class-113 pa t24050 l15762">value </span><span class="pp-class-113 pa t24050 l15763">adjustments </span><span class="pp-class-113 pa t24050 l15764">of </span><span class="pp-class-113 pa t24050 l15765">currency </span><span class="pp-class-113 pa t24051 l3">hedges</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t24051 l24052">(6)</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t24051 l24053">(6)</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t24054 l24055 ls786">(296)</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t24054 l15768 ls786">(296)</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t24056 l3">Closing </span><span class="pp-class-114 pa t24056 l16156">balance</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t24056 l24057">120</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t24056 l24058">120</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t24056 l24059">99</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t24056 l24060">99</span></p></td></tr></table><p class="pp-class-107 pp-area-text"><span class="pp-class-120 pa t24061 l3 ls15165">Hedging </span><span class="pp-class-120 pa t24061 l24062 ls20398">reserve</span></p><p class="pp-class-107 pp-area-text"><span class="pp-class-118 pa t19129 l3">The </span><span class="pp-class-118 pa t19129 l550">fair </span><span class="pp-class-118 pa t19129 l20961">value </span><span class="pp-class-118 pa t19129 l20962">adjustment </span><span class="pp-class-118 pa t19129 l24063">of </span><span class="pp-class-118 pa t19129 l13854">unrealised </span><span class="pp-class-118 pa t19129 l13126">gains/losses </span><span class="pp-class-118 pa t19129 l24064">on </span><span class="pp-class-118 pa t19129 l24065">forward </span><span class="pp-class-118 pa t19129 l24066">exchange </span><span class="pp-class-118 pa t19129 l24067">contracts </span><span class="pp-class-118 pa t19129 l24068">is </span><span class="pp-class-118 pa t19129 l24069">adjusted </span><span class="pp-class-118 pa t19129 l24070 ls786">in </span><span class="pp-class-118 pa t19129 l24071 ls786">equity.</span></p><p class="pp-class-107 pp-area-text"><span class="pp-class-118 pa t19841 l3">The </span><span class="pp-class-118 pa t19841 l550">forward </span><span class="pp-class-118 pa t19841 l24072">exchange </span><span class="pp-class-118 pa t19841 l540">contracts, </span><span class="pp-class-118 pa t19841 l13452">which </span><span class="pp-class-118 pa t19841 l12705">have </span><span class="pp-class-118 pa t19841 l24073">been </span><span class="pp-class-118 pa t19841 l24074">entered </span><span class="pp-class-118 pa t19841 l24075">into </span><span class="pp-class-118 pa t19841 l24076">with </span><span class="pp-class-118 pa t19841 l24077">the </span><span class="pp-class-118 pa t19841 l24078">company’s </span><span class="pp-class-118 pa t19841 l24079 ls786">usual </span><span class="pp-class-118 pa t19841 l24080">bank </span><span class="pp-class-118 pa t19841 l24081 ls786">connection, </span><span class="pp-class-118 pa t19841 l24082 ls786">cover </span><span class="pp-class-118 pa t19140 l3 ls21290">periods </span><span class="pp-class-118 pa t19140 l18295">of </span><span class="pp-class-118 pa t19140 l18296">0-12 </span><span class="pp-class-118 pa t19140 l24083">months </span><span class="pp-class-118 pa t19140 l24084">from </span><span class="pp-class-118 pa t19140 l24085">the </span><span class="pp-class-118 pa t19140 l24086">balance </span><span class="pp-class-118 pa t19140 l24087">sheet </span><span class="pp-class-118 pa t19140 l24088">date.</span></p></div></div> <p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-119 pa t16561 l3 ls9277">21. </span><span class="pp-class-119 pa t16561 l24090 ls24091">Earnings </span><span class="pp-class-119 pa t16561 l24092 ls24093">per </span><span class="pp-class-119 pa t16561 l24094 ls4997">share</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-116 pa t24095 l3 ls1584">Earnings </span><span class="pp-class-116 pa t24095 l24096 ls5314">per </span><span class="pp-class-116 pa t24095 l24097 ls279">share </span><span class="pp-class-116 pa t24095 l24098 ls21276">before </span><span class="pp-class-116 pa t24095 l24099 ls6056">dilution</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-118 pa t19059 l3">Earnings </span><span class="pp-class-118 pa t19059 l2778">per </span><span class="pp-class-118 pa t19059 l3077">share </span><span class="pp-class-118 pa t19059 l3078">before </span><span class="pp-class-118 pa t19059 l3079">dilution </span><span class="pp-class-118 pa t19059 l24100">are </span><span class="pp-class-118 pa t19059 l24101">calculated </span><span class="pp-class-118 pa t19059 l24102">by </span><span class="pp-class-118 pa t19059 l22923">dividing </span><span class="pp-class-118 pa t19059 l24103">profit </span><span class="pp-class-118 pa t19059 l24104">attributable </span><span class="pp-class-118 pa t19059 l24105">to </span><span class="pp-class-118 pa t19059 l24106 ls786">the </span><span class="pp-class-118 pa t19059 l24107 ls786">shareholders </span><span class="pp-class-118 pa t19059 l24108 ls786">by </span><span class="pp-class-118 pa t19059 l24109 ls786">the </span><span class="pp-class-118 pa t19059 l24110">weighted </span><span class="pp-class-118 pa t19063 l3">average </span><span class="pp-class-118 pa t19063 l7387">number </span><span class="pp-class-118 pa t19063 l10028">of </span><span class="pp-class-118 pa t19063 l10029">outstanding </span><span class="pp-class-118 pa t19063 l24111">ordinary </span><span class="pp-class-118 pa t19063 l8650">shares </span><span class="pp-class-118 pa t19063 l24112">during </span><span class="pp-class-118 pa t19063 l24113">the </span><span class="pp-class-118 pa t19063 l24114">period. </span></p><table xmlns="http://www.w3.org/1999/xhtml"><tr><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t24115 l15601 ls458">2025</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t24115 l15602 ls1074">2024</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t24116 l3">Profit </span><span class="pp-class-113 pa t24116 l24117">attributable </span><span class="pp-class-113 pa t24116 l24118">to </span><span class="pp-class-113 pa t24116 l24119">shareholders </span><span class="pp-class-113 pa t24116 l24120">(DKK'000)</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t24116 l15719 ls786">77,770</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t24116 l15720 ls786">57,675</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t24121 l3">Weighted </span><span class="pp-class-113 pa t24121 l21605">average </span><span class="pp-class-113 pa t24121 l21606">number </span><span class="pp-class-113 pa t24121 l24122">of </span><span class="pp-class-113 pa t24121 l21607">outstanding </span><span class="pp-class-113 pa t24121 l23106">ordinary </span><span class="pp-class-113 pa t24121 l24123">shares </span><span class="pp-class-113 pa t24121 l24124">before </span><span class="pp-class-113 pa t24121 l24125">dilution</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t24121 l24126 ls786">10,349,205</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t24121 l24127 ls786">10,440,012</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t24128 l3">Earnings </span><span class="pp-class-113 pa t24128 l15694">per </span><span class="pp-class-113 pa t24128 l15695">share </span><span class="pp-class-113 pa t24128 l15696">before </span><span class="pp-class-113 pa t24128 l15697">dilution </span><span class="pp-class-113 pa t24128 l24129">(DKK)</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t24128 l15700">7.51</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t24128 l15701">5.52</span></p></td></tr></table><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-116 pa t24130 l3 ls1584">Earnings </span><span class="pp-class-116 pa t24130 l24096 ls5314">per </span><span class="pp-class-116 pa t24130 l24097 ls279">share </span><span class="pp-class-116 pa t24130 l24131 ls279">after </span><span class="pp-class-116 pa t24130 l24132 ls6056">dilution</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-118 pa t19105 l3">To </span><span class="pp-class-118 pa t19105 l3353">calculate </span><span class="pp-class-118 pa t19105 l24133">earnings </span><span class="pp-class-118 pa t19105 l24134">per </span><span class="pp-class-118 pa t19105 l13762">share </span><span class="pp-class-118 pa t19105 l8406">after </span><span class="pp-class-118 pa t19105 l7368">dilution, </span><span class="pp-class-118 pa t19105 l24135">the </span><span class="pp-class-118 pa t19105 l24136">weighted </span><span class="pp-class-118 pa t19105 l24137">average </span><span class="pp-class-118 pa t19105 l24138">number </span><span class="pp-class-118 pa t19105 l24139">of </span><span class="pp-class-118 pa t19105 l24140">outstanding </span><span class="pp-class-118 pa t19105 l24141 ls786">ordinary </span><span class="pp-class-118 pa t19105 l24142 ls786">shares </span><span class="pp-class-118 pa t19105 l24143">was </span><span class="pp-class-118 pa t19112 l3">adjusted </span><span class="pp-class-118 pa t19112 l19270">for </span><span class="pp-class-118 pa t19112 l19836">the </span><span class="pp-class-118 pa t19112 l19231">dilution </span><span class="pp-class-118 pa t19112 l17455">effect </span><span class="pp-class-118 pa t19112 l583">of </span><span class="pp-class-118 pa t19112 l24144">all </span><span class="pp-class-118 pa t19112 l24145">potential </span><span class="pp-class-118 pa t19112 l24146">ordinary </span><span class="pp-class-118 pa t19112 l24147">shares. </span><span class="pp-class-118 pa t19112 l24148">These </span><span class="pp-class-118 pa t19112 l24149">potential </span><span class="pp-class-118 pa t19112 l24150">ordinary </span><span class="pp-class-118 pa t19112 l24151">shares </span><span class="pp-class-118 pa t19112 l24152">were </span><span class="pp-class-118 pa t19112 l24153">attributable </span><span class="pp-class-118 pa t19112 l24154 ls786">to </span><span class="pp-class-118 pa t19112 l24155 ls786">the </span><span class="pp-class-118 pa t19118 l3">long-term </span><span class="pp-class-118 pa t19118 l22913">incentive </span><span class="pp-class-118 pa t19118 l7269">(LTI) </span><span class="pp-class-118 pa t19118 l13129">programmes </span><span class="pp-class-118 pa t19118 l24156">awarded </span><span class="pp-class-118 pa t19118 l24157">to </span><span class="pp-class-118 pa t19118 l10283">the </span><span class="pp-class-118 pa t19118 l24158">Executive </span><span class="pp-class-118 pa t19118 l24159">Management </span><span class="pp-class-118 pa t19118 l24160">in </span><span class="pp-class-118 pa t19118 l24161">2023, </span><span class="pp-class-118 pa t19118 l24162">2024 </span><span class="pp-class-118 pa t19118 l24163">and </span><span class="pp-class-118 pa t19118 l24164">2025, </span><span class="pp-class-118 pa t19118 l24165">cf. </span><span class="pp-class-118 pa t19118 l24166">note </span><span class="pp-class-118 pa t19118 l24167">5. </span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-118 pa t19129 l3">If </span><span class="pp-class-118 pa t19129 l17131">all </span><span class="pp-class-118 pa t19129 l24168">the </span><span class="pp-class-118 pa t19129 l14784">performance </span><span class="pp-class-118 pa t19129 l14249">targets </span><span class="pp-class-118 pa t19129 l1776">set </span><span class="pp-class-118 pa t19129 l18089">for </span><span class="pp-class-118 pa t19129 l17457">the </span><span class="pp-class-118 pa t19129 l24169">first </span><span class="pp-class-118 pa t19129 l24170">plan, </span><span class="pp-class-118 pa t19129 l24171">PSU </span><span class="pp-class-118 pa t19129 l24172">2023-2025, </span><span class="pp-class-118 pa t19129 l24173">2024-2026 </span><span class="pp-class-118 pa t19129 l24174 ls786">and </span><span class="pp-class-118 pa t19129 l24175 ls786">2025-2027, </span><span class="pp-class-118 pa t19129 l24176">are </span><span class="pp-class-118 pa t19129 l24177 ls786">achieved </span><span class="pp-class-118 pa t19129 l24178 ls786">in </span><span class="pp-class-118 pa t19129 l24179">full, </span><span class="pp-class-118 pa t19135 l3">the </span><span class="pp-class-118 pa t19135 l1444">aggregate </span><span class="pp-class-118 pa t19135 l24180">allocated </span><span class="pp-class-118 pa t19135 l24181">maximum </span><span class="pp-class-118 pa t19135 l24182">number </span><span class="pp-class-118 pa t19135 l24183">of </span><span class="pp-class-118 pa t19135 l24184">share </span><span class="pp-class-118 pa t19135 l24185">units </span><span class="pp-class-118 pa t19135 l24186">and, </span><span class="pp-class-118 pa t19135 l24187">accordingly, </span><span class="pp-class-118 pa t19135 l24188">shares </span><span class="pp-class-118 pa t19135 l24189 ls786">to </span><span class="pp-class-118 pa t19135 l24190 ls786">be </span><span class="pp-class-118 pa t19135 l24191 ls786">awarded </span><span class="pp-class-118 pa t19135 l24192 ls786">will </span><span class="pp-class-118 pa t19135 l24193">be </span><span class="pp-class-118 pa t19135 l24194 ls786">77,532 </span><span class="pp-class-118 pa t19135 l24195 ls786">shares </span><span class="pp-class-118 pa t19841 l3">(gross </span><span class="pp-class-118 pa t19841 l24196">earnings). </span></p><table xmlns="http://www.w3.org/1999/xhtml"><tr><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t24197 l15601 ls458">2025</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t24197 l15602 ls1074">2024</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t24198 l3">Weighted </span><span class="pp-class-113 pa t24198 l21605">average </span><span class="pp-class-113 pa t24198 l21606">number </span><span class="pp-class-113 pa t24198 l24122">of </span><span class="pp-class-113 pa t24198 l21607">outstanding </span><span class="pp-class-113 pa t24198 l23106">ordinary </span><span class="pp-class-113 pa t24198 l24123">shares</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t24198 l24126 ls786">10,349,205</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t24198 l24127 ls786">10,440,012</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t24199 l3">Management </span><span class="pp-class-113 pa t24199 l24200">performance </span><span class="pp-class-113 pa t24199 l24201">share </span><span class="pp-class-113 pa t24199 l24202">scheme</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t24199 l24203 ls786">43,869</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t24199 l24204 ls786">35,319</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t24205 l3">Weighted </span><span class="pp-class-113 pa t24205 l21605">average </span><span class="pp-class-113 pa t24205 l21606">number </span><span class="pp-class-113 pa t24205 l24122">of </span><span class="pp-class-113 pa t24205 l21607">outstanding </span><span class="pp-class-113 pa t24205 l23106">ordinary </span><span class="pp-class-113 pa t24205 l24123">shares </span><span class="pp-class-113 pa t24205 l24124">after </span><span class="pp-class-113 pa t24205 l24206">dilution</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t24205 l24207 ls786">10,393,074</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t24205 l24208 ls786">10,475,331</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t24209 l3">Earnings </span><span class="pp-class-113 pa t24209 l15694">per </span><span class="pp-class-113 pa t24209 l15695">share </span><span class="pp-class-113 pa t24209 l15696">after </span><span class="pp-class-113 pa t24209 l15703">dilution</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t24209 l15705">7.48</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t24209 l15706">5.51</span></p></td></tr></table> <p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-119 pa t24210 l3 ls4995">22. </span><span class="pp-class-119 pa t24210 l24211 ls24212">Dividend</span></p><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-118 pa t20438 l3">The </span><span class="pp-class-118 pa t20438 l550">Board </span><span class="pp-class-118 pa t20438 l7380">of </span><span class="pp-class-118 pa t20438 l7381">Directors </span><span class="pp-class-118 pa t20438 l7382">proposes </span><span class="pp-class-118 pa t20438 l20837">to </span><span class="pp-class-118 pa t20438 l13875">the </span><span class="pp-class-118 pa t20438 l7847">Annual </span><span class="pp-class-118 pa t20438 l17241">General </span><span class="pp-class-118 pa t20438 l24213">Meeting </span><span class="pp-class-118 pa t20438 l24214">to </span><span class="pp-class-118 pa t20438 l24215">distribute </span><span class="pp-class-118 pa t20438 l24216">an </span><span class="pp-class-118 pa t20438 l24217">ordinary </span><span class="pp-class-118 pa t20438 l24218 ls786">dividend </span><span class="pp-class-118 pa t20438 l24219 ls786">of </span><span class="pp-class-118 pa t20438 l24220">DKK </span><span class="pp-class-118 pa t20438 l24221">4.50 </span><span class="pp-class-118 pa t20438 l24222">per </span><span class="pp-class-118 pa t19209 l3">share. </span><span class="pp-class-118 pa t19209 l7394">Excluding </span><span class="pp-class-118 pa t19209 l7395">treasury </span><span class="pp-class-118 pa t19209 l7396">shares, </span><span class="pp-class-118 pa t19209 l7397">this </span><span class="pp-class-118 pa t19209 l7398">corresponds </span><span class="pp-class-118 pa t19209 l7399">to </span><span class="pp-class-118 pa t19209 l24223">DKK </span><span class="pp-class-118 pa t19209 l24224">46 </span><span class="pp-class-118 pa t19209 l24225">million. </span></p> 4.5 46000 <div class="pp-class-7" id="pp-id-3401" xmlns="http://www.w3.org/1999/xhtml"><div class="w22280 h24227 pa t2 l3 wtro4 xx16559 tro6 xx16560"><p class="pp-class-107 pp-area-text"><span class="pp-class-119 pa t16561 l3 ls24228">23. </span><span class="pp-class-119 pa t16561 l24229 ls5779">Deferred </span><span class="pp-class-119 pa t16561 l24230 ls15275">tax</span></p><table><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t24231 l3 ls14110">DKK’000</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t24232 l24233 ls20850">Deferred </span><span class="pp-class-112 pa t24232 l24234 ls626">tax </span><span class="pp-class-112 pa t24231 l24235 ls458">assets</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t24232 l24236 ls20850">Deferred </span><span class="pp-class-112 pa t24232 l24237 ls626">tax </span><span class="pp-class-112 pa t24231 l24238 ls23380">liabilities</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t24231 l24239 ls5868">Net</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t24240 l3">Opening </span><span class="pp-class-113 pa t24240 l22508">balance, </span><span class="pp-class-113 pa t24240 l23506">1 </span><span class="pp-class-113 pa t24240 l23507">January </span><span class="pp-class-113 pa t24240 l24241">2025</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t24240 l21255">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t24240 l24242 ls786">66,629</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t24240 l15997 ls786">66,629</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t24243 l3">Acquisition </span><span class="pp-class-113 pa t24243 l16257">of </span><span class="pp-class-113 pa t24243 l16258">entities</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t24243 l21255">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t24243 l24244 ls786">11,777</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t24243 l24245 ls786">11,777</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t24246 l3">Recognised </span><span class="pp-class-113 pa t24246 l16034">in </span><span class="pp-class-113 pa t24246 l24247">net </span><span class="pp-class-113 pa t24246 l24248">profit </span><span class="pp-class-113 pa t24246 l24249">for </span><span class="pp-class-113 pa t24246 l24250">the </span><span class="pp-class-113 pa t24246 l24251">year</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t24246 l22183">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t24246 l24252 ls786">(1,681)</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t24246 l22362 ls786">(1,681)</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t24253 l3">Closing </span><span class="pp-class-114 pa t24253 l16156">balance, </span><span class="pp-class-114 pa t24253 l16157">31 </span><span class="pp-class-114 pa t24253 l16158">December </span><span class="pp-class-114 pa t24253 l16159">2025</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t24253 l22183">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t24253 l21597 ls786">76,725</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t24253 l24254 ls786">76,725</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t24255 l3">Opening </span><span class="pp-class-113 pa t24255 l22508">balance, </span><span class="pp-class-113 pa t24255 l23506">1 </span><span class="pp-class-113 pa t24255 l23507">January </span><span class="pp-class-113 pa t24255 l24241">2024</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t24255 l21255">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t24255 l24256 ls786">68,032</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t24255 l24257 ls786">68,032</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t24258 l3">Adjustment </span><span class="pp-class-113 pa t24258 l15631">related </span><span class="pp-class-113 pa t24258 l24259">to </span><span class="pp-class-113 pa t24258 l24260">prior </span><span class="pp-class-113 pa t24258 l24261">years</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t24258 l21255">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t24258 l24262">(26)</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t24258 l24263">(26)</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t24264 l3">Recognised </span><span class="pp-class-113 pa t24264 l16034">in </span><span class="pp-class-113 pa t24264 l24247">net </span><span class="pp-class-113 pa t24264 l24248">profit </span><span class="pp-class-113 pa t24264 l24249">for </span><span class="pp-class-113 pa t24264 l24250">the </span><span class="pp-class-113 pa t24264 l24251">year</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t24264 l21255">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t24264 l24265 ls786">(1,377)</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t24264 l22381 ls786">(1,377)</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t24266 l3">Closing </span><span class="pp-class-114 pa t24266 l16156">balance, </span><span class="pp-class-114 pa t24266 l16157">31 </span><span class="pp-class-114 pa t24266 l16158">December </span><span class="pp-class-114 pa t24266 l16159">2024</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t24266 l22183">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t24266 l24267 ls786">66,629</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t24266 l24268 ls786">66,629</span></p></td></tr></table><p class="pp-class-107 pp-area-text"><span class="pp-class-121 pa t19123 l3">Change </span><span class="pp-class-121 pa t19123 l16649">in </span><span class="pp-class-121 pa t19123 l1913">deferred </span><span class="pp-class-121 pa t19123 l12665">tax </span><span class="pp-class-121 pa t19123 l9834">liabilities </span><span class="pp-class-121 pa t19123 l24269">for </span><span class="pp-class-121 pa t19123 l13131">the </span><span class="pp-class-121 pa t19123 l24270">period:</span><span class="pp-class-118 pa t19230 l3">The </span><span class="pp-class-118 pa t19230 l550">corporation </span><span class="pp-class-118 pa t19230 l24271">tax </span><span class="pp-class-118 pa t19230 l9830">rate </span><span class="pp-class-118 pa t19230 l17536">in </span><span class="pp-class-118 pa t19230 l948">Denmark </span><span class="pp-class-118 pa t19230 l24272">for </span><span class="pp-class-118 pa t19230 l24273">the </span><span class="pp-class-118 pa t19230 l24274">year </span><span class="pp-class-118 pa t19230 l24275">is </span><span class="pp-class-118 pa t19230 l24276">22.0%. </span><span class="pp-class-118 pa t19230 l24277">There </span><span class="pp-class-118 pa t19230 l24278">are </span><span class="pp-class-118 pa t19230 l24279">no </span><span class="pp-class-118 pa t19230 l24280">tax </span><span class="pp-class-118 pa t19230 l24281">loss </span><span class="pp-class-118 pa t19230 l24282 ls786">carryforwards.</span></p><table><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t24283 l3 ls20850">Deferred </span><span class="pp-class-112 pa t24283 l24284 ls24285">tax </span><span class="pp-class-112 pa t24283 l24286 ls23380">liabilities</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t24287 l3 ls14110">DKK’000</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t24288 l24289 ls20994">Temporary </span><span class="pp-class-112 pa t24290 l24291 ls24292">differences </span><span class="pp-class-112 pa t24293 l24294 ls1762">in </span><span class="pp-class-112 pa t24293 l24295 ls21223">intangible </span><span class="pp-class-112 pa t24287 l24296 ls458">assets</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t24297 l24298 ls20994">Temporary </span><span class="pp-class-112 pa t24288 l24299 ls24292">differences </span><span class="pp-class-112 pa t24290 l24300 ls1762">in </span><span class="pp-class-112 pa t24290 l24301 ls24302">property, </span><span class="pp-class-112 pa t24293 l24303 ls458">plant </span><span class="pp-class-112 pa t24293 l24304 ls5868">and </span><span class="pp-class-112 pa t24287 l24305 ls1116">equipment</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t24288 l24306 ls20994">Temporary </span><span class="pp-class-112 pa t24290 l24307 ls24292">differences </span><span class="pp-class-112 pa t24293 l24308 ls21020">in </span><span class="pp-class-112 pa t24287 l23458 ls11003">inventories</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t24288 l24309 ls20994">Temporary </span><span class="pp-class-112 pa t24290 l24310 ls24292">differences </span><span class="pp-class-112 pa t24293 l24311 ls21020">in </span><span class="pp-class-112 pa t24287 l24312 ls2116">receivables</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t24288 l24313 ls20994">Temporary </span><span class="pp-class-112 pa t24290 l24314 ls24292">differences </span><span class="pp-class-112 pa t24293 l24315 ls1762">in </span><span class="pp-class-112 pa t24293 l24316 ls1351">mortgage </span><span class="pp-class-112 pa t24287 l24317 ls24318">debt</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t24287 l23304 ls11452">Total</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t24319 l3">At </span><span class="pp-class-114 pa t24319 l23920">1 </span><span class="pp-class-114 pa t24319 l24320">January </span><span class="pp-class-114 pa t24319 l24321">2025</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t24319 l24322 ls786">49,539</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t24319 l24323 ls786">17,989</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t24319 l24324 ls786">871</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t24319 l24325 ls786">(1,475)</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t24319 l24326 ls786">(295)</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t24319 l24327 ls786">66,629</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t24328 l3">Acquisition </span><span class="pp-class-113 pa t24328 l16257">of </span><span class="pp-class-113 pa t24329 l3">entities</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t24329 l24330 ls786">11,776</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t24329 l24331">1</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t24329 l24332">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t24329 l24333">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t24329 l24334">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t24329 l24335 ls786">11,777</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t24336 l3">Recognised </span><span class="pp-class-113 pa t24336 l16034">in </span><span class="pp-class-113 pa t24336 l24247">net </span><span class="pp-class-113 pa t24337 l3">profit </span><span class="pp-class-113 pa t24337 l24338">for </span><span class="pp-class-113 pa t24337 l24339">the </span><span class="pp-class-113 pa t24337 l24340">year</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t24337 l24341 ls786">(2,571)</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t24337 l24342 ls786">908</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t24337 l24343 ls786">(87)</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t24337 l24344 ls786">253</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t24337 l24345 ls786">(184)</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t24337 l24346 ls786">(1,681)</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t24347 l3">At </span><span class="pp-class-114 pa t24347 l23920">31 </span><span class="pp-class-114 pa t24347 l23921">December </span><span class="pp-class-114 pa t24348 l3">2025</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t24348 l24349 ls786">58,744</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t24348 l24350 ls786">18,898</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t24348 l24351 ls786">784</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t24348 l24352 ls786">(1,222)</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t24348 l24353 ls786">(479)</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t24348 l24354 ls786">76,725</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t24355 l3">At </span><span class="pp-class-114 pa t24355 l23920">1 </span><span class="pp-class-114 pa t24355 l24320">January </span><span class="pp-class-114 pa t24355 l24321">2024</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t24355 l24356 ls786">50,635</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t24355 l24357 ls786">18,335</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t24355 l24358 ls786">504</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t24355 l24359 ls786">(1,032)</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t24355 l24360 ls786">(410)</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t24355 l24361 ls786">68,032</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t24362 l3 ls22533">Adjustment </span><span class="pp-class-113 pa t24362 l24363 ls639">related </span><span class="pp-class-113 pa t24364 l3 ls22534">to </span><span class="pp-class-113 pa t24364 l24365 ls620">prior </span><span class="pp-class-113 pa t24364 l24366 ls626">years</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t24364 l24367">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t24364 l24368">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t24364 l24332">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t24364 l24333">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t24364 l24369 ls786">(26)</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t24364 l24370 ls786">(26)</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t24371 l3">Recognised </span><span class="pp-class-113 pa t24371 l16034">in </span><span class="pp-class-113 pa t24371 l24247">net </span><span class="pp-class-113 pa t24372 l3">profit </span><span class="pp-class-113 pa t24372 l24338">for </span><span class="pp-class-113 pa t24372 l24339">the </span><span class="pp-class-113 pa t24372 l24340">year</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t24372 l24373 ls786">(1,096)</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t24372 l24374 ls786">(346)</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t24372 l24375 ls786">367</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t24372 l24376 ls786">(443)</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t24372 l24377 ls786">141</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t24372 l24378 ls786">(1,377)</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t24379 l3">At </span><span class="pp-class-114 pa t24379 l23920">31 </span><span class="pp-class-114 pa t24379 l23921">December </span><span class="pp-class-114 pa t24380 l3">2024</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t24381 l24322 ls786">49,539</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t24381 l24323 ls786">17,989</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t24381 l24324 ls786">871</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t24381 l24325 ls786">(1,475)</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t24381 l24326 ls786">(295)</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t24381 l24327 ls786">66,629</span></p></td></tr></table></div></div> <div class="pp-class-7" id="pp-id-3402" xmlns="http://www.w3.org/1999/xhtml"><div class="w15596 h24382 pa t2 l3 wtro4 xx16559 tro6 xx16560"><p class="pp-class-107 pp-area-text"><span class="pp-class-119 pa t16561 l3 ls24383">24. </span><span class="pp-class-119 pa t16561 l24384 ls448">Bank </span><span class="pp-class-119 pa t16561 l24385 ls24386">loans </span><span class="pp-class-119 pa t16561 l24387 ls122">and </span><span class="pp-class-119 pa t16561 l24388 ls24389">mortgage </span><span class="pp-class-119 pa t16561 l24390 ls155">loans</span></p><p class="pp-class-107 pp-area-text"><span class="pp-class-118 pa t19804 l3">Refer </span><span class="pp-class-118 pa t19804 l6742">to </span><span class="pp-class-118 pa t19804 l13152">note </span><span class="pp-class-118 pa t19804 l24391">3 </span><span class="pp-class-118 pa t19804 l13122">for </span><span class="pp-class-118 pa t19804 l24392">additional </span><span class="pp-class-118 pa t19804 l24393">information </span><span class="pp-class-118 pa t19804 l24394">regarding </span><span class="pp-class-118 pa t19804 l24395">bank </span><span class="pp-class-118 pa t19804 l24396">loans </span><span class="pp-class-118 pa t19804 l24397">and </span><span class="pp-class-118 pa t19804 l24398">mortgage </span><span class="pp-class-118 pa t19804 l24399">loans. </span></p><table><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t24400 l3 ls14110">DKK’000</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t24400 l15601 ls458">2025</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t24400 l15602 ls1074">2024</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-116 pa t24401 l3 ls24402">Maturity </span><span class="pp-class-116 pa t24401 l24403 ls24404">structure</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t24405 l3">Within </span><span class="pp-class-113 pa t24405 l24406">1 </span><span class="pp-class-113 pa t24405 l24407">year</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t24405 l24408 ls786">82,714</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t24405 l24409 ls786">22,995</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t24410 l3">Between </span><span class="pp-class-113 pa t24410 l24411">1 </span><span class="pp-class-113 pa t24410 l24412">and </span><span class="pp-class-113 pa t24410 l24413">5 </span><span class="pp-class-113 pa t24410 l24414">years</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t24410 l24415 ls786">245,778</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t24410 l24416 ls786">199,078</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t24417 l3">Later </span><span class="pp-class-113 pa t24417 l24418">than </span><span class="pp-class-113 pa t24417 l24419">5 </span><span class="pp-class-113 pa t24417 l24420">years</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t24417 l24421 ls786">28,239</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t24417 l24422 ls786">29,749</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t24423 l3">Total</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t24423 l24424 ls786">356,731</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t24423 l24425 ls786">251,822</span></p></td></tr></table></div></div> <div class="pp-class-7" id="pp-id-3410" xmlns="http://www.w3.org/1999/xhtml"><div class="w15596 h24528 pa t2 l3 wtro4 xx16559 tro6 xx16560"><p class="pp-class-107 pp-area-text"><span class="pp-class-119 pa t16561 l3 ls358">26. </span><span class="pp-class-119 pa t16561 l24529 ls24530">Acquisition </span><span class="pp-class-119 pa t16561 l24531 ls207">of </span><span class="pp-class-119 pa t16561 l24532 ls5212">ENTITIES </span><span class="pp-class-119 pa t16561 l24533 ls146">(business </span><span class="pp-class-119 pa t16561 l24534 ls16565">combinations)</span></p><p class="pp-class-107 pp-area-text"><span class="pp-class-120 pa t20309 l3 ls176">2025: </span><span class="pp-class-120 pa t20309 l24535 ls20243">Acquisition </span><span class="pp-class-120 pa t20309 l11953 ls458">of </span><span class="pp-class-120 pa t20309 l24536 ls9542">Celebert </span><span class="pp-class-120 pa t20309 l24537 ls458">ApS</span></p><p class="pp-class-107 pp-area-text"><span class="pp-class-118 pa t19059 l3">On </span><span class="pp-class-118 pa t19059 l3312">25 </span><span class="pp-class-118 pa t19059 l3313">November </span><span class="pp-class-118 pa t19059 l3314">2025, </span><span class="pp-class-118 pa t19059 l3315">TCM </span><span class="pp-class-118 pa t19059 l3316">Group </span><span class="pp-class-118 pa t19059 l3317">A/S </span><span class="pp-class-118 pa t19059 l3318">acquired </span><span class="pp-class-118 pa t19059 l3319">the </span><span class="pp-class-118 pa t19059 l3320">remaining </span><span class="pp-class-118 pa t19059 l24538">55% </span><span class="pp-class-118 pa t19059 l24539">of </span><span class="pp-class-118 pa t19059 l24540">the </span><span class="pp-class-118 pa t19059 l24541">shares </span><span class="pp-class-118 pa t19059 l24542 ls786">in </span><span class="pp-class-118 pa t19059 l24543">Celebert </span><span class="pp-class-118 pa t19059 l24544">ApS </span><span class="pp-class-118 pa t19059 l24545">and </span><span class="pp-class-118 pa t19059 l24546">therefore </span><span class="pp-class-118 pa t19059 l24547">now </span><span class="pp-class-118 pa t19063 l3">owns </span><span class="pp-class-118 pa t19063 l24548">100% </span><span class="pp-class-118 pa t19063 l18661">of </span><span class="pp-class-118 pa t19063 l24549">the </span><span class="pp-class-118 pa t19063 l24550">company. </span><span class="pp-class-118 pa t19063 l11787">The </span><span class="pp-class-118 pa t19063 l1628">acquisition </span><span class="pp-class-118 pa t19063 l13586">supports </span><span class="pp-class-118 pa t19063 l24551">TCM </span><span class="pp-class-118 pa t19063 l24552">Group’s </span><span class="pp-class-118 pa t19063 l24553">strategy </span><span class="pp-class-118 pa t19063 l24554">of </span><span class="pp-class-118 pa t19063 l24555 ls786">strengthening </span><span class="pp-class-118 pa t19063 l24556 ls786">its </span><span class="pp-class-118 pa t19063 l24557 ls786">position </span><span class="pp-class-118 pa t19063 l24558 ls786">in </span><span class="pp-class-118 pa t19063 l24559 ls786">the </span><span class="pp-class-118 pa t19067 l3">fast-growing </span><span class="pp-class-118 pa t19067 l24560">online </span><span class="pp-class-118 pa t19067 l24561">sales </span><span class="pp-class-118 pa t19067 l4506">channel.</span></p></div></div><div class="pp-class-7" id="pp-id-3411" xmlns="http://www.w3.org/1999/xhtml"><div class="w15596 h24562 pa t2 l3 wtro4 xx30 tro6 xx31"><table><tr><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t15598 l20646 ls14110">DKK’000</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-116 pa t16199 l3 ls182">Purchase </span><span class="pp-class-116 pa t16199 l24563 ls194">consideration</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"/></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t16201 l3">Cash </span><span class="pp-class-113 pa t16201 l15941">paid</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t16201 l24564 ls786">80,000</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t16205 l3">Purchase </span><span class="pp-class-114 pa t16205 l24565">price</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t16205 l24566">80,000</span></p></td></tr></table><p class="pp-class-107 pp-area-text"><span class="pp-class-118 pa t24567 l3">The </span><span class="pp-class-118 pa t24567 l550">total </span><span class="pp-class-118 pa t24567 l24568">fair </span><span class="pp-class-118 pa t24567 l24569">value </span><span class="pp-class-118 pa t24567 l24570">of </span><span class="pp-class-118 pa t24567 l18980">the </span><span class="pp-class-118 pa t24567 l24571">shares </span><span class="pp-class-118 pa t24567 l24572">can </span><span class="pp-class-118 pa t24567 l24573">be </span><span class="pp-class-118 pa t24567 l18935">specified </span><span class="pp-class-118 pa t24567 l24574">as </span><span class="pp-class-118 pa t24567 l24575">follows:</span></p><table><tr><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t24576 l20646 ls14110">DKK’000</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-116 pa t24577 l3 ls182">Purchase </span><span class="pp-class-116 pa t24577 l24563 ls194">consideration</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"/></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t24578 l3">Total </span><span class="pp-class-114 pa t24578 l15778">purchase </span><span class="pp-class-114 pa t24578 l24579">price, </span><span class="pp-class-114 pa t24578 l24580">55% </span><span class="pp-class-114 pa t24578 l24581">of </span><span class="pp-class-114 pa t24578 l24582">the </span><span class="pp-class-114 pa t24578 l24583">shares</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t24578 l24564 ls786">80,000</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t24584 l3">Fair </span><span class="pp-class-113 pa t24584 l22200">value, </span><span class="pp-class-113 pa t24584 l24585">45% </span><span class="pp-class-113 pa t24584 l24586">of </span><span class="pp-class-113 pa t24584 l24587">the </span><span class="pp-class-113 pa t24584 l24588">shares</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t24584 l24589 ls786">65,455</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t24590 l3">Total </span><span class="pp-class-114 pa t24590 l15778">fair </span><span class="pp-class-114 pa t24590 l24591">value, </span><span class="pp-class-114 pa t24590 l24592">100% </span><span class="pp-class-114 pa t24590 l24593">of </span><span class="pp-class-114 pa t24590 l24594">the </span><span class="pp-class-114 pa t24590 l24595">shares</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t24590 l24596">145,455 </span></p></td></tr></table><p class="pp-class-107 pp-area-text"><span class="pp-class-118 pa t24597 l3">The </span><span class="pp-class-118 pa t24597 l550">book </span><span class="pp-class-118 pa t24597 l17178">value </span><span class="pp-class-118 pa t24597 l24598">of </span><span class="pp-class-118 pa t24597 l24599">the </span><span class="pp-class-118 pa t24597 l12124">existing </span><span class="pp-class-118 pa t24597 l9419">45% </span><span class="pp-class-118 pa t24597 l11271">shareholding </span><span class="pp-class-118 pa t24597 l24600">amounted </span><span class="pp-class-118 pa t24597 l24601">to </span><span class="pp-class-118 pa t24597 l24602">DKK </span><span class="pp-class-118 pa t24597 l24603">45.2 </span><span class="pp-class-118 pa t24597 l24604">million </span><span class="pp-class-118 pa t24597 l24605 ls786">as </span><span class="pp-class-118 pa t24597 l24606 ls786">of </span><span class="pp-class-118 pa t24597 l24607 ls786">the </span><span class="pp-class-118 pa t24597 l24608 ls786">closing </span><span class="pp-class-118 pa t24597 l24609 ls786">date. </span><span class="pp-class-118 pa t24597 l24610">A </span><span class="pp-class-118 pa t24597 l24611">net </span><span class="pp-class-118 pa t24597 l24612 ls786">revalua-</span><span class="pp-class-118 pa t24613 l3">tion </span><span class="pp-class-118 pa t24613 l11323">of </span><span class="pp-class-118 pa t24613 l17515">DKK </span><span class="pp-class-118 pa t24613 l24614">20.3 </span><span class="pp-class-118 pa t24613 l2568">million </span><span class="pp-class-118 pa t24613 l19629">has </span><span class="pp-class-118 pa t24613 l24615">been </span><span class="pp-class-118 pa t24613 l24616">recognised </span><span class="pp-class-118 pa t24613 l12892">in </span><span class="pp-class-118 pa t24613 l24617">the </span><span class="pp-class-118 pa t24613 l24618">income </span><span class="pp-class-118 pa t24613 l24619">statement </span><span class="pp-class-118 pa t24613 l24620">and </span><span class="pp-class-118 pa t24613 l24621 ls786">presented </span><span class="pp-class-118 pa t24613 l24622 ls786">as </span><span class="pp-class-118 pa t24613 l24623 ls786">a </span><span class="pp-class-118 pa t24613 l24624">non-recurring </span><span class="pp-class-118 pa t24613 l24625 ls786">item.</span></p></div></div><div class="pp-class-7" id="pp-id-3413" xmlns="http://www.w3.org/1999/xhtml"><div class="w15596 h24629 pa t2 l3 wtro4 xx30 tro6 xx31"><table><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t16059 l3 ls14110">DKK’000</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t16059 l24630 ls5868">Fair </span><span class="pp-class-112 pa t16059 l23398 ls2728">value</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t15598 l24631 ls16079">Acquired </span><span class="pp-class-112 pa t16060 l24452 ls1762">carrying </span><span class="pp-class-112 pa t16059 l24453 ls458">amount</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-116 pa t24632 l3 ls4742">Assets </span><span class="pp-class-116 pa t24632 l24633 ls5314">and </span><span class="pp-class-116 pa t24632 l3432 ls24634">liabilities </span><span class="pp-class-116 pa t24632 l24635 ls24636">included </span><span class="pp-class-116 pa t24632 l24637 ls15514">in </span><span class="pp-class-116 pa t24632 l24638 ls5314">the </span><span class="pp-class-116 pa t24632 l24639 ls267">acquisition</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t16095 l3">Cash </span><span class="pp-class-113 pa t16095 l15941">and </span><span class="pp-class-113 pa t16095 l15942">cash </span><span class="pp-class-113 pa t16095 l15943">equivalents</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t16095 l16321 ls786">6,613 </span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t16095 l24640 ls786">6,613 </span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t16107 l3">Property, </span><span class="pp-class-113 pa t16107 l15836">plant </span><span class="pp-class-113 pa t16107 l3306">and </span><span class="pp-class-113 pa t16107 l15837">equipment</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t16107 l24641 ls786">2,023 </span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t16107 l24642 ls786">1,036 </span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t16116 l3">Intangible </span><span class="pp-class-113 pa t16116 l24643">assets: </span><span class="pp-class-113 pa t16116 l11995">design </span><span class="pp-class-113 pa t16116 l24644">rights</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t16116 l24645 ls786">5,774 </span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t16116 l15652">0 </span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t24646 l3">Intangible </span><span class="pp-class-113 pa t24646 l24643">assets: </span><span class="pp-class-113 pa t24646 l11995">brand </span><span class="pp-class-113 pa t24646 l24647">value/domains</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t24646 l24648 ls786">44,012 </span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t24646 l15652">0 </span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t24649 l3">Financial </span><span class="pp-class-113 pa t24649 l15663">assets</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t24649 l24650">152 </span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t24649 l24651">152 </span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t24652 l3">Inventories</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t24652 l24653 ls786">2,247 </span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t24652 l16219 ls786">2,247 </span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t24654 l3">Trade </span><span class="pp-class-113 pa t24654 l15913">receivables </span><span class="pp-class-113 pa t24654 l24655">and </span><span class="pp-class-113 pa t24654 l15779">other </span><span class="pp-class-113 pa t24654 l24656">receivables</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t24654 l24657 ls786">6,463 </span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t24654 l24658 ls786">6,463 </span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t24659 l3">Accounts </span><span class="pp-class-113 pa t24659 l24482">payable </span><span class="pp-class-113 pa t24659 l24660">and </span><span class="pp-class-113 pa t24659 l24661">other </span><span class="pp-class-113 pa t24659 l24662">operating </span><span class="pp-class-113 pa t24659 l24663">liabilities</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t24659 l24664 ls786">(14,018)</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t24659 l24665 ls786">(14,018)</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t24666 l3">Tax </span><span class="pp-class-113 pa t24666 l15676">payable</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t24666 l24667 ls786">(2,707)</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t24666 l24668 ls786">(2,707)</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t24669 l3">Other </span><span class="pp-class-113 pa t24669 l15637">interest-bearing </span><span class="pp-class-113 pa t24669 l24670">liabilities</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t24669 l24671 ls786">(987)</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t24669 l15652">0 </span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t24672 l3">Deferred </span><span class="pp-class-113 pa t24672 l15994">taxes, </span><span class="pp-class-113 pa t24672 l24673">net</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t24672 l24674 ls786">(11,777)</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t24672 l24675 ls786">(824)</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t24676 l3">Net </span><span class="pp-class-114 pa t24676 l15683">identifiable </span><span class="pp-class-114 pa t24676 l24677">assets </span><span class="pp-class-114 pa t24676 l24678">acquired </span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t24676 l24679 ls786">37,795 </span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t24676 l24680 ls786">(1,038)</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t24681 l3">Goodwill</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t24681 l24682 ls786">107,660 </span></p></td><td xmlns="http://www.w3.org/1999/xhtml"/></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t24683 l3">Net </span><span class="pp-class-114 pa t24683 l15683">assets </span><span class="pp-class-114 pa t24683 l24684">acquired</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t24683 l24685 ls786">145,455 </span></p></td><td xmlns="http://www.w3.org/1999/xhtml"/></tr></table><p class="pp-class-107 pp-area-text"><span class="pp-class-118 pa t24686 l3">Goodwill </span><span class="pp-class-118 pa t24686 l17225">is </span><span class="pp-class-118 pa t24686 l4126">attributable </span><span class="pp-class-118 pa t24686 l24687">to </span><span class="pp-class-118 pa t24686 l19845">the </span><span class="pp-class-118 pa t24686 l24688">high </span><span class="pp-class-118 pa t24686 l18502">profitability </span><span class="pp-class-118 pa t24686 l24689">of </span><span class="pp-class-118 pa t24686 l8759">the </span><span class="pp-class-118 pa t24686 l24690">acquired </span><span class="pp-class-118 pa t24686 l24691">business. </span><span class="pp-class-118 pa t24686 l24692">It </span><span class="pp-class-118 pa t24686 l24693">will </span><span class="pp-class-118 pa t24686 l24694">not </span><span class="pp-class-118 pa t24686 l24695">be </span><span class="pp-class-118 pa t24686 l24696 ls786">deductible </span><span class="pp-class-118 pa t24686 l24697">for </span><span class="pp-class-118 pa t24686 l24698 ls786">tax </span><span class="pp-class-118 pa t24686 l24699">purposes.</span></p><p class="pp-class-107 pp-area-text"><span class="pp-class-118 pa t24700 l3">Revenue </span><span class="pp-class-118 pa t24700 l2927">attributable </span><span class="pp-class-118 pa t24700 l24701">to </span><span class="pp-class-118 pa t24700 l18005">Celebert </span><span class="pp-class-118 pa t24700 l24702">ApS </span><span class="pp-class-118 pa t24700 l24703">since </span><span class="pp-class-118 pa t24700 l24704">the </span><span class="pp-class-118 pa t24700 l11087">acquisition </span><span class="pp-class-118 pa t24700 l24705">date </span><span class="pp-class-118 pa t24700 l24706">amounted </span><span class="pp-class-118 pa t24700 l24707">to </span><span class="pp-class-118 pa t24700 l24708">DKK </span><span class="pp-class-118 pa t24700 l24709 ls786">11.6 </span><span class="pp-class-118 pa t24700 l24710 ls786">million, </span><span class="pp-class-118 pa t24700 l24711">and </span><span class="pp-class-118 pa t24700 l24712">net </span><span class="pp-class-118 pa t24700 l24713">profit </span><span class="pp-class-118 pa t24700 l24714">amounted </span><span class="pp-class-118 pa t24715 l3">to </span><span class="pp-class-118 pa t24715 l2249">DKK </span><span class="pp-class-118 pa t24715 l1180">-0.2 </span><span class="pp-class-118 pa t24715 l8736">million.</span></p><p class="pp-class-107 pp-area-text"><span class="pp-class-118 pa t24716 l3">If </span><span class="pp-class-118 pa t24716 l17131">the </span><span class="pp-class-118 pa t24716 l17978">acquisition </span><span class="pp-class-118 pa t24716 l24717">had </span><span class="pp-class-118 pa t24716 l2624">occurred </span><span class="pp-class-118 pa t24716 l24718">on </span><span class="pp-class-118 pa t24716 l24719">1 </span><span class="pp-class-118 pa t24716 l24720">January </span><span class="pp-class-118 pa t24716 l24721">2025, </span><span class="pp-class-118 pa t24716 l24722">consolidated </span><span class="pp-class-118 pa t24716 l24723">pro-forma </span><span class="pp-class-118 pa t24716 l24724">revenue </span><span class="pp-class-118 pa t24716 l24725">and </span><span class="pp-class-118 pa t24716 l24726">profit </span><span class="pp-class-118 pa t24716 l24727">for </span><span class="pp-class-118 pa t24716 l24728 ls786">the </span><span class="pp-class-118 pa t24716 l24729 ls786">period </span><span class="pp-class-118 pa t24716 l24730 ls786">ended </span><span class="pp-class-118 pa t24731 l3">31 </span><span class="pp-class-118 pa t24731 l15093">December </span><span class="pp-class-118 pa t24731 l2782">2025 </span><span class="pp-class-118 pa t24731 l15094">would </span><span class="pp-class-118 pa t24731 l11311">have </span><span class="pp-class-118 pa t24731 l24732">been </span><span class="pp-class-118 pa t24731 l24733">approximately </span><span class="pp-class-118 pa t24731 l24734">DKK </span><span class="pp-class-118 pa t24731 l24735">135 </span><span class="pp-class-118 pa t24731 l24736">million </span><span class="pp-class-118 pa t24731 l24737">and </span><span class="pp-class-118 pa t24731 l24738">DKK </span><span class="pp-class-118 pa t24731 l24739">3 </span><span class="pp-class-118 pa t24731 l24740">million </span><span class="pp-class-118 pa t24731 l24741 ls786">respectively. </span></p></div></div><div class="pp-class-7" id="pp-id-3414" xmlns="http://www.w3.org/1999/xhtml"><div class="w15596 h24742 pa t2 l3 wtro4 xx30 tro6 xx31"><p class="pp-class-107 pp-area-text"><span class="pp-class-118 pa t24743 l3">These </span><span class="pp-class-118 pa t24743 l1458">amounts </span><span class="pp-class-118 pa t24743 l24744">have </span><span class="pp-class-118 pa t24743 l22237">been </span><span class="pp-class-118 pa t24743 l24745">calculated </span><span class="pp-class-118 pa t24743 l4641">using </span><span class="pp-class-118 pa t24743 l24746">the </span><span class="pp-class-118 pa t24743 l24747">subsidiary’s </span><span class="pp-class-118 pa t24743 l24748">results </span><span class="pp-class-118 pa t24743 l24749">and </span><span class="pp-class-118 pa t24743 l24750">adjusting </span><span class="pp-class-118 pa t24743 l24751">them </span><span class="pp-class-118 pa t24743 l24752">for:</span><span class="pp-class-118 pa t24753 l3">• </span><span class="pp-class-118 pa t24753 l24754 ls960">differences </span><span class="pp-class-118 pa t24753 l24755">in </span><span class="pp-class-118 pa t24753 l8635">the </span><span class="pp-class-118 pa t24753 l24756">accounting </span><span class="pp-class-118 pa t24753 l24757">policies </span><span class="pp-class-118 pa t24753 l24758">of </span><span class="pp-class-118 pa t24753 l4370">the </span><span class="pp-class-118 pa t24753 l24759">Group </span><span class="pp-class-118 pa t24753 l24760">and </span><span class="pp-class-118 pa t24753 l24761">the </span><span class="pp-class-118 pa t24753 l24762">subsidiary</span></p><p class="pp-class-107 pp-area-text"><span class="pp-class-118 pa t24763 l3">• </span><span class="pp-class-118 pa t24763 l24754 ls2300">the </span><span class="pp-class-118 pa t24763 l24764">additional </span><span class="pp-class-118 pa t24763 l16595">depreciation </span><span class="pp-class-118 pa t24763 l9128">and </span><span class="pp-class-118 pa t24763 l24765">amortisation </span><span class="pp-class-118 pa t24763 l4156">that </span><span class="pp-class-118 pa t24763 l24766">would </span><span class="pp-class-118 pa t24763 l24767">have </span><span class="pp-class-118 pa t24763 l24768">been </span><span class="pp-class-118 pa t24763 l24769">charged </span><span class="pp-class-118 pa t24763 l24770 ls786">assuming </span><span class="pp-class-118 pa t24763 l24771 ls786">the </span><span class="pp-class-118 pa t24763 l22930 ls786">fair </span><span class="pp-class-118 pa t24763 l24772 ls786">value </span><span class="pp-class-118 pa t24763 l24773 ls786">adjustments </span><span class="pp-class-118 pa t24763 l24774 ls786">to </span><span class="pp-class-118 pa t24775 l24754">property, </span><span class="pp-class-118 pa t24775 l19828">plant </span><span class="pp-class-118 pa t24775 l24776">and </span><span class="pp-class-118 pa t24775 l8652">equipment </span><span class="pp-class-118 pa t24775 l24777">and </span><span class="pp-class-118 pa t24775 l24778">intangible </span><span class="pp-class-118 pa t24775 l24779">assets </span><span class="pp-class-118 pa t24775 l24780">had </span><span class="pp-class-118 pa t24775 l24781">applied </span><span class="pp-class-118 pa t24775 l24782">from </span><span class="pp-class-118 pa t24775 l24783">1 </span><span class="pp-class-118 pa t24775 l24784">January </span><span class="pp-class-118 pa t24775 l24785 ls786">2025, </span><span class="pp-class-118 pa t24775 l24786 ls786">together </span><span class="pp-class-118 pa t24775 l24787">with </span><span class="pp-class-118 pa t24775 l24788 ls786">the </span><span class="pp-class-118 pa t24775 l24789 ls786">consequen-</span><span class="pp-class-118 pa t24790 l24754">tial </span><span class="pp-class-118 pa t24790 l24791">tax </span><span class="pp-class-118 pa t24790 l24792">effects.</span></p><p class="pp-class-107 pp-area-text"><span class="pp-class-118 pa t24793 l3">The </span><span class="pp-class-118 pa t24793 l550">fair </span><span class="pp-class-118 pa t24793 l20961">value </span><span class="pp-class-118 pa t24793 l20962">of </span><span class="pp-class-118 pa t24793 l20963">trade </span><span class="pp-class-118 pa t24793 l10110">receivables </span><span class="pp-class-118 pa t24793 l24794">amounted </span><span class="pp-class-118 pa t24793 l24795">to </span><span class="pp-class-118 pa t24793 l23002">DKK </span><span class="pp-class-118 pa t24793 l24796">0.9 </span><span class="pp-class-118 pa t24793 l24797">million. </span><span class="pp-class-118 pa t24793 l24798">The </span><span class="pp-class-118 pa t24793 l24799">gross </span><span class="pp-class-118 pa t24793 l24800">contractual </span><span class="pp-class-118 pa t24793 l24801">receivables </span><span class="pp-class-118 pa t24793 l24802">amounted </span><span class="pp-class-118 pa t24793 l24803 ls786">to </span><span class="pp-class-118 pa t24793 l24804 ls786">DKK </span><span class="pp-class-118 pa t24805 l3">1.0 </span><span class="pp-class-118 pa t24805 l24806">million, </span><span class="pp-class-118 pa t24805 l24807">of </span><span class="pp-class-118 pa t24805 l24808">which </span><span class="pp-class-118 pa t24805 l24809">DKK </span><span class="pp-class-118 pa t24805 l24810">0.1 </span><span class="pp-class-118 pa t24805 l24811">million </span><span class="pp-class-118 pa t24805 l19936">is </span><span class="pp-class-118 pa t24805 l24812">considered </span><span class="pp-class-118 pa t24805 l24813">uncollectible.</span></p><table><tr><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t24814 l20646 ls14110">DKK’000</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-116 pa t24815 l3 ls182">Purchase </span><span class="pp-class-116 pa t24815 l24563 ls282">consideration </span><span class="pp-class-116 pa t24815 l1372">- </span><span class="pp-class-116 pa t24815 l24816 ls5314">cash </span><span class="pp-class-116 pa t24815 l24817 ls15710">outflow</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"/></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t24818 l3">Purchase </span><span class="pp-class-113 pa t24818 l16144">consideration </span><span class="pp-class-113 pa t24818 l24819">paid </span><span class="pp-class-113 pa t24818 l6795">in </span><span class="pp-class-113 pa t24818 l24820">cash</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t24818 l24564 ls786">80,000</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t24821 l3">Cash </span><span class="pp-class-113 pa t24821 l15941">and </span><span class="pp-class-113 pa t24821 l15942">cash </span><span class="pp-class-113 pa t24821 l15943">equivalents </span><span class="pp-class-113 pa t24821 l16337">in </span><span class="pp-class-113 pa t24821 l24822">acquired </span><span class="pp-class-113 pa t24821 l24823">subsidiaries</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t24821 l24824 ls786">(6,613)</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t24825 l3">Reduction </span><span class="pp-class-114 pa t24825 l24826">in </span><span class="pp-class-114 pa t24825 l24827">the </span><span class="pp-class-114 pa t24825 l24828">Group’s </span><span class="pp-class-114 pa t24825 l24829">cash </span><span class="pp-class-114 pa t24825 l24830">and </span><span class="pp-class-114 pa t24825 l24831">cash </span><span class="pp-class-114 pa t24825 l24832">equivalents </span><span class="pp-class-114 pa t24825 l24833">in </span><span class="pp-class-114 pa t24825 l24834">conjunction </span><span class="pp-class-114 pa t24825 l24835">with </span><span class="pp-class-114 pa t24825 l24836 ls786">acquisition</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t24825 l24464 ls786">73,387</span></p></td></tr></table><p class="pp-class-107 pp-area-text"><span class="pp-class-118 pa t24837 l3">Transaction </span><span class="pp-class-118 pa t24837 l7024">costs </span><span class="pp-class-118 pa t24837 l7025">for </span><span class="pp-class-118 pa t24837 l19064">the </span><span class="pp-class-118 pa t24837 l17111">acquisition </span><span class="pp-class-118 pa t24837 l24838">amounted </span><span class="pp-class-118 pa t24837 l2685">to </span><span class="pp-class-118 pa t24837 l24839">DKK </span><span class="pp-class-118 pa t24837 l24840">2.3 </span><span class="pp-class-118 pa t24837 l24841">million </span><span class="pp-class-118 pa t24837 l24842">and </span><span class="pp-class-118 pa t24837 l24843">are </span><span class="pp-class-118 pa t24837 l24844 ls786">presented </span><span class="pp-class-118 pa t24837 l24845">under </span><span class="pp-class-118 pa t24837 l24846">non-recurring </span><span class="pp-class-118 pa t24837 l24847 ls786">items. </span><span class="pp-class-118 pa t24837 l24848 ls786">Of </span><span class="pp-class-118 pa t24849 l3">the </span><span class="pp-class-118 pa t24849 l1444">transaction </span><span class="pp-class-118 pa t24849 l18344">costs, </span><span class="pp-class-118 pa t24849 l24850">DKK </span><span class="pp-class-118 pa t24849 l8737">2.3 </span><span class="pp-class-118 pa t24849 l18911">million </span><span class="pp-class-118 pa t24849 l18464">was </span><span class="pp-class-118 pa t24849 l10756">recognised </span><span class="pp-class-118 pa t24849 l24851">in </span><span class="pp-class-118 pa t24849 l24852">Q4 </span><span class="pp-class-118 pa t24849 l24853">2025.</span></p><p class="pp-class-107 pp-area-text"><span class="pp-class-120 pa t24854 l3 ls176">2025: </span><span class="pp-class-120 pa t24854 l24535 ls20243">Acquisition </span><span class="pp-class-120 pa t24854 l11953 ls458">of </span><span class="pp-class-120 pa t24854 l24536 ls9542">four </span><span class="pp-class-120 pa t24854 l24855 ls21622">retail </span><span class="pp-class-120 pa t24854 l24856 ls24857">stores </span></p><p class="pp-class-107 pp-area-text"><span class="pp-class-118 pa t24858 l3">On </span><span class="pp-class-118 pa t24858 l3312">1 </span><span class="pp-class-118 pa t24858 l24859">January </span><span class="pp-class-118 pa t24858 l24860">2025, </span><span class="pp-class-118 pa t24858 l24861">TCM </span><span class="pp-class-118 pa t24858 l12530">Group </span><span class="pp-class-118 pa t24858 l12852">completed </span><span class="pp-class-118 pa t24858 l24862">the </span><span class="pp-class-118 pa t24858 l24863">acquisition </span><span class="pp-class-118 pa t24858 l24864">of </span><span class="pp-class-118 pa t24858 l24601">the </span><span class="pp-class-118 pa t24858 l24865">Svane </span><span class="pp-class-118 pa t24858 l24866">Køkkenet </span><span class="pp-class-118 pa t24858 l21683 ls786">retail </span><span class="pp-class-118 pa t24858 l24867 ls786">stores </span><span class="pp-class-118 pa t24858 l24868 ls786">in </span><span class="pp-class-118 pa t24858 l24869">Aalborg </span><span class="pp-class-118 pa t24858 l24870">and </span><span class="pp-class-118 pa t24858 l24871">Hjørring. </span><span class="pp-class-118 pa t24872 l3">On </span><span class="pp-class-118 pa t24872 l3312">1 </span><span class="pp-class-118 pa t24872 l24859">September </span><span class="pp-class-118 pa t24872 l24873">2025, </span><span class="pp-class-118 pa t24872 l24874">TCM </span><span class="pp-class-118 pa t24872 l24875">Group </span><span class="pp-class-118 pa t24872 l24876">completed </span><span class="pp-class-118 pa t24872 l24877">the </span><span class="pp-class-118 pa t24872 l24878">acquisition </span><span class="pp-class-118 pa t24872 l24879">of </span><span class="pp-class-118 pa t24872 l24880">the </span><span class="pp-class-118 pa t24872 l24881">AUBO </span><span class="pp-class-118 pa t24872 l24882">retail </span><span class="pp-class-118 pa t24872 l24883">store </span><span class="pp-class-118 pa t24872 l24884 ls786">in </span><span class="pp-class-118 pa t24872 l24885 ls786">Esbjerg </span><span class="pp-class-118 pa t24872 l24886">and </span><span class="pp-class-118 pa t24872 l24887 ls786">the </span><span class="pp-class-118 pa t24872 l24888 ls786">Nettoline </span><span class="pp-class-118 pa t24872 l24889 ls786">retail </span><span class="pp-class-118 pa t24890 l3">store </span><span class="pp-class-118 pa t24890 l24891">in </span><span class="pp-class-118 pa t24890 l19421">Kolding. </span><span class="pp-class-118 pa t24890 l24892">The </span><span class="pp-class-118 pa t24890 l11904">total </span><span class="pp-class-118 pa t24890 l9397">consideration </span><span class="pp-class-118 pa t24890 l11185">for </span><span class="pp-class-118 pa t24890 l20189">the </span><span class="pp-class-118 pa t24890 l9720">four </span><span class="pp-class-118 pa t24890 l22915">retail </span><span class="pp-class-118 pa t24890 l24893">stores </span><span class="pp-class-118 pa t24890 l24894">amounted </span><span class="pp-class-118 pa t24890 l24895">to </span><span class="pp-class-118 pa t24890 l24896 ls786">DKK </span><span class="pp-class-118 pa t24890 l24897 ls786">2.7 </span><span class="pp-class-118 pa t24890 l24898 ls786">million, </span><span class="pp-class-118 pa t24890 l24899">which, </span><span class="pp-class-118 pa t24890 l24900 ls786">based </span><span class="pp-class-118 pa t24890 l24901 ls786">on </span><span class="pp-class-118 pa t24890 l24902 ls786">the </span><span class="pp-class-118 pa t24903 l3">preliminary </span><span class="pp-class-118 pa t24903 l24904">purchase </span><span class="pp-class-118 pa t24903 l18114">price </span><span class="pp-class-118 pa t24903 l24905">allocation </span><span class="pp-class-118 pa t24903 l15383">(PPA), </span><span class="pp-class-118 pa t24903 l24906">is </span><span class="pp-class-118 pa t24903 l24907">assessed </span><span class="pp-class-118 pa t24903 l24908">to </span><span class="pp-class-118 pa t24903 l24909">correspond </span><span class="pp-class-118 pa t24903 l24910">to </span><span class="pp-class-118 pa t24903 l24911">the </span><span class="pp-class-118 pa t24903 l24912">fair </span><span class="pp-class-118 pa t24903 l24913 ls786">value </span><span class="pp-class-118 pa t24903 l24914 ls786">of </span><span class="pp-class-118 pa t24903 l24915 ls786">the </span><span class="pp-class-118 pa t24903 l24916 ls786">acquired </span><span class="pp-class-118 pa t24903 l24917 ls786">assets. </span><span class="pp-class-118 pa t24903 l24918 ls786">Accord-</span><span class="pp-class-118 pa t24919 l3">ingly, </span><span class="pp-class-118 pa t24919 l24920">no </span><span class="pp-class-118 pa t24919 l24921">material </span><span class="pp-class-118 pa t24919 l24922">goodwill </span><span class="pp-class-118 pa t24919 l16628">has </span><span class="pp-class-118 pa t24919 l779">been </span><span class="pp-class-118 pa t24919 l24923">recognised </span><span class="pp-class-118 pa t24919 l24924">in </span><span class="pp-class-118 pa t24919 l24925">connection </span><span class="pp-class-118 pa t24919 l24926">with </span><span class="pp-class-118 pa t24919 l24927">the </span><span class="pp-class-118 pa t24919 l24928">transactions.</span></p></div></div><div class="pp-class-7" id="pp-id-3417" xmlns="http://www.w3.org/1999/xhtml"><div class="w15596 h24932 pa t2 l3 wtro4 xx30 tro6 xx31"><table><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t16059 l3 ls14110">DKK’000</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t16059 l24630 ls5868">Fair </span><span class="pp-class-112 pa t16059 l23398 ls2728">value</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t15598 l24631 ls16079">Acquired </span><span class="pp-class-112 pa t16060 l24452 ls1762">carrying </span><span class="pp-class-112 pa t16059 l24453 ls458">amount</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-116 pa t24632 l3 ls4742">Assets </span><span class="pp-class-116 pa t24632 l24633 ls5314">and </span><span class="pp-class-116 pa t24632 l3432 ls24634">liabilities </span><span class="pp-class-116 pa t24632 l24635 ls24636">included </span><span class="pp-class-116 pa t24632 l24637 ls15514">in </span><span class="pp-class-116 pa t24632 l24638 ls5314">the </span><span class="pp-class-116 pa t24632 l24639 ls24634">acquisitions</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t16095 l3">Property, </span><span class="pp-class-113 pa t16095 l15836">plant </span><span class="pp-class-113 pa t16095 l3306">and </span><span class="pp-class-113 pa t16095 l15837">equipment</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t16095 l24933">736 </span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t16095 l24934">736 </span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t16107 l3">Financial </span><span class="pp-class-113 pa t16107 l15663">assets</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t16107 l24935">12 </span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t16107 l24936">12 </span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t16116 l3">Inventories</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t16116 l24937 ls786">3,588 </span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t16116 l23894 ls786">3,588 </span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t24646 l3">Trade </span><span class="pp-class-113 pa t24646 l15913">receivables </span><span class="pp-class-113 pa t24646 l24655">and </span><span class="pp-class-113 pa t24646 l15779">other </span><span class="pp-class-113 pa t24646 l24656">receivables</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t24646 l24938 ls786">2,277 </span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t24646 l24939 ls786">2,277 </span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t24649 l3">Accounts </span><span class="pp-class-113 pa t24649 l24482">payable </span><span class="pp-class-113 pa t24649 l24660">and </span><span class="pp-class-113 pa t24649 l24661">other </span><span class="pp-class-113 pa t24649 l24662">operating </span><span class="pp-class-113 pa t24649 l24663">liabilities</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t24649 l24940 ls786">(4,019)</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t24649 l16331 ls786">(4,019)</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t24652 l3">Net </span><span class="pp-class-114 pa t24652 l15683">identifiable </span><span class="pp-class-114 pa t24652 l24677">assets </span><span class="pp-class-114 pa t24652 l24678">acquired </span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t24652 l23524 ls786">2,594 </span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t24652 l24941 ls786">2,594 </span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t24942 l3">Goodwill</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t24942 l24943">90 </span></p></td><td xmlns="http://www.w3.org/1999/xhtml"/></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t24944 l3">Net </span><span class="pp-class-114 pa t24944 l15683">assets </span><span class="pp-class-114 pa t24944 l24684">acquired</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-114 pa t24944 l24945 ls786">2,684 </span></p></td><td xmlns="http://www.w3.org/1999/xhtml"/></tr></table><p class="pp-class-107 pp-area-text"><span class="pp-class-120 pa t24946 l3 ls176">2025: </span><span class="pp-class-120 pa t24946 l24535 ls20243">Acquisition </span><span class="pp-class-120 pa t24946 l24947 ls2759">and </span><span class="pp-class-120 pa t24946 l24948 ls9542">disposal </span><span class="pp-class-120 pa t24946 l24949 ls458">of </span><span class="pp-class-120 pa t24946 l24950 ls24951">Svane </span><span class="pp-class-120 pa t24946 l24952 ls15027">Alnabru </span><span class="pp-class-120 pa t24946 l24953 ls24954">AS</span></p><p class="pp-class-107 pp-area-text"><span class="pp-class-118 pa t24955 l3 ls615">On </span><span class="pp-class-118 pa t24955 l24956 ls615">18 </span><span class="pp-class-118 pa t24955 l24957 ls620">December </span><span class="pp-class-118 pa t24955 l24958 ls628">2025, </span><span class="pp-class-118 pa t24955 l24959 ls617">TCM </span><span class="pp-class-118 pa t24955 l24960 ls628">Group </span><span class="pp-class-118 pa t24955 l19630 ls620">acquired </span><span class="pp-class-118 pa t24955 l24961 ls617">the </span><span class="pp-class-118 pa t24955 l24962 ls636">remaining </span><span class="pp-class-118 pa t24955 l24963 ls617">40% </span><span class="pp-class-118 pa t24955 l24964 ls615">of </span><span class="pp-class-118 pa t24955 l24965 ls617">the </span><span class="pp-class-118 pa t24955 l24966 ls626">shares </span><span class="pp-class-118 pa t24955 l24967 ls615">in </span><span class="pp-class-118 pa t24955 l24968 ls628">Svane </span><span class="pp-class-118 pa t24955 l24969 ls623">Alnabru </span><span class="pp-class-118 pa t24955 l24970 ls617">AS. </span><span class="pp-class-118 pa t24955 l24971 ls617">The </span><span class="pp-class-118 pa t24955 l24972 ls628">total </span><span class="pp-class-118 pa t24955 l24973 ls620">considera-</span><span class="pp-class-118 pa t24974 l3 ls639">tion </span><span class="pp-class-118 pa t24974 l24975 ls620">amounted </span><span class="pp-class-118 pa t24974 l24976 ls615">to </span><span class="pp-class-118 pa t24974 l17796 ls617">DKK </span><span class="pp-class-118 pa t24974 l10016 ls617">0.0 </span><span class="pp-class-118 pa t24974 l24977 ls620">million. </span><span class="pp-class-118 pa t24974 l13055 ls626">Before </span><span class="pp-class-118 pa t24974 l24978 ls617">the </span><span class="pp-class-118 pa t24974 l24979 ls663">aquisition, </span><span class="pp-class-118 pa t24974 l24980 ls617">TCM </span><span class="pp-class-118 pa t24974 l24981 ls628">Group </span><span class="pp-class-118 pa t24974 l24982 ls620">exercised </span><span class="pp-class-118 pa t24974 l24983 ls630">a </span><span class="pp-class-118 pa t24974 l24984 ls620">committed </span><span class="pp-class-118 pa t24974 l24985 ls623">capital </span><span class="pp-class-118 pa t24974 l24986 ls620">increase </span><span class="pp-class-118 pa t24974 l24987 ls615">of </span><span class="pp-class-118 pa t24974 l24988 ls617">DKK </span><span class="pp-class-118 pa t24974 l24989 ls7807">4.0 </span><span class="pp-class-118 pa t24990 l3 ls620">million, </span><span class="pp-class-118 pa t24990 l24991 ls628">which </span><span class="pp-class-118 pa t24990 l1929 ls617">was </span><span class="pp-class-118 pa t24990 l8388 ls620">impaired </span><span class="pp-class-118 pa t24990 l24992 ls615">to </span><span class="pp-class-118 pa t24990 l24993 ls617">the </span><span class="pp-class-118 pa t24990 l24994 ls639">book </span><span class="pp-class-118 pa t24990 l24995 ls628">value </span><span class="pp-class-118 pa t24990 l20883 ls615">of </span><span class="pp-class-118 pa t24990 l24996 ls617">the </span><span class="pp-class-118 pa t24990 l24997 ls620">company. </span><span class="pp-class-118 pa t24990 l24998 ls615">On </span><span class="pp-class-118 pa t24990 l24999 ls615">22 </span><span class="pp-class-118 pa t24990 l25000 ls620">December </span><span class="pp-class-118 pa t24990 l25001 ls628">2025, </span><span class="pp-class-118 pa t24990 l25002 ls617">TCM </span><span class="pp-class-118 pa t24990 l25003 ls628">Group </span><span class="pp-class-118 pa t24990 l25004 ls639">sold </span><span class="pp-class-118 pa t24990 l25005 ls639">100% </span><span class="pp-class-118 pa t24990 l25006 ls615">of </span><span class="pp-class-118 pa t24990 l25007 ls630">the </span><span class="pp-class-118 pa t25008 l3 ls626">shares </span><span class="pp-class-118 pa t25008 l25009 ls615">to </span><span class="pp-class-118 pa t25008 l25010 ls615">an </span><span class="pp-class-118 pa t25008 l25011 ls620">external </span><span class="pp-class-118 pa t25008 l25012 ls626">party. </span><span class="pp-class-118 pa t25008 l25013 ls617">The </span><span class="pp-class-118 pa t25008 l25014 ls628">total </span><span class="pp-class-118 pa t25008 l25015 ls663">consideration </span><span class="pp-class-118 pa t25008 l25016 ls620">amounted </span><span class="pp-class-118 pa t25008 l25017 ls615">to </span><span class="pp-class-118 pa t25008 l25018 ls617">DKK </span><span class="pp-class-118 pa t25008 l25019 ls617">0.8 </span><span class="pp-class-118 pa t25008 l25020 ls620">million, </span><span class="pp-class-118 pa t25008 l25021 ls628">which </span><span class="pp-class-118 pa t25008 l25022 ls663">corresponded </span><span class="pp-class-118 pa t25008 l25023 ls615">to </span><span class="pp-class-118 pa t25008 l25024 ls617">the </span><span class="pp-class-118 pa t25008 l25025 ls639">book </span><span class="pp-class-118 pa t25008 l25026 ls718">value. </span></p><p class="pp-class-107 pp-area-text"><span class="pp-class-120 pa t25027 l3 ls23380">2024: </span><span class="pp-class-120 pa t25027 l25028 ls20243">Acquisition </span><span class="pp-class-120 pa t25027 l25029 ls458">of </span><span class="pp-class-120 pa t25027 l25030 ls17748">entities</span></p><p class="pp-class-107 pp-area-text"><span class="pp-class-118 pa t25031 l3">There </span><span class="pp-class-118 pa t25031 l11971">were </span><span class="pp-class-118 pa t25031 l25032">no </span><span class="pp-class-118 pa t25031 l25033">acquisitions </span><span class="pp-class-118 pa t25031 l9376">in </span><span class="pp-class-118 pa t25031 l25034">the </span><span class="pp-class-118 pa t25031 l16587">year </span><span class="pp-class-118 pa t25031 l25035">ending </span><span class="pp-class-118 pa t25031 l13352">31 </span><span class="pp-class-118 pa t25031 l25036">December </span><span class="pp-class-118 pa t25031 l25037">2024.</span></p></div></div> <div class="pp-class-7" id="pp-id-3420" xmlns="http://www.w3.org/1999/xhtml"><div class="w15596 h24929 pa t2 l3 wtro4 xx16559 tro6 xx16560"><p class="pp-class-107 pp-area-text"><span class="pp-class-119 pa t16561 l3 ls25142">28. </span><span class="pp-class-119 pa t16561 l25143 ls24013">Pledged </span><span class="pp-class-119 pa t16561 l25144 ls25145">assets, </span><span class="pp-class-119 pa t16561 l25146 ls3166">contingent </span><span class="pp-class-119 pa t16561 l25147 ls12435">liabilities </span><span class="pp-class-119 pa t16561 l25148 ls122">and </span><span class="pp-class-119 pa t16561 l25149 ls25150">commitments</span></p></div></div><div class="pp-class-7" id="pp-id-3421" xmlns="http://www.w3.org/1999/xhtml"><div class="w15596 h25151 pa t2 l3 wtro4 xx14 tro6 xx15"><p class="pp-class-107 pp-area-text"><span class="pp-class-118 pa t16 l3">In </span><span class="pp-class-118 pa t16 l669">respect </span><span class="pp-class-118 pa t16 l13450">of </span><span class="pp-class-118 pa t16 l3219">its </span><span class="pp-class-118 pa t16 l8414">commitment </span><span class="pp-class-118 pa t16 l25152">to </span><span class="pp-class-118 pa t16 l19492">Nykredit </span><span class="pp-class-118 pa t16 l25153">Bank, </span><span class="pp-class-118 pa t16 l25154">the </span><span class="pp-class-118 pa t16 l25155">Group </span><span class="pp-class-118 pa t16 l25156">has </span><span class="pp-class-118 pa t16 l25157">issued </span><span class="pp-class-118 pa t16 l25158">a </span><span class="pp-class-118 pa t16 l25159">pledge </span><span class="pp-class-118 pa t16 l25160 ls786">ban </span><span class="pp-class-118 pa t16 l25161 ls786">on </span><span class="pp-class-118 pa t16 l25162 ls786">the </span><span class="pp-class-118 pa t16 l25163 ls786">Group’s </span><span class="pp-class-118 pa t16 l25164 ls786">assets.</span></p><p class="pp-class-107 pp-area-text"><span class="pp-class-118 pa t25165 l3">In </span><span class="pp-class-118 pa t25165 l669">respect </span><span class="pp-class-118 pa t25165 l13450">of </span><span class="pp-class-118 pa t25165 l3219">its </span><span class="pp-class-118 pa t25165 l8414">financing </span><span class="pp-class-118 pa t25165 l25166">agreements </span><span class="pp-class-118 pa t25165 l11092">with </span><span class="pp-class-118 pa t25165 l25167">Nykredit </span><span class="pp-class-118 pa t25165 l25168">Bank, </span><span class="pp-class-118 pa t25165 l25169">the </span><span class="pp-class-118 pa t25165 l25170">Group </span><span class="pp-class-118 pa t25165 l25171">has </span><span class="pp-class-118 pa t25165 l25172 ls786">pledged </span><span class="pp-class-118 pa t25165 l25173 ls786">company </span><span class="pp-class-118 pa t25165 l25174">assets </span><span class="pp-class-118 pa t25165 l25175 ls786">of </span><span class="pp-class-118 pa t25165 l25176 ls786">DKK </span><span class="pp-class-118 pa t25165 l25177 ls786">100 </span><span class="pp-class-118 pa t25165 l25178 ls786">million </span><span class="pp-class-118 pa t25179 l3">(2024: </span><span class="pp-class-118 pa t25179 l7128">DKK </span><span class="pp-class-118 pa t25179 l7129">100 </span><span class="pp-class-118 pa t25179 l1537">million) </span><span class="pp-class-118 pa t25179 l25180">with </span><span class="pp-class-118 pa t25179 l12336">charges </span><span class="pp-class-118 pa t25179 l25181">on </span><span class="pp-class-118 pa t25179 l25182">goodwill, </span><span class="pp-class-118 pa t25179 l25183">property, </span><span class="pp-class-118 pa t25179 l25184">plant </span><span class="pp-class-118 pa t25179 l25185">and </span><span class="pp-class-118 pa t25179 l25186">equipment </span><span class="pp-class-118 pa t25179 l25187 ls786">(excluding </span><span class="pp-class-118 pa t25179 l25188 ls786">land </span><span class="pp-class-118 pa t25179 l25189">and </span><span class="pp-class-118 pa t25179 l25190">buildings), </span><span class="pp-class-118 pa t25191 l3">inventories </span><span class="pp-class-118 pa t25191 l25192">and </span><span class="pp-class-118 pa t25191 l25193">trade </span><span class="pp-class-118 pa t25191 l25194">receivables. </span><span class="pp-class-118 pa t25191 l13107">The </span><span class="pp-class-118 pa t25191 l25195">carrying </span><span class="pp-class-118 pa t25191 l25196">amount </span><span class="pp-class-118 pa t25191 l25197">of </span><span class="pp-class-118 pa t25191 l25198">the </span><span class="pp-class-118 pa t25191 l25199">pledged </span><span class="pp-class-118 pa t25191 l25200">assets </span><span class="pp-class-118 pa t25191 l25201">at </span><span class="pp-class-118 pa t25191 l25202">31 </span><span class="pp-class-118 pa t25191 l25203">December </span><span class="pp-class-118 pa t25191 l25204 ls786">2025 </span><span class="pp-class-118 pa t25191 l25205">was </span><span class="pp-class-118 pa t25191 l25206 ls786">DKK </span><span class="pp-class-118 pa t25191 l25207 ls786">298.9 </span><span class="pp-class-118 pa t25191 l25208 ls786">mil-</span><span class="pp-class-118 pa t25209 l3">lion </span><span class="pp-class-118 pa t25209 l20601">(2024: </span><span class="pp-class-118 pa t25209 l20602">DKK </span><span class="pp-class-118 pa t25209 l12709">273.6 </span><span class="pp-class-118 pa t25209 l4096">million).</span></p><p class="pp-class-107 pp-area-text"><span class="pp-class-118 pa t25210 l3">As </span><span class="pp-class-118 pa t25210 l1353">collateral </span><span class="pp-class-118 pa t25210 l25211">for </span><span class="pp-class-118 pa t25210 l25212">debt </span><span class="pp-class-118 pa t25210 l4704">to </span><span class="pp-class-118 pa t25210 l25213">the </span><span class="pp-class-118 pa t25210 l16721">mortgage </span><span class="pp-class-118 pa t25210 l25214">lender, </span><span class="pp-class-118 pa t25210 l25215">DKK </span><span class="pp-class-118 pa t25210 l17071">35.3 </span><span class="pp-class-118 pa t25210 l25216">million </span><span class="pp-class-118 pa t25210 l25217">(2024: </span><span class="pp-class-118 pa t25210 l25218">DKK </span><span class="pp-class-118 pa t25210 l25219">36.5 </span><span class="pp-class-118 pa t25210 l25220">million), </span><span class="pp-class-118 pa t25210 l25221">land </span><span class="pp-class-118 pa t25210 l25222">and </span><span class="pp-class-118 pa t25210 l25223 ls786">buildings </span><span class="pp-class-118 pa t25210 l25224 ls786">have </span><span class="pp-class-118 pa t25210 l25225 ls786">been </span><span class="pp-class-118 pa t25226 l3">pledged</span><span class="pp-class-118 pa t25226 l25227"/><span class="pp-class-118 pa t25226 l8683">with </span><span class="pp-class-118 pa t25226 l1115">a </span><span class="pp-class-118 pa t25226 l25228">carrying </span><span class="pp-class-118 pa t25226 l25229">amount </span><span class="pp-class-118 pa t25226 l25230">at </span><span class="pp-class-118 pa t25226 l25231">31 </span><span class="pp-class-118 pa t25226 l25232">December </span><span class="pp-class-118 pa t25226 l19036">2025 </span><span class="pp-class-118 pa t25226 l20014">of </span><span class="pp-class-118 pa t25226 l25233">DKK </span><span class="pp-class-118 pa t25226 l25234">78.0 </span><span class="pp-class-118 pa t25226 l25235">million </span><span class="pp-class-118 pa t25226 l25236">(2024: </span><span class="pp-class-118 pa t25226 l25237">DKK </span><span class="pp-class-118 pa t25226 l25238">79.8 </span><span class="pp-class-118 pa t25226 l25239 ls786">million).</span></p><p class="pp-class-107 pp-area-text"><span class="pp-class-118 pa t25240 l3">Guarantees </span><span class="pp-class-118 pa t25240 l2573">related </span><span class="pp-class-118 pa t25240 l12346">to </span><span class="pp-class-118 pa t25240 l14767">AB92 </span><span class="pp-class-118 pa t25240 l25241">- </span><span class="pp-class-118 pa t25240 l10733">provision </span><span class="pp-class-118 pa t25240 l6327">of </span><span class="pp-class-118 pa t25240 l3376">work </span><span class="pp-class-118 pa t25240 l25242">and </span><span class="pp-class-118 pa t25240 l9509">supplies </span><span class="pp-class-118 pa t25240 l25243">within </span><span class="pp-class-118 pa t25240 l25244">building </span><span class="pp-class-118 pa t25240 l25245">and </span><span class="pp-class-118 pa t25240 l25246">engineering </span><span class="pp-class-118 pa t25240 l25247">– </span><span class="pp-class-118 pa t25240 l25248">amounted </span><span class="pp-class-118 pa t25240 l25249 ls786">to </span><span class="pp-class-118 pa t25240 l25250 ls786">DKK </span><span class="pp-class-118 pa t25240 l25251 ls786">7.4 </span><span class="pp-class-118 pa t25252 l3">million </span><span class="pp-class-118 pa t25252 l3209">(2024: </span><span class="pp-class-118 pa t25252 l7192">DKK </span><span class="pp-class-118 pa t25252 l7193">0.3 </span><span class="pp-class-118 pa t25252 l25253">million).</span></p><p class="pp-class-107 pp-area-text"><span class="pp-class-118 pa t25254 l3">The </span><span class="pp-class-118 pa t25254 l550">Group </span><span class="pp-class-118 pa t25254 l6239">has </span><span class="pp-class-118 pa t25254 l16954">contingent </span><span class="pp-class-118 pa t25254 l25255">liabilities </span><span class="pp-class-118 pa t25254 l25256">pertaining </span><span class="pp-class-118 pa t25254 l17277">to </span><span class="pp-class-118 pa t25254 l18676">subcontractor </span><span class="pp-class-118 pa t25254 l25257">guarantees </span><span class="pp-class-118 pa t25254 l25258">that </span><span class="pp-class-118 pa t25254 l25259">arise </span><span class="pp-class-118 pa t25254 l25260 ls786">in </span><span class="pp-class-118 pa t25254 l25261">normal </span><span class="pp-class-118 pa t25254 l25262">commercial </span><span class="pp-class-118 pa t25254 l25263 ls786">opera-</span><span class="pp-class-118 pa t16430 l3">tions. </span><span class="pp-class-118 pa t16430 l25264">No </span><span class="pp-class-118 pa t16430 l6220">significant </span><span class="pp-class-118 pa t16430 l12026">liabilities </span><span class="pp-class-118 pa t16430 l25265">are </span><span class="pp-class-118 pa t16430 l15146">expected </span><span class="pp-class-118 pa t16430 l25266">to </span><span class="pp-class-118 pa t16430 l25267">arise </span><span class="pp-class-118 pa t16430 l14787">as </span><span class="pp-class-118 pa t16430 l25268">a </span><span class="pp-class-118 pa t16430 l25269">result </span><span class="pp-class-118 pa t16430 l25270">of </span><span class="pp-class-118 pa t16430 l25271">these </span><span class="pp-class-118 pa t16430 l25272">contingent </span><span class="pp-class-118 pa t16430 l25273 ls786">liabilities. </span></p><p class="pp-class-107 pp-area-text"><span class="pp-class-118 pa t25274 l3">Other </span><span class="pp-class-118 pa t25274 l6573">bank </span><span class="pp-class-118 pa t25274 l4548">guarantees </span><span class="pp-class-118 pa t25274 l11487">amounted </span><span class="pp-class-118 pa t25274 l25275">to </span><span class="pp-class-118 pa t25274 l25276">DKK </span><span class="pp-class-118 pa t25274 l25277">0.3 </span><span class="pp-class-118 pa t25274 l25278">million </span><span class="pp-class-118 pa t25274 l25279">(2024: </span><span class="pp-class-118 pa t25274 l25280">DKK </span><span class="pp-class-118 pa t25274 l25281">0.3 </span><span class="pp-class-118 pa t25274 l25282">million).</span></p><p class="pp-class-107 pp-area-text"><span class="pp-class-118 pa t25283 l3">The </span><span class="pp-class-118 pa t25283 l550">Group </span><span class="pp-class-118 pa t25283 l6239">has </span><span class="pp-class-118 pa t25283 l16954">given </span><span class="pp-class-118 pa t25283 l14807">a </span><span class="pp-class-118 pa t25283 l18883">guarantee </span><span class="pp-class-118 pa t25283 l25284">of </span><span class="pp-class-118 pa t25283 l13569">maximum </span><span class="pp-class-118 pa t25283 l25285">12 </span><span class="pp-class-118 pa t25283 l25286">months’ </span><span class="pp-class-118 pa t25283 l25287">rent </span><span class="pp-class-118 pa t25283 l25288">to </span><span class="pp-class-118 pa t25283 l25289">a </span><span class="pp-class-118 pa t25283 l25290">third </span><span class="pp-class-118 pa t25283 l25291">party, </span><span class="pp-class-118 pa t25283 l25292 ls786">corresponding </span><span class="pp-class-118 pa t25283 l25293 ls786">to </span><span class="pp-class-118 pa t25283 l25294">DKK </span><span class="pp-class-118 pa t25283 l25295">2.3 </span><span class="pp-class-118 pa t25283 l25296">million </span><span class="pp-class-118 pa t25297 l3">(2024: </span><span class="pp-class-118 pa t25297 l7128">DKK </span><span class="pp-class-118 pa t25297 l7129">2.2 </span><span class="pp-class-118 pa t25297 l25298">million).</span></p><p class="pp-class-107 pp-area-text"><span class="pp-class-118 pa t25299 l3">As </span><span class="pp-class-118 pa t25299 l1353">of </span><span class="pp-class-118 pa t25299 l1771">the </span><span class="pp-class-118 pa t25299 l2168">balance </span><span class="pp-class-118 pa t25299 l25300">sheet </span><span class="pp-class-118 pa t25299 l25301">date, </span><span class="pp-class-118 pa t25299 l18782">the </span><span class="pp-class-118 pa t25299 l10831">Group </span><span class="pp-class-118 pa t25299 l18861">has </span><span class="pp-class-118 pa t25299 l25302">entered </span><span class="pp-class-118 pa t25299 l25303">into </span><span class="pp-class-118 pa t25299 l25304">non-cancellable </span><span class="pp-class-118 pa t25299 l25305 ls786">agreements </span><span class="pp-class-118 pa t25299 l25306 ls786">related </span><span class="pp-class-118 pa t25299 l25307 ls786">to </span><span class="pp-class-118 pa t25299 l25308 ls786">the </span><span class="pp-class-118 pa t25299 l25309 ls786">future </span><span class="pp-class-118 pa t25299 l25310 ls786">purchase </span><span class="pp-class-118 pa t25299 l25311 ls786">of </span><span class="pp-class-118 pa t25312 l3">goods </span><span class="pp-class-118 pa t25312 l1692">and </span><span class="pp-class-118 pa t25312 l9796">services </span><span class="pp-class-118 pa t25312 l9797">amounting </span><span class="pp-class-118 pa t25312 l10761">to </span><span class="pp-class-118 pa t25312 l25313">DKK </span><span class="pp-class-118 pa t25312 l24101">63 </span><span class="pp-class-118 pa t25312 l25314">million </span><span class="pp-class-118 pa t25312 l25315">(2024: </span><span class="pp-class-118 pa t25312 l25316">DKK </span><span class="pp-class-118 pa t25312 l25317">77 </span><span class="pp-class-118 pa t25312 l25318">million).</span></p></div></div> <div class="pp-class-7" id="pp-id-3420" xmlns="http://www.w3.org/1999/xhtml"><div class="w15596 h24929 pa t2 l3 wtro4 xx16559 tro6 xx16560"><p class="pp-class-107 pp-area-text"><span class="pp-class-119 pa t16561 l3 ls25142">28. </span><span class="pp-class-119 pa t16561 l25143 ls24013">Pledged </span><span class="pp-class-119 pa t16561 l25144 ls25145">assets, </span><span class="pp-class-119 pa t16561 l25146 ls3166">contingent </span><span class="pp-class-119 pa t16561 l25147 ls12435">liabilities </span><span class="pp-class-119 pa t16561 l25148 ls122">and </span><span class="pp-class-119 pa t16561 l25149 ls25150">commitments</span></p></div></div><div class="pp-class-7" id="pp-id-3421" xmlns="http://www.w3.org/1999/xhtml"><div class="w15596 h25151 pa t2 l3 wtro4 xx14 tro6 xx15"><p class="pp-class-107 pp-area-text"><span class="pp-class-118 pa t16 l3">In </span><span class="pp-class-118 pa t16 l669">respect </span><span class="pp-class-118 pa t16 l13450">of </span><span class="pp-class-118 pa t16 l3219">its </span><span class="pp-class-118 pa t16 l8414">commitment </span><span class="pp-class-118 pa t16 l25152">to </span><span class="pp-class-118 pa t16 l19492">Nykredit </span><span class="pp-class-118 pa t16 l25153">Bank, </span><span class="pp-class-118 pa t16 l25154">the </span><span class="pp-class-118 pa t16 l25155">Group </span><span class="pp-class-118 pa t16 l25156">has </span><span class="pp-class-118 pa t16 l25157">issued </span><span class="pp-class-118 pa t16 l25158">a </span><span class="pp-class-118 pa t16 l25159">pledge </span><span class="pp-class-118 pa t16 l25160 ls786">ban </span><span class="pp-class-118 pa t16 l25161 ls786">on </span><span class="pp-class-118 pa t16 l25162 ls786">the </span><span class="pp-class-118 pa t16 l25163 ls786">Group’s </span><span class="pp-class-118 pa t16 l25164 ls786">assets.</span></p><p class="pp-class-107 pp-area-text"><span class="pp-class-118 pa t25165 l3">In </span><span class="pp-class-118 pa t25165 l669">respect </span><span class="pp-class-118 pa t25165 l13450">of </span><span class="pp-class-118 pa t25165 l3219">its </span><span class="pp-class-118 pa t25165 l8414">financing </span><span class="pp-class-118 pa t25165 l25166">agreements </span><span class="pp-class-118 pa t25165 l11092">with </span><span class="pp-class-118 pa t25165 l25167">Nykredit </span><span class="pp-class-118 pa t25165 l25168">Bank, </span><span class="pp-class-118 pa t25165 l25169">the </span><span class="pp-class-118 pa t25165 l25170">Group </span><span class="pp-class-118 pa t25165 l25171">has </span><span class="pp-class-118 pa t25165 l25172 ls786">pledged </span><span class="pp-class-118 pa t25165 l25173 ls786">company </span><span class="pp-class-118 pa t25165 l25174">assets </span><span class="pp-class-118 pa t25165 l25175 ls786">of </span><span class="pp-class-118 pa t25165 l25176 ls786">DKK </span><span class="pp-class-118 pa t25165 l25177 ls786">100 </span><span class="pp-class-118 pa t25165 l25178 ls786">million </span><span class="pp-class-118 pa t25179 l3">(2024: </span><span class="pp-class-118 pa t25179 l7128">DKK </span><span class="pp-class-118 pa t25179 l7129">100 </span><span class="pp-class-118 pa t25179 l1537">million) </span><span class="pp-class-118 pa t25179 l25180">with </span><span class="pp-class-118 pa t25179 l12336">charges </span><span class="pp-class-118 pa t25179 l25181">on </span><span class="pp-class-118 pa t25179 l25182">goodwill, </span><span class="pp-class-118 pa t25179 l25183">property, </span><span class="pp-class-118 pa t25179 l25184">plant </span><span class="pp-class-118 pa t25179 l25185">and </span><span class="pp-class-118 pa t25179 l25186">equipment </span><span class="pp-class-118 pa t25179 l25187 ls786">(excluding </span><span class="pp-class-118 pa t25179 l25188 ls786">land </span><span class="pp-class-118 pa t25179 l25189">and </span><span class="pp-class-118 pa t25179 l25190">buildings), </span><span class="pp-class-118 pa t25191 l3">inventories </span><span class="pp-class-118 pa t25191 l25192">and </span><span class="pp-class-118 pa t25191 l25193">trade </span><span class="pp-class-118 pa t25191 l25194">receivables. </span><span class="pp-class-118 pa t25191 l13107">The </span><span class="pp-class-118 pa t25191 l25195">carrying </span><span class="pp-class-118 pa t25191 l25196">amount </span><span class="pp-class-118 pa t25191 l25197">of </span><span class="pp-class-118 pa t25191 l25198">the </span><span class="pp-class-118 pa t25191 l25199">pledged </span><span class="pp-class-118 pa t25191 l25200">assets </span><span class="pp-class-118 pa t25191 l25201">at </span><span class="pp-class-118 pa t25191 l25202">31 </span><span class="pp-class-118 pa t25191 l25203">December </span><span class="pp-class-118 pa t25191 l25204 ls786">2025 </span><span class="pp-class-118 pa t25191 l25205">was </span><span class="pp-class-118 pa t25191 l25206 ls786">DKK </span><span class="pp-class-118 pa t25191 l25207 ls786">298.9 </span><span class="pp-class-118 pa t25191 l25208 ls786">mil-</span><span class="pp-class-118 pa t25209 l3">lion </span><span class="pp-class-118 pa t25209 l20601">(2024: </span><span class="pp-class-118 pa t25209 l20602">DKK </span><span class="pp-class-118 pa t25209 l12709">273.6 </span><span class="pp-class-118 pa t25209 l4096">million).</span></p><p class="pp-class-107 pp-area-text"><span class="pp-class-118 pa t25210 l3">As </span><span class="pp-class-118 pa t25210 l1353">collateral </span><span class="pp-class-118 pa t25210 l25211">for </span><span class="pp-class-118 pa t25210 l25212">debt </span><span class="pp-class-118 pa t25210 l4704">to </span><span class="pp-class-118 pa t25210 l25213">the </span><span class="pp-class-118 pa t25210 l16721">mortgage </span><span class="pp-class-118 pa t25210 l25214">lender, </span><span class="pp-class-118 pa t25210 l25215">DKK </span><span class="pp-class-118 pa t25210 l17071">35.3 </span><span class="pp-class-118 pa t25210 l25216">million </span><span class="pp-class-118 pa t25210 l25217">(2024: </span><span class="pp-class-118 pa t25210 l25218">DKK </span><span class="pp-class-118 pa t25210 l25219">36.5 </span><span class="pp-class-118 pa t25210 l25220">million), </span><span class="pp-class-118 pa t25210 l25221">land </span><span class="pp-class-118 pa t25210 l25222">and </span><span class="pp-class-118 pa t25210 l25223 ls786">buildings </span><span class="pp-class-118 pa t25210 l25224 ls786">have </span><span class="pp-class-118 pa t25210 l25225 ls786">been </span><span class="pp-class-118 pa t25226 l3">pledged</span><span class="pp-class-118 pa t25226 l25227"/><span class="pp-class-118 pa t25226 l8683">with </span><span class="pp-class-118 pa t25226 l1115">a </span><span class="pp-class-118 pa t25226 l25228">carrying </span><span class="pp-class-118 pa t25226 l25229">amount </span><span class="pp-class-118 pa t25226 l25230">at </span><span class="pp-class-118 pa t25226 l25231">31 </span><span class="pp-class-118 pa t25226 l25232">December </span><span class="pp-class-118 pa t25226 l19036">2025 </span><span class="pp-class-118 pa t25226 l20014">of </span><span class="pp-class-118 pa t25226 l25233">DKK </span><span class="pp-class-118 pa t25226 l25234">78.0 </span><span class="pp-class-118 pa t25226 l25235">million </span><span class="pp-class-118 pa t25226 l25236">(2024: </span><span class="pp-class-118 pa t25226 l25237">DKK </span><span class="pp-class-118 pa t25226 l25238">79.8 </span><span class="pp-class-118 pa t25226 l25239 ls786">million).</span></p><p class="pp-class-107 pp-area-text"><span class="pp-class-118 pa t25240 l3">Guarantees </span><span class="pp-class-118 pa t25240 l2573">related </span><span class="pp-class-118 pa t25240 l12346">to </span><span class="pp-class-118 pa t25240 l14767">AB92 </span><span class="pp-class-118 pa t25240 l25241">- </span><span class="pp-class-118 pa t25240 l10733">provision </span><span class="pp-class-118 pa t25240 l6327">of </span><span class="pp-class-118 pa t25240 l3376">work </span><span class="pp-class-118 pa t25240 l25242">and </span><span class="pp-class-118 pa t25240 l9509">supplies </span><span class="pp-class-118 pa t25240 l25243">within </span><span class="pp-class-118 pa t25240 l25244">building </span><span class="pp-class-118 pa t25240 l25245">and </span><span class="pp-class-118 pa t25240 l25246">engineering </span><span class="pp-class-118 pa t25240 l25247">– </span><span class="pp-class-118 pa t25240 l25248">amounted </span><span class="pp-class-118 pa t25240 l25249 ls786">to </span><span class="pp-class-118 pa t25240 l25250 ls786">DKK </span><span class="pp-class-118 pa t25240 l25251 ls786">7.4 </span><span class="pp-class-118 pa t25252 l3">million </span><span class="pp-class-118 pa t25252 l3209">(2024: </span><span class="pp-class-118 pa t25252 l7192">DKK </span><span class="pp-class-118 pa t25252 l7193">0.3 </span><span class="pp-class-118 pa t25252 l25253">million).</span></p><p class="pp-class-107 pp-area-text"><span class="pp-class-118 pa t25254 l3">The </span><span class="pp-class-118 pa t25254 l550">Group </span><span class="pp-class-118 pa t25254 l6239">has </span><span class="pp-class-118 pa t25254 l16954">contingent </span><span class="pp-class-118 pa t25254 l25255">liabilities </span><span class="pp-class-118 pa t25254 l25256">pertaining </span><span class="pp-class-118 pa t25254 l17277">to </span><span class="pp-class-118 pa t25254 l18676">subcontractor </span><span class="pp-class-118 pa t25254 l25257">guarantees </span><span class="pp-class-118 pa t25254 l25258">that </span><span class="pp-class-118 pa t25254 l25259">arise </span><span class="pp-class-118 pa t25254 l25260 ls786">in </span><span class="pp-class-118 pa t25254 l25261">normal </span><span class="pp-class-118 pa t25254 l25262">commercial </span><span class="pp-class-118 pa t25254 l25263 ls786">opera-</span><span class="pp-class-118 pa t16430 l3">tions. </span><span class="pp-class-118 pa t16430 l25264">No </span><span class="pp-class-118 pa t16430 l6220">significant </span><span class="pp-class-118 pa t16430 l12026">liabilities </span><span class="pp-class-118 pa t16430 l25265">are </span><span class="pp-class-118 pa t16430 l15146">expected </span><span class="pp-class-118 pa t16430 l25266">to </span><span class="pp-class-118 pa t16430 l25267">arise </span><span class="pp-class-118 pa t16430 l14787">as </span><span class="pp-class-118 pa t16430 l25268">a </span><span class="pp-class-118 pa t16430 l25269">result </span><span class="pp-class-118 pa t16430 l25270">of </span><span class="pp-class-118 pa t16430 l25271">these </span><span class="pp-class-118 pa t16430 l25272">contingent </span><span class="pp-class-118 pa t16430 l25273 ls786">liabilities. </span></p><p class="pp-class-107 pp-area-text"><span class="pp-class-118 pa t25274 l3">Other </span><span class="pp-class-118 pa t25274 l6573">bank </span><span class="pp-class-118 pa t25274 l4548">guarantees </span><span class="pp-class-118 pa t25274 l11487">amounted </span><span class="pp-class-118 pa t25274 l25275">to </span><span class="pp-class-118 pa t25274 l25276">DKK </span><span class="pp-class-118 pa t25274 l25277">0.3 </span><span class="pp-class-118 pa t25274 l25278">million </span><span class="pp-class-118 pa t25274 l25279">(2024: </span><span class="pp-class-118 pa t25274 l25280">DKK </span><span class="pp-class-118 pa t25274 l25281">0.3 </span><span class="pp-class-118 pa t25274 l25282">million).</span></p><p class="pp-class-107 pp-area-text"><span class="pp-class-118 pa t25283 l3">The </span><span class="pp-class-118 pa t25283 l550">Group </span><span class="pp-class-118 pa t25283 l6239">has </span><span class="pp-class-118 pa t25283 l16954">given </span><span class="pp-class-118 pa t25283 l14807">a </span><span class="pp-class-118 pa t25283 l18883">guarantee </span><span class="pp-class-118 pa t25283 l25284">of </span><span class="pp-class-118 pa t25283 l13569">maximum </span><span class="pp-class-118 pa t25283 l25285">12 </span><span class="pp-class-118 pa t25283 l25286">months’ </span><span class="pp-class-118 pa t25283 l25287">rent </span><span class="pp-class-118 pa t25283 l25288">to </span><span class="pp-class-118 pa t25283 l25289">a </span><span class="pp-class-118 pa t25283 l25290">third </span><span class="pp-class-118 pa t25283 l25291">party, </span><span class="pp-class-118 pa t25283 l25292 ls786">corresponding </span><span class="pp-class-118 pa t25283 l25293 ls786">to </span><span class="pp-class-118 pa t25283 l25294">DKK </span><span class="pp-class-118 pa t25283 l25295">2.3 </span><span class="pp-class-118 pa t25283 l25296">million </span><span class="pp-class-118 pa t25297 l3">(2024: </span><span class="pp-class-118 pa t25297 l7128">DKK </span><span class="pp-class-118 pa t25297 l7129">2.2 </span><span class="pp-class-118 pa t25297 l25298">million).</span></p><p class="pp-class-107 pp-area-text"><span class="pp-class-118 pa t25299 l3">As </span><span class="pp-class-118 pa t25299 l1353">of </span><span class="pp-class-118 pa t25299 l1771">the </span><span class="pp-class-118 pa t25299 l2168">balance </span><span class="pp-class-118 pa t25299 l25300">sheet </span><span class="pp-class-118 pa t25299 l25301">date, </span><span class="pp-class-118 pa t25299 l18782">the </span><span class="pp-class-118 pa t25299 l10831">Group </span><span class="pp-class-118 pa t25299 l18861">has </span><span class="pp-class-118 pa t25299 l25302">entered </span><span class="pp-class-118 pa t25299 l25303">into </span><span class="pp-class-118 pa t25299 l25304">non-cancellable </span><span class="pp-class-118 pa t25299 l25305 ls786">agreements </span><span class="pp-class-118 pa t25299 l25306 ls786">related </span><span class="pp-class-118 pa t25299 l25307 ls786">to </span><span class="pp-class-118 pa t25299 l25308 ls786">the </span><span class="pp-class-118 pa t25299 l25309 ls786">future </span><span class="pp-class-118 pa t25299 l25310 ls786">purchase </span><span class="pp-class-118 pa t25299 l25311 ls786">of </span><span class="pp-class-118 pa t25312 l3">goods </span><span class="pp-class-118 pa t25312 l1692">and </span><span class="pp-class-118 pa t25312 l9796">services </span><span class="pp-class-118 pa t25312 l9797">amounting </span><span class="pp-class-118 pa t25312 l10761">to </span><span class="pp-class-118 pa t25312 l25313">DKK </span><span class="pp-class-118 pa t25312 l24101">63 </span><span class="pp-class-118 pa t25312 l25314">million </span><span class="pp-class-118 pa t25312 l25315">(2024: </span><span class="pp-class-118 pa t25312 l25316">DKK </span><span class="pp-class-118 pa t25312 l25317">77 </span><span class="pp-class-118 pa t25312 l25318">million).</span></p></div></div> <div class="pp-class-7" id="pp-id-3420" xmlns="http://www.w3.org/1999/xhtml"><div class="w15596 h24929 pa t2 l3 wtro4 xx16559 tro6 xx16560"><p class="pp-class-107 pp-area-text"><span class="pp-class-119 pa t16561 l3 ls25142">28. </span><span class="pp-class-119 pa t16561 l25143 ls24013">Pledged </span><span class="pp-class-119 pa t16561 l25144 ls25145">assets, </span><span class="pp-class-119 pa t16561 l25146 ls3166">contingent </span><span class="pp-class-119 pa t16561 l25147 ls12435">liabilities </span><span class="pp-class-119 pa t16561 l25148 ls122">and </span><span class="pp-class-119 pa t16561 l25149 ls25150">commitments</span></p></div></div><div class="pp-class-7" id="pp-id-3421" xmlns="http://www.w3.org/1999/xhtml"><div class="w15596 h25151 pa t2 l3 wtro4 xx14 tro6 xx15"><p class="pp-class-107 pp-area-text"><span class="pp-class-118 pa t16 l3">In </span><span class="pp-class-118 pa t16 l669">respect </span><span class="pp-class-118 pa t16 l13450">of </span><span class="pp-class-118 pa t16 l3219">its </span><span class="pp-class-118 pa t16 l8414">commitment </span><span class="pp-class-118 pa t16 l25152">to </span><span class="pp-class-118 pa t16 l19492">Nykredit </span><span class="pp-class-118 pa t16 l25153">Bank, </span><span class="pp-class-118 pa t16 l25154">the </span><span class="pp-class-118 pa t16 l25155">Group </span><span class="pp-class-118 pa t16 l25156">has </span><span class="pp-class-118 pa t16 l25157">issued </span><span class="pp-class-118 pa t16 l25158">a </span><span class="pp-class-118 pa t16 l25159">pledge </span><span class="pp-class-118 pa t16 l25160 ls786">ban </span><span class="pp-class-118 pa t16 l25161 ls786">on </span><span class="pp-class-118 pa t16 l25162 ls786">the </span><span class="pp-class-118 pa t16 l25163 ls786">Group’s </span><span class="pp-class-118 pa t16 l25164 ls786">assets.</span></p><p class="pp-class-107 pp-area-text"><span class="pp-class-118 pa t25165 l3">In </span><span class="pp-class-118 pa t25165 l669">respect </span><span class="pp-class-118 pa t25165 l13450">of </span><span class="pp-class-118 pa t25165 l3219">its </span><span class="pp-class-118 pa t25165 l8414">financing </span><span class="pp-class-118 pa t25165 l25166">agreements </span><span class="pp-class-118 pa t25165 l11092">with </span><span class="pp-class-118 pa t25165 l25167">Nykredit </span><span class="pp-class-118 pa t25165 l25168">Bank, </span><span class="pp-class-118 pa t25165 l25169">the </span><span class="pp-class-118 pa t25165 l25170">Group </span><span class="pp-class-118 pa t25165 l25171">has </span><span class="pp-class-118 pa t25165 l25172 ls786">pledged </span><span class="pp-class-118 pa t25165 l25173 ls786">company </span><span class="pp-class-118 pa t25165 l25174">assets </span><span class="pp-class-118 pa t25165 l25175 ls786">of </span><span class="pp-class-118 pa t25165 l25176 ls786">DKK </span><span class="pp-class-118 pa t25165 l25177 ls786">100 </span><span class="pp-class-118 pa t25165 l25178 ls786">million </span><span class="pp-class-118 pa t25179 l3">(2024: </span><span class="pp-class-118 pa t25179 l7128">DKK </span><span class="pp-class-118 pa t25179 l7129">100 </span><span class="pp-class-118 pa t25179 l1537">million) </span><span class="pp-class-118 pa t25179 l25180">with </span><span class="pp-class-118 pa t25179 l12336">charges </span><span class="pp-class-118 pa t25179 l25181">on </span><span class="pp-class-118 pa t25179 l25182">goodwill, </span><span class="pp-class-118 pa t25179 l25183">property, </span><span class="pp-class-118 pa t25179 l25184">plant </span><span class="pp-class-118 pa t25179 l25185">and </span><span class="pp-class-118 pa t25179 l25186">equipment </span><span class="pp-class-118 pa t25179 l25187 ls786">(excluding </span><span class="pp-class-118 pa t25179 l25188 ls786">land </span><span class="pp-class-118 pa t25179 l25189">and </span><span class="pp-class-118 pa t25179 l25190">buildings), </span><span class="pp-class-118 pa t25191 l3">inventories </span><span class="pp-class-118 pa t25191 l25192">and </span><span class="pp-class-118 pa t25191 l25193">trade </span><span class="pp-class-118 pa t25191 l25194">receivables. </span><span class="pp-class-118 pa t25191 l13107">The </span><span class="pp-class-118 pa t25191 l25195">carrying </span><span class="pp-class-118 pa t25191 l25196">amount </span><span class="pp-class-118 pa t25191 l25197">of </span><span class="pp-class-118 pa t25191 l25198">the </span><span class="pp-class-118 pa t25191 l25199">pledged </span><span class="pp-class-118 pa t25191 l25200">assets </span><span class="pp-class-118 pa t25191 l25201">at </span><span class="pp-class-118 pa t25191 l25202">31 </span><span class="pp-class-118 pa t25191 l25203">December </span><span class="pp-class-118 pa t25191 l25204 ls786">2025 </span><span class="pp-class-118 pa t25191 l25205">was </span><span class="pp-class-118 pa t25191 l25206 ls786">DKK </span><span class="pp-class-118 pa t25191 l25207 ls786">298.9 </span><span class="pp-class-118 pa t25191 l25208 ls786">mil-</span><span class="pp-class-118 pa t25209 l3">lion </span><span class="pp-class-118 pa t25209 l20601">(2024: </span><span class="pp-class-118 pa t25209 l20602">DKK </span><span class="pp-class-118 pa t25209 l12709">273.6 </span><span class="pp-class-118 pa t25209 l4096">million).</span></p><p class="pp-class-107 pp-area-text"><span class="pp-class-118 pa t25210 l3">As </span><span class="pp-class-118 pa t25210 l1353">collateral </span><span class="pp-class-118 pa t25210 l25211">for </span><span class="pp-class-118 pa t25210 l25212">debt </span><span class="pp-class-118 pa t25210 l4704">to </span><span class="pp-class-118 pa t25210 l25213">the </span><span class="pp-class-118 pa t25210 l16721">mortgage </span><span class="pp-class-118 pa t25210 l25214">lender, </span><span class="pp-class-118 pa t25210 l25215">DKK </span><span class="pp-class-118 pa t25210 l17071">35.3 </span><span class="pp-class-118 pa t25210 l25216">million </span><span class="pp-class-118 pa t25210 l25217">(2024: </span><span class="pp-class-118 pa t25210 l25218">DKK </span><span class="pp-class-118 pa t25210 l25219">36.5 </span><span class="pp-class-118 pa t25210 l25220">million), </span><span class="pp-class-118 pa t25210 l25221">land </span><span class="pp-class-118 pa t25210 l25222">and </span><span class="pp-class-118 pa t25210 l25223 ls786">buildings </span><span class="pp-class-118 pa t25210 l25224 ls786">have </span><span class="pp-class-118 pa t25210 l25225 ls786">been </span><span class="pp-class-118 pa t25226 l3">pledged</span><span class="pp-class-118 pa t25226 l25227"/><span class="pp-class-118 pa t25226 l8683">with </span><span class="pp-class-118 pa t25226 l1115">a </span><span class="pp-class-118 pa t25226 l25228">carrying </span><span class="pp-class-118 pa t25226 l25229">amount </span><span class="pp-class-118 pa t25226 l25230">at </span><span class="pp-class-118 pa t25226 l25231">31 </span><span class="pp-class-118 pa t25226 l25232">December </span><span class="pp-class-118 pa t25226 l19036">2025 </span><span class="pp-class-118 pa t25226 l20014">of </span><span class="pp-class-118 pa t25226 l25233">DKK </span><span class="pp-class-118 pa t25226 l25234">78.0 </span><span class="pp-class-118 pa t25226 l25235">million </span><span class="pp-class-118 pa t25226 l25236">(2024: </span><span class="pp-class-118 pa t25226 l25237">DKK </span><span class="pp-class-118 pa t25226 l25238">79.8 </span><span class="pp-class-118 pa t25226 l25239 ls786">million).</span></p><p class="pp-class-107 pp-area-text"><span class="pp-class-118 pa t25240 l3">Guarantees </span><span class="pp-class-118 pa t25240 l2573">related </span><span class="pp-class-118 pa t25240 l12346">to </span><span class="pp-class-118 pa t25240 l14767">AB92 </span><span class="pp-class-118 pa t25240 l25241">- </span><span class="pp-class-118 pa t25240 l10733">provision </span><span class="pp-class-118 pa t25240 l6327">of </span><span class="pp-class-118 pa t25240 l3376">work </span><span class="pp-class-118 pa t25240 l25242">and </span><span class="pp-class-118 pa t25240 l9509">supplies </span><span class="pp-class-118 pa t25240 l25243">within </span><span class="pp-class-118 pa t25240 l25244">building </span><span class="pp-class-118 pa t25240 l25245">and </span><span class="pp-class-118 pa t25240 l25246">engineering </span><span class="pp-class-118 pa t25240 l25247">– </span><span class="pp-class-118 pa t25240 l25248">amounted </span><span class="pp-class-118 pa t25240 l25249 ls786">to </span><span class="pp-class-118 pa t25240 l25250 ls786">DKK </span><span class="pp-class-118 pa t25240 l25251 ls786">7.4 </span><span class="pp-class-118 pa t25252 l3">million </span><span class="pp-class-118 pa t25252 l3209">(2024: </span><span class="pp-class-118 pa t25252 l7192">DKK </span><span class="pp-class-118 pa t25252 l7193">0.3 </span><span class="pp-class-118 pa t25252 l25253">million).</span></p><p class="pp-class-107 pp-area-text"><span class="pp-class-118 pa t25254 l3">The </span><span class="pp-class-118 pa t25254 l550">Group </span><span class="pp-class-118 pa t25254 l6239">has </span><span class="pp-class-118 pa t25254 l16954">contingent </span><span class="pp-class-118 pa t25254 l25255">liabilities </span><span class="pp-class-118 pa t25254 l25256">pertaining </span><span class="pp-class-118 pa t25254 l17277">to </span><span class="pp-class-118 pa t25254 l18676">subcontractor </span><span class="pp-class-118 pa t25254 l25257">guarantees </span><span class="pp-class-118 pa t25254 l25258">that </span><span class="pp-class-118 pa t25254 l25259">arise </span><span class="pp-class-118 pa t25254 l25260 ls786">in </span><span class="pp-class-118 pa t25254 l25261">normal </span><span class="pp-class-118 pa t25254 l25262">commercial </span><span class="pp-class-118 pa t25254 l25263 ls786">opera-</span><span class="pp-class-118 pa t16430 l3">tions. </span><span class="pp-class-118 pa t16430 l25264">No </span><span class="pp-class-118 pa t16430 l6220">significant </span><span class="pp-class-118 pa t16430 l12026">liabilities </span><span class="pp-class-118 pa t16430 l25265">are </span><span class="pp-class-118 pa t16430 l15146">expected </span><span class="pp-class-118 pa t16430 l25266">to </span><span class="pp-class-118 pa t16430 l25267">arise </span><span class="pp-class-118 pa t16430 l14787">as </span><span class="pp-class-118 pa t16430 l25268">a </span><span class="pp-class-118 pa t16430 l25269">result </span><span class="pp-class-118 pa t16430 l25270">of </span><span class="pp-class-118 pa t16430 l25271">these </span><span class="pp-class-118 pa t16430 l25272">contingent </span><span class="pp-class-118 pa t16430 l25273 ls786">liabilities. </span></p><p class="pp-class-107 pp-area-text"><span class="pp-class-118 pa t25274 l3">Other </span><span class="pp-class-118 pa t25274 l6573">bank </span><span class="pp-class-118 pa t25274 l4548">guarantees </span><span class="pp-class-118 pa t25274 l11487">amounted </span><span class="pp-class-118 pa t25274 l25275">to </span><span class="pp-class-118 pa t25274 l25276">DKK </span><span class="pp-class-118 pa t25274 l25277">0.3 </span><span class="pp-class-118 pa t25274 l25278">million </span><span class="pp-class-118 pa t25274 l25279">(2024: </span><span class="pp-class-118 pa t25274 l25280">DKK </span><span class="pp-class-118 pa t25274 l25281">0.3 </span><span class="pp-class-118 pa t25274 l25282">million).</span></p><p class="pp-class-107 pp-area-text"><span class="pp-class-118 pa t25283 l3">The </span><span class="pp-class-118 pa t25283 l550">Group </span><span class="pp-class-118 pa t25283 l6239">has </span><span class="pp-class-118 pa t25283 l16954">given </span><span class="pp-class-118 pa t25283 l14807">a </span><span class="pp-class-118 pa t25283 l18883">guarantee </span><span class="pp-class-118 pa t25283 l25284">of </span><span class="pp-class-118 pa t25283 l13569">maximum </span><span class="pp-class-118 pa t25283 l25285">12 </span><span class="pp-class-118 pa t25283 l25286">months’ </span><span class="pp-class-118 pa t25283 l25287">rent </span><span class="pp-class-118 pa t25283 l25288">to </span><span class="pp-class-118 pa t25283 l25289">a </span><span class="pp-class-118 pa t25283 l25290">third </span><span class="pp-class-118 pa t25283 l25291">party, </span><span class="pp-class-118 pa t25283 l25292 ls786">corresponding </span><span class="pp-class-118 pa t25283 l25293 ls786">to </span><span class="pp-class-118 pa t25283 l25294">DKK </span><span class="pp-class-118 pa t25283 l25295">2.3 </span><span class="pp-class-118 pa t25283 l25296">million </span><span class="pp-class-118 pa t25297 l3">(2024: </span><span class="pp-class-118 pa t25297 l7128">DKK </span><span class="pp-class-118 pa t25297 l7129">2.2 </span><span class="pp-class-118 pa t25297 l25298">million).</span></p><p class="pp-class-107 pp-area-text"><span class="pp-class-118 pa t25299 l3">As </span><span class="pp-class-118 pa t25299 l1353">of </span><span class="pp-class-118 pa t25299 l1771">the </span><span class="pp-class-118 pa t25299 l2168">balance </span><span class="pp-class-118 pa t25299 l25300">sheet </span><span class="pp-class-118 pa t25299 l25301">date, </span><span class="pp-class-118 pa t25299 l18782">the </span><span class="pp-class-118 pa t25299 l10831">Group </span><span class="pp-class-118 pa t25299 l18861">has </span><span class="pp-class-118 pa t25299 l25302">entered </span><span class="pp-class-118 pa t25299 l25303">into </span><span class="pp-class-118 pa t25299 l25304">non-cancellable </span><span class="pp-class-118 pa t25299 l25305 ls786">agreements </span><span class="pp-class-118 pa t25299 l25306 ls786">related </span><span class="pp-class-118 pa t25299 l25307 ls786">to </span><span class="pp-class-118 pa t25299 l25308 ls786">the </span><span class="pp-class-118 pa t25299 l25309 ls786">future </span><span class="pp-class-118 pa t25299 l25310 ls786">purchase </span><span class="pp-class-118 pa t25299 l25311 ls786">of </span><span class="pp-class-118 pa t25312 l3">goods </span><span class="pp-class-118 pa t25312 l1692">and </span><span class="pp-class-118 pa t25312 l9796">services </span><span class="pp-class-118 pa t25312 l9797">amounting </span><span class="pp-class-118 pa t25312 l10761">to </span><span class="pp-class-118 pa t25312 l25313">DKK </span><span class="pp-class-118 pa t25312 l24101">63 </span><span class="pp-class-118 pa t25312 l25314">million </span><span class="pp-class-118 pa t25312 l25315">(2024: </span><span class="pp-class-118 pa t25312 l25316">DKK </span><span class="pp-class-118 pa t25312 l25317">77 </span><span class="pp-class-118 pa t25312 l25318">million).</span></p></div></div> <div class="pp-class-7" id="pp-id-3420" xmlns="http://www.w3.org/1999/xhtml"><div class="w15596 h24929 pa t2 l3 wtro4 xx16559 tro6 xx16560"><p class="pp-class-107 pp-area-text"><span class="pp-class-119 pa t16561 l3 ls25142">28. </span><span class="pp-class-119 pa t16561 l25143 ls24013">Pledged </span><span class="pp-class-119 pa t16561 l25144 ls25145">assets, </span><span class="pp-class-119 pa t16561 l25146 ls3166">contingent </span><span class="pp-class-119 pa t16561 l25147 ls12435">liabilities </span><span class="pp-class-119 pa t16561 l25148 ls122">and </span><span class="pp-class-119 pa t16561 l25149 ls25150">commitments</span></p></div></div><div class="pp-class-7" id="pp-id-3421" xmlns="http://www.w3.org/1999/xhtml"><div class="w15596 h25151 pa t2 l3 wtro4 xx14 tro6 xx15"><p class="pp-class-107 pp-area-text"><span class="pp-class-118 pa t16 l3">In </span><span class="pp-class-118 pa t16 l669">respect </span><span class="pp-class-118 pa t16 l13450">of </span><span class="pp-class-118 pa t16 l3219">its </span><span class="pp-class-118 pa t16 l8414">commitment </span><span class="pp-class-118 pa t16 l25152">to </span><span class="pp-class-118 pa t16 l19492">Nykredit </span><span class="pp-class-118 pa t16 l25153">Bank, </span><span class="pp-class-118 pa t16 l25154">the </span><span class="pp-class-118 pa t16 l25155">Group </span><span class="pp-class-118 pa t16 l25156">has </span><span class="pp-class-118 pa t16 l25157">issued </span><span class="pp-class-118 pa t16 l25158">a </span><span class="pp-class-118 pa t16 l25159">pledge </span><span class="pp-class-118 pa t16 l25160 ls786">ban </span><span class="pp-class-118 pa t16 l25161 ls786">on </span><span class="pp-class-118 pa t16 l25162 ls786">the </span><span class="pp-class-118 pa t16 l25163 ls786">Group’s </span><span class="pp-class-118 pa t16 l25164 ls786">assets.</span></p><p class="pp-class-107 pp-area-text"><span class="pp-class-118 pa t25165 l3">In </span><span class="pp-class-118 pa t25165 l669">respect </span><span class="pp-class-118 pa t25165 l13450">of </span><span class="pp-class-118 pa t25165 l3219">its </span><span class="pp-class-118 pa t25165 l8414">financing </span><span class="pp-class-118 pa t25165 l25166">agreements </span><span class="pp-class-118 pa t25165 l11092">with </span><span class="pp-class-118 pa t25165 l25167">Nykredit </span><span class="pp-class-118 pa t25165 l25168">Bank, </span><span class="pp-class-118 pa t25165 l25169">the </span><span class="pp-class-118 pa t25165 l25170">Group </span><span class="pp-class-118 pa t25165 l25171">has </span><span class="pp-class-118 pa t25165 l25172 ls786">pledged </span><span class="pp-class-118 pa t25165 l25173 ls786">company </span><span class="pp-class-118 pa t25165 l25174">assets </span><span class="pp-class-118 pa t25165 l25175 ls786">of </span><span class="pp-class-118 pa t25165 l25176 ls786">DKK </span><span class="pp-class-118 pa t25165 l25177 ls786">100 </span><span class="pp-class-118 pa t25165 l25178 ls786">million </span><span class="pp-class-118 pa t25179 l3">(2024: </span><span class="pp-class-118 pa t25179 l7128">DKK </span><span class="pp-class-118 pa t25179 l7129">100 </span><span class="pp-class-118 pa t25179 l1537">million) </span><span class="pp-class-118 pa t25179 l25180">with </span><span class="pp-class-118 pa t25179 l12336">charges </span><span class="pp-class-118 pa t25179 l25181">on </span><span class="pp-class-118 pa t25179 l25182">goodwill, </span><span class="pp-class-118 pa t25179 l25183">property, </span><span class="pp-class-118 pa t25179 l25184">plant </span><span class="pp-class-118 pa t25179 l25185">and </span><span class="pp-class-118 pa t25179 l25186">equipment </span><span class="pp-class-118 pa t25179 l25187 ls786">(excluding </span><span class="pp-class-118 pa t25179 l25188 ls786">land </span><span class="pp-class-118 pa t25179 l25189">and </span><span class="pp-class-118 pa t25179 l25190">buildings), </span><span class="pp-class-118 pa t25191 l3">inventories </span><span class="pp-class-118 pa t25191 l25192">and </span><span class="pp-class-118 pa t25191 l25193">trade </span><span class="pp-class-118 pa t25191 l25194">receivables. </span><span class="pp-class-118 pa t25191 l13107">The </span><span class="pp-class-118 pa t25191 l25195">carrying </span><span class="pp-class-118 pa t25191 l25196">amount </span><span class="pp-class-118 pa t25191 l25197">of </span><span class="pp-class-118 pa t25191 l25198">the </span><span class="pp-class-118 pa t25191 l25199">pledged </span><span class="pp-class-118 pa t25191 l25200">assets </span><span class="pp-class-118 pa t25191 l25201">at </span><span class="pp-class-118 pa t25191 l25202">31 </span><span class="pp-class-118 pa t25191 l25203">December </span><span class="pp-class-118 pa t25191 l25204 ls786">2025 </span><span class="pp-class-118 pa t25191 l25205">was </span><span class="pp-class-118 pa t25191 l25206 ls786">DKK </span><span class="pp-class-118 pa t25191 l25207 ls786">298.9 </span><span class="pp-class-118 pa t25191 l25208 ls786">mil-</span><span class="pp-class-118 pa t25209 l3">lion </span><span class="pp-class-118 pa t25209 l20601">(2024: </span><span class="pp-class-118 pa t25209 l20602">DKK </span><span class="pp-class-118 pa t25209 l12709">273.6 </span><span class="pp-class-118 pa t25209 l4096">million).</span></p><p class="pp-class-107 pp-area-text"><span class="pp-class-118 pa t25210 l3">As </span><span class="pp-class-118 pa t25210 l1353">collateral </span><span class="pp-class-118 pa t25210 l25211">for </span><span class="pp-class-118 pa t25210 l25212">debt </span><span class="pp-class-118 pa t25210 l4704">to </span><span class="pp-class-118 pa t25210 l25213">the </span><span class="pp-class-118 pa t25210 l16721">mortgage </span><span class="pp-class-118 pa t25210 l25214">lender, </span><span class="pp-class-118 pa t25210 l25215">DKK </span><span class="pp-class-118 pa t25210 l17071">35.3 </span><span class="pp-class-118 pa t25210 l25216">million </span><span class="pp-class-118 pa t25210 l25217">(2024: </span><span class="pp-class-118 pa t25210 l25218">DKK </span><span class="pp-class-118 pa t25210 l25219">36.5 </span><span class="pp-class-118 pa t25210 l25220">million), </span><span class="pp-class-118 pa t25210 l25221">land </span><span class="pp-class-118 pa t25210 l25222">and </span><span class="pp-class-118 pa t25210 l25223 ls786">buildings </span><span class="pp-class-118 pa t25210 l25224 ls786">have </span><span class="pp-class-118 pa t25210 l25225 ls786">been </span><span class="pp-class-118 pa t25226 l3">pledged</span><span class="pp-class-118 pa t25226 l25227"/><span class="pp-class-118 pa t25226 l8683">with </span><span class="pp-class-118 pa t25226 l1115">a </span><span class="pp-class-118 pa t25226 l25228">carrying </span><span class="pp-class-118 pa t25226 l25229">amount </span><span class="pp-class-118 pa t25226 l25230">at </span><span class="pp-class-118 pa t25226 l25231">31 </span><span class="pp-class-118 pa t25226 l25232">December </span><span class="pp-class-118 pa t25226 l19036">2025 </span><span class="pp-class-118 pa t25226 l20014">of </span><span class="pp-class-118 pa t25226 l25233">DKK </span><span class="pp-class-118 pa t25226 l25234">78.0 </span><span class="pp-class-118 pa t25226 l25235">million </span><span class="pp-class-118 pa t25226 l25236">(2024: </span><span class="pp-class-118 pa t25226 l25237">DKK </span><span class="pp-class-118 pa t25226 l25238">79.8 </span><span class="pp-class-118 pa t25226 l25239 ls786">million).</span></p><p class="pp-class-107 pp-area-text"><span class="pp-class-118 pa t25240 l3">Guarantees </span><span class="pp-class-118 pa t25240 l2573">related </span><span class="pp-class-118 pa t25240 l12346">to </span><span class="pp-class-118 pa t25240 l14767">AB92 </span><span class="pp-class-118 pa t25240 l25241">- </span><span class="pp-class-118 pa t25240 l10733">provision </span><span class="pp-class-118 pa t25240 l6327">of </span><span class="pp-class-118 pa t25240 l3376">work </span><span class="pp-class-118 pa t25240 l25242">and </span><span class="pp-class-118 pa t25240 l9509">supplies </span><span class="pp-class-118 pa t25240 l25243">within </span><span class="pp-class-118 pa t25240 l25244">building </span><span class="pp-class-118 pa t25240 l25245">and </span><span class="pp-class-118 pa t25240 l25246">engineering </span><span class="pp-class-118 pa t25240 l25247">– </span><span class="pp-class-118 pa t25240 l25248">amounted </span><span class="pp-class-118 pa t25240 l25249 ls786">to </span><span class="pp-class-118 pa t25240 l25250 ls786">DKK </span><span class="pp-class-118 pa t25240 l25251 ls786">7.4 </span><span class="pp-class-118 pa t25252 l3">million </span><span class="pp-class-118 pa t25252 l3209">(2024: </span><span class="pp-class-118 pa t25252 l7192">DKK </span><span class="pp-class-118 pa t25252 l7193">0.3 </span><span class="pp-class-118 pa t25252 l25253">million).</span></p><p class="pp-class-107 pp-area-text"><span class="pp-class-118 pa t25254 l3">The </span><span class="pp-class-118 pa t25254 l550">Group </span><span class="pp-class-118 pa t25254 l6239">has </span><span class="pp-class-118 pa t25254 l16954">contingent </span><span class="pp-class-118 pa t25254 l25255">liabilities </span><span class="pp-class-118 pa t25254 l25256">pertaining </span><span class="pp-class-118 pa t25254 l17277">to </span><span class="pp-class-118 pa t25254 l18676">subcontractor </span><span class="pp-class-118 pa t25254 l25257">guarantees </span><span class="pp-class-118 pa t25254 l25258">that </span><span class="pp-class-118 pa t25254 l25259">arise </span><span class="pp-class-118 pa t25254 l25260 ls786">in </span><span class="pp-class-118 pa t25254 l25261">normal </span><span class="pp-class-118 pa t25254 l25262">commercial </span><span class="pp-class-118 pa t25254 l25263 ls786">opera-</span><span class="pp-class-118 pa t16430 l3">tions. </span><span class="pp-class-118 pa t16430 l25264">No </span><span class="pp-class-118 pa t16430 l6220">significant </span><span class="pp-class-118 pa t16430 l12026">liabilities </span><span class="pp-class-118 pa t16430 l25265">are </span><span class="pp-class-118 pa t16430 l15146">expected </span><span class="pp-class-118 pa t16430 l25266">to </span><span class="pp-class-118 pa t16430 l25267">arise </span><span class="pp-class-118 pa t16430 l14787">as </span><span class="pp-class-118 pa t16430 l25268">a </span><span class="pp-class-118 pa t16430 l25269">result </span><span class="pp-class-118 pa t16430 l25270">of </span><span class="pp-class-118 pa t16430 l25271">these </span><span class="pp-class-118 pa t16430 l25272">contingent </span><span class="pp-class-118 pa t16430 l25273 ls786">liabilities. </span></p><p class="pp-class-107 pp-area-text"><span class="pp-class-118 pa t25274 l3">Other </span><span class="pp-class-118 pa t25274 l6573">bank </span><span class="pp-class-118 pa t25274 l4548">guarantees </span><span class="pp-class-118 pa t25274 l11487">amounted </span><span class="pp-class-118 pa t25274 l25275">to </span><span class="pp-class-118 pa t25274 l25276">DKK </span><span class="pp-class-118 pa t25274 l25277">0.3 </span><span class="pp-class-118 pa t25274 l25278">million </span><span class="pp-class-118 pa t25274 l25279">(2024: </span><span class="pp-class-118 pa t25274 l25280">DKK </span><span class="pp-class-118 pa t25274 l25281">0.3 </span><span class="pp-class-118 pa t25274 l25282">million).</span></p><p class="pp-class-107 pp-area-text"><span class="pp-class-118 pa t25283 l3">The </span><span class="pp-class-118 pa t25283 l550">Group </span><span class="pp-class-118 pa t25283 l6239">has </span><span class="pp-class-118 pa t25283 l16954">given </span><span class="pp-class-118 pa t25283 l14807">a </span><span class="pp-class-118 pa t25283 l18883">guarantee </span><span class="pp-class-118 pa t25283 l25284">of </span><span class="pp-class-118 pa t25283 l13569">maximum </span><span class="pp-class-118 pa t25283 l25285">12 </span><span class="pp-class-118 pa t25283 l25286">months’ </span><span class="pp-class-118 pa t25283 l25287">rent </span><span class="pp-class-118 pa t25283 l25288">to </span><span class="pp-class-118 pa t25283 l25289">a </span><span class="pp-class-118 pa t25283 l25290">third </span><span class="pp-class-118 pa t25283 l25291">party, </span><span class="pp-class-118 pa t25283 l25292 ls786">corresponding </span><span class="pp-class-118 pa t25283 l25293 ls786">to </span><span class="pp-class-118 pa t25283 l25294">DKK </span><span class="pp-class-118 pa t25283 l25295">2.3 </span><span class="pp-class-118 pa t25283 l25296">million </span><span class="pp-class-118 pa t25297 l3">(2024: </span><span class="pp-class-118 pa t25297 l7128">DKK </span><span class="pp-class-118 pa t25297 l7129">2.2 </span><span class="pp-class-118 pa t25297 l25298">million).</span></p><p class="pp-class-107 pp-area-text"><span class="pp-class-118 pa t25299 l3">As </span><span class="pp-class-118 pa t25299 l1353">of </span><span class="pp-class-118 pa t25299 l1771">the </span><span class="pp-class-118 pa t25299 l2168">balance </span><span class="pp-class-118 pa t25299 l25300">sheet </span><span class="pp-class-118 pa t25299 l25301">date, </span><span class="pp-class-118 pa t25299 l18782">the </span><span class="pp-class-118 pa t25299 l10831">Group </span><span class="pp-class-118 pa t25299 l18861">has </span><span class="pp-class-118 pa t25299 l25302">entered </span><span class="pp-class-118 pa t25299 l25303">into </span><span class="pp-class-118 pa t25299 l25304">non-cancellable </span><span class="pp-class-118 pa t25299 l25305 ls786">agreements </span><span class="pp-class-118 pa t25299 l25306 ls786">related </span><span class="pp-class-118 pa t25299 l25307 ls786">to </span><span class="pp-class-118 pa t25299 l25308 ls786">the </span><span class="pp-class-118 pa t25299 l25309 ls786">future </span><span class="pp-class-118 pa t25299 l25310 ls786">purchase </span><span class="pp-class-118 pa t25299 l25311 ls786">of </span><span class="pp-class-118 pa t25312 l3">goods </span><span class="pp-class-118 pa t25312 l1692">and </span><span class="pp-class-118 pa t25312 l9796">services </span><span class="pp-class-118 pa t25312 l9797">amounting </span><span class="pp-class-118 pa t25312 l10761">to </span><span class="pp-class-118 pa t25312 l25313">DKK </span><span class="pp-class-118 pa t25312 l24101">63 </span><span class="pp-class-118 pa t25312 l25314">million </span><span class="pp-class-118 pa t25312 l25315">(2024: </span><span class="pp-class-118 pa t25312 l25316">DKK </span><span class="pp-class-118 pa t25312 l25317">77 </span><span class="pp-class-118 pa t25312 l25318">million).</span></p></div></div> <div class="pp-class-7" id="pp-id-3420" xmlns="http://www.w3.org/1999/xhtml"><div class="w15596 h24929 pa t2 l3 wtro4 xx16559 tro6 xx16560"><p class="pp-class-107 pp-area-text"><span class="pp-class-119 pa t16561 l3 ls25142">28. </span><span class="pp-class-119 pa t16561 l25143 ls24013">Pledged </span><span class="pp-class-119 pa t16561 l25144 ls25145">assets, </span><span class="pp-class-119 pa t16561 l25146 ls3166">contingent </span><span class="pp-class-119 pa t16561 l25147 ls12435">liabilities </span><span class="pp-class-119 pa t16561 l25148 ls122">and </span><span class="pp-class-119 pa t16561 l25149 ls25150">commitments</span></p></div></div><div class="pp-class-7" id="pp-id-3421" xmlns="http://www.w3.org/1999/xhtml"><div class="w15596 h25151 pa t2 l3 wtro4 xx14 tro6 xx15"><p class="pp-class-107 pp-area-text"><span class="pp-class-118 pa t16 l3">In </span><span class="pp-class-118 pa t16 l669">respect </span><span class="pp-class-118 pa t16 l13450">of </span><span class="pp-class-118 pa t16 l3219">its </span><span class="pp-class-118 pa t16 l8414">commitment </span><span class="pp-class-118 pa t16 l25152">to </span><span class="pp-class-118 pa t16 l19492">Nykredit </span><span class="pp-class-118 pa t16 l25153">Bank, </span><span class="pp-class-118 pa t16 l25154">the </span><span class="pp-class-118 pa t16 l25155">Group </span><span class="pp-class-118 pa t16 l25156">has </span><span class="pp-class-118 pa t16 l25157">issued </span><span class="pp-class-118 pa t16 l25158">a </span><span class="pp-class-118 pa t16 l25159">pledge </span><span class="pp-class-118 pa t16 l25160 ls786">ban </span><span class="pp-class-118 pa t16 l25161 ls786">on </span><span class="pp-class-118 pa t16 l25162 ls786">the </span><span class="pp-class-118 pa t16 l25163 ls786">Group’s </span><span class="pp-class-118 pa t16 l25164 ls786">assets.</span></p><p class="pp-class-107 pp-area-text"><span class="pp-class-118 pa t25165 l3">In </span><span class="pp-class-118 pa t25165 l669">respect </span><span class="pp-class-118 pa t25165 l13450">of </span><span class="pp-class-118 pa t25165 l3219">its </span><span class="pp-class-118 pa t25165 l8414">financing </span><span class="pp-class-118 pa t25165 l25166">agreements </span><span class="pp-class-118 pa t25165 l11092">with </span><span class="pp-class-118 pa t25165 l25167">Nykredit </span><span class="pp-class-118 pa t25165 l25168">Bank, </span><span class="pp-class-118 pa t25165 l25169">the </span><span class="pp-class-118 pa t25165 l25170">Group </span><span class="pp-class-118 pa t25165 l25171">has </span><span class="pp-class-118 pa t25165 l25172 ls786">pledged </span><span class="pp-class-118 pa t25165 l25173 ls786">company </span><span class="pp-class-118 pa t25165 l25174">assets </span><span class="pp-class-118 pa t25165 l25175 ls786">of </span><span class="pp-class-118 pa t25165 l25176 ls786">DKK </span><span class="pp-class-118 pa t25165 l25177 ls786">100 </span><span class="pp-class-118 pa t25165 l25178 ls786">million </span><span class="pp-class-118 pa t25179 l3">(2024: </span><span class="pp-class-118 pa t25179 l7128">DKK </span><span class="pp-class-118 pa t25179 l7129">100 </span><span class="pp-class-118 pa t25179 l1537">million) </span><span class="pp-class-118 pa t25179 l25180">with </span><span class="pp-class-118 pa t25179 l12336">charges </span><span class="pp-class-118 pa t25179 l25181">on </span><span class="pp-class-118 pa t25179 l25182">goodwill, </span><span class="pp-class-118 pa t25179 l25183">property, </span><span class="pp-class-118 pa t25179 l25184">plant </span><span class="pp-class-118 pa t25179 l25185">and </span><span class="pp-class-118 pa t25179 l25186">equipment </span><span class="pp-class-118 pa t25179 l25187 ls786">(excluding </span><span class="pp-class-118 pa t25179 l25188 ls786">land </span><span class="pp-class-118 pa t25179 l25189">and </span><span class="pp-class-118 pa t25179 l25190">buildings), </span><span class="pp-class-118 pa t25191 l3">inventories </span><span class="pp-class-118 pa t25191 l25192">and </span><span class="pp-class-118 pa t25191 l25193">trade </span><span class="pp-class-118 pa t25191 l25194">receivables. </span><span class="pp-class-118 pa t25191 l13107">The </span><span class="pp-class-118 pa t25191 l25195">carrying </span><span class="pp-class-118 pa t25191 l25196">amount </span><span class="pp-class-118 pa t25191 l25197">of </span><span class="pp-class-118 pa t25191 l25198">the </span><span class="pp-class-118 pa t25191 l25199">pledged </span><span class="pp-class-118 pa t25191 l25200">assets </span><span class="pp-class-118 pa t25191 l25201">at </span><span class="pp-class-118 pa t25191 l25202">31 </span><span class="pp-class-118 pa t25191 l25203">December </span><span class="pp-class-118 pa t25191 l25204 ls786">2025 </span><span class="pp-class-118 pa t25191 l25205">was </span><span class="pp-class-118 pa t25191 l25206 ls786">DKK </span><span class="pp-class-118 pa t25191 l25207 ls786">298.9 </span><span class="pp-class-118 pa t25191 l25208 ls786">mil-</span><span class="pp-class-118 pa t25209 l3">lion </span><span class="pp-class-118 pa t25209 l20601">(2024: </span><span class="pp-class-118 pa t25209 l20602">DKK </span><span class="pp-class-118 pa t25209 l12709">273.6 </span><span class="pp-class-118 pa t25209 l4096">million).</span></p><p class="pp-class-107 pp-area-text"><span class="pp-class-118 pa t25210 l3">As </span><span class="pp-class-118 pa t25210 l1353">collateral </span><span class="pp-class-118 pa t25210 l25211">for </span><span class="pp-class-118 pa t25210 l25212">debt </span><span class="pp-class-118 pa t25210 l4704">to </span><span class="pp-class-118 pa t25210 l25213">the </span><span class="pp-class-118 pa t25210 l16721">mortgage </span><span class="pp-class-118 pa t25210 l25214">lender, </span><span class="pp-class-118 pa t25210 l25215">DKK </span><span class="pp-class-118 pa t25210 l17071">35.3 </span><span class="pp-class-118 pa t25210 l25216">million </span><span class="pp-class-118 pa t25210 l25217">(2024: </span><span class="pp-class-118 pa t25210 l25218">DKK </span><span class="pp-class-118 pa t25210 l25219">36.5 </span><span class="pp-class-118 pa t25210 l25220">million), </span><span class="pp-class-118 pa t25210 l25221">land </span><span class="pp-class-118 pa t25210 l25222">and </span><span class="pp-class-118 pa t25210 l25223 ls786">buildings </span><span class="pp-class-118 pa t25210 l25224 ls786">have </span><span class="pp-class-118 pa t25210 l25225 ls786">been </span><span class="pp-class-118 pa t25226 l3">pledged</span><span class="pp-class-118 pa t25226 l25227"/><span class="pp-class-118 pa t25226 l8683">with </span><span class="pp-class-118 pa t25226 l1115">a </span><span class="pp-class-118 pa t25226 l25228">carrying </span><span class="pp-class-118 pa t25226 l25229">amount </span><span class="pp-class-118 pa t25226 l25230">at </span><span class="pp-class-118 pa t25226 l25231">31 </span><span class="pp-class-118 pa t25226 l25232">December </span><span class="pp-class-118 pa t25226 l19036">2025 </span><span class="pp-class-118 pa t25226 l20014">of </span><span class="pp-class-118 pa t25226 l25233">DKK </span><span class="pp-class-118 pa t25226 l25234">78.0 </span><span class="pp-class-118 pa t25226 l25235">million </span><span class="pp-class-118 pa t25226 l25236">(2024: </span><span class="pp-class-118 pa t25226 l25237">DKK </span><span class="pp-class-118 pa t25226 l25238">79.8 </span><span class="pp-class-118 pa t25226 l25239 ls786">million).</span></p><p class="pp-class-107 pp-area-text"><span class="pp-class-118 pa t25240 l3">Guarantees </span><span class="pp-class-118 pa t25240 l2573">related </span><span class="pp-class-118 pa t25240 l12346">to </span><span class="pp-class-118 pa t25240 l14767">AB92 </span><span class="pp-class-118 pa t25240 l25241">- </span><span class="pp-class-118 pa t25240 l10733">provision </span><span class="pp-class-118 pa t25240 l6327">of </span><span class="pp-class-118 pa t25240 l3376">work </span><span class="pp-class-118 pa t25240 l25242">and </span><span class="pp-class-118 pa t25240 l9509">supplies </span><span class="pp-class-118 pa t25240 l25243">within </span><span class="pp-class-118 pa t25240 l25244">building </span><span class="pp-class-118 pa t25240 l25245">and </span><span class="pp-class-118 pa t25240 l25246">engineering </span><span class="pp-class-118 pa t25240 l25247">– </span><span class="pp-class-118 pa t25240 l25248">amounted </span><span class="pp-class-118 pa t25240 l25249 ls786">to </span><span class="pp-class-118 pa t25240 l25250 ls786">DKK </span><span class="pp-class-118 pa t25240 l25251 ls786">7.4 </span><span class="pp-class-118 pa t25252 l3">million </span><span class="pp-class-118 pa t25252 l3209">(2024: </span><span class="pp-class-118 pa t25252 l7192">DKK </span><span class="pp-class-118 pa t25252 l7193">0.3 </span><span class="pp-class-118 pa t25252 l25253">million).</span></p><p class="pp-class-107 pp-area-text"><span class="pp-class-118 pa t25254 l3">The </span><span class="pp-class-118 pa t25254 l550">Group </span><span class="pp-class-118 pa t25254 l6239">has </span><span class="pp-class-118 pa t25254 l16954">contingent </span><span class="pp-class-118 pa t25254 l25255">liabilities </span><span class="pp-class-118 pa t25254 l25256">pertaining </span><span class="pp-class-118 pa t25254 l17277">to </span><span class="pp-class-118 pa t25254 l18676">subcontractor </span><span class="pp-class-118 pa t25254 l25257">guarantees </span><span class="pp-class-118 pa t25254 l25258">that </span><span class="pp-class-118 pa t25254 l25259">arise </span><span class="pp-class-118 pa t25254 l25260 ls786">in </span><span class="pp-class-118 pa t25254 l25261">normal </span><span class="pp-class-118 pa t25254 l25262">commercial </span><span class="pp-class-118 pa t25254 l25263 ls786">opera-</span><span class="pp-class-118 pa t16430 l3">tions. </span><span class="pp-class-118 pa t16430 l25264">No </span><span class="pp-class-118 pa t16430 l6220">significant </span><span class="pp-class-118 pa t16430 l12026">liabilities </span><span class="pp-class-118 pa t16430 l25265">are </span><span class="pp-class-118 pa t16430 l15146">expected </span><span class="pp-class-118 pa t16430 l25266">to </span><span class="pp-class-118 pa t16430 l25267">arise </span><span class="pp-class-118 pa t16430 l14787">as </span><span class="pp-class-118 pa t16430 l25268">a </span><span class="pp-class-118 pa t16430 l25269">result </span><span class="pp-class-118 pa t16430 l25270">of </span><span class="pp-class-118 pa t16430 l25271">these </span><span class="pp-class-118 pa t16430 l25272">contingent </span><span class="pp-class-118 pa t16430 l25273 ls786">liabilities. </span></p><p class="pp-class-107 pp-area-text"><span class="pp-class-118 pa t25274 l3">Other </span><span class="pp-class-118 pa t25274 l6573">bank </span><span class="pp-class-118 pa t25274 l4548">guarantees </span><span class="pp-class-118 pa t25274 l11487">amounted </span><span class="pp-class-118 pa t25274 l25275">to </span><span class="pp-class-118 pa t25274 l25276">DKK </span><span class="pp-class-118 pa t25274 l25277">0.3 </span><span class="pp-class-118 pa t25274 l25278">million </span><span class="pp-class-118 pa t25274 l25279">(2024: </span><span class="pp-class-118 pa t25274 l25280">DKK </span><span class="pp-class-118 pa t25274 l25281">0.3 </span><span class="pp-class-118 pa t25274 l25282">million).</span></p><p class="pp-class-107 pp-area-text"><span class="pp-class-118 pa t25283 l3">The </span><span class="pp-class-118 pa t25283 l550">Group </span><span class="pp-class-118 pa t25283 l6239">has </span><span class="pp-class-118 pa t25283 l16954">given </span><span class="pp-class-118 pa t25283 l14807">a </span><span class="pp-class-118 pa t25283 l18883">guarantee </span><span class="pp-class-118 pa t25283 l25284">of </span><span class="pp-class-118 pa t25283 l13569">maximum </span><span class="pp-class-118 pa t25283 l25285">12 </span><span class="pp-class-118 pa t25283 l25286">months’ </span><span class="pp-class-118 pa t25283 l25287">rent </span><span class="pp-class-118 pa t25283 l25288">to </span><span class="pp-class-118 pa t25283 l25289">a </span><span class="pp-class-118 pa t25283 l25290">third </span><span class="pp-class-118 pa t25283 l25291">party, </span><span class="pp-class-118 pa t25283 l25292 ls786">corresponding </span><span class="pp-class-118 pa t25283 l25293 ls786">to </span><span class="pp-class-118 pa t25283 l25294">DKK </span><span class="pp-class-118 pa t25283 l25295">2.3 </span><span class="pp-class-118 pa t25283 l25296">million </span><span class="pp-class-118 pa t25297 l3">(2024: </span><span class="pp-class-118 pa t25297 l7128">DKK </span><span class="pp-class-118 pa t25297 l7129">2.2 </span><span class="pp-class-118 pa t25297 l25298">million).</span></p><p class="pp-class-107 pp-area-text"><span class="pp-class-118 pa t25299 l3">As </span><span class="pp-class-118 pa t25299 l1353">of </span><span class="pp-class-118 pa t25299 l1771">the </span><span class="pp-class-118 pa t25299 l2168">balance </span><span class="pp-class-118 pa t25299 l25300">sheet </span><span class="pp-class-118 pa t25299 l25301">date, </span><span class="pp-class-118 pa t25299 l18782">the </span><span class="pp-class-118 pa t25299 l10831">Group </span><span class="pp-class-118 pa t25299 l18861">has </span><span class="pp-class-118 pa t25299 l25302">entered </span><span class="pp-class-118 pa t25299 l25303">into </span><span class="pp-class-118 pa t25299 l25304">non-cancellable </span><span class="pp-class-118 pa t25299 l25305 ls786">agreements </span><span class="pp-class-118 pa t25299 l25306 ls786">related </span><span class="pp-class-118 pa t25299 l25307 ls786">to </span><span class="pp-class-118 pa t25299 l25308 ls786">the </span><span class="pp-class-118 pa t25299 l25309 ls786">future </span><span class="pp-class-118 pa t25299 l25310 ls786">purchase </span><span class="pp-class-118 pa t25299 l25311 ls786">of </span><span class="pp-class-118 pa t25312 l3">goods </span><span class="pp-class-118 pa t25312 l1692">and </span><span class="pp-class-118 pa t25312 l9796">services </span><span class="pp-class-118 pa t25312 l9797">amounting </span><span class="pp-class-118 pa t25312 l10761">to </span><span class="pp-class-118 pa t25312 l25313">DKK </span><span class="pp-class-118 pa t25312 l24101">63 </span><span class="pp-class-118 pa t25312 l25314">million </span><span class="pp-class-118 pa t25312 l25315">(2024: </span><span class="pp-class-118 pa t25312 l25316">DKK </span><span class="pp-class-118 pa t25312 l25317">77 </span><span class="pp-class-118 pa t25312 l25318">million).</span></p></div></div> <div class="pp-class-7" id="pp-id-3423" xmlns="http://www.w3.org/1999/xhtml"><div class="w15596 h25419 pa t2 l3 wtro4 xx16559 tro6 xx16560"><p class="pp-class-107 pp-area-text"><span class="pp-class-119 pa t16561 l3 ls25420">30. </span><span class="pp-class-119 pa t16561 l25421 ls2750">Events </span><span class="pp-class-119 pa t16561 l25422 ls25423">after </span><span class="pp-class-119 pa t16561 l25424 ls22012">the </span><span class="pp-class-119 pa t16561 l25425 ls14534">balance </span><span class="pp-class-119 pa t16561 l25426 ls4064">sheet </span><span class="pp-class-119 pa t16561 l25427 ls24404">date</span></p><p class="pp-class-107 pp-area-text"><span class="pp-class-118 pa t19052 l3">No </span><span class="pp-class-118 pa t19052 l7520">subsequent </span><span class="pp-class-118 pa t19052 l25428">events </span><span class="pp-class-118 pa t19052 l4096">have </span><span class="pp-class-118 pa t19052 l25429">occurred </span><span class="pp-class-118 pa t19052 l25430">that </span><span class="pp-class-118 pa t19052 l25431">materially </span><span class="pp-class-118 pa t19052 l18878">affect </span><span class="pp-class-118 pa t19052 l25432">TCM </span><span class="pp-class-118 pa t19052 l25433">Group’s </span><span class="pp-class-118 pa t19052 l25434 ls786">financial </span><span class="pp-class-118 pa t19052 l25435">position. </span></p></div></div> <div class="pp-class-7" id="pp-id-3424" xmlns="http://www.w3.org/1999/xhtml"><div class="w15596 h25436 pa t2 l3 wtro4 xx16559 tro6 xx16560"><p class="pp-class-107 pp-area-text"><span class="pp-class-119 pa t16561 l3 ls25437">31. </span><span class="pp-class-119 pa t16561 l25438 ls2442">Companies </span><span class="pp-class-119 pa t16561 l25439 ls15254">in </span><span class="pp-class-119 pa t16561 l25440 ls15275">TCM </span><span class="pp-class-119 pa t16561 l25441 ls20109">Group</span></p><table><tr><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t21396 l25442 ls16079">Business </span><span class="pp-class-112 pa t22333 l25443 ls7058">registration </span><span class="pp-class-112 pa t22333 l25444 ls1762">no.</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t22333 l25445 ls138">Domicile</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-112 pa t22333 l25446 ls1116">Share </span><span class="pp-class-112 pa t22333 l25447 ls1762">of </span><span class="pp-class-112 pa t22333 l25448 ls458">equity</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-116 pa t25449 l3 ls25437">Parent </span><span class="pp-class-116 pa t25449 l25450 ls25437">company</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t25451 l3">TCM </span><span class="pp-class-113 pa t25451 l25452">Group </span><span class="pp-class-113 pa t25451 l25211">A/S</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t25451 l25453 ls786">37291269</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t25451 l25454 ls786">Holstebro</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"/></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-116 pa t25455 l3 ls24634">Subsidiaries</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t25456 l3">TCM </span><span class="pp-class-113 pa t25456 l25452">Operations </span><span class="pp-class-113 pa t25456 l25457">A/S</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t25456 l25458 ls786">75924712</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t25456 l25454 ls786">Holstebro</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t25456 l25459 ls786">100%</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t25460 l3">AUBO </span><span class="pp-class-113 pa t25460 l25461">Production </span><span class="pp-class-113 pa t25460 l25462">A/S</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t25460 l25463 ls786">28854846</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t25460 l25464 ls786">Aulum</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t25460 l25459 ls786">100%</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t25465 l3">Svane </span><span class="pp-class-113 pa t25465 l25466">Køkkenet </span><span class="pp-class-113 pa t25465 l25467">Aalborg </span><span class="pp-class-113 pa t25465 l25468">ApS</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t25465 l25469 ls786">45313948</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t25465 l25454 ls786">Holstebro</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t25465 l25459 ls786">100%</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t25470 l3">Svane </span><span class="pp-class-113 pa t25470 l25466">Køkkenet </span><span class="pp-class-113 pa t25470 l25467">Hjørring </span><span class="pp-class-113 pa t25470 l25471">ApS</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t25470 l25472 ls786">45313964</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t25470 l25454 ls786">Holstebro</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t25470 l25459 ls786">100%</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t25473 l3">Nettoline </span><span class="pp-class-113 pa t25473 l25474">Kolding </span><span class="pp-class-113 pa t25473 l25475">ApS</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t25473 l25476 ls786">45839559</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t25473 l25477 ls786">Kolding</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t25473 l25459 ls786">100%</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t25478 l3">AUBO </span><span class="pp-class-113 pa t25478 l25461">Køkken </span><span class="pp-class-113 pa t25478 l25479">og </span><span class="pp-class-113 pa t25478 l25480">Bad </span><span class="pp-class-113 pa t25478 l25481">Esbjerg </span><span class="pp-class-113 pa t25478 l25482">010925 </span><span class="pp-class-113 pa t25478 l25483">ApS</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t25478 l25484 ls786">45837955</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t25478 l25485 ls786">Esbjerg</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t25478 l25459 ls786">100%</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t25486 l3">Celebert </span><span class="pp-class-113 pa t25486 l25487">ApS</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t25486 l25488 ls786">27428959</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t25486 l25489 ls786">Aalborg</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-107 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-113 pa t25486 l25459 ls786">100%</span></p></td></tr></table></div></div>